Resolved HSBC Banktake your money out of hsbc while you still can

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Take your money out of hsbc while you still can. I have been a loyal customer of hsbc for a long time, and until recently I was a happy customer as well. Suddenly, I have become a very unhappy customer and I am taking my money out of hsbc because of the dreadfully unfair and arbitrary actions taken by hsbc. I have been very diligently paying my bills on time and taking other steps to make sure my credit score goes up as much as possible. Suddenly my credit score dropped significantly even though all of my payments, etc. Have all been paid on time. So why did my credit score drop one might ask? The one and only negative thing that happened in any of my credit history recently is that hsbc arbitrarily decided to lower the credit limits on a large number of its credit card customers. I always paid my bills on time, never went over my credit limit, and in fact, I always kept my outstanding balance below 50% of my credit limit. Suddenly hsbc arbitrarily decided to lower the credit line on my card and thousands of others by 60%!!! Yes, that number is correct. They lowered my credit limit by 60%! This caused my balance to availabe credit ratio (a key factor in determining fico scores) to go from about 40% to about 97%. The 40% ratio which I worked deligently to maintain is viewed as very good in the eyes of the credit reporting agencies, and was one of the factors helping to bring up my credit rating. However, one of the worst danger warnings in the eyes of the credit agencies is a "maxed out" credit card, so this 97% ratio caused solely by the arbitrary actions of hsbc caused my credit rating to drop by about 30 points! Now let me again stress that my income and job situation has not changed, I have not had a late payment or been over my credit limit on any of my credit accounts in many years, and have not had any other activity that might negatively affect my credit rating for many years. Despite all of my deligence in maintianing my credit and despite my loyalty to hsbc and the fact that I even have my savings account with hsbc they took this unfair action which has already had a very negative impact on my credit rating. I had been saving up to buy a house this year, and now I will most likely have to pay a higher interest rate on my mortgage or wait even longer before I am able to purchase a home, all because of the indifference of hsbc toward its customers. Just as a "maxed out" credit card is a danger indicator for the credit reporting agencies, this kind of of indifference and arbitrary action towards its loyal customers is a big red flag about the financial health of hsbc! A wise person could see such acts by hsbc as a strong indication that hsbc is a bank struggling in very serious financial trouble. I for one could not be comfortable leaving my moeny in an account at a bank in serious financial trouble. I know the banks are supposed to be insured, but why take chances with bureaucratic red tape? It seems much wiser to simply take all money out of the troubled bank. Hsbc may be located in nevada, but if I am going to gamle with my money, I would rather do it at the casino and not with my bank accounts.

Responses

  • As
    ashwin mungar Jul 07, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I personally went to the HSBC branch in bank street, Bur Dubai to make a telegraphic transfer to my father's account who is in Mauritius, as I could not use my phonebanking PIN to make the transfer over the phone as the pin issued to me was invalid, and none of the agents could explain to me why-when i phoned 8004722.

    When i made the transfer of DHS 11, 000 on the 30 June 08, i went back on the 02 July 08 as i realized that the swift code i wrote on the transfer was incorrect. So i spoke to the agent to double check if the money went through and he clearly stated that it did not go through and that i would have to make a second telegraphic transfer. I clearly told him to cancel the first transaction and ensure that the money is not transferred and he assured me that the transaction was not valid. So i made a second telegraphic transfer of DHS 11, 000 with the correct swift code.

    On the 03 july 08 i receive an sms stating that the telegraphic transfer is successful and DHS 11, 130 was debited from my account... which i thought was the second one i made! However, on the 05July, i received another sms stating that DHS 11, 130 has been debited again and my account is below the threshold limit. I was furious and went back to the HSBC branch. I had been charged DHS130 as the second bank charge and more money was charged by my father's bank (HSBC Mauritius) as receiving fees. When i asked them what the problem was, they could not give me a clear reason and simply told me that they would call me back in 3working days. I have asked my father's bank to reverse the transaction and i want the bank charges that have been debited the second time, to be refunded to me! This shows a lack of care and competence on behalf of the agents and i am still waiting for the call.

    0 Votes
  • De
    debo2009 Feb 18, 2009

    We have been trying to pay off a HSBC mastercard. Due to the 5-7 day time lapse from the time I make my online payment, more interest is added. Seems you can never reach a ZERO balance on the card. MAJOR RIP OFF. BEWARE OF THIS COMPANY.

    0 Votes
  • An
    Anthony Shy Apr 13, 2009

    I request that my credit card account be closed and I paid my final bill. I am looking at my credit status and your company is putting false information on my report, stating closed at your request. I am respectfully asking that you change the status immediately or I shall take action.

    0 Votes
  • Ji
    Jimmy K. May 18, 2009

    I financed an 06' Suzuki GSX-R through them because no one else would finance me (I was only 18). I had a low interest rate for a while, but I guess the "promotional rate" ended and they jacked my interest up to 26.99%. The minimum payment is $200.00/mo and it barely puts a dent in the principal balance. If you're even a day late, they will call you every few hours until they get you on the phone and they are - in my opinion - not nice about it. They also charge you $15.00 to do a check by phone and $12.00 to make a rush payment.

    I also had a credit card with them when I was younger. They reduced my limit to $300 and also raised my interest to the familiar 26.99%. I don't know what they're problem is over there, but they are such a rip-off.

    I wish I would have never financed anything with HSBC.

    0 Votes
  • Se
    semet27 Jun 22, 2009

    How long can the credit card and banking systems be allowed to continue to financially rape its constituents? Is the system setup to make sure you fail? Are the credit card and banking systems owned by some secret legal mafia group?

    I cannot believe that HSBC has raised my APR rate to 31.99%. I make my regular online monthly payments. A few times have been late a couple of days. I spoke with one of the representatives of HSBC who informed me that they were unable to change the rate as the computer software system does not allow them to do so. They only have viewing rights and that the credit division would send me a letter telling me why I received the rate which is not what I asked for. I am pursuing this as it is ridiculous.

    0 Votes
  • 92
    92c37 Oct 22, 2009
    This comment was posted by
    a verified customer
    Verified customer

    Sir

    A sum of Rs.10, 658 was debited to my Credit Card by HSBC bank without my consent. I have also not signed any document for this. When enquired I was told by the bank, that based on my voice message with a third party (TATA-AIG insurance Co) they have debited my card account. I have not given my consent to any body.

    I want to one thing. "Can a bank (HSBC) debit a card holders account based on the voice message of the card holder with a third party (TATA AIG), without the consent of the card holder". Is this allowed as per the banking rule ? Can I lodge a formal complaint with Reserve Bank of India ?

    Kindly advise

    Thanking you


    With ward regards
    K.P. Suresh

    0 Votes
  • Vr
    V.Ramesh Feb 18, 2010

    Hi, Respected sir this is Vegi.ramesh. I am using HSBC Credit card since last three years.My card no 4476929990916501 valid from 038 &expires end 0311.Onces i forgtton to make the payment. One day i got call from bank regarding due amount.I ask them due amount and made payment with in three days.But later they informing that they settlement the amount.But i don"t want do that.I will clear total amount please give me chance. I did not get any settlement papers aslo or NOC aslo.please provide me solution. I am waiting for u r respone. Thank you, V.Ramesh 09967775667

    0 Votes
  • Jh
    JHalstead1 Mar 11, 2010

    Same thing has happened to me!! I got 2 atv's through them and my balance was $16k and 3 years later my balance is $17k??? They took my interest rate up to 24.99% when I went 1 day past due as well. I didn't even realize this was put on a credit line and not an installment plan. They took my balance of $16k and placed it on a credit limit of only $15k putting me over the limit from the start! I tried working with a credit counsiling office that contacted HSBC bank and they refused to work with them. They are now trying to repo my four wheelers when I tried working with them and they declined every opportunity. I am checking with the attorney generals office with this because none of this seems legal!

    0 Votes
  • Cg
    cgs May 21, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I had a vehicle financed with hsbc and credit cards for several years, and not had problems until recently, as we consistently over-pay our accounts. I did'nt understand what was going on when the billings stopped..come to find out HSBC sold the note on our vehicle to Santander Consumer..whom we have never heard of..all of a sudden we get a collection letter from santander a demand for payment with no explanation...after checking things out we learned that HSBC sold the note back in March but...no one bothered to let us know anything...This was/Is pretty chicken-### of HSBC and Santander not to reveal this information to us. and only to send us a collection letter which we had to figure out on our own... so watch out for santander as well, they appear to be incompetent.

    0 Votes
  • We
    Wennem May 26, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I will never do business with the Orchard Bank MasterCard services again. They have withdrawn more money out of my checking account than I actually owe and it will take them two months to issue me a refund and there is nothing else they can possibly do about it. Everything is so difficult with them and you can't understand a word that the customer service representatives say. I have had the account for three years and have excellent payment history as far as they are concerned but will not raise my credit limit by even $100 dollars. Never again! I now have a Capital One account that will periodically review my payment history and raise my credit limit and amazingly enough their customer service people actually speak english!! Ditch Orchard Bank and go with Capital One ... you won't regret it (yescreditone.com) ... do yourself a favor!

    0 Votes
  • Ma
    Manister Jun 25, 2010
    This comment was posted by
    a verified customer
    Verified customer

    HSBC 'offers' a Passport Account if you are new to a country, without a local credit history. This is advertised world wide. What isn't advertised is that you are locked into a 12 month contract, and in the UK, this also results in a £8 a month fee for 'allowing' you to have a bank account. Having lived in 7 countries around the world, my perception is that the UK has to have one of the worst banking systems, and HSBC, as a world wide recognized bank, should not be allowed to fleece newly arrived individuals in this way, especially if a good credit rating and employment is guaranteed. One of the worst decisions I have had to make; I will never bank with HSBC again.

    0 Votes
  • Mu
    Murphy Aug 08, 2010
    This comment was posted by
    a verified customer
    Verified customer

    For five years I held a Savings and a Payment Checking Account at HSBC Online. I kept most of my money on the Savings and programmed several of my bills to be charge to the Payment Acct. Since the transfer of funds between those accounts is immediate, I used to command my transfers one day before the bills due date. Everything worked fine until last month. The transfer I schedule (2, 2K) was not performed, for some reason. When the charges (3) hit the Payment account the funds were not there. HSBC "kindly" paid the bills and assessed a $105 "Insufficient funds fee". I immediately called Customer Service, and after a long explanation they agreed to remove $70 dollars from that fee. I did not accepted that solution, I am absolutely sure I ordered the transaction, as I did every month for five year, and did not receive any error messages at that time. I start wondering if they do not deliberately create those "failed" transfer to rip customers off. So, I am closing all my accounts with HSBC and will engage in the almost impossible task of finding a fair financial institution. Beware if you hold accounts at HSBC. Check your account/balance online daily. If you have to make transfer between accounts, do it one extra day in advance, so you can go online and confirm the transfer was executed before the bills hit the account. Actually those advices should be observed for all banks, I think. They are out there to get us!

    0 Votes
  • Ts
    T. S. Dec 16, 2010

    In sept. 2017 HSBC granted an illegal alien (in Utah) a credit card. This person used my stolen social security number to obtain credit. I have a fraud alert with all 3 credit bureaus, HSBC was notified of the alert but ignored it and granted the illegal (mexican) the card anyway. (I've never been to Utah???)
    Two months later (in Nov. 2017), the illegal woman used my Social Security Number again (with HSBC) and was granted another credit card after HSBC again ignored the fraud alert on the credit report.
    Although I had HSBC stop the second card from being used, the first card has a $2, 000.00 balance on it.
    HSBC refuses to contact the authorities (they have the illegal woman's name & address) and they refuse to send me a fraud investigation report that they would need to validate my claim of fraud.
    They've lied to me and refuse to connect me to the proper supervisor...they ALWAYS hang up the phone when I insist on speaking to a department supervisor.

    0 Votes
  • Justin_Tyme Dec 16, 2010

    Welcome to revoltingly liberal America where illegals are more protected than prosecuted.
    - 1-16 MILLION at last guesstimate. 160, 000 in Arizona alone.

    0 Votes
  • Rl
    rlpNC Dec 16, 2010
    This comment was posted by
    a verified customer
    Verified customer

    This doesn't surprise me! Banks are no longer the institutions they used to be. They do more dirty tricks to pad their bottom line than a used car salesman. In fact, I apologize for insulting the User Car Salesmen when comparing them to banks. The larger ones were able to take risk after risk and still got bailed out. Why would they curb their behavior now? They know there is no consequences and it's the tax payers that suffer - not them. Just look at their bonuses this year! I'm sure there are tons of victims of their dirty practices and borderline (if not completely) illegal activity that would love to have even one QUARTER of the money they pay out for bonuses.

    0 Votes
  • Sa
    saeedeh golkar Aug 10, 2011
    This comment was posted by
    a verified customer
    Verified customer

    i've recieved an email which the sender claims that he is a manager in there. if it's possible tell me what's it and why i've recieved it. thank you very much in advance:
    Attention: Sir,
    I am Mr Martin Johnson an account Manager working in HSBC Bank here in London.
    I found your file here which I found the sum of $12.8m in it and authorized by the World Bank to deliver the fund to you in cash in your country with immediate effect via Avonix Diplomatic Courier Service.This was confirmed to be that your email fell among the email lottery wining.The major reason for giving this huge sum is for you to use it to help the Orphans, Widows and all poor people around you.
    According to the statement found in your file here, this is a lottery award you won and I realized that your fund had been in the bank of it`s origin for long period without been transferred to you.For this obvious reason, World Bank brought the fund to HSBC Bank London here to deliver the fund to you in cash to your door step in your country to avoid anymore difficulties.This system has more efficient guarantee safety measure and quicker.
    Now, an attempt had been made to carry out this order given by the World Bank but your information are incomplete.kindly resend these information to me to enable us deliver your fund to you effectively as directed.
    1.YOUR HOME/MAILING ADDRESS
    2.YOUR PRIVATE TELEPHONE, MOBILE AND FAX NUMBERS.
    3.YOUR DATE OF BIRTH AND RELIGION.
    4.THE KIND OF JOB OR BUSINESS ACTIVITY YOU ARE
    INVOLVED.
    5.YOUR INTERNATIONAL PASSPORT PHOTO PAGE OR DRIVER`S LICENCE PHOTO PAGE.
    The above information are to ensure that your consignment fund is delivered to you without any mistake.
    For security purposes and clarity I advice that you keep your winning notification confidential, and not to be disclosed to anyone until your claim have been fully processed and your winning fund delivered to you.
    Call me as soon as you send it via these numbers +447024067260 or
    +447045790652
    Looking forward to hearing from you as soon as possible.
    Regards,
    Foreign Account Department Manager.
    Martin Johnson.

    my email: [email protected]

    0 Votes

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