HSBC Bank USA - Read This Before Doing Any Business - Account Holds - Bad Business Practices

[Darinox]

Yes, I did. I filed another complaint with the Treasury Department's OCC (Office of Comptroller of Currency) few days ago, too.

[Darinox]

Right. I have the Navy Federal Flagship Visa Signature CC and I am very pleased with their customer service. 

[FinStar]

That's definitely interesting.  I've being doing business domestically and internationally with HSBC for decades and thankfully, knock on wood, no major issues.  There was a minor snag when I was approved for their HSBC Premier WE CC, but it was resolved within a few days with a bit of back-and-forth follow through.  The CC SUB was awarded after meeting the requirements.   I've never had any loans with them, though.

As far as the payments situation, that's definitely a head scratcher.  I've pushed and pulled payments internally and have yet to experience any major issues other than a bit of lag time with posting, more so on the internal side.   

Hopefully your issue will get resolved.

[AndySoCal]

Depending on the amount of the deposit there are some holds that can be placed.  See link below

https://money.usnews.com/banking/articles/if-you-deposit-a-lot-of-cash-does-your-bank-report-it-to-t... 

[Darinox]

Thanks -- data points from complaints suggest blocks are common among new customers but there are some reports among long term HSBC customers. Nevertheless, I would exercised caution per the recent money laundering allegations. It looks like they have quite the history of dealing with oligarchs and drug cartels and were recently fined nearly $2 billion by DoJ. I wonder frankly why they are dealing with small fish like myself and other consumers instead of targeting the big ones like the billion of money they've helped laundered. Makes no sense.

[Darinox]

Interesting though the money that were deposited monthly are less than the threshold. Again like I said, they deal with small fish instead of aiming for the big catch. 

[Remedios]

You really need to back up now.

Most major lenders have had some pretty serious issues in the past (and currently), mainly centering around not always following the regulations closely.

If you are looking for a lender without such a blemish, your money will live inside the mattress.

In my opinion, there is very little need for sour grape posts. None of that happened after your approvals. If you were concerned, the time to check up on legal issues would have been prior to jumping on their ship, but when milk sours "Oh well, they are dealing with drug cartels"

Your situation is unfortunate, and I can certainly emphatize with your plight, but let's not go to the extremes here. 

[Darinox]

I agree with you no one is perfect and this is certainly true for most big banks; however, focusing on the "average Joe" is just a head scratcher. I mean come on; we are talking about deposits far less than the required federal reporting threshold. Others have experienced the same issues based on the complaint data. You know, I am just stating the facts! 

[FinStar]

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@Darinox wrote:

I agree with you no one is perfect and this is certainly true for most big banks; however, focusing on the "average Joe" is just a head scratcher. I mean come on; we are talking about deposits far less than the required federal reporting threshold. Others have experienced the same issues based on the complaint data. You know, I am just stating the facts! 

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Just to reiterate what @Remedios mentioned upthread, this is a common theme as certain regulations are relaxed while others are enforced in various areas of the financial services and investments sectors.  It just depends on what violation occurs at a given time and the institution.

Let's not forget that JP Morgan, Chase, Goldman Sachs, Wells Fargo, BBVA, Santander, Bank Of America, American Express, Discover, Capital One, SYNCB, Comenity, etc., all have been involved in countless allegations of wrongdoing (not to mention the scandals), so it's always going to be a toss up on any individual's experience, especially when things go wrong.  And, since a variety of large institutions have been placed on a regulatory microscope in overhauling their internal policies, placing more robust and rigorous controls plus revamping their practices altogether even the "Average Joe" will no doubt feel the downstream effects.

[Credit12Fico]

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@RehabbingANDBlabbing wrote:

I agree about having multiple checking accounts. I currently have quite a few:

DCU checking

Chase checking

Alliant checking

SoFi checking (don't recommend)

Cap1 checking

the only one of these even trying to charge a fee is Chase, but I send them $500 a month to avoid it. I'm using DCU as my primary account right now.

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Mhhmm!! Too many people are loyal to one bank, and that is just a very dangerous position to put yourself in.  Have two banks that you bank with at minimum. They are not loyal to us, so you have no reason to be loyal to them.