This is like that episode of “The Twilight Zone” where everyone looked like pigs except for the one blonde girl. Unreal, so to speak. The issue is “When Direct Deposit Goes Bad.” Written and directed by HSBC, this is computer generated. If it were a remake of “The Twilight Zone” it would certainly be all CGI. We are talking about HSBC’s massive computer melt down.
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According to daily banking industry news Industrial and Commercial Bank of China (ICBC) has overtaken HSBC as the world’s most profitable bank. HSBC slipped from its leading position with net profit of $7.72 billion for the six months to the end of June, down nearly 29% (from $10.9 billion) in the same period of 2007. It’s not like we didn’t warn HSBC in 2003. We sent four letters to the OCC, and thus HSBC, during the Household International open comment period.
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As many as 8,000 employees of Catholic Health System have been unable to get their paychecks through direct deposit this morning due to the ongoing computer problems at HSBC Bank USA. Do you have direct deposit of your paycheck or retirement check at HSBC? There is a chance you may not have access to your deposit because of a huge computer meltdown at HSBC. Catholic Health System is a large hospital system, located in Buffalo New York, right in HSBC’s home town. But direct deposits weren’t posted as of this morning. The problem is an indicator for many people, and it is a situation unheard of in the United States. Perhaps it is time to move your direct deposit.
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HSBC computer problems continue for a fifth day as customers nationwide deal with the frustration. Last Sunday pat of HSBC’s computer system failed “for unknown reasons” and failed to track deposits and withdrawls. Some customer balances are still not correct today. Bank spokeswoman Linda Recupero reiterated that “most all of the impacted systems are now up and running.” Unfortunately when the entity is a bank “most” is probably not acceptable. Apparently HSBC isn’t moved by a threat to make them “face public opinion.” Just find a guy that will take your money in exchange for saying something nice.
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A study conducted by Citizens for Equal Access to Credit found that a large percentage of subprime credit card users improved their credit rating within a two-year period. Based on a study of 360,000 card users, at least 35 percent of consumers with low-limit credit cards improved their credit scores in two years. More than 60 percent increased their score by 40 or more points and were awarded a higher credit-card limit. There is a word of caution from consumer advocates who say all credit cards are not created equal. Study complaints, BBB reports, and the history of credit card companies before making a decision.
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Legal Info
Household HSBC Watch is a watchdog and consumer advocacy organization.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
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