HSBC Bank USA, N.A., (HSBC) today announced the results of a new survey which revealed that, although the U.S. personal savings rate has risen relative to recent years, the majority of Americans do not have nearly enough savings to sustain themselves should their income cease.
Why? Some are HSBC customers. One said: “I have paid on the loan for four years, but my balance never comes down. I sent extra over and above the principle with instructions to apply the extra amount to the principle, but it never is.”
HSBC USA and HSBC Finance are there to make a profit, plain and simple. Perhaps HSBC sees fit to talk about the majority of Americans. Another American said this: “I have paid over $12,000 back to this company on a $10,000 loan, but they say I STILL OWE them $9500.00.”
Experts have traditionally recommended having an emergency fund that could last three to six months, but HSBC`s new survey finds that only 39 percent of respondents are prepared for this.
How wide-ranging is HSBC’s touch? Another HSBC customer said: “I am having an issue where we are being charged late fees and back interest on a HSBC Best Buy credit card when we have not been receiving a paper bill, or an e-mail statement.”
Savings, or lack of it is one issue. Bad credit due to HSBC’s oversight, as in the Best Buy case above, is a very different issue.
Many Americans jump on the HSBC nightmare roller coaster, and cannot get off. In return HSBC tells them they do not have enough money in savings. Perhaps these people should tell HSBC where to get off.
There are many cases where HSBC took money from clients. Had the money accrued in a 401-K or retirement account it would be substantial. Household Internatioanl was even worse, but HSBC bought the subprime lender anyway.
The rest is history.
HSBC saved some money of their own according to recent news reports. HSBC violations of the clean air act, clean water act, other EPA regulations, and violation of the Americans With Disabilities Act resulted from lack of training and poor work ethics.
HSBC probably saved a penny in the process. Now the bank has the gall to tell Americans we do not save enough. We let the examples speak for themselves.
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