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T.O. in Missouri says: “I too have had a problem with HSBC raising my rate after not posting my mailed payment in a timely manner, and I know they had it. Also, I scheduled a payment online and it would not let me post it until after it was due.”
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We refinanced our home to pay off all of our debt. Our lender contacted HSBC (Orchard Bank) and obtained a pay-off figure.
HSBC responded with an amount that was “effective through March 31, 2007.” March 12, 2007, the lender sent the full pay-off amount that HSBC had stated ($822.00) along with our request to close the account.
Less than 2 weeks after receiving the pay-off, HSBC added another $57.00 to the account and sent us a bill. When we refused to pay, they closed the account and engaged the services of a collection company (ARM).
Now HSBC refuses to speak with us on the matter, simply stating, “The account has been closed and turned over to ARM. We have no further information. You’ll have to deal with them.” Even our emails and letters receive the same reply.
Contacting ARM proved useless. They won’t talk to us either. At this point, given HSBC’s behavioral history, I can only summize that they’re waiting for the $57.00 to grow into $500.00 of fake fees before they start harrassing us.
I find it astonishing that the Senate Banking Committee has allowed these companies to brazenly steal from Americans without fear of recourse.
America’s true enemies are companies like HSBC. Their predatory and barely legal practices weaken our nation.