HSBC and the change of Security Devices

HSBC Australia have had their online security devices for some time now, but in 2013 they are changing everyone over to their new version. The new one is similar to the HSBC UK security device.

The method of changeover is this:

  1. They send out a new security device to your address.
  2. 30 Days later, they deactivate your OLD security device.

There is however, one possible problem with this method…

IF you haven’t received the new one, then you have NO active security device.!!

My word of advice…. Do NOT go on holiday overseas, and expect to be able to access your account again….

Yes. I am currently overseas, and tried to do a transfer using my HSBC Australia account. But I can’t.

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This is what I was told when I requested access to my funds in HSBC.
(Note: my funds are held in the secure saver that cannot be accessed via ATM. It needs online transfer to the standard saver account before it becomes available for ATM access.)

Old HSBC Australia Security Device
Old HSBC Australia Security Device

HSBC Australia is in the process of upgrading all customers to the new Online Security Device (OSD) this 2013 which is being done by batches.
Please note that your old OSD will be deactivated after 30 days from the issue date of your upgrade. And this is the reason why you are getting the error message.

Please call our 24 hour Customer Service center on the below phone number. You will need to have your six digit Phone Banking access code with you or answer a few verification questions we will be happy to assist you in ordering a new security device and do the necessary updates.

New HSBC Australia Security Device
New HSBC Australia Security Device

If you are in Australia, you can request a replacement device in person by visiting a local HSBC branch in Australia with a 100 point ID, to have online banking access. This is the fastest option as we can issue on the spot and activate it right away but subject for availability.

Alternatively, you can arrange for the transfer to be sent manually in one amount by completing a “Local Telegraphic Transfer Application” or ?Foreign Telegraphic Transfer Application? form, which can also be obtained via the above web page and must be sent to the postal address below. A fee of AUD25.00 applies for a transfer arranged in this way

HSBC are VERY security conscious, as I found out in the past when my signature was not the same as the one on record, and had to go to a Branch to get that transfer done fast. If that happens this time, I have 24 hours of travel time each way to consider.

I feel that the best way for them doing this is to get people to activate the NEW device, and then the OLD device is deactivated at the same time. Very much like the way it is done with replacement Credit Cards.

Two things will happen now:

  1. HSBC will find away to help me get access to my money quickly
  2. I will be forced to fly back to Australia, withdraw all my money and close my HSBC accounts.

If anyone else is going overseas, make sure you have your funds in the accessible part of your bank accounts, and do not rely on getting online access, until you get back.

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