HSBC Client Recovers Only 80% of Assets After Four-Year Legal Battle

A former HSBC client has recovered only 80% of their life savings after a four-year legal battle with the financial institution, following a fraud incident that left their account nearly empty.

The case gained attention through a viral testimony on TikTok by a user identified as @bukalodiosdado, who reported that their wealth, totaling seven figures, vanished from their account in a matter of seconds due to system vulnerabilities.

According to the testimony, the incident began in 2021 when the client attempted to withdraw cash at a bank branch. The automated teller machine repeatedly rejected the operation, indicating that the card was invalid.

Upon seeking assistance inside the branch, bank personnel informed the client that the card had been deactivated and that the account balance had been reduced to only 350 pesos.

“Con la mano en la cintura que había sido vaciada, tenías $350 pesos en mi cuenta. Era lo cínico que me habían dejado, la cantidad que me estafaron, 7 cifras; desaparecieron de mi banca en un abrir y cerrar de ojos.”

@bukalodiosdado, HSBC client

The client spent four years in litigation against HSBC to recover the funds. The legal process concluded when the bank offered a settlement for 80% of the original capital. The client accepted the offer to avoid further years of litigation without a guarantee of recovering the full 100% of the assets.

Regulatory Guidelines for Bank Fraud

The Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef) provides specific steps for consumers who experience bank fraud. The agency states that the first requirement is to contact the banking entity to file a report on the event.

During this reporting process, the bank is required to provide the user with a claim folio number. Following this, the consumer should:

• File a formal complaint with Condusef.
• File a lawsuit with the local Ministerio Público to initiate an investigation into the theft or fraud.

Account Inactivity and Public Charity Laws

Condusef also highlighted a specific legal provision regarding inactive accounts. Under Article 61 of the Ley de Instituciones de Crédito, banks are obligated to transfer funds from checking, savings, or investment accounts to Public Charity (Beneficencia Pública) if the accounts show no movement for a period of six years.

The affected client in the HSBC case argued that maintaining capital in a current account not only eliminates profitability but, in the current environment, does not guarantee the security of the funds, suggesting that investment is a more effective way to protect capital.