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

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.

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.

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)

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.

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.

flaster910 said:   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.

This is what I suspected, but the email (and the link in the email) are completely unclear. Expect that there'll be a follow-up email... or lots of account closured... or both.

Thanks I recently closed my account for the same reason. Thanks though

Do people think Eesh Bansal got beaten up at the emergency meeting?

Someone should get fired for this. HSBC is an international bank! How on earth they let this kind of mistake happen?! Don't they proofread before sending out mass emails????

I think everyone should call and see what HSBC has to say. I'm sure we will hear 50 different stories!

yep, time to move out!

I got this email at 11:23 pm est and its still wrong based on this thread. Closing the account anyway due to the errors and cutbacks lately.

I just got the email at 11:53pm, no clarification yet. Well if the fees only apply to transferring money to HSBC, and not the other way around, then it's not a big deal. After all, considering how low their rate is now, I have no intention of putting any more money in there. Strange that my wife hasn't received the email yet (we each have an account there)

flaster910 said:   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.

I presumed as much, but they really need to clarify this in an official email. Imagine all those people with direct deposit of their paycheck or social security that now think they will get dinged every two weeks!

Yeah, an incoming transfer fee is just nuts. At least it sounds like this was just a unintentionally vague email and it doesn't apply to ACH.

reagle said:   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?

Alliant Credit Union.

We moved everything there months ago - awesome service, very good rates, slick website, faster ACH than HSBC, Ally, etc.

flaster910 said:   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.

Glad to hear it was probably a mistake. $12 for an incoming ACH is insane.

I transfered my 90% of money last week to Barclays will do the rest by this week and followed by closure of account.

wotus said:   Isn't HSBC Bank now Capital One? Or is that just for HSBC credit cards?

Just credit cards, I believe.

I've been on hold for 30 minutes now trying to close my account, i'm opening an account at ally.com, hsbc has been annoying with their low rates and even if the email is misunderstood, they seem like a bunch of idiots why would i want to store my money there?

Saved me a phone call. I got the same e-mail last night too. Now that all of HSBC's are First Niagara here, and there is no retail presence in town, even though HSBC tower is still the tallest buiding in town, there would have been no way to manage HSBC online account without ability to move money for free.

Quite frankly, I am surprized that I am still with HSBC, since all of local customers were supposed to migrate to First Niagara in the take over, but probbaly because I was an online customer first, and then became a "local" cusotmer by adding checking account, I ended up with HSBC.

Other than their free account aggergation software, there is no real reason to stay with them. I just keep a little bit (<$10,000 in their accounts), since we travel, and HSBC is a global bank.

I only use HSBC because it is the bank with my closest branch so I have the Online Savings to withdraw/deposit funds to. I agree though in that if it wasn't my closest branch, I would have closed out the account as well.