In Shea v Household (HSBC) it was alleged that customers of HSBC sent payments by mail and those payments were credited one day late. Shea v Household covered 1994 through 2004. HSBC bought stained predatory lender Household International in 2002, finalizing the deal in early 2003, thus HSBC Bank plc bears responsibility for this action.
It is the position of Household - HSBC Watch consumer advocates that HSBC continues the practices today. Payments are credited late, customers cannot log in to the HSBC online payment website, and ‘payments by phone’ are still expensive. One only needs to read the comments to see daily problems. Trend analysis by consumer advocates and watchdogs reveal the real truth about HSBC Finance Corporation. The truth is you are at risk if you have a credit card backed by HSBC Bank. After all, HSBC denied any wrong-doing, but they paid $11 million (USD) to settle Shea vs Household, then putting ALL credit card holders under binding arbitration which renders you helpless if you get preyed upon by this predatory lender! (See even more experiences here)
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