HSBC, one of Britain's largest high street banks, has banned poorer customers from one of its branches and will only offer service and advice to those who have savings or investments amounting to a minimum of GBP50,000, reported This is Money.
The branch, located at Canford Cliffs, near Poole in Dorset, serves the Sandbanks area, which is most reputable for its super-rich estates. As of June 2007, the branch will only offer advice to customers signing up to the Premier Service.
According to This is Money, to qualify for the service, customers are required to have savings or investments of GBP50,000 or more, a mortgage of GBP200,000 or a GBP75,000 salary and a mortgage of GBP100,000 with HSBC.
Alternatively, customers can pay a monthly fee of GBP19.95 a month to become a member. Those who do not fall into these categories will have to rely solely on the bank’s cash machine facilities or travel to a different branch.
According to The Telegraph, the bank’s decision to discriminate against poorer customers has outraged many local citizens. One account holder told the newspaper: It is particularly discriminatory against people who are house-rich and cash-poor. What happens if you are an elderly person living in a GBP500,000 house with no mortgage and no GBP75,000 salary?
In response to this, an HSBC spokesman said: Not everybody in the world is equal. Some people have higher incomes and need greater services through the bank. These customers demand a better service.
According to This is Money, Sandbanks is one of the richest estates in the world, with locals including Premiership football manager Harry Redknapp. However, many of the locals are also retired, and thus may be property-rich but cash-poor. As a result of the bank’s move, these customers will have to get travel further to another branch.