A look back at 2005 shows HSBC Finance Corporation’s merchants for what they really are. Ever wonder why this bumbling group of merchants decided to align their customers with a predatory lender such as Household International? Through questionable credit card processing, first with Household International and now with HSBC Finance Corporation (they are the same thing) merchants decided a Household Bank credit card would be good for their customers.
Popularity: 53% [?]
Following a similar move by HSBC merchant Saks, General Motors said yesterday it will restate its financial statements for 2001 because they were overstated by about US$300 million ($444 million) to $US400 million.
Popularity: 14% [?]
When considering recent issues with General Motors, identity theft and the GM credit card, combined with the high cost of fuel and slowdowns in the auto industry, one must ask if General Motors is considering the sale of General Motors Acceptance Corporation and GMAC’s residential mortgages. Intelligent minds conclude that GM would not turn to HSBC, a bank that had issues with the GM Card.
Popularity: 15% [?]
A new dedicated forum for HSBC NV was created on October 17, 2005 within the HSBC Watch forums. Many consumer complaints indicate HSBC NV is now on their credit reports as identity theft or credit card fraud. Although many reports about HSBC NV are found by searching our website, the problem with HSBC NV has turned into a trend.
Popularity: 18% [?]
“Balance transfers may not be used to make payments to any Beneficial or HSBC credit card including any GM Card, Corvette MasterCard, Union Plus Credit Card, Household Bank or Orchard Bank credit card, or to pay a loan made by any other HFC, Beneficial or HSBC company.” See their terms here. That means you cannot payoff your account that way either. Indian outsourced call center employees may tell you that you can make a payment with your credit or debit card, but they are wrong and the payment will not go through, leaving you with more fees! “This is just another way HSBC and former disgraced predatory lender Household International take advantage of their customers” said activists at Household – HSBC Watch. See Drew’s article for more detail on HSBC balance transfers as payments and payoffs.
Popularity: 14% [?]
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.
Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act.
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