After being an HSBC UK customer for 8 years, they froze my account for being inactive/dormant after a few months (I hadn't used it in a while), and also froze my telephone banking for some reason. I don't currently live in the UK, so could not go into a branch in person to "verify my identity".
After calling for 6 months and repeatedly asking for a letter/code to unfreeze my telephone banking (in order to then re-open my dormant account), no letter came. When I called, the customer service agents could not confirm the address they were sending the letter to for "my security", because my telephone banking was frozen. I would later find out that they were sending the letter (WITH SECURE INFORMATION) to the wrong address. But they could not tell me this. If this sounds Kafka-esque and ridiculous and illogical, trust me, it was.
I went into an HSBC US branch and begged them to call the UK bank to get my account unfrozen. After an hour on the phone, we were able to get my telephone banking unfrozen, but not my dormant account reactivated, because they have bizarre address and ID confirmation policies (what they are trying to confirm, I don't understand, because all of the addresses are easily changeable either on their website or through my other banks).
No policies are consistent. None of their staff seem to know or understand their policies for basic things like unfreezing an account. I would absolutely NEVER recommend this bank to anyone. I will likely be closing my account after I get it unfrozen (it still isn't).
You call the number on their promotional material, it is the wrong number. You get put on hold. You then get bounced to someone else, Then you get disconnected. Then you call back, start over, and guess what -- they can't do it over the phone! Even though their literature says you can. After 40 minutes, the right person says that their literature doesn't tell you opening an account has to be done in a branch or else there is snail mail back and forth.
Only reason to use this bank is to get the occasional promotion.
HSBC does not pay interest unless it is credited to the account. If you close an account before the end of the statement period the interest for the partial month is lost because it is not credited to the account .
I opened a 13 month CD at 1.35%. At maturity it was converted to a MMA at .90%. But that was only for the next 6 months. Then the rate dropped to .15%.
My first experience with hsbc was good. The latest, not so. They offered a $350 bonus provided a series of requirements was met. I met all of the requirements. But when it came time for my account to be credited, they said that the money I deposited in the account was not new money. The rep established that it was indeed new money. They then said I didn't have the required direct deposits made to the correct account. They were correct in this. However the required number of direct deposits were made to the sister account. My conclusion is that they never intended to make the bonus, otherwise they wouldn't have gone through all of this, first trying to deny it on the basis of a bogus issue, then on to another one.
I opened an Advance checking account online last fall. It got off to a bad start because I mistakenly put the wrong issue date of my drivers license; it took about a month to recover from that because they claimed it had to go to a special department to get it approved. Finally, the account was opened and funded. About a month later, I received notice that they were closing my account. No explanation. I called and made a fuss, talked to different levels (supposedly) and they said things were rectified and they were leaving the account open. Then, 1-1/2 months later (two days ago), I received a letter saying my account was closed, with a check for the full amount in my account: the original $11K plus $.13 interest. No explanation. This time I will not call them. I think it's a matter of the left hand not knowing what the right hand is doing. Each time I called I got bounced around. Never a feeling of assurance that things were being taken care of. That's it for me and HSBC.
I applied for the HSBC Advance Checking Account June 19 as it was a prerequisite to open the 1.5% Advance Promo Savings. The Promo Savings needed to be opened by early July. In the checking application it asked purpose of account. I stated clearly it was exclusively to launch the promo savings & explained that was why I wished to put a substantial amount into checking temporarily.
I have opened many on line accounts over the years (Thanks Ken!) & know the time & usual details involved to verify an out of state person.
HSBC dragged out the process so that the checking was not open & fully functional until past the date for the promo savings.
They will not give it to me.
OK then, close my checking (which is getting NO interest) without penalty for closure within 6 months since account was opened for a purpose that they won't allow now that they have my $.
I will post as this progresses-
I have never in 35 plus years faced as much red tape, archaic, and slow processes as I have when opening an HSBC account. Even managers you escalate to make absolutely no attempt to help. You will have to call back numerous times to get the COMPLETE details on anything you are trying to accomplish.
They sent me the email announcing their new account. With 1.5% interest I was ready to open an account. For some reason they have not made this account information available for registration online but only by telephone or in person bank visit. I live in an area where they have no locations. I called, sat on hold for a half hour before I finally got a rep. She asked me the identity questions and then I told her what I wanted to do. She said the registration over the phone would take over an hour to complete. We began, she got a call putting me on hold and the call disconnected. I called back and again sat on hold for a half hour before I had to leave. I sent the bank an email with my displeasure. They promptly replied and apologized. They gave me another number to call. It was answered by a person with difficulty speaking English. I explained again that I was calling about the email they sent me. She was having difficulty hearing me because the other people answering the phones were having a celebration...I gave her my phone number just in case we again were disconnected. She was not familiar with the new account could not answer questions and put me on hold numerous times before I finally just gave up. I strongly recommend against anyone opening this account through the phone. Maybe today's news about the company letting go of people and closing branches just put all the employees in a funk...
COULD SOMEONE PLEASE TELL ME WHERE IN NEW YORK STATE THERES A HSBC BANK--- I'VE TRIED CALLING THEIR CUSTOMER SERVICE BUT THEY KEEP ASKING ME FOR A ZIP CODE OF THE AREA I WANT , IF I KNEW THAT I'D WOULDN'T BE CALLING THEM-- ANY HELP WOULD BE APPRECIATED-- I LIVE IN THE BUFFALO NY AREA--THANKS
I'm a longtime HSBC customer. The people at my branch are very nice, but the national policies are getting very stingy. The online-only savings account, once one of the best in the nation, now barely pays anything. And the minimum deposits required in a basic checking account to avoid fees are unreasonable.
HSBC closed our business account without notice. Apparently small businesses are of no value to them and they determined that cutting off service and leaving small business owners in the lurch is a better move than offering improved products and services to help businesses grow.
That letter they claimed to send? Never received it. You'd think that forcefully closing someone's account might warrant a registered mail notification, or at least a follow-up notification. Nope. They're too cheap and disorganized for that.
HSBC, you have left us without access to our funds and account information, with no time to prepare for a transition. And BTW, your services sucked to begin with. Your online banking is outmoded, impossible to use, and your bankers and service reps are lazy and unhelpful.
You really should invest more in your products and customers, less on your advertising. Or at least stop pretending you care. http://ow.ly/i/3PwNb
Yeah, we're mad, wouldn't you be if someone pulled the rug out from under you?
Opened a new account for my senior citizen parents and their checks too 3 months to arrive that they were not able to pay their bills from this bank. We called and they were tracked several times but teh checks ended up taking 4 months! We tried to get Power of Attorney and the run around they put us through made it impossible to stay with this bank.
Service is poorly trained and they are incompetent!!
I wish I could give them no stars. Here are the problems I've had with HSBC:
While I was told no minimum balance was needed in my checking account, I was charged $8 per month as an inactivity fee.
Overdrafted 4 transactions totalling less than $20. Recieved 4 overdraft fees, each for $35, for a grand total of $140. After meeting with a representative at the bank, they refunded one fee, so I still owed $105 in overdraft fees for overdrafting less than $20.
Recieved a phone call from their fraud prevention line. I had no way to confirm that the person on the line was HSBC, so I told them I would hand up and call the number on the back of my card. The person I got told me there were no problems with my card, and the phone call must have been fake. Turns out, it wasn't - my card number had been compromised online. How can they not have this internal communication down?
I have yet to call customer service and not wait at least 15 minutes for a representative, and even up to 40 minutes. When being helped, they will often put you on hold to check something with your account, and often for up to 5 minutes in the middle of helping you. Terrible customer service.
I am now banking with ING Direct, and I am a much happier customer.
If you are thinking about doing any business with HSBC, "DO NOT", "DO NOT", "DO NOT".
My long story short is I haved tried to bank to bank transfer to another bank. They froze my savings account saying that My last name is different (I got married). I'm ok with that security. But it went down hill when I call 800-975-4722 on 10/21/11. C/services 3way conference call with my another bank to verify it's me. Its verified. She said it will take a few hours to take effect. She said she will call me next day to confirm. Nothing Happend niether error fixed nor call.
The next 4 phone calls, I got asked the same questions, say the almost the same thing, I refered back to the reference person every time ( I always ask who am I speaking too and write down their ID). It was the loop. The last person said in order for him to fix the error, he has to call my another bank to verify. I told him that the first person did. He insisted the same thing.
Today is 11/01, I still don't get that money for me to pay my major credit card bill.
I HAD IT. I'm closing my both accounts and take my business elsewhere that has better customer services.
PS. the last guy said he will request closing the accounts for me and it will take 24-48 hours to effect. Guess what...He didn't even know what he's doing. HSBC wants the request in writing.
I was involved w/HSBC thru Costco but no more. Ive had customer service reps just hang up on me and whats more the balance they show on thier bill does not cover the entire billing period so there's always a previous balance and they just nickle and dime youto death with thier fees and thier customer service people are no help when trying to get an explanation. There's more but forget it.HSBC...never again for me. Good bye forever!
I've had an account with HSBC Egypt for more than 10 years and I was very satisfied with the great services they offered. When I came to Buffalo - NY to start a new job as anesthesia resident, I selected HSBC for my salary direct deposit. I went to kensington office, my application for checking and credit accounts was approved and I was happy with that. S, I diverted all my bills and my salary to HSBC accounts and paid 24 USD for a checking book. I deposited 3500 USD in my account in the first week. Then I was so disappointed for a lot of reasons:
1. An HSBC agent spoke with me over the phone and she advised me to open a savings account, and had all the information, but that account was never open.
2. the name on the credit card was misspelled, although they had all the documents showing the correct spelling. When I tried to fix it they asked me for a court document for name change!
3. I received a letter on thursday evening stating that my checking account will be closed ! for no obvious reason. I can't imagine how could you close my account without one week notice at least, and how would you close my checking account and leave my credit account open?
I went to the Kensington office to try to know what is going on but nobody was able to know either, and they said we would call you by monday.
Now I'm getting returned checks, and my salary was sent already on friday and I'm waiting for you to send it back to my employer. I'm very dissatisfied with HSBC and I'll close my credit account as well.
I would ask you to take back your checks and give me a refund, pay all my utility return checks fees, and finally transfer my salary to me in any way you like. I advised new residents to use HSBC but now I think M&T is much better, they gave me 150 USD for opening the account, they're so helpful and clear.
I'll write my experience on depositaccounts.com, bankreviews.org, mybanktracker.com, local.com and other review sites so that people would know your games.
This is one messed up bank. I agreed to purchase a property they owned. After the closing, the lawyer could not register the deed because the bank had not properly foreclosed on the house. They probably cheated the prior owner of their hard earned money. Because of their fault, I lost almost $5,000 preparing the property for mortgage appraisal, getting permits and certifications with the city. Then they refused to reimburse me for all of those costs. They also refused to return my deposit money for more than 4 months and won't reply to requests. Don't do business with this messed up, blood sucking corporation. Nick, March, 2011.
I recently closed a Select Credit account associated with my checking for overdraft purposes. They somehow find ways to invoke overdraft on the same days that direct deposit goes into my account. So that even though on-line it looks the money was available, they transfer money from the select credit to cover payments, and of course charge interest for it. What's worse is they don't display the correct balance on their website, since they only update interest once a month (or per statement) on line. So if you use the web to transfer money back to select credit to satisfy the balance, you will always pay too little. What's worse, when I call and asked for a pay off balance and transfered money in, it turns out the amount they told me was $11 too high but since I closed the account all they can do is send me a check. (Of course they never notified me, I only noticed since a week later, the account was still appearing on the internet account.) When I called to complain, that they basically took $11 from me without deserving it, the customer service person told me that they quote a higher amount because most people like to pay by check and they need to account for interest while waiting for my check. REALLY? Most people with on-line accounts in 2011 like to write a check and send it to HSBC instead transfering money in? Which by the way, the first customer service person watched on line, while I paid off the amount, before closing the account, so they knew they had my money the entire time. If you or I took $11 from someone that we didn't deserve and held it until they asked for it back, we would rightly be called thieves, when HSBC does it, it's called banking.
I am in the process of closing my checking and savings accounts with them.
I have had an HSBC acount for over 10 years. I have laways had goodluck and their On-Line Savings account use to rock! Still a decent deal at 1% interest with no Minmimum Balance for the On-Line savings account. But over all they have gone down hill nad are really jacking their fees up.
So Long HSBC.....
Hello? Well, why do you think I am on Depositaccounts.com
I know things turned sour overseas with the Euro, but what happened with these guys? They were on the forefront of offering great yields, and then all of a sudden, their yields went into free-fall. The ACH transfers were always terrible with their savings accounts, since it took at least four days to transfer funds. It was very annoying that interest was lost on that money during the transfer period. Their customer was also suspect as it was outsourced overseas. All in all, not the best account and definitely not a great yield anymore.