Reuters is reporting that HSBC intends to open new branches - bank branches, not HFC and Beneficial Finance branches - across the United States. Quoting Kevin Martin, executive vice president of HSBC Bank USA, the bank inteneds to open new branches with a focus on New Jersey, California and Washington D.C. Plans […]
Merchants are furious at HSBC UK after the bank’s e-payments system failed again, for the second time in two weeks. Similar problems left merchants unable to take payments for two days over the weekend of 29-30 March. Complaints from merchants at that time focused on the fact that HSBC did not contact […]
In 2003 consumer advocates at Household - HSBC Watch knew nothing of Knight-Vinke and Eric Knight. The organization was known only as Household Watch. But just this morning HSBC might be planning more acquisitions in the United States. “We may consider acquiring banks linked to Spanish and Asian communities,” the South China […]
This is a classic example of how the subprime mess spun out of control. It is a classic example of how state regulators are continually frustrated by federal regulators and their desire to overrule state-level laws. Anyone who thinks they can get results from a local Better Business Bureau, when federal and state […]
Worldwide operations of HSBC saved the bank from disaster. The disaster was HSBC Finance Corporation, formerly known as Household International. Granted we are not the first to report on this matter, but we wanted to sort through the data and updates first. For years we reported consumer complaints and noted trends throughout […]
Customers of HSBC experience the highest rates of identity theft in the banking industry, according to an investigative study released Wednesday by a UC Berkeley Law School researcher. HSBC is clearly in the lead. Through an extensive Freedom of Information Act request, Chris Hoofnagle, a staff attorney at UC Berkeley’s Boalt School of […]
Many lenders went out of business or declared bankruptcy, but major losses and write-downs from subprime continue. Lawsuits are beginning, as Ohio’s Attorney General tries to show that Freddie Mac duped investors by not revealing how risky the subprime market was. The risk to other lenders is high if a precedent is set. […]
On one hand HSBC spokesman Michael Trevino said tax refund loans “represents a very small portion’’ of HSBC’s revenue. On the other hand such loans represent bad publicity for HSBC, with interest rates sometimes over 100 percent. Lawsuits such as Carnegie vs Household, paid by HSBC in 2007, cast HSBC in a bad […]
Morgan Stanley cut its price target for HSBC Holdings plc shares traded in Hong Kong to HK$115 each from HK$131 on Thursday. Although HSBC would like everyone to believe U.S. subprime problems will not effect the overall bottom line apparently some analysts liken HSBC’s problems to what happened at Bear Sterns. The move […]
Solstice Capital Mortgage, owned by HSBC, has closed all but the California office. They have offered relocation packages to the few good producers but have closed their offices according to one insider. HSBC is reported as saying “…as part of our ongoing efforts to operate our business efficiently, Solstice Capital announced internally […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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.
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