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.
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Category: General Issues, Savings Issues, Service Issues
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EZ in North Carolina said this about an HSBC CD: “In May HSBC was running a 3-month CD promotion with 5.25% APY. I opened a 3-month CD and a person in HSBC even helped me transfer the money. However, when I looked at my account later, the interest is only 2.76 percent. I contacted HSBC over the phone 3 times. Every time they just kept asking me call back but they were very interested in selling you another HSBC product! Talking to HSBC customer service is the worst thing I have ever experienced. Long story short - the problem is still the same, and I am mad every time I talk to them. The 3rd time when I talked to them, they said the money has to come from outside HSBC and be eligible for 5.25%.
Category: General Issues, Savings Issues
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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.”
Category: General Issues, Savings Issues
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GG in Virginia gives this analysis of HSBC savings accounts: “I just looked at my statement on my internet savings account with HSBC. They withhold 28% federal income tax from my interest which drives the advertised interest rate of 5.37% to 3.87%. I am in the 15% marginal tax bracket. I realize I will be due a refund at tax time but I am losing a lot of money as the withheld taxes are not drawing interest, at least not on my behalf. Those funds are drawing interest for HSBC.”
Category: General Issues, Savings Issues
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