HSBC Horror Stories

RH in Georgia said: “I closed a couple of accounts with ING recently to open accounts with another bank… My experience ..What a nightmare it has been trying to open an account at HSBC, “The friendly internet bank” I have spent 5 or 6 hours on the telephone.. 7 or 8 emails later they finally opened my account one month later. Who’s doing who a favor? I let them have my $2000.00, I asked for a $500.00 checking account and a $1500.00 C.D. I applied for a 7 month C.D. because that was the only interest rate that was competitive with ING and Capitol One. They have denied all the letters I sent in and my application request and gave me what they wanted to give me. a 1.75% interest rate on a 6-9 month.

Read the rest of this entry »

LD in Arizona said: “I have an HFC second mortgage and a credit line which HSBC moved to Beneficial. I made a payment over the phone for both accounts, to the same customer service rep during the same call. One payment was credited properly. The other was denied for incorrect checking account information? How does that happen when it was the same account the other was drawn from? I did not need to repeat the checking account number twice although I did have to pay the $15 phone payment fee twice. I was not notified of the error until AFTER the 30th day. Upon its receipt, I called in, the rep said that my version was substantiated in the call records, no problem. Then two days later, I had a 30 day mortgage late on my credit report.

Read the rest of this entry »

ES in North Carolina said: “HSBC/HFC sent me fraudulent documents to justify added disability/credit insurance 1995 through 2002. Each letter I received from HSBC would always correspond a difference loan number plus they sent me documents crossing out the loan numbers with a sharpie. Then to justify a certain amount, HSBC sent me a hand-written document dated 11/1995. My mortgage was with Meriteck/Saxon through 1996. The loan number HSBC refers to for 1995 shows on the original documents I have dated 7/2/97. I now have the Attorney General involved. So remember, don’t give up when you know you are right.”

TP in Ohio said: “We have been customers in good standing with our GM card since 03/02. We had one late payment and our interest rate jumped from 14.9% to 32% PLUS a $39 late fee. We called and asked for some leniency. We were told no, and that our rate would not be adjusted for 6 months. We called back 6 months later asking for a rate decrease. We have since been jumping through hoops to try and get this matter resolved. HSBC promised to drop our rate to 14% but it would take 2 billing cycles to process. That was 4 months ago. I have called regularly-and documented each call- to check on the rate status. We keep getting the same lines from each customer service rep.

Read the rest of this entry »

CH in Minnesota said: “I too have contacted the ‘company’ of HSBC for moving due dates and charging late fees to no avail. I am horrified that Herberger’s is using such a scam! Contacting them did nothing as they ‘have no record’ of my ever calling them. Have spent over 2 hours on the phone on hold to no avail!”

Read the rest of this entry »

Our editors decided to publish the following information: “My name is Sean McGrew, and I’m a Legal Assistant to attorney Dan Bryden, with the law offices of Sprenger + Lang. We are conducting an investigation of Best Buy and HSBC’s “Account Shield” debt cancellation program. In the past, persons have posted on this blog regarding their issues with Best Buy and HSBC. If you would be interested in communicating with a law firm regarding this matter, please contact me at smcgrew@sprengerlang.com. Thank you.”

Read the rest of this entry »

RN in Minnesota sent the following analysis: “I tried to open a HSBC direct savings account for $25,000.00 On July 1st I filled out an application online and submitted it. On July 8 two small deposits were made to may account by HSBC. I received an email on July 10th from them which contained a new account application number, and a link to verify the deposits. When I clicked the link and asked to verify my deposits after entering my Name, Social security number and Date of birth. Upon submission of this information I was informed that my application was not available.

Read the rest of this entry »

LH in Missouri sent this short, but accurate, statement that many HSBC customers will agree with: “Their [HSBC’s] online billpay is a joke, they are doing this to make more money (late fees), like they do not have enough money already! They need to fix it now!”