I dont care what Reglulation C states. I would find it hard to believe you deposit a Check on 3-7 and it clears on 3-7.

Read the terms of service from HSBC. I had a disagreement with Ajluluis about it in this thread and 6% HSBC thread and in both threads after posting HSBC terms of service who both say they only pay interest on "Collected Daily Balance" he agreed that when he makes a deposit on friday he never to start earn interest before tuesday on his deposit.

I find hard to beleive regulation CC is even current as almost all big banks today pay on "Collected Average Balance" Read BOA Affinity thread. US Bank, Chase, Wachoiva, HSBC, WAMU and BOA are comfirmed to pay interest on "Collected Daily Balance" and only Big Mega bank left that pay interest on "Daily Average Balance" is Citi. But if you are sure that law is current or "Funds" does not mean checks but cash then sue them.

HSBC terms Cut and Pasted from another thread cause I guess it was just to hard for you look them up and because you need everything spoon feed to you.

Thread

NOTE:

Ask your branch for its "cut-off time."
For interest bearing checking products, interest begins to accrue no later than the business day the Bank receives credit for deposit of noncash items.
For savings accounts, interest begins to accrue on the business day the Bank makes funds available in your account.
For CDs, interest begins to accrue on the business day you deposit noncash items.

So if you deposit funds directly into savings account then the day the hold was released you started to earn interest. If you deposit the money into checking account then the day HSBC collected funds you should begin to accure interest. I would assume it might take the bank 1 day to recieve funds once your acount is debited because it not like HSBC sends a check let says to BOA and then BOA wires the funds for each check seperately. I am sure they do batch processing so 1 extra day after your funds been debited from your account is not outrages. It very possible banks trade money after hours ie so even tho your funds got debited on 3-7 HSBC might got thoses funds on 3-7 after banking hours thus they dont pay interest till 3-8.

beethovengirl said:My only question was: how do I know when HSBC received credit for the check? If it is true that HSBC didn't receive credit until the day after it cleared [or after the cutoff time], then fine, I'm not complaining. However, I e-mailed the Office of the Comptroller of the Currency, and they said, "If you deposit a check on Monday before the bank's cutoff, the bank will send that check for processing Monday night. The bank will typically receive credit from
the Federal Reserve on Monday night."

They might recieve credit from the Feds on Monday night except if the bank uses an uncollected balance or owes the Feds money they are charged the Feds Fund rate. Also many banks do not clear via the Fed always but sometimes clear directly between each other. Normally large banks like Citibank, HSBC, BOA, etc might clear checks amoung each directly but will clear checks from smaller banks via Fed. This allows them to collect the funds faster without having to mail checks to regional Federal reserve bank they are drawn against.

I think you are confusing getting credit for funds vs collecting funds. Just like HSBC can give you instant credit for deposit they dont pay interest till they collected on thoses funds. The Fed might give a bank credit for funds but if these access those funds before Fed collects from the other bank then Feds charges them interest. The reason many banks have moved to "Collect Balance" formula is because of the competition between banks has squeezed profit margins. 10 years ago large B&M banks paid most account holder little to no interest. With IGN and interest I have a felling many B&M banks are being forced to raised rates to fend off having there deposit base canabalized by smaller online banks thus it is eating away at there margins.

What I dont understand is what is stoping Citibank and all other smaller banks from switching from "Daily Average Balance" to "Daily Collected Balance" calculation. I dont the software or hardware required to calculate costs that much today but I could be wrong. I know 5 years ago almost no bank used "Daily Collect Balance" calculation so maybe "Office of the Comptroller of the Currency" still believes most banks are still using Daily Average Balance calculation or just does not grasp the concept that there is a difference between getting credit and collecting the funds.

a2vicki said:Maybe a dumb question, can I send a rebate check (or any checks not originated by me) having my name as the payee to HSBC to deposit to my account?

here are the instructions for Deposit by Mail

Sean84 said:a2vicki said:Maybe a dumb question, can I send a rebate check (or any checks not originated by me) having my name as the payee to HSBC to deposit to my account?

here are the instructions for Deposit by Mail

D@#$! Just yesterday, I deposited my Citi BT check yesterday with a 4-day hold (5K) and 11-day hold(other 10k) into my Regions account because I couldn't find the mail instructions. Thanks for posting, though...

Is something up with HSBC? Lately over the past few days I've been getting duplicate "Welcome to HSBC" or "Welcome to HSBC eStatements" emails over and over again. I sighed up about 2 months ago and received those statements back then. Anyone else getting similar emails?