TH in North Carolina says: “I opened up a deposit with HSBC back in February to take advantage of their 6% introductory offer. Well the time has come to place my money elsewhere and I find out I can only do a bank to bank transfer for only $100,000.00 at a time. I have written HSBC 2 times about this the latest letter and HSBC said they had responded to my inquiry on June 5, 2007. Well in reality they had not, they lied. Thank heavens that I did not place more in their bank as I was told that they would only pay 6% on a cap of $300,000.00. The real funny thing is that I have an account with ING Direct and they have been great about transferring much larger sums between banks than the total that I have placed with HSBC. Anybody who is thinking about opening up an account with HSBC should beware that it might not be as easy as you think to get your money transfered.”
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I had the same issue. I put my money into an online savings account with HSBC at the beginning of the month. I believe I read all the links with the disclosures related to the account. The limitation was not disclosed until I “signed up” for bank-to-bank transfers after opening the account. When I went to start setting up the movement of funds to pay the down payment on the home that I was purchasing the next week, I could not transfer the $230K needed. Only $100K per bank-to-bank transfer (daily) and same with wire transfers. To make matters worse, you cannot initiate a second transfer until the first one was cleared (3 business days), so it would take two full weeks to withdraw the amount needed. I have never heard of such a restriction. I am closing my account, contacting the UT attorney general’s office and I will never bank there again.