A former employee of HSBC in Florida sent us this opinion: “Ex-employee from HSBC, parent company of HFC/Beneficial collections team. First I would like to straighten some facts about prior to my bashing. This company is a pay for performance company and each employee has the bonus options. The better you […]
What always puzzled me was the company’s lack of introspection. Rather than attacking the root of the lack of the production (high rates, high fees, poor customer service), upper management always shifted the blame on the sales representatives. Employees were told that they were not aggressive enough, or that they did not sufficiently […]
HSBC chairman Stephen Green said the US sub-prime crisis has forced banks into a ‘profound and secular’ rethink of their lending practices. That is a good idea that we have been harping on since the 1990’s. The United States government was harping on it too, leveling charges of predatory lending against Household […]
We invite everyone to rate their HSBC backed credit card at Household - HSBC Watch. Here are the ratings thus far:
The best: 14% (351)
Good: 7% (176)
Fair: 6% (152)
Poor: 14% (356)
Totally Unprofessional: 60% (1541)
Total Votes : 2576
The number in parenthesis is the total number of votes for the category. It seems like a […]
HSBC customers of HFC and Beneficial Finance often seek answers and help that is beyond the capabilties of a local branch. Back in 1994 - well before HSBC bought troubled predatory lender Household International - HFC and Beneficial would refer customers to corporate. Phone numbers were disconnected, or the caller was referred […]
The Guardian is reporting that HSBC may exit part of their UK business involving HFC. Similarly HSBC is “optimizing” HFC and Beneficial Finance offices in the United States. About 1,200 jobs are on the line. HSBC put their consumer finance operations up for review and will possibly seek buyers for the branch-based […]
HSBC may be bleeding from the eyeballs in the United States like an ebola outbreak, but in China HSBC will target rich Chinese. HSBC Holdings Plc. said on Monday it had set out an aggressive plan to increase its banking network in China next year. HSBC wealth management centers target HSBC’s “premier customers” […]
JF in Pennsylvania sent this report, which we publish in both of our blogs: “How household Financial gets their mortgage customers and makes money? As you probably already know HFC/Beneficial send out live checks in the mail to thousands across the USA monthly. These range from anywhere from 5k, 7k, 10k. They are at […]
Knight Vinke, the high-profile shareholder activist group, has told HSBC that it “has an issue with its strategy” and has held talks with the global banking group’s finance director about a complete review of the bank’s direction. The activist shareholder, which has secured the support of Calpers, the Californian state pension fund, is […]
I like the statement by First Premier which says they did the same thing others were doing, and it was commonly accepted in the credit card industry. Here is the article:
NEW YORK, Aug 15 - First Premier Bank agreed to refund $4.5 million to settle a probe into the marketing of […]
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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.
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