HSBC Horror Stories

ES in North Carolina sends this opinion: “Please explain how HSBC Watchdog does the consumer any good?
I read all of the complaints posted but I see no action done by HSBC other than sending fraudulent documents and getting away with their deceptions. You would probably get better results going to a chat room. Think about it people, why would HSBC help us the consumers? HSBC ONLY HELPS HSBC! DO NOT SIGN A CONTRACT WITH THEM UNLESS YOU WANT and WILL GET EVERYTHING EXCEPT THE KISSES.”

Editor’s note: The answer, of course, is we compile our data and send it to the National Association of Attorneys General, the SEC, OCC, FTC, and others. We said long ago that you cannot fight the battle alone and must have somebody on your side, such as your attorney general, to make HSBC wake up and take notice. Of course when any entity or individual make $26 million every minute, that means a $484 million (USD) settlement is rather small. However, with the proper enforcement banks are not allowed to expand, get new charters, or open new branches. Don’t misunderstand - I think federal regulators failed the American people in a big way.