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hsbc site clarification
Disclaimer
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.

Member Summary
Most Recent Posts
I've also had an HSBC Online Savings account for years and I decided to close after this as well. It was completely ridi... (more)

ElJayL (Aug. 26, 2012 @ 9:33a) |

glad to know that BtB transactions are still free.. but who is the arse hat who ok'd this e-mail to be sent out?? I thi... (more)

CPAESQ (Aug. 29, 2012 @ 12:21p) |

I only use HSBC because it is the bank with my closest branch so I have the Online Savings to withdraw/deposit funds to.... (more)

grex23 (Aug. 30, 2012 @ 12:58a) |

MAYBE A TRANSFER FEE TYPO.
Waiting for HSBC clarification...
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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.

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?

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)




Thank you again for being an HSBC customer.



Banker-ese for up yours?

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.

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

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 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.

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.

rumpletzer said:   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.

Yeah I made clear to both reps that people were completely misunderstanding this email and that they should send out a clarification ASAP. Hopefully they will soon.

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

The lady told me they had an emergency meeting to clarify this I might still move money out- HSBC vs local credit union, we all know where good Karma lives, especially if rates are the same..

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

reagle said:   The lady told me they had an emergency meeting to clarify this I might still move money out- HSBC vs local credit union, we all know where good Karma lives, especially if rates are the same..

They're crazy for not sending a clarification. I already transferred every $ out of my HSBC account. No way I was going to risk those crazy fees even for a second.

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 they are clearly trying to eliminate efforts to market this type of account that used to be easy to attract new cash to the bank and are demonstrating that they don't want customers to stick around anymore, especially those not "active" enough. They already sold a huge chunk of their retail customers to first niagra in most of the northeast. This email was also really poorly laid out and worded. I would love to see how much cash was moved out by all customers as a result of this single email. I bet it was in the millions...

You'd think they'd want to keep customers in HSBC accounts but in reality, these might be small potatoes accounts that cost more than they earn from deposits by the bank and actually be an intentional move to reduce accounts. Might look toward ING or other possibilities...

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

I'm surprised ANYONE has stayed with this dump after the account freeze fiasco a couple of years ago. The bank is run by morons, plenty of much better alternatives out there.

yep, time to move out!

kesco said:   reagle said:   The lady told me they had an emergency meeting to clarify this I might still move money out- HSBC vs local credit union, we all know where good Karma lives, especially if rates are the same..

They're crazy for not sending a clarification. I already transferred every $ out of my HSBC account. No way I was going to risk those crazy fees even for a second.


I think you guys are over-reacting a bit by transferring money out same day as email. At first glance, the transfer fees are fishy for an ONLINE acct and it isn't scheduled to take place unit Sept 23.

Relax and let them sort it out first, if not, you still have until 9/23.

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.

Got it too.. Their rates stink so it doesn't really matter.

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)

samiam68 said:   I'm surprised ANYONE has stayed with this dump after the account freeze fiasco a couple of years ago. The bank is run by morons, plenty of much better alternatives out there.

What account freeze fiasco are you referring to? I must have missed that thread.

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!

does that mean i have to pay for a fee for direct deposit?

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.

I'm reading this thread as I use hsbc to do some monthly sch deposits.I agree with previous posts that this bank message is 1. Poorly written and 2. Will scare off deposits. If needed I will switch to ally or a newcomer Barclay's.

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.

All savings account/money market APYs suck right now, but with this latest email regardless of it being a mistake or not, I think I'll take the time to move on. Might try Ally bank since the APY is a little higher and they are more committed to low or no fees. HSBC seems to be frogboiling customers into lower and lower rates every 6 months

this similar issue is why I'm also looking to leave TD Bank. As Commerce bank they truly had the lowest checking fees and were the most convenient, but every few months introduced new fees to keep your money.

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

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

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

Just credit cards, I believe.

gremln007 said:   wotus said:   Isn't HSBC Bank now Capital One? Or is that just for HSBC credit cards?

Just credit cards, I believe.


Ah ok, thanks!

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?

I got the same message. For those considering new accounts, I opened Ally and it took under 5 minutes. I've already linked my bank accounts and have also linked my HSBC account and made a small transfer. Once that goes through, I plan on transfering the rest on the first of the month after interest posts.

Ally is at .89% compared to .4% for HSBC and also doesn't take 4 days to transfer like HSBC. The interface seems nicer as well.

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.

This sucks.

Skipping 30 Messages...
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.



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