GG in California said: “I sent this complaint to many officials and will send it to a few more. Feel free to forward it to the FBI and any other organization that can stop the scheming deceitful greed based practices of HSBC and other companies like them.
HSBC DECEIT ABUSE
1 message
GG
Fri Apr 24 2009 at 4 PM
To Customer Assistance occ treas gov
Dear OCC
I understand most people are hurting these days due to the corruption and failure of AIG and the financial institutions. Unfortunately the financial institutions can not learn from their mistakes. The greed that took them down has increased since we entered the broken financial paradigm era.
I have numerous complaints, but today I am focusing on HSBC. In December they sent me a letter proposing their scheme to inflate rates, with an option to not participate by sending a letter and
closing the account. I have two HSBC accounts and wrote the letter in the window of opportunity and asked them to close the accounts and to not include me in their new scheme.
HSBC wrote back and lied, stating I had not sent the letter during the window of opportunity, enrolled me in their new usary scheme and declined to close my accounts. I was so frustrated and tired of the bullying I gave up temporarily. Even if their unregulated immoral behavior is not technically usary, it is morally usary.
My February statement on account ending in 3782, my credit limit was 2300, as it had been for a long time. I had a need, and decided to use the card since they would not close it. I checked on line and on my paper statement to verify I had sufficient credit available before using the card. After my charges were cleared I was still more than 80.00 under my limit, and they without my knowledge, and with no warning of any type, lowered my limit to 1900.
I did not find out until the next statement period when they stated I was over my 2300 limit, because they arbitrarily lowered it after made verified charges they cleared.
I worked and continue to work hard to not have late payments or be over any limit. I was not late or over limit, they made this up to entrap me so they could charge me 39.00 late fee, and raise my APR% 10 points from one statement to the next to 29.99%. When I called HSBC about their unethical behavior they made false promises about their arbitrary unjustified limit lowering.
False Promises:
1. HSBC would not report it to my credit report.
2. HSBC would not charge an over limit fee.
3. Even though the limit lowering was unjustified they would give me 6 months to pay the difference before they did anything.
I felt ripped off but some relief, because I was foolish enough to believe them. They immediately and regularly reported it to the credit reports, the next statement they charged 39.00 for being over their fake limit entrapment, and used their entrapment to justify raising the APR 10 points, which made my balance higher.
I understand we need banks and cash flowing for our economy, but I do not believe that unethical, immoral greed based entrapment is a necessary condition to create flow in a capitalist system.
ENOUGH IS ENOUGH. THESE EVIL INSTITUTIONS ARE BEING BABIED AS IF THEY
WERE INNOCENT INFANTS. THEY MUST BE REGULATED AND PENALIZED. PLEASE
HELP CONTROL THEM.
Sincerely,
GG, PhD
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