HSBC customers of HFC and Beneficial Finance often seek answers and help that is beyond the capabilties of a local branch. Back in 1994 – well before HSBC bought troubled predatory lender Household International – HFC and Beneficial would refer customers to corporate. Phone numbers were disconnected, or the caller was referred to somebody else. Eventually they were referred right back to the branch office. Nothing has changed in 14 years.

Today we received input from a person that verified this 14 year loop. “…everytime you would refer them to a customer service line or any corporate assistance, they would be referred right back to the branch. Their calls were transferred from the branch to India back to the branch, still receiving no answers.” Keep in mind that this is a situation our watchdogs have monitored for many years. Personal experience is the best teacher when it comes to discovering the truth. HSBC did little or nothing to correct the self-serving, frustrating, costly run-around within HSBC Finance Corporation – the new name of Household International, now owned by HSBC.

This is another example of how HSBC’s purchase of Household International reflects poorly on HSBC Plc. This is another example of how HSBC has little or no control over HSBC Finance. Fourteen years and nothing changed. How hard is it for a bank like HSBC, with all the technology in the world, to establish a telephone system that works? Obviously they don’t want to correct the situation. As interest adds up the customer is hurt while HSBC makes more money. It is unprofessional, angers the customer, and promotes bad publicity for HSBC Plc. The run-around is now HSBC business policy. The big question is whether HSBC will adopt this stupid policy in developing nations.

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