I purchased suzuki motorcycle in june 2007. I thought I was getting a good deal with a percentage rate of...
1) I sent $500.00 to someone in new york using my hsbc credit card and western union.
When I received my statement from hsbc, I was hit by a "cash fee" of $27.00 or 5.4% of the
Amount sent. when I complained about it, I was told that "transfers are considered to be cash advances and that I is mentioned in the credit card agreement..."
2) my interest rate was increased to 30%!! because "... the system shows that you were 30 late in your payment for november 2008..."
This is insane because I pay every month many times the minimum payment required!
All of you, do as I will, dump your hsbc credit card and look for a better deal!
HSBC credit card holders...beware! I just received a letter from HSBC informing me my credit limit had been...
Beneficial has been giving me the run around since October of last year (2008). That's when I called in to arrange for a late payment on our mortgage. First they transfered me to four different departments, then they claimed they had no record of my account in their files. Naturally, I told them if they had no record of my account I could not send them a payment. How safe would you feel mailing $1224 to a company who can't locate your mortgage account? Then after calling each week for over a month and a half, that would be late December, they magically discovered the number on my bills was for HSBC, since my mortgage was with Beneficial the nof cource they did not have my account on file. I told them they had no listening skills then because each time I called I specifically stateded HSBC/ Beneficial as my account holder. By that time I was 3 months behind. I arranged a partial payment of $900.00 as a gesture I intended to pay on the account. I was specific on the fact that the payment was for the outstanding amount owed, but they applied it to the principal instead of the outstanding balance. St thst timr zi requested to apply for their Hardship Program in an effort to negotiate with them. I explained that in January I would be temporarily laid off from my job due to the client canceling their contract with the firm I was working for. They gave me the number for the Hardship Department, which I later found out was Accorn, a third party not just another department in the mega corporation of HSBC/Beneficial. Every time I call them I am transfered at least 4 times before I can get someone to discuss my account with me. I called the first week of January to find out how my case ws going and was told there had been no case filed on my behalf. I asked the representative what had happened to the paper work I had faxed to the Hardship department, many of them were personal financial documents showing the bills from my cancer surgery and the letter about the end of the contract on January 20, 2009 which would be the firdt day of my lay off.
To make it as short as I can I had to reapply for the hardship program and fax the information to the Hardship department again. In a letter dated Feb. 20, 2009 I was declared in default and told I had until Mar. 06, 2009 to come up with over $7000.00 or they would cause foreclosure proceedings to be instated against the property. How can they want to foreclose on the property when we have done everything in our power to come to an agreement with them for reasonable terms. Our current interest rate is 9.95% with monthly payments of $1224.39. It takes two of my bi-weekly paychecks to make this payment. I asked why they wanted to foreclose on my home and add to the already declining property values, when it made more sense to renegotiate for a lower interest rate and lower monthly payment that we could afford. When I did go back to work on Feb. 09, 2009 my wages were decreasedby at least $150 a paycheck because I was not getting sale incentives due to the fact I was training for a new client and the Company I work for did not yet have sale incentives worked out with the new client yet. It is impossible for us to work with a loan modification company. The only ones I get any response from are either in California or Florida and want any where from $2, 000.00 to $4000.00 to take our case. If I had that kind of money it would be extremely stupid of me not to apply it to our outstanding amount past due. I feel like we are drowning, my husband is threatening suicide and take as many as he can who try to take our house. It all seems hopeless. The only thing the Government agencies, United Way and HUD are doing is play phone tag with me.
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.
I have had a Direct Merchants Card for over 10 years which for which I have never made a late payment and which carries a very low balance if any at all. Last week, without notification, my available credit was decreased from $8700 to $300. When I called they said it was a 'business decision' and I would find out 'why' when I received the letter. I received the letter which states that "we recently completed a loss mitigation review on our Direct Merchants bAnk (R) Mastercard (R) accounts. As a result of the class of accounts into which your Account fell, the credit limit on your Direct Merchants Bank (R) Mastercard(R) Account has been reduced to $300." I am baffled. No late payments; same income (if not more), credit is good; no foreclosures or late payments anywhere. Reading on-line complaints I see that this is happening to alot of people who carry low balances or no balance. This will have a negative impact on our credit (debt ratio) and will perhaps affect how other credit card companies and credit companies in general will view my report. It appears that if you are not carrying a balance and paying their %24 interest (which is outrageous) then they are reducing your credit to almost nothing. Motivation for them? -- GREED. Who is going to monitor these procedures which are affecting people like me with great credit who have been long standing customers with no late payments?
I signed up for a credit card from HSBC at the World Series in Tampa to get a free towel. This was October 23, 2008. I just got a credit card bill in the mail for $29.95, almost 4 months after the fact. The $29.95 was for a subscription to Sports Illustrated which I had no idea I was signing up for. Even if it was in the fine print that I didn't read, I would not expect a bank or Sports Illustrated to have to resort to this type of deceptive practice. Weak. Unfortunately this type of stunt is getting common even among reputable companies. This is not going to help our economy. I'm done complaining and now I am going to get back to my honest days work for an honest days pay.
At Target yesterday, in the check out line, my card denied. Called HSBC they said nothing personal, across the board, protecting ourselves. Lowered my limit from 8600 to 3300 with no notice, no reason. Always pay on time, never overlimit, had account for app 8 years. This was 2/24/09, they said they would be sending a notice out on the 27th!!! I use my card for everything during the month, then usually pay it off at the end of the month. It has always been convenient for keeping track of purchases. Anyway, now I am overlimit. They best not charge me an overlimit fee! I'm sure my credit scores which are excellent are going to drop. We are planning to purchase a home this Spring, so have been working hard to make sure all is in order, am afraid this may have really messed us up. Funny, I have 2 cards HSBC and Bank of America which I rarely use, BOA just increased my limit by 3000 last month!! What's up with HSBC, very bad business. I will not use this card again.
Do not use HSBC credit cards. They are now cancelling credit card accounts without any warning due to 'inactivity'. Customer service will not help. They closed my account (which was in good standing, my fico is >780, or WAS), and will not tell me why because, "[you] are no longer a customer so we don't have to share this with you."
Opening and closing accounts HURTS FICO scores. They are wrong to do this. Forget ethics and business practices. How about the fact that they're hurting the economy by hurting consumers scores, in turn, making it more difficult for them to get approved. Also, why close an inactive account? It does not cost the company anything - and by doing so - they 100% reduce the possibility they can make money because customers can no longer, ever again, use their cards and HSBC cannot capitalize on the interest! Lastly, how about the fact that people who are scorned by this will NEVER EVER AGAIN USE HSBC'S SERVICES?
AVOID THIS BUSINESS!!!
As an HSBC Credit Account holder, I received notice my card was cancelled due to inactivity. No notice wa...
I have purchased a Bowflex within the past 2 years and applied for a credit line with their partner in financing HSBC/HRS. Since recieving this "credit card" (I have never actually seen a card), I have had trouble on numerous accounts of recieving bill by mail statements late. On these occasions, I would recieve calls from someone who could barely speak any english that had less than minimum knowledge of what else I could do to lessen the problem, and a scripted list of conversation points that would be repeated if they sounded as if they would answer my questions. Of course not wanting to be late, I paid by telephone, which had attatched fees and of course the late charge for the origionaly late payment. I then moved to the online bill pay, which claimed a 2 day processing. The processing on average has been 3-5 working days and at the maximum I have seen it take well over a week to process which incurred more fees that I SHOULD NOT have to pay. Not only that, but with numerous late charges, I believe my credit limit has increased. How can this happen with all these late fees, unless they are trying to get me to spend more money with an already poorly (at best) run company? I am extremely unhappy with this service and DO NOT recomend this company for any type of lending in any way.
I cancelled my account and without my knowledge or approval they reactivated my account and didnt inform me for a year.
The only reason i do know is a collection agency called and informed me i now owe over $900.00 from an account i cancelled.
A bunch of filthy thieves - I just don't know how the system allows this kind of practices in the US. I'm just dissapointed that companies like sony associate themselves with these mobsters. I guess it's all about $$$.
I have an hsbc sony card that I used to buy a $2k laptop. It came with no interest for 12 or 18 months so it seemed like a good idea at the time. I paid 1500 off within the first six months and had a 500 balance left. Never used the card for anything else, the minimum payment was always zero so I didn't worry about it. Just to check the balance a few days ago and see that they decided to add 500 to my existing balance!!! Finance charges because I didn't pay it in full before the promotion ended. It's probably somewhere in small print on some document they sent...
I think it's just theft but there's not much I can do so BEWARE.
I have paid over $1000.00 in 30 days and they CLOSED my card a month ago! Payment arrangements were made to bring my account current. The customer service representative confirmed that the payment arrangement was acceptable and would bring me current on my account. He forgot to tell me that the date I agreed to make the payment was 2 days AFTER the cycle date. Therefore their "system" revoked the card and closed it TWO DAYS before I made the agreed upon payment. The card was closed over a month ago. Since then I have made more payments, talked to reps on the phone, had available credit displayed online, and did not find out the card was closed until it declined at a merchant. I called and spoke to an Account Supervisor and a Floor Supervisor and was assured that there is NOTHING that can be done to reinstate the card. So be careful, you may feel reasurred and confident that you are doing the "right thing" but all your fate lies in the imaginary hands of the "System." Oh, one more thing, I have not been able to access the companies Terms & Conditions online for the last 4 days (and I have tried from my home PC as well as my office PC). hmmmmm, something does not seem right.
Don’t bank with HSBC
– They will lock you out of your account and bleed you dry with fees while you watch them!
For all those who are considering opening a personal bank account with HSBC... THINK AGAIN!!!
To put it politely, HSBC are the biggest bunch of rip-off artists I know. Bordering on criminal. WHY?
Let me highlight my personal banking experience with them, you can decide their integrity.
I’m based in Australia. I opened an off-shore account with them 2 years ago. Deposited some money and made transactions for the first year. I registered for internet bank and they also sent me an ATM card. All is well so far. They send me monthly statements showing me any transactions and the closing balance.
Then apparently in September 2008, they changed the off-shore account policies to increase the service fees to ridiculously high levels.
In the mean time I had not made any transactions in the last 6 months and they decided to deactivate my account. NO NOTIFICATION TO TELL ME MY ACCOUNT HAD BEEN DEACTIVATED, DEEMED DORMANT. All the while, they have been sending me statements, showing me how much they were deducting from my account, deemed as “service fees”. So in the last 6 months I had not paid much attention to these statements because I assumed I could have access to the account and withdraw the money anytime I wished.
I went back online and tried my usual log-in on internet banking and access was denied. Then I made a call to HSBC Singapore call centre to ask why. They specifically told me that online access has been discontinued because I haven’t used it for a while. So to withdraw any money out I have to write & post in to them instructing them to TT my money out of the account to another account. This would conveniently delay the process to the next service fee withdrawal, which they deem to be for security reasons. They did ask if I had phone banking, and I didn’t; nor did they bother to register me at the time. And at this stage, the call centre person did not notify me my account had altogether been deactivated. So the only way I thought of to get my money out quickly before they sucked more from my account was to use the ATM card. I located a HSBC ATM teller and tried my card. To my surprise, the ATM denied access to my account as well!!!
The next day I called these idiots and told them now I have absolutely NO ACCESS TO MY MONEY IN THEIR ACCOUNT. They asked me all the same questions again, “do you have phone banking”; security questions to verify that I am the real ME. I explained to them the situation and they refused to do anything about my predicament citing banking policies!!! Now this is one lesson everyone should learn: HSBC policies are there to protect THEM, NOT YOU, the customer. THEY ARE ALSO THERE TO RIP YOU OFF... yes, no secret there. They want to make money from you, anyway possible. And their policies have slimey loop-holes to screw the customers. So after 30 minutes on the phone, the useless call centre girl couldn’t or wouldn’t do anything. I tried escalating the issue to her manager but she refused to do so, all the while patronising me by saying she understands.
So here is the synopsis. I banked with HSBC. They changed their account policies. Deactivated my account citing that it was dormant for 6 months or more. Failed to inform me. Raised the service fee. Revoked my online and ATM access. In fact revoked any access to my account unless I write and post to them at my own cost. Delay the process to transfer my money to another account. Charge me more fees for this. Then finally closed my account.
If you want money in their bank that subjected to these kinds of T&Cs, you might as well put it in their pockets directly.
HSBC. You are a bunch of unscrupulous rip off merchants. May you fall with the financial crash this year.
HSBC is the lender for a motorcycle which I bought and my Grandfather cosigned for. Since the beginning they have made it impossible to make payments. I bought it in March of 2008 I did not recieve my first bill til Sept. of 2008. I was not allowed to make payments online which was the way it was originally set up, when I called them they would not allow me to make payments over the phone without my grandfathers S.S. number. After repeated phone calls we figured out that they had my grandfather as the buyer instead of the cosigner and still after dozens more calls they will not change it. The original interest rate was 7.5 and it is now 17.9. We tried to get the payoff so we could refinance and the payoff has gone up 5000.00$ from what the bike was bought for. My grandfather is 72 and has had perfect credit his whole life and now has a flag up on his credit. They have us trapped and we recently learned Suzuki which is where I bought the motorcycle will not do business with them any longer because of "questionable practices". I need help. They are calling my grandfather 2 or 3 times a day claiming not to have received payment in 9 months. in November we decided to just refinance I quit making payments at that time but before that the payments were made.
I am having a problem getting contact with this company. They put me on this plan without my permission, and...
A creditor failed to send me a billing statement for two months. I get a letter after Christmas requesting me to make the account current - Which I did. Two days later, I get a call, then another two days go by and I get another call. Then I was reminded that payment is due on the 9th of each month. Heck, no statement - am I suppose to pay blindly? Talking to their call center in Jan. I was more than teed off. They told me that they were going to add late fees - again - no statement! The supervisor did not speak to me though I requested to speak with the supervisor. I know that the supervisor listened in on the conversation. When I finally agreed to pay them - with no statement - I was again reminded that my bill is due on the 9th of each month! I called my Congressman and Senator. Congress is trying to put a halt to the harassment and unfair practices of credit card companies. I recommend everyone do the same. Oh, just in case the people from "H" bank is reading this, I am refusing any credit cards from your bank and refuse shoping at any store that uses your bank.
Opened the account with a $200.00 deposit to Orhard Bank, in 2007. Limit of $200.00. I never failed to pay the full balance owed every month. There were decrepancies regarding late fees and overlimit fees, which I protested and did not pay. Due to this, I cancelled the account on 8-23-08. I have sent two communications to HSBC (one certified mail) and spoken to several people regarding the return of the $200. deposit. The November and December statements sent to me has a CREDIT balance of #38.02, because they are charging the charges in dispute to the deposit, though there is no notification when I will receive the $38.02. I AM DUE $200.00.
HSBC, Retail Services, Superstores Of America is by far the worst institution you can borrow money from. They charge you outrageous fee's every opportunity they get. To use their payment by phone, you must pay a $15 transaction fee. To pay your bill online you are required to be subjected to their permanent drip campaigns. The physical bill to your home is in a plain envelope not clear as to who it's from (which appears to be a tactic to make you default on your payment, resulting in you owing interest on entire purchase amount). This company is extremely shady and I'm fortunate to almost be done with them. Ironically they have the nerve to try and up-sale you many services while they treat their customers poorly.