Published: May 28, 2005 By Reuters
A federal judge yesterday rejected the $360 million settlement of a lawsuit accusing H&R Block, the tax preparer, and HSBC Taxpayer Financial Services, a consumer lender, of deceiving poor customers into taking out high-interest loans. Judge Elaine E. Bucklo of the United States District Court in Chicago said yesterday that […]
LONDON - HSBC Finance Corp, the US consumer lending arm of UK banking group HSBC Holdings PLC, has delivered stronger first-quarter profits, helped by a decline in bad debt provisions. HSBC Finance Corp, formerly known as Household International, said pretax profits for the three months to March 31 came in at 967 mln […]
“We need to be very proud of being a part of HSBC,” said Walter Menezes, group executive of Household International (HSBC) credit card services. “Let’s move forward and be stronger together. Let’s make it a reality by being more profitable… and raising our leverage.”
Translation: Let’s up-sell everything we can, tell the customer their payment […]
“The passive press is a robber baron’s best friend” said Brian Kenny at the BWAA awards recently. Here at HSBC Watch we agree. Through your input we try to keep Household International and HSBC honest. We are your voice on the Internet. Your comments in the forums help others. Your […]
Under tax refund anticipation loan programs, customers who owed a tax refund could receive most of the money in two to three business days by paying a fee to file the return electronically and a loan processing fee. Critics assert the loans victimize low-income households, immigrants and financially unsophisticated taxpayers who weren’t adequately informed […]
KANSAS CITY, Mo. - H&R Block Inc. has tentatively agreed to settle a class-action lawsuit over its tax-refund loans for $360 million. The nation’s largest tax preparer and its banking partner, HSBC Taxpayer Financial Services Inc., were accused of gouging customers by providing “refund anticipation loans” at interest rates frequently exceeding 100 percent. […]
One lawsuit that is still active against H&R Block and HSBC (formerly predatory lender Household International) was filed in 1998 by a New York plaintiff, Lynne Carnegie, who claimed she paid $110 for a nine-day advance on a $500 refund.
“Predatory lending is clearly defined by this case” said watchdog organization Household - HSBC Watch. […]
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