Business account fitness series: Tip #6 – Timely respond to your bank's enquiries and provide the requested information

Your business doesn't take a break, and neither do the risks that threaten your financial security. Financial crime is a global issue that can affect every business. In the face of increasingly sophisticated threats, banks are putting in place robust monitoring systems to detect unusual activity involving business accounts. We are committed to ensuring that you can bank with us safely, securely and confidently. Together, we will work to prevent financial crime.

To help detect and prevent fraudulent transactions, we may contact you by phone or email to verify unusual account activity or clarify certain details. It’s important to treat these communications as a high priority. Ignoring or missing them could result in precautionary measures from your bank, such as temporary suspension of certain transactions or even restrictions on services like outward remittances, potentially impacting your cash flow and operations.

Scenario 1: The missed call that caused a delay

Freya's company received a notification from her bank about an outward payment to Vietnam. The bank attempted to verify the transaction with a phone call, but it went unanswered. Emails followed but remained unchecked amid Freya's busy schedule. Without customer confirmation that the payment was legitimate, the bank had to hold the transaction and temporarily restrict outgoing transfers from the business account. This delay affected Freya's payments to her suppliers in Vietnam and pushed back her project timelines.

In summary: Always treat all communications from your bank as a priority. Responding in good time helps to prevent fraud and makes sure your business activities remain uninterrupted.

Scenario 2: The outdated contact number that halted service

After a recent office move, Felix forgot to tell the bank that his phone number had changed. When an unusual transaction triggered an alert, the bank attempted to contact Felix to verify it, but they used his old number. Without timely confirmation of the transaction details, the bank had to suspend certain account services. Felix only found out about the issues a few days later when the cheques to his supplier were bounced back.

In summary: Keep your contact information up to date and regularly check for important messages from your bank. Responding promptly can help prevent service interruptions and ensure smooth business operations.

Why this matters

Prompt communication with your bank is essential for detecting and preventing fraudulent transactions before they happen. It ensures that transactions authorised by you are processed smoothly, while unauthorised activity gets blocked. Timely responses help minimise disruption to your business operations and allow the bank to provide you with an uninterrupted service.

From time to time, we need to ask you to check that the information the bank holds about you and your business is up-to-date and complete. We understand these kinds of requests take up time in your busy schedule, however, it will help us to reach you promptly when needed.

Tip #6 account fitness checklist:

Communicating with the bank in good time and keeping your contact details up to date are simple yet effective ways to keep your business account secure and operating smoothly.

As your trusted banking partner, we're here to support you as you begin your business fitness journey and work towards achieving your ambitions. To learn more about how to establish proper business account practices, visit https://www.business.hsbc.com.hk/en-gb/campaigns/account-fitness.

Download the complete “Business Account Fitness Guide” now for more real-world business scenarios to help you understand how to establish proper business account practices for smooth operations.