NEW YORK–(BUSINESS WIRE)–Sept. 13, 2005–HSBC Bank USA, N.A., (NYSE: HBC) the U.S. banking unit of one of the world’s largest financial services companies, today announced it has begun issuing new debit cards that feature MasterCard(R) PayPass(TM) contactless payment technology to its new and existing customers. With the issuance of these new contactless payment cards, HSBC becomes one of the first U.S. banks to provide its customers with a faster, more convenient shopping experience. The bank expects to issue about 1 million cards through the end of 2005 and will be the first bank to completely reissue its debit cards to include PayPass.
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Is India processing your credit card payments? Most likely they are since they are doing work for the three largest credit card companies. Will HSBC Finance Corporation outsource their jobs and new Metris jobs to India? Time will tell, but wages are one-fifth of U.S. wages.
Thursday, August 25, 2005 — U.S. personal bankruptcy filings in federal courts surged 18 percent in the three months through June from the prior quarter, as consumers rushed to beat the deadline for a new law that makes erasing debt more difficult, the Administrative Office of the U.S. Courts said. The number of filings under Chapter 7 of U.S. bankruptcy law, designed to allow individuals to keep certain assets while remaining property is sold to repay creditors, jumped to 308,028 in the quarter, the office, which provides support services to the federal judiciary system, said in a statement today.
“It will be interesting to watch the quarterly profit reports from HSBC, MBNA and others with high interest rates, questionable tactics and high fees” said Household - HSBC Watch. “Household International, HSBC, MBNA (Metris) and other sub-prime lenders and George Bush are the ones to thank for changes in bankruptcy laws. Predators pushed it and Bush swallowed it” the group said.
Category: 05 HSBC Metris, 05 Research, General
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Seen in Inner City Press regarding Metris:
“Metris’ lead financial advisor in the deal was Goldman, Sachs — which also sold Household International to HSBC. The similarities are not only subprime, but also SEC investigations. In July 2005, Metris received a Wells Letter from the Securities and Exchange Commission. Metris said the SEC was planning to recommend an enforcement action against Metris’ chairman and chief executive officer, David Wesselink, and its controller, Mark Wagener. Hey, as with Aldinger, maybe HSBC will put them on its board of directors.” (full link)
Category: 05 All Articles, 05 HSBC Metris
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The deal between HSBC Finance and Metris, which issues credit cards through its Direct Merchants Credit Card Bank subsidiary, is expected to close in the fourth quarter of 2005. It will see Metris become a wholly-owned subsidiary of HSBC. As Metris is a specialist in non-standard consumer finance, the purchase will see HSBC further build on the expertise it gained in this area following its acquisition of Household Finance in 2003. “HSBC learned that Inner City Press, Acorn, Household - HSBC Watch and others will not let the nation forget about Household International and predatory lending. HSBC only instituted controls demanded by Household’s $484 million nationwide settlement. Otherwise nothing really changed but the name and more experience in how to thwart investigations at state and federal levels” said consumer advocates at Household - HSBC Watch.
Category: 05 All Articles, 05 HSBC - U.S., 05 HSBC Metris
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