DB in Tennessee said: “I am a former Beneficial employee that was terminated in 2007 for, well — I’m really not sure. I started my career in 2000 as an SA and transferred office locations approximately 10 times over my career and worked for 22 different managers, and 6 different district managers. I experienced what I believe an ambush while on a relief assignment in a different office 100+ miles away from my home branch. Upon my return, I was called into a closing room and accused of stealing a payment from a customer. I was shocked!!

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The following is reprinted with permission. We thank Peter for keeping us updated. If you think you know your bank, or if you bank at HSBC you need to read this article. I personally think this is the business model HSBC Finance would adopt in the United States if it was legal. Joseph Salterio, manager of HSBC Panama could become the Chairman of HSBC USA perhaps? Here we go: Peter Gordon, a wealthy Canadian retiree, moved his money to a foundation and then the foundation opened accounts with HSBC bank Panama. However, Gordon was unhappy with the services of that bank, closed the accounts and wired the foundation’s funds to another Panamanian bank. He then posted a number of messages criticizing HSBC’s service and excessive fees on a Yahoo forum for expatriates in Panama.

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HSBC effectively shortens a billing cycle by demanding a “rush payment” fee before the payment due date. In other cases customer service representatives (if you can call them that) claim HSBC is sooooooo backlogged with customer payments that you must pay at least five days before the due date. With reputable companies you can pay on the due date without penalty. Not HSBC and HSBC Finance however. In our complaints blog a new complaint calls the rush payment fee an extortion fee. We tend to agree. With the extortion fee a payment that is one day early would be processed late, resulting in a late fee. Is that proper? We think not.

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A total of $5 trillion of mortgage loans, or almost half of the nation’s home loans, belong to “risky asset categories” such as subprime and Alt-A, Gross of Pacific Investment Management Co. said Bill Gross, who manages the world’s biggest bond fund. A commentary is posted on the firm’s Web site today. HSBC and HSBC Finance was right in the middle of the mess, all under the control of HSBC USA. The total refers to mortgages, not second mortgages and second trust deeds. Unsecured lines of credit and credit card business is also vulnerable.

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Once again HSBC attracts attention somewhere while trying to get away with something. This time it is not in the Unted States, where HSBC Finance seems to attract more attention than the rest of HSBC around the world put together. GRTU is accusing HSBC and BOV of “abusing their dominant market position and acting collusively together local banks, in a de facto cartel.” with regards to the withdrawal of MasterCard interchange charges on retailers who accept payments by customers on MasterCard Credit Cards. GRTU’s statement concluded that it expects the Office of Fair Trading, the Malta Financial and Services Authority and the Ministry of Finance the Economy and Investment to intervene.