HSBC Watch News Release Forum Index
Forum Name: - Best Buy
Topic Title: Payoff By Balance Transfer Problem - a trend?
Mon Dec 06, 2004 10:51 am
Please see complaint memo being sent to HSBC and Best Buy - read your web site and have similar issues - blamed my bank for a routing control issue, didn't receive 4 months of statements then received late bill, Customer service made promises never happened..... See memo below
Memo*****
On June 8, 2004 the subject account was paid in full via a balance transfer between Best Buy (HSBC) and Capital One. The amount, $2,671.36, was paid prior to the due date, June 8, 2004. The account as of the June 13, 2004 statement was $0.44, with an amount due of $0. I spoke with a rep. from HSBC; we agreed that it wasn’t cost effective to write a check for $0.44, so I was told the amount would be waived. I’ve attached this statement for your review. At the same time, I closed the account (memorandum attached.) The amount was expensed on my Capital One card on June 3, 2004 (statement attached.)
Unbeknownst to me, there was a problem with the wire transfer between HSBC and Capital One, the payment was returned and reprocessed on June 15, 2004.
As far as I knew, my Best Buy account was paid in full and the account was closed. I never received another statement from Best Buy.
In November, I received a statement from HSBC, dated 11/14/04, stating my account was “seriously past due” and that I owed $61.44. I immediately called HSBC and was informed that their was a returned check fee (which a check was never used to make the payment) on my account from June 2004, which had late fees attached over a four month period. I was shocked that I had an outstanding balance, and that late fees had accrued. I had the money in June 2004 to pay the account in full, why would I not pay a questionable charge (returned check fee) of $25.00.
After being transferred thru five customer service representatives and arguing with each of them about this charge, I was told there was “nothing” HSBC would do to rectify this issue. I immediately transferred $61.44 to pay the account in full to remove it from a past due delinquency status. This amount was, to me, not worth jeopardizing my credit. I was told this would not be reported to the credit bureaus, because of the low dollar amount.
In December 2004 I applied for a loan to purchase a new home. My credit rating, which was well over 700 in April 2004, was now below 650 – BECAUSE of this only/recent delinquent past due amount being reflected on my credit report by HSBC. I called the Corporate Office of Best Buy on December 2, 2004. They informed me I had a credit on my account because they had waived all the late fees.
I’ve consulted an attorney, and am prepared to file a grievance under the Fair Credit Reporting Act against HSBC and Best Buy. This is my final attempt to give HSBC/Best Buy an opportunity to rectify this situation.
I demand that HSBC update my credit report by removing all delinquencies that resulted from this erroneous past due amount. I demand HSBC notify all three major credit bureaus within 15 DAYS from the date of this memorandum. I request a memorandum outlining your process for rectifying this situation and restoring my credit.
If I do not hear from HSBC/Best Buy within the timeframe outlined, I am prepared to move forward with a formal complaint to the appropriate Federal/State Consumer Agencies.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.