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HSBC Retail Services / hsbc can not be trusted!

1 MA, United States Review updated:

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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  • Ej
      18th of Jun, 2009
    0 Votes

    I bought a computer through HSBC two years ago. I charged 1100.00 on the card. I have been paying faithfully every month and was only late once. However, I just found out that HSBC has been charging my account with being late for almost an entire year. On a 28.00 per month payment, they charged 39.00 late fee plus another 15.00 for finance charges, for a grand total that month of 93.00. This is outrageous! why are we allowing these predatory creeps to continue ripping off poor people in this country. If you don't pay them, they threaten you with ruining your credit. In the meantime, what recourse does consumer have? This is grossly unfair, and they need to be put out of business. It appears that even if you make your payment on time, they delay applying the payment until the due date is past.

    e j harrigan ---

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