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

Aim_High
Senior Contributor

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


@FinStar wrote:


Right.  (I'm writing this before Aim_High revises their post again) 😜

 

It all depends on that lender's audit results with the respective regulatory agency.  Some lenders already have robust measures in place, but in this dynamic environment where crypto currencies exist, alternative 'payment' tools exist, patterns or methods that circumvent or exploit current controls, etc., even those robust measures need to be updated or revamped in a variety of cases.  


Who me? Smiley Indifferent  Guilty as charged, your honor.  Yes, I do frequently re-edit my posts but mostly for typos, word choice, or to add information I realized I failed to include.   It's my inner perfectionist.  Lol  Smiley Tongue  But I don't purposefully edit to change my intent.  I've also actually just removed a few postings by cutting out all the text and asking mods to remove.   I imagine some of my "edit histories" must look pretty wild from a moderator viewpoint! 

 

Good points about the cryptocurrencies and other efforts to thwart normal detection mechanisms banks have used.  I think most law-abiding citizens can understand and support that to a point.  But still, I can also empathize with how frustrating it must be to have a lender repeatedly target your accounts when you're above board!  It would appear they have some work to do on improving the processes. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 27 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 31 of 39
Darinox
Valued Member

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

THANK YOU @Aim_High. It really is a head scratcher as to why so many people are impacted! Again, this is based on the complaints from Trustpilot and CFPB. 

 

I've posted a review on their main public Facebook page. This is not probably going to do any good but what I really what is to bring awareness so that others know what they are signing in for. In terms of the FB comments and engagement, let's just say that I am not surprised. Smiley Frustrated

 

 

Please do not post images containing identifiable information, including pictures and names of various individuals. 

There is no consent for it to be used here, and it adds absolutely nothing to this conversation. 

 

 

Message 32 of 39
mark3038
Valued Member

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

I am sorry this happened to you. The big banks do not care about any of us.  I have a credit card with HSBC and a deposit account as well.

I have noticed that if I make more then a few payments on the credit card close together by a few days, they do put a 14 day hold on payments after a certain amount. I have an extended hold on a credit card payment right now with HSBC for $31.00

 

Do they really need to hold $31 for extended period of time? I have noticed that discover too does this if you make payments too close together they will hold payments for 8 days.

 

I would never put too much into one bank since they can cause you real issues if they decide to hold your account. I spread my deposit accounts out over 14 banks. I have 53 credit cards and I spread them out as well. If a bank wants to close a credit card of mine for any reason they can without giving any advance notice. Synchrony closed all my credit accounts last month, 7 in total but by having so many cards I didnt feel a thing. My utilization stayed at 1% and my score dropped by 1 point. Do not let the banks control you. No bank deserves that oppertunity 

Message 33 of 39
Darinox
Valued Member

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

Thank you. I appreciate your words.

 

This whole "thing" with HSBC is just awful.. I am still outside of the country with no access to my funds. One can only imagine the amount of stress I am experiencing right now. On top of that, I've incurred extra expenses as a result of the holds. Not to mention, the fees that I was hit with by other banks as all the automatic payment that were set up prior to this, were returned by HSBC as unpaid. I really hope this nightmare will end soon. 

Message 34 of 39
ChargedUp
Valued Contributor

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

Oh heeeeell no! As said earier, you should've ditched HSBC back in August!

 

I use a tiny CU and I've never been blocked, locked or suspended out of my account in the decade plus I've been with them! They're super easy to work with and they treat me like they want me to keep my money there. Their accounts may be of little thrill, but I know I've got access to what's mine when I need it. Even when my account was new, they never held any payroll checks other than when I used one for my opening deposit. Now they don't hold anything under $5001.00 no matter where it's drawn off of and larger items I can usually get the holds removed early by the branch manager. They batch process mobile check deposits at 8AM and 5PM, which is handy as my employer occasionally botches payroll and/or reimbursements in direct deposit, but will cut a check on the spot to make it right. I can use any CO-OP network ATM or merchant POS for fee free cash away from home.

 

Smaller banks/CU's seem to work harder to keep your business from my own experiences. If I was to hit a $500M powerball jackpot, of course I'd keep it someplace like Chase or City National (Actually, I'd have it spread over many larger FI's). At my CU, I'd instantly become their largest unsecured depositor and while they'd probably treat me like royalty, it's a risky position to be in.

 

For my current financial dynamics, my CU is a very good fit.

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($3500), Bank of the West CB MC ($3K), PNC Cash Rewards ($9.5K)
Message 35 of 39
UH_HUH
Valued Contributor

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

Sorry for your troubles @Darinox 

I opened a CC with them about 15 months ago.

I received 5K in CLI's on an opening SL of 11K

I have made one purchase for $54.00 after they

sent me an email asking me to use the card. 

I tried paying that $54 twice with a bad routing #

All my fault. Did this twice with $35 penalties on each

bad payment. I was up to about $120 then LOL!!!

This was over a span of two months they did not recieve

any money. The last time I looked at the HSBC site I asked a guy from

online service what was going on. He explained the payment was bad.

I said "What are you guys going to do to my card after two bad payments?"

He replied  "absoloutly nothing,we would like to help you set up a better way for 

you to pay the card" So yes a $$ penalty for getting no money for two months,

but no AA and a very helpful attitude about it. I have just had a great expierience.

Hope your's works out. I remember reading your post and was very

happy to see how excited you were. Here's to better times :-)

Cheers

Message 36 of 39
Iby
New Member
New Member

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

My experience with HSBC has been greater than expected! I opened a Premier checking account in May 2020—when they had a $720 bonus for opening a new account (paid out $120/month for 6 months). By June 2020 my direct deposit ($5K+) was setup and running so my Premier checking account was free—although they told me I had six months to setup everything before any monthly fees would be assessed.

 

Because of the pandemic, I was in another state that was not my billing address when I setup the new account. I called them to tell them it was OK that they sent my new debit card to my billing address but that I also needed another copy to be sent to the temporary address and they did. I had no problems using my new card. Only sending money through Zelle was a bit frustrating (in the first couple months). Because Zelle isn't integrated in the HSBC app, Zelle only lets you send $500 max per week and sometimes, the transactions would get declined. That was only during the first 2 months, but after that, I've had no issues sending money via Zelle with my HSBC account.

 

8 weeks after opening my new account, at the end of July 2020, I started receiving the previously mentioned, $120 monthly bonus. Yes, every month after the first month, they were late on their bonus, but I would chat with their online customer service and it would be deposited within less than 1 week. By January 2021, I received the full $720 bonus.

 

In October 2020, they started another promotion, where if you use your debit card at least 10 times in one month, they would pay you $15/month for 6 months AND if you use their bill pay at least 3 times in one month, they would pay an additional $15/month for a total of $180 ($30 x 6 months). Again, 8 weeks later, I started receiving the monthly bonus. And again, every month after the first month, they were late on their bonus but a quick online chat fixed that again. This month (fourth month of the promo), one of my bill pays was late. I set it up to arrive by Jan 15 and it was due on Jan 19. However, it didn't arrive until Jan 21. I called HSBC because they have an "on–time guarantee"—where HSBC will bear the responsibility for any late–payment fees. HSBC credited me the late fee, no questions asked. Additionally, HSBC Premier checking doesn't charge any fees for insufficient funds, nor overdrafts, nor ATM withdrawals from any banks and if you're charged an ATM fee from the other bank, at the end of the month, they refund you those ATM fees (https://www.us.hsbc.com/content/dam/hsbc/us/docs/pdf/deposit-terms-and-charges/hsbc_premier_tcs.pdf). So, I (personally) don't see any need to have an HSBC branch near me. On the rare occasion that I do have a paper check to deposit, that is easily done through the HSBC mobile app.

 

Lastly, in December, I applied for 2 HSBC credit cards on the same day because I initially thought I wanted one card and then after applying and getting approved ($9K), I realized I liked another one they offered better and HSBC approved the second one too ($9K). I ended up keeping both since one has 0% for 18 months and the other has great point benefits. 

 

@Darinox I'm sorry you went through all those blocks and headaches but my experience has been the opposite and I've been with them for almost 1 year now.  

Message 37 of 39
Drozzmo
Established Member

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

I've heard a lot of folks having issues paying them. That being said I liked the look of their cards but I dumped them because it's a HP every time you request a CLI. I didn't have payment issues but it sick's they don't or didn't have a payment option on their app.

Message 38 of 39
FinStar
Moderator

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


@Drozzmo wrote:

I've heard a lot of folks having issues paying them. That being said I liked the look of their cards but I dumped them because it's a HP every time you request a CLI. I didn't have payment issues but it sick's they don't or didn't have a payment option on their app.


The CLI requests are definitely YEMV.  Mine have been SP, and I believe there's been other members who have reported similar SP outcomes.

Message 39 of 39
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