HSBC Completely Pulling Out Of USA?

[shane82388]

I noticed a week or so ago that you cant sign up for the regular HSBC branded card anymore on the HSBC website...now i just got an email stating that they are closing my online checking account because they ran all their accounts through Chexsystems "due to high fraud among online checking account customers"...

I have had this account opened for years and the only thing on my Chexsytems is an overdraft thing from long before i had this account and they never had a problem with it before? I dont ever use the account basically and havent for a long time so it seems like an excuse to close accounts...

I thought they were just getting rid of their subprime credit card business here, not their entire operations? Maybe the convertion to Capital One for their cards will be sooner rather than later?

[JMN]

HSBC's North American operations have suffered heavy losses from the financial melt down.

Honestly, it wouldn't surprise me if they sold off all North American assets (remaining traditional branches included).

[score_building]

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@JMN wrote:

HSBC's North American operations have suffered heavy losses from the financial melt down.

Honestly, it wouldn't surprise me if they sold off all North American assets (remaining traditional branches included).

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Considering their overall failure to offer decent products or a reasonably high level of cs in the US, this could be a very good thing for US card holders.

[Anonymous]

If HSBC leaves North America what happens to Orchard Bank credit cards?

[shane82388]

Already sold or there is a deal in place to sell them all to Capital One.

[-Cain-]

Orchard Bank cards would most likely be sold to Cap One.

[shane82388]

I got a message back from HSBC and they said they reviewed accounts through chexsystems but decided to close all Online Payment Accounts....their online only, fee-free checking account they havent offered in a long time...so i dont feel as bad now lol

Havent ever used it anyway.

[Changingmantra]

oh well - and I closed two cards with HSBC last month, one being a MC.  Who knows, maybe Cap1 would have combined that CL with the CL I already have with their MC.  At the moment, I have an HSBC Discover, which I kept open only due to the age of the account.  I wonder what Cap1 will do with the Discover lines.

[john398]

Seems like Capital one does not like Discover or American Express brands of HSBC so who knows

[Changingmantra]

Hmmm - I wonder if Discover would let me add this CL to my Discover More card.  Might be wishful thinking -