Utah Resident Upset Over HSBC Savings Account
LD in Utah reported: “I opened an online savings account with HSBC to obtain a good interest rate on my money while waiting to close on the sale of my home. A week before the closing on my home, I began trying to transfer my money to an account where I could easily wire the money to the Title Company at closing. That is when I found that I could not transfer more than $100,000 out of my account in any 24 hr. period (never mind that you can deposit up to $300,000 in their account at one time). So you can transfer $100,000 a day, right? Wrong.
You have to wait up to 3 business days for a request to clear before initiating another request. At that rate, it would take two weeks to transfer $230,000. Wire transfers also take up to 3 days to clear (is this the only bank in the world that cannot complete a wire transfer in 1 day)? I was sufficiently incensed to close my account with HSBC only to find that, because I closed the account before interest had been “posted” to my account, they are not going to pay me my interest for the 3.5 weeks that they held my money.”
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