Referencing Richland State Bank v. Household Cr. Serv., Inc., 2004 DSD 21, Household – HSBC Watch, your source for information on HSBC, reports that Household Credit Services was once again sued for souring a deal to sell Richmond State Bank. Richland State Bank was a credit card issuing bank, but was not a servicer. Richland had two credit card portfolios of accounts, an AFCA portfolio and a Richland Portfolio. As Richland tried to sell the Richland portfolio, Household Credit Services interfered with the action by contacting the potential buyer. Such contact was unnecessary and unwarranted. The contact ruined the deal, and Household (HSBC) wanted the portfolio for themselves.
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JULY 01, 2005 — The Bon-Ton Stores Inc. ,York, Pa., will likely bid on the Northern Department Store Group of Saks Inc., Birmingham, Ala., reports Women’s Wear Daily. Preliminary bids for the stores are due at the end of the week. Bon-Ton will likely team with a private equity firm in the bidding process. The company recently purchased Elder-Beerman in 2003, and the potential purchase of Sak’s Northern Store Group would be the biggest acquisition of its history. Sak’s Northern stores include the Carson Pirie Scott, Bergner’s, Boston Store, Herberger’s and Younkers chains. Other possible bidders for the stores include J.C. Penney and Dillard’s.
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“They do not send an electronic receipt when payments go through, so consumers must assume it worked… The person I reached on my second call was simply unbelievably rude. He said that nobody would have told me that payments are sometimes not processed. I said I wasn’t blaming him or anyone – I understand that things happen like that with technology. He huffed and insisted I was lying. I asked him if that’s what he was implying, and he said ‘you, like these other customers who say this, are lying and just didn’t make a payment.’”
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In a recent telephone discussion with the Office of the Comptroller of the Currency (OCC) Household – HSBC Watch learned that federal regulators were in complete disagreement about who should regulate and control Household Finance Corporation. A division of Household International, now owned by HSBC, Household Finance was the target of predatory lending charges. Complaints were so overwhelming from almost every state in the United States that one can see where nobody wanted to admit to responsibility for HFC. Responsibility was tossed around like a hot potato. States Attorney’s General finally stepped up to the plate to hit a home run against these bandits, while the OCC wrote tougher rules and regulations against predatory lending. OCC rules went into effect three years after Household’s nationwide $484 million settlement.
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Workers at British high street bank HSBC, part of HSBC Holdings PLC, have voted to go on strike in a dispute over pay, the Amicus trade union said. An Amicus spokesman said the strike would take place on May 27, the day of HSBC’s annual general meeting, unless the two sides reach a settlement before then. The stoppage could force some HSBC branches to close, disrupting the group’s UK retail banking operations.
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