Sat, Oct. 29, 2005 – - Wachovia Corp., the No. 4 U.S. bank, told its embassy and government ministry customers Friday that it’s sending their business to HSBC Bank USA. The division of London’s HSBC Holdings Plc is helping to transfer the accounts, HSBC Bank USA said. Financial terms of the agreement weren’t disclosed. Wachovia spokeswoman Amy Jones confirmed the Charlotte-based bank is exiting the business. Diplomats and other embassy workers make up the bulk of the business, which has made it a focus of the Patriot Act of 2001. The act requires banks to step up their reporting of suspicious transactions, and it expanded on earlier rules to boost banks’ responsibility for monitoring customers for signs of terrorist activities.
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By Jason Nisse Published: 04 September 2005
HSBC has been accused of being part of a cartel which has forced up fees and restricted consumers’ rights in the US credit card market.
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Here is new information provided to Household – HSBC Watch consumer advocates regarding the compliance department for Household Auto Finance – which is also HSBC Auto Finance.
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Just one week ago, a three-member arbitration panel cleared Kmart’s former chief executive, Charles C. Conaway, of alleged fraud, mismanagement and corporate looting. Now, the U.S. Securities and Exchange Commission has accused Conaway and former Chief Financial Officer John T. McDonald of misleading investors about the discount retailer’s finances. Conaway and McDonald stand accused of “materially false and misleading” disclosures about the discount retailer’s liquidity and related matters in the company’s SEC filings for the period that ended Oct. 31, 2001.
K-Mart is one of HSBC Finance Corporation’s merchants in the private label credit card program. In 2001 HSBC Finance was known as Household International – a well known predatory home loan lender. “In keeping with our analysis it once again proves to be true. A merchant signs on board with Household, or HSBC, and the merchant proves to be troubled – otherwise they would have aligned their customers with a more reputable credit card process” said consumer advocates at Household – HSBC Watch.
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Thursday August 18, 11:25 am ET – PROSPECT HEIGHTS, Ill., Aug. 18 /PRNewswire/ — HSBC Finance Corporation announced today that its board of directors declared the first regular quarterly cash dividend on the company’s Series B preferred stock of $0.3621667 per depositary share payable September 15, 2005, to shareholders of record on August 31, 2005.
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