HSBC Horror Stories

MG in New York said: “I have been paying mortgage payments to HSBC since 2002 when I refinanced my home mortgage. In early 2008, the bank sent me a notice that my property tax increases had caused the bank to require a lump sum payment or an increase in my monthly payments. They requested a lump sum “shortfall” payment of $1,240 in order to balance my escrow account. I sent them the check for the $1,240. The very next mortgage statement was received, acknowledging the lump sum payment as my “escrow shortage payment” —but now asking for an additional $69.05 per month. This changed my payment from $2,634.21 to $2,703.26.

Read the rest of this entry »

MM in California said: “I received a phone call touting the debt cancellation service. I agreed to review the service with the right to cancel and get a refund. I reviewed the material, signed the form saying I did not want the service, and mailed it back. They did not cancel or refund so I called and wrote twice. I was told that I could not have cancelled via a form. I didn’t keep a copy of the form unfortunately. So I am out $76.31. The lesson is to never pay for something thinking you can cancel and get a refund, and also keep copies. I will not buy anything from Best Buy again, which I am now in the process of telling them.”

Read the rest of this entry »

DW in Illinois said: “I purchased a TV from Best Buy 18 months ago, interest-free. I have had such promo deals many times before with other companies. I never sign up for any kind of credit life insurance, debt cancellation of any kind. After four months I realized the balance was off and found out that I was paying a debt-cancellation fee. Stumped as to how it could happen I asked them to check and they said they could not but would cancel it (on my phone call only which was curious). I paid off the promo amount this month, due 14 May 2008, applied to my account on 2nd of May but was left with $72.95 balance. Yep! Debt cancellation fee left over somehow.

Read the rest of this entry »

FG in California said: “I received a letter from HSBC to someone other than me, saying they (HSBC) did not increase my available credit. Someone else is trying to use my HSBC account.”

Read the rest of this entry »

T.P. in Illinois said: “I have 3 accounts with HSBC. They cut their payment time off early on Friday’s and if
your payment is due on a Saturday or Sunday you need to schedule your payment two or three days before the Friday otherwise they will charge you a late fee or you can pay that same day for 15.00 more. What a ripoff.”

Let me make a point perfectly clear. When we write about HSBC Finance we are not attacking employees, as they must work within the guidelines set by the company. This report is anonymous by request: “As a current employee I am appauled to see Beneficial and HFC’s latest trick which seems to be avoiding federal caps on interest rates. As of May 5th they rolled out their new pricing sheets with rates set above the maximum Sect 32 rates set by the goverment. How can they do this? Simple, force customers to take “advantage” of their Pay Right Rewards system that lowers your interest rate by a whole .25% every year that you pay on time. This allows them to magically show you a much lower APR than the true rate you will be paying.

Read the rest of this entry »

TS in Texas said: “I just got off the phone about a late payment on my Bowflex. Not to mention after a year of paying 42.00 the payment went up to 100.00. Then i had four months of late payments that where never on my bill until it was over $300.00. When i asked for records to see that i was over that much i did not ever get a straight answer, just the same thing over and over. HSBC was calling my cell and family so i just paid it.”

BM in Washington said: “My son has an account with Guitar Center. Three payments mailed to GC at the same time as other payments were processed by GC more than 10 days after the others mailed on the same date. We were charged a late fee for those three, although it is clear that they had been received on the date due by GC. I tried to go on GC’s online system to make a payment. It worked once. The second time the system would not accept the payment. The online help never materialized.

Read the rest of this entry »