Household HSBC Watch

The internet payment fee at HSBC Finance has a new name. HSBC calls it convenience surcharge! Is a new name in the works for HSBC’s high-cost $15 telephone payment fee? As one customer pointed out (see Northern Tool complaint) there is nothing convenient about HSBC’s so-called convenience surcharge if there is no quality control. HSBC can tell you anything and take your money, but the bill should properly reflect the transaction. Here is the payment process at HSBC Finance:

1. Customer trys to pay online
2. HSBC Finance says payments made 1 to 4 days early cannot be guaranteed on time
3. Customer calls HSBC to ask if that is true
4. HSBC asks if customer wants to pay by phone
5. Customer asks the cost of doing so
6. HSBC says $15
7. If customer agrees, HSBC may waive the attempted online fee (convenience fee)
8. If payment is made 2 days before it is due, by phone, it can still be processed as a late payment
9. Customer starts to wonder about their credit report
10. HSBC says “…that I had to pay a $39.00 LATE FEE because they can’t get to all of the on line payments in a timely manner so you have to pay on line at least 5 days before it is due! (see this one)

It is simple to see that the ‘convenience fee’ is too high, out of line with other institutions, and not very convenient. When HSBC comes up with a new name for the high cost telephone payment fee we will let you know. Suggestions are welcomed.