HSBC credit line slashed for no reason!!!

[Anonymous]

Well something is definitely going on with HSBC.  I have a LOC with HFC (member of HSBC group).  Just received an email advising all of their HFC branches are closing and they are getting out of the LOC business. I contacted customer service because I just received a letter and email offering to extend additional credit.  I was advised the offer is null and void, however it is important to make my payments on time for my existing loan.

[Anonymous]

This is the "response" that I finally received from HSBC.  I have made 5 payments to them in the last week!

SO they want to HOLD MY money for 14 days, good riddance.

We can certainly understand your concern regarding pending charge.  Your
payment in the amount of $48.00 was received and posted on 03/10/09; however,
a temporary hold for the same amount has been placed on your account.*  The
available funds will be released no later than 14 days after the payment posts
to your account.  At this time, you have $80.00 available credit on your
account.  Please refer to the Maximum Credit Limit portion of your Cardmember
Agreement and Disclosure Statement for more details.

[Anonymous]

---

@Anonymous wrote:

This is the "response" that I finally received from HSBC.  I have made 5 payments to them in the last week!

SO they want to HOLD MY money for 14 days, good riddance.

We can certainly understand your concern regarding pending charge.  Your
payment in the amount of $48.00 was received and posted on 03/10/09; however,
a temporary hold for the same amount has been placed on your account.*  The
available funds will be released no later than 14 days after the payment posts
to your account.  At this time, you have $80.00 available credit on your
account.  Please refer to the Maximum Credit Limit portion of your Cardmember
Agreement and Disclosure Statement for more details.

---

That's the exact crap they told me the first time they put a hold on my payment. But mine was for 1500 and I was told that's why, it was a large amount but yours is $48 so what the heck? unless the total of all your payments ended up being considered "large". Who knows with these idiots.

[Anonymous]

Whicj is exactly why I started makning smaller but more frequenst payments.   I really don't care about therir care one way or another just DO NOT hold onto MY money.  I even asked MY bank.  Whitney National said that they HAVE ti nake those patments,whether I have the money or NOT-----So who do you think is liable---ME , of course and I should be---I was the one that charged ana dI am the one that pays the price!  Bu to HOLD MY money for 14 days is ridiculous.  I just decided to start paying them $2000 a month in $100 increments----i hope it is a bookeedpnh night mare for them.....I won't charge a tank of gas on an HSBC card!

[Anonymous]

---

@Anonymous wrote:
Whicj is exactly why I started makning smaller but more frequenst payments.   I really don't care about therir care one way or another just DO NOT hold onto MY money.  I even asked MY bank.  Whitney National said that they HAVE ti nake those patments,whether I have the money or NOT-----So who do you think is liable---ME , of course and I should be---I was the one that charged ana dI am the one that pays the price!  Bu to HOLD MY money for 14 days is ridiculous.  I just decided to start paying them $2000 a month in $100 increments----i hope it is a bookeedpnh night mare for them.....I won't charge a tank of gas on an HSBC card!

---

It is crap, because as long as the money clears your account then by holding it they are illegally double dipping. The 14 day hold was allowed for banks to make sure large funds actually clear before they are made available. For a credit card company that gets paid through ACH in 3 days to hold the balance for 14 days is frankly illegal. But unless someone takes the time to sue them, they will keep doing it. That's what sucks most.

[Anonymous]

Guardian

suiing the credit card  for double dipping,,,, 

thats a brilliant idea   -- what about all of us on this threadfeed starting a class action suit against them?  This thread has been going strong for days now and I suspect it is only the tip of the iceberg -- anyway it is an interesting notion,

loneread

[Anonymous]

---

@Anonymous wrote:

Guardian

suiing the credit card  for double dipping,,,, 

thats a brilliant idea   -- what about all of us on this threadfeed starting a class action suit against them?  This thread has been going strong for days now and I suspect it is only the tip of the iceberg -- anyway it is an interesting notion,

loneread

---

I am with you 100% but here is a bit of news you might not like to hear. The law is a pricky little !@#$% when it comes to jurisdiction, especially that something like this would have to happen in federal jurisdiction. Now I can give you all the elements and 1/2 of second year law school but without dealing with divesity of citizenship and other elements, just consider one. Now there are several elements that would get a case kicked almost instantly because of no jurisdiction and that's the pricky part. Simply put, individual has to show actual damage of 75k+ 1 penny to qualify to have their case heard, OR multiple individuals harmed in the same way adding up to 75k+ 1 penny to qualify. Now since there is no statutory "value" of harm established, and we are HURT but not in actual dollars and certainly not enough to qualify for the limit, the case gets kicked. Simple as that. It sucks but that's all it takes. Now if we had 76 thousand people who each suffered a $1, then guess what, we can do it.

That's one reason why companies openly and without regard screw people over, such as Experian, and know they will never pay for it, because it is on that RARE occassion it happens, they get sued and they settle and accept no liability and its over and they start all over again. Always remember Micro$oft and how bill gates pulled out his checkbook and wrote the fines for $1 million a day during their battle with Netscape and told the judge, you can fine me but I am making 10 times that an hour, so why should I stop? I will pay the fine. Ultimately he paid the fine, didn't stop, Netscape lost, gave up, went out of business, sold out to AOL, sunk like a rock and no one really cared.

Now this was oversimplified for the sake of expediency in making a point but still valid in all principle.

[Anonymous]

I see your point and having dealt with "our" legal system lately, I do not see the odds in our favor, especially considering that they are NOT a s US based company BUT I do feel that I have been damaged. I pay them and they hold my money in the debit column, not the credit column.  If I go over my limit---even thought I have those funds in their "debit" column as a "payment" then I most certainly WILL be charged and therefore I am DAMAGED.

I think I wil stick with the simple approach of paying in them multiple times in very small increments and bombarding them with hate mail-----someone has to respond, even if it is automated. 

[Anonymous]

---

@Anonymous wrote:

I see your point and having dealt with "our" legal system lately, I do not see the odds in our favor, especially considering that they are NOT a s US based company BUT I do feel that I have been damaged. I pay them and they hold my money in the debit column, not the credit column.  If I go over my limit---even thought I have those funds in their "debit" column as a "payment" then I most certainly WILL be charged and therefore I am DAMAGED.

I think I wil stick with the simple approach of paying in them multiple times in very small increments and bombarding them with hate mail-----someone has to respond, even if it is automated. 

---

Oh I know we are damaged, and I said we are damaged but unfortunately not as much as would be required to meet the criteria to be heard. Unless everyone having same the charge stand together and file a single case. There is currently no easy or good way to assemble a large group of people in the same boat to do something. The FTC is completely useless and typical worthless government organization that takes your complaint, gives you a number and then files it in a drawer. If they actually took these complaints and accumulated them and then gave them to the AG of the jurisdiction in which they were occuring and it was prosecuted, companies would think twice about screwing over people becuase they know they would ultimately be held accountable. Our system of government is intentinally broken or built to screw the person and help the corporation, by the people for the people my ass. Hard work and paying taxes is by the people, getting screwed and hung out to dry is for the people and through it politicians make deals, corporations make money and the people end up paying the bailout for it. I have always loved this country but it seems for what it was and what it should be, not for what it is now.

[Anonymous]

Thanks both you guys. 

By 8/31/09 I plan to only have the two very high accounts (AM and BoA).  I think, right now, that I like BoA better than AM and will try to pay them first.  I know that while I'm procrastining with AM I am paying them more money.  What I would have done was to cash in th CDs and maybe my small ROTH and pay $10,000 on each debt.  I am afraid that if I do this, both will reduce the limits to the balance and it will look the same as now; that I am not paying my accounts and staying close to the limit. 

750Lady