Household HSBC Watch

Watchdog organization Household - HSBC Watch says recent developments at HSBC prove the bank is out of touch with U.S. customers. The group cites reasons why HSBC has alienated many Americans from every walk of life.

In a post-911 society where the war in Iraq and Afghanistan is on television every day, HSBC announced heavy Arab investment in the bank. Certain to open some eyes, HSBC then releases press statements about how strong they are in the Middle East, Malaysia, and other countries. “HSBC was under fire in the U.S. for violating the Soldiers and Sailors Act and abusing members of the U.S. military” says the group.

Also cited is former predatory lender Hosuehold International, now called HSBC Finance. “Just see the reports we receive on a daily basis regarding abuse” says the group. HSBC Finance is under scrutiny because foreclosures are happening at an alarming rate in the U.S., but many people question why their credit card payments are considered “late”.

“Vietnam veterans are upset because HSBC abused our military men and women, but at the same time HSBC went into Viet Nam and made inroads in Iraq”, says the watchdog group. “Another 100,000 civilians were targeted by an HSBC executive who is now on his way to prison, while HSBC also has lawsuits for discriminating against black and gays”, the group said. From foreclosure to discrimination HSBC does not represent itself well. The group also said satisfaction with HSBC credit cards is dismal, with approximately 80 percent disapproving the way they were treated.