HSBC Watch News Release Forum Index
Forum Name: - HRS Account
Topic Title: Pay Online Not Always Free
Thu Apr 07, 2005 9:38 am
I just logged off of the hsbc website. I was extremely disappointed to see that they are going to charge me $15 to make my monthly payment online. Is this legal? I'm not late on my payment, it is due today. I feel trapped, though, because they sent my bill this month with a note on the front saying "Now you can pay your bill online for free!"
This brought me great relief because even though the office I send my monthly check to is less than 6 hours away, somehow my check is always "late" and a $35 late fee is tacked to my account. This happens even if i mail the check 5-7 days in advance. I've talked to the CSR's and the first couple of times they waived the fee, but now they always blame it on the post office and refuse to do anything. If you call their number and try to make a payment over the phone, they charge you a $15 fee no matter how early your payment is.
Back to my original complaint, when i recieved this month's bill I thought i had found great relief that i could pay my bill for free without any of these ridiculous charges. I don't have internet at home so i have to use the public library's computers. Granted, today is the day that my bill is due, but i have a hard time getting to the library while they are open, since i work during the day. I feel like i am being preyed upon. If i send my payment the conventional way, it's the post offices fault, if i try to pay over the phone, i get charged $15 regardless, and now i try to use their new "easier" online payment, and still can not avoid the charges.
I am pleased to have run into your website, and thank you for taking the time to listen to my problems. Had i known that this is how HSBC treats it's customers, i would have never taken out a loan through them. I have never made a mistake when it comes to finances, like this before, and can only hope that i can get my debt paid off without any further problems.
Fri Apr 08, 2005 7:29 pm
I worked for household about a year ago in the customer service department. I quit because I couldn't stomache the business policys and procedures of the company.
Household will allow you to make a payment online free of charge as long as that payment is submitted online 2 business days prior to the payment due date. If you process the online payment 1 day before the payment due date or on the payment due date they will charge a fee.
The reason for this is because Household has a policy that states it takes two business days for a payment to post to an account online. We all now this is a bunch of crap.
So at this point you as a customer have the alturnative, call household and do a check by phone payment and pay 15.00 so the payment will post to your account that day, or rush the payment online and pay the same fee. Either way you as the customer loose if you don't have that payment posted online 2 business days prior to the payment due date.
Credit card company's and other finance institutions make a lot of money off these types of payments.
I would still recommend doing the payment online, just make sure you make the payment ahead of time so that way you can aviod the fee.
I would not recommend mailing a payment, payments are handeled by machines and computers. Everything from opening your envelope, reading your check and posting your payment is done by computers. Human hands never even touch that envelope. It is not uncommon to have payments posted to accounts incorrectly.
I know it totally sucks but they can do it, its all in the fine print.
:(
Sat Apr 30, 2005 11:30 pm
I have an account with HSBC. They will let me make payments over the phone but not until the bill is 8 days past due. Its then takes 1-2 days for the payments to process, completing the 10 day grace period.
Sat Apr 30, 2005 11:39 pm
JJ in Colorado wrote:
I have an account with HSBC. They will let me make payments over the phone but not until the bill is 8 days past due. Its then takes 1-2 days for the payments to process, completing the 10 day grace period.
Just look at what this is doing to you. It costs $15 to make a payment by phone. Add interest to that, an increased percentage rate, and late fees and I'm sure they love you. If your other creditors can do it, they will raise your interest rate too. What does your credit report look like? Granted being "late 10" does not show up on your credit report but somewhere in their files there is a notation that says "habitually late." They are a predatory sub-prime finance company that benefits if they can finance a car for you at 29.9% interest and a second mortgage at 18% interest. The bottom line is that they should never put you in a position where you must make a phone payment when you are 8 days past due. Like the people buying Yamahas for only $39 a month, if they can add $39 and $15 to that amount every month they are soaking in the profits and HSBC customers are the victims.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.