HSBC Retail Services / hsbc can not be trusted!
I made two seperate transactions to take advantage of a "no interest" promotion for a furniture purchase and an electronics purchase at two different retailers.
The accounts were payable to HSBC Retail Services. I set up my monthly payments accordingly so that the balance of the purchases would be paid off by the end of the promotion date.
With 3 payments left on one of the purchases HSBC started refunding my payments back to my checking account without my knowledge and for no reason.
When my last statement arrived, I noticed that the finance charges had been charged to my account and I started to investigate this with my bank. They determined that 3 months of payments had been refunded to my account, but not until the last month of the promotion and there was no reason offered by HSBC.
I am now disputing the finance charges and have sent them the refunded payments they sent me, but they want copies of everything from my bank and a letter explaining the "situation". This will probably take another couple months to settle with them since I cannot fax any of the paperwork from my bank, it all has to be sent through the USPS, (snail mail).
The second account I have with them just assessed me with a late fee of $29.00. This too, was a "no interest" promotion and I had the payments set up automatically with my financial institution's online Bill Payer as with the first account.
HSBC claims that I need to set the payments up for a payment date 11 days before the due date in order for them to receive it on time - what is the sense of using electronic payments when you have to give the creditor your money 11 days ahead of time??? I thought electronic payments were supposed to go much quicker hence the reason for using it...
This company is DISHONEST AND DIFFICULT to work with. I am paying both of the accounts off immediately and will never purchase anything that has to be paid through HSBC RETAIL SERVICES.
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