HSBC Watch News Release Forum Index
Forum Name: - Opinion
Topic Title: UMUC HSBC Partnership is a travesty
Sun May 15, 2005 1:56 pm
Visit the UMUC (University of Maryland) website and it says "Welcome to the HSBC — North America Military Financial Education Center. For additional financial education tools, visit HSBC — North America's financial education Web site..." It also mentions military scholarships.
The truth behind this project is simple. HSBC North America is the old Household International, famous for predatory lending and poor customer service. Nothing really changed in that regard after HSBC purchased the predators. Here are real reports from active duty military that reflect the true HSBC:
One -- "I have two accounts with HSBC retail services. One is for an ATV on a Kawasawki card and the other is with Sofa Mart. The first account with the kawasawki card I have had many problems with. I deployed recently leaving my wife in charge of our bills for each month. Well she faxed and mailed all tha information that HSBC said she needed to give them in order to lower the interest rate to 6% for the soldiers and sailors act, and to be put on the account to make changes that were neccessary. They lost her paperwork and gave her the run-around for 2 months. I will never finance through this company ever again once I pay these balances off."
Two -- "I have not received a single statement that shows my balance and I have not recieved my card. I really don't need to deal with any more stress than I'm already dealing with here in Iraq."
Three -- "HSBC Retail Services told me that they where not going to process a payment and they did. Even though they where already paid. Now, HSBC will not reimburse me for the bank charges that they caused. I am a United States soldier and a Business Major. I believe this is bad business."
And the list goes on. Violations of the Soldiers and Sailors Civil Relief Act, upselling, stalling, late application of payments. You think of it and they've done it. For the University of Maryland to be associated with this group of predators is a travesty that needs to be called to the attention of the American public and the US military.
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