11-26-2012 07:55 PM
I'm helping a friend that I feel is getting taken advantage of and I post in credit cards because I almost feel like this sounds like it's a Cash Advance Check off this persons Credit Card that is suppose to be paying him.
Ill have check in front of me in about 30 minutes but doing google in meantime I see HSBC Branches listed in NJ by the dozens... would these now be capital one or are they closing... wasn't sure besides the credit cards if they were going to keep anything else within in the states...
my next question is if it is legit and only available in NJ, is there a way he can check funds to clear before depositing and paying fees on his account if the check bounces?
call hsbc direct?
11-26-2012 08:03 PM
I would think it is most likely a cash advance check (convenience check as some issuers call them, as you use them like a check and don't get an actual cash advance, just get charged as if you had!).
The only other times I've seen when a credit company would send a check is
a) when there is a balance (because you overpaid) and this happens either automatically or because the user requests it.
b) Some sneaky insurance or credit monitoring offer, by endorsing the check for $5 or $15, you sign up for the unneeded service.
a) is fine, b isn't, and convenience checks are also dangerous.
11-26-2012 08:52 PM - edited 11-26-2012 08:53 PM
I have in the past recieved checks in the mail from Beneficial an HSBC company. It's a valid check and if cashed puts you in the hole for the amount of the check plus interest which is somewhat high. I would shredd that check unless your friend really needs the loan. I don't know if they report the CRA's or not. This is a case of really reading the very small print.
11-26-2012 09:02 PM
it's not my friends check or account... called HSBC and they do have Bank Branches but based on what I was googling and what she was saying are open... they are closing left and right.
in end she tried to call person that wrote check to get permission to tell friend it was a good check to deposit and well of course agent got voicemail and that's were the ideas went dry!
in end think he will have to eat the fee to deposit and have it come back bounced, before able to move on with further things like small claims... UGH worse process ever based on me doing it many times over the years!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.