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HSBC Online Account - new fees starting sept. 23 (Updated with clarification statement)

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walletLess
8/20/12 7:12 PM
I got the following email from HSBC. I have an online savings account with them.



Dear WALLETLESS,

Thank you for saving your money with HSBC Bank USA, N.A. We want to let you know that as of September 23, 2012, your Online Savings Account will be renamed to HSBC Advance Online Savings.

Your account number will remain the same and you will be able to use the account without any disruption in service.

The following account fees will change as of September 23, 2012:

Funds Transfer-In, per incoming transfer - $12 each (the transfer of funds from another person's account, or another financial institution to your HSBC account)
Foreign Currency Draft (DD Commission) - $25 each* (official bank check purchased in another currency)
US Dollar Draft- DFT (Commission USD) - $10 each* (official bank check)

If you have any questions, click here for more details or contact our Customer Relationship Center at 800.975.4722. If you are calling from outside the continental United States, you may call us collect at 716.841.7212.

Thank you again for being an HSBC customer.

Sincerely,

Eesh Bansal
Eesh Bansal
EVP and Head of Customer Experience
HSBC Bank USA, N.A.




The one that hits the most is the incoming transfer fee of $12. Why would a bank penalize you for bringing in money!?

UPDATE:
HSBC website has a clarification update near the top-right corner of the screen. See attached image.

Recently, Online Savings Account customers received an email indicating the Funds Transfer-in fee is changing on September 23, 2012. Please note, this is not a new fee and pertains to wire transfers into your account only. Bank to Bank transfers and other automated deposits, such as direct deposits of payroll and tax refunds, are not impacted by these changes.

hsbc site clarification [ image/png - 457.78kB ]
WikiPost
8/20/12 7:13 PM
MAYBE A TRANSFER FEE TYPO.
Waiting for HSBC clarification...
minimalist
8/20/12 7:25 PM
Ialso got it and per the link it also said : "NOTE: Funds Transfer Out, per outgoing transfer remains at $30 each" Didn't remeber there is a fee. Seems they paid a huge penalty to US regulators recently and trying t0 recoup.
reagle
8/20/12 7:30 PM
Hmm, so first they lower the rates to almost nothing and now they want to tax me every time I put money in?! Screw them. Anybody got a better place to suggest?
AugustFour
8/20/12 7:33 PM
I received the same today. What is exactly the expanded meaning of the following item?

Funds Transfer-In, per incoming transfer - $12 each (the transfer of funds from another person's account, or another financial institution to your HSBC account)
IrishTomBunny
8/20/12 7:45 PM




Thank you again for being an HSBC customer.





Banker-ese for up yours?
burgerwars
8/20/12 7:52 PM
For my HSBC checking I got a notice that the monthly fee will increase if the $1500 minimum balance is not maintained but no other changes. Maybe they're trying to get people who use ACH pushes and pulls to do it from a checking account.
reagle
8/20/12 8:06 PM
so if this is an internet banking, how am I suppose dto fund the account if not by transfers from another? Time to look at local credit unions methinks. Update: HSBC rep just told me they made a mistake and those fees only apply to wire transfers, not bank to bank transfers. Apparently there were lots of calls about that- weird
flaster910
8/20/12 8:14 PM
I just talked to customer service and two people from HSBC said this $12 fee is only for wire transfers, not regular bank to bank transfers. Hopefully they will be sending out a clarification. But according to both of these reps, the bank to bank transfers are still free.
Shiggs
8/20/12 8:19 PM
Glad I found this thread. I was searching online for something about this b/c I just got the email too.

I am ready to ditch HSBC in a heartbeat if the $12 applies to just me transferring from BoA to HSBC. Hell, I may do like 5-10 transactions/year at most for like $500-$1,500 each time. The transfer fees would destroy all interest earn and then some. I might as well just keep it in my BoA savings.

What is HSBC thinking? I sure hope they clarify what these new fees are about.
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