HSBC Horror Stories

JC in Marylands said (redacted): “I am writing you to voice my opinion and concerns regarding my above referenced account. Also, by copy of this letter, I am bringing your business practices to the attention of my Senators, Benjamin L. Cardin and Barbara A. Mikulski. Your recent treatment of (me) my account is so egregious that it bears presentation to the US Senate Committee on Banking, Housing, and Urban Affairs, Office of the Comptroller of the Currency, The Better Business Bureau (of Maryland) and the Federal Trade Commission and the Federal Reserve.

Last evening I reviewed my most recent account billing on-line and noticed a “purchase” of $39.00 listed as your charge against my account for the annual fee. While this fee was expected, I find it egregious that you (Orchard) would assesses the “purchase” on January 5, 2008, post it on January 6, 2008 and then have the audacity to charge interest on said “purchase” in a statement that closed January 6, 2008. Even by your own Account Statement the interest rate annualizes at 491.803%.

How on this earth can you attempt to get away with this? Is this some new form of robbery? Are you attempting to set a new trend? If you are trying to set a new trend I, for one, will fight you in every way possible to see that you do not!

I herein request that you, HSBC/Orchard Bank, level the playing field. Your calculations for credit rates must be (enforced at law) enumerated in layman’s terms. In order to wisely manage one’s credit it is imperative to know that a “purchase’ solely to your (orchard’s) benefit will incur an interest (penalty) of a whopping 491.803%.

To the now present rate of 491.803% I say: WOW, whatever happened to usury in this Country? You are attempting to get away with highway robbery. Citizens go to jail for less. How can you justify this, let alone legally get away with it?

I have had the above referenced account with Orchard Bank for some 4 years and have not missed a payment, overdrawn the account or otherwise abused my credit privileges. Is this the way you treat (reward) a good standing long time customer?”