Following a great example set by The Ultimate USAA Bank Thread, I decided to create one for HSBC. I do not promise to update it regularly, though, and encourage you to discuss specific accounts and features in dedicated threads rather than here (as long as they exist).
HSBC Internet Banking: https://www.ebank.us.hsbc.com/logon/ This site is also used for "Secure Bank Mail" for account-related communication, which somewhat helps prevent spoofing.
HSBC provides free Yodlee-based account aggregation service to its customers: https://easyview.us.hsbc.com/yodlee_index.html You need to have an account to sign up for it but it is not integrated with Internet Banking (separate user ID/password and separate but equally poor customer service).
Savings
There is nothing about HSBC regular Savings worth discussing.
On the other hand, Online Savings offers competitive rate most of the time. You can check current rates in this thread. While a few banks and Credit Unions offer higher interest, most of them have high minimum required to obtain it. If you need a truly liquid high interest account, consider OnlineSavings, with just $1 minimum needed to open.
Occasionally HSBC offers signup bonus for this account. Check this discussion as well as this thread for current promotions.
This account, as its name suggests, must be opened online and will not allow you to use most teller services. You will get an ATM card. However, you can also add it to your MasterCard debit card issued with Checking accounts. NOTE: only one Savings account may be linked to each card. ALSO NOTE: if only one of the accounts is joint, they may be unable to link the second (individual) account to the card issued for the joint account, and vise versa, over the phone. However, you can request another debit when you apply for OnlineSavings (if you also have Checking, even a joint Checking account) and link OnlineSavings and Checking this way. This debit card will not have the same number or PIN as the one you originally received with Checking, but both may be active at the same time.
Another benefit is higher sending/receiving daily and monthly limits and fees waived for Bank-to-Bank transfer, discussed below.
You will receive a warning if you exceed the federally-mandated maximum number of transactions on the savings account (six; ATM and online transactions do not count). If you do it the second time, they will convert your Savings into Basic Checking (whether you want it or not).
Checking
HSBC offers Free Checking accounts and is currently giving away $50 bonus for signing up. See this discussion for details. This account does allow you to use teller services. You will get a free order of checks and a debit card with PayPass RFID chip (although some people received a regular debit card instead - see discussion linked above). HSBC frequently offers targetted $5 or $10 promo credit for using their debit card for purchases X times per month. There is $1 fee for using non-HSBC-owned ATMs (it is $1.50 for Online Savings ATM card). Same fees are charged regardless of whether the ATM is foreign or domestic. NOTE that certain activity is required in order to keep this checking account free; they will convert it into Basic Checking and charge monthly fees after three months of inactivity.
Internal Transfers
You can transfer funds between linked accounts online, instantly. You can also request same day transfers over the phone with a special phone access code, which can be longer than- and does not have to correspond to the four digit PIN.
Overdraft Protection
You can use a special overdraft LOC ("Select Credit") or an HSBC credit card for overdraft protection (but not your Savings account, as some banks allow). I do not think you can use a former Household Bank-issued credit card for Overdraft; you may be required to open a new one. Overdraft is considered cash advance by the credit card and is subject to 3% fee (before interest). Therefore opening a separate Overdraft LOC makes sense. They will pull a hard inquiry either way.
Credit Cards
HSBC took over Household Bank, which occasionally has some great credit card promotions (by invitation only - see this thread and this thread). Their own credit cards are rather unimpressive. The reward structure is similar to MBNA's WorldPoints.
US Branches & ATM
HSBC is a global bank, with branches in 75 countries and territories. Their presence in the US, though, is limited to NY and some areas in PA, DE, FL, CA, OR, WA and Washington, DC. You can locate branches and ATMs here. According to HSBC employee newsletter, in addition to their one branch open in Hillside, NJ, they plan to open at least six more: in Fort Lee, Englewood, Hoboken, Parsippany, Morristown and Westerfield by year's end, and as many as 50 branches in the next three years.
International branches & ATM; foreign ATM fees
HSBC ATM or debit card is a must-have for travelers. You will get that day's interbank exchange rate with no additional currency conversion fee. The ATM transaction itself is free at HSBC ATMs (and ATMs at banks owned by HSBC) and will cost you $1 (Checking) or $1.50 (Savings) elsewhere. NOTE that the non-HSBC ATM operator may have an additional charge. International ATM fees and rates are discussed in this thread.
Initiating ACH (Bank-to-Bank) Transfers
HSBC uses CashEdge for Bank-to-Bank (ACH) transfers. As an added security measure, you will be able to establish a separate password to access this feature and BillPay. You need a browser with enabled Java applet support in order to enter this password on a Virtual Keyboard (to prevent key loggers from stealing your information).
There is no limit on the number of external checking and savings accounts you can link. You do not need to mail any checks. Most accounts are added by confirming two small deposits and some by simply entering your remote username and password. Transfers from other banks to HSBC are free. Transfers from HSBC have a $3 transaction fee, waived for OnlineSavings account holders. You can setup both one-time and recurring transfers. Daily limit is 100K for OnlineSavings account holders and the monthly limit is 1M. I am not sure what the limits are otherwise but I remember them being substantially lower. Transfers requested before 8:00 PM EST are processed before start of business on the next business day (source account is debited - make sure funds are available!). Destination account is credited three business days later. For example, transfer requested before 8 PM on Monday is processed very early on Tuesday morning but you will not see your money until Thursday. Normally there is no additional hold once the money is transferred.
The spelling of your name does not have to match, but the other bank may reject the request (it really depends on the other bank; some verify randomly).
Bill Pay
HSBC BillPay will let you pay anyone in the US (they'll mail a check, for free). Your account will be debited on the day you select for payment rather than when the check is actually cashed. Perhaps, some payments are processed electronically; I haven't seen any evidence of this.
Premier Accounts
HSBC is offering some perks to Premier members. You need to have 100K in combined personal deposit and investment balances or $500,000 in combined personal deposit, investment, and credit/mortgage balances. Business owners may use their commercial balances to qualify for personal Premier membership. You can also try this service free for three months and pay $50/month afterwards if you do not qualify otherwise. I started a separate thread on the subject here. Some of the benefits of Premier are: Free self-to-self international fund transfers via secure Internet access to more than 40 different countries, preferred rates on CDs, higher ATM daily withdrawal limit, $1,000 check cashing at any branch, no issuance fees for travelers cheques, money orders, official checks and foreign drafts, discounts on select loans, below-market auto loan rates, concierge services, emergency travel assistance and "portable" HSBC Credit History.
Message edited by: EugeneV on 2009-01-05 13:41:06 CST
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HSBC Customers can make free withdrawls at Wells Fargo ATMs in California; neither HSBC nor Wells Fargo will charge any sort of ATM fee. (This, however, has not been OFFICIALLY acknowledged by either banks, at least not in writing).
Great post. I would like to add that the Online Savings account has some pretty stringent security measures in place during the account opening process. You must verify your identity and your ownership of the funding account which is normal for online account openings. However even after you complete this process you still do not have access to your HSBC account until they mail you not one but two seperate letters. One letter has your username and the other your password for online account access. Finally after you get into your account you still cannot setup bank transfers into your account until you recieve your HSBC ATM card and PIN number as far as I can tell. I am on business day 7 of waiting to get the ATM card so I can set up transfers into the HSBC account.
Perhaps, some payments are processed electronically; I haven't seen any evidence of this.
Absolutely - I paid Verizon Wireless bill on 7th, and money was taken out on 8th and on the verizon wireless site, the payment was posted on 8th itself. So that shows it was defenitely processed electronically.
jlgrandam said:Great post. I would like to add that the Online Savings account has some pretty stringent security measures in place during the account opening process. You must verify your identity and your ownership of the funding account which is normal for online account openings. However even after you complete this process you still do not have access to your HSBC account until they mail you not one but two seperate letters. One letter has your username and the other your password for online account access. Finally after you get into your account you still cannot setup bank transfers into your account until you recieve your HSBC ATM card and PIN number as far as I can tell. I am on business day 7 of waiting to get the ATM card so I can set up transfers into the HSBC account.
My ATM/debit card came the same day as the letter with password. PIN didn't come until a week after I got the ATM card. However, you can call HSBC Online Banking (I think option 4), and they will setup Bank to Bank transfer for you bypassing the ATM/pin verifaction.
Not all branches aware that ATM deposits allowed for the online savings account, so should they decided to return the deposited items, there will be no records anywhere online or by phone.
MBNA doesn't allow online savings account on the bill pay.
koRebate said:Not all branches aware that ATM deposits allowed for the online savings account, so should they decided to return the deposited items, there will be no records anywhere online or by phone.
MBNA doesn't allow online savings account on the bill pay.
Very true. Also some branchs doesn't know that you are not suppose to get service for the online saving account inside the branch. Like the one in Encino, CA.
I think it's best to not use the ATM to deposit money into the online saving. Deposit into the checking instead, then move it to saving.
EugeneV said:Following a great example set by The Ultimate USAA Bank Thread, I decided to create one for HSBC. I do not promise to update it regularly, though, and encourage you to discuss specific accounts and features in dedicated threads rather than here (as long as they exist).
HSBC Internet Banking: https://www.ebank.us.hsbc.com/logon/ This site is also used for "Secure Bank Mail" for account-related communication, which somewhat helps prevent spoofing.
HSBC provides free Yodlee-based account aggregation service to its customers: https://easyview.us.hsbc.com/yodlee_index.html You need to have an account to sign up for it but it is not integrated with Internet Banking (separate user ID/password and separate but equally poor customer service).
Savings
There is nothing about HSBC regular Savings worth discussing.
HSBC is offering OnlineSavings account, currently paying 3.75% APY. You can check current rates in this thread. While a few banks and Credit Unions offer higher interest, all of them (currently) have high minimum required to obtain it. If you need a truly liquid high interest account, consider OnlineSavings, with just $1 minimum needed to open.
Occasionally HSBC offers signup bonus for this account. Check this discussion as well as this thread for current promotions.
This account, as its name suggests, must be opened online and will not allow you to use most teller services. You will get an ATM card. However, you can also add it to your MasterCard debit card issued with Checking accounts. NOTE: only one Savings account may be linked to each card. ALSO NOTE: if only one of the accounts is joint, they may be unable to link the second (individual) account to the card issued for the joint account, and vise versa, over the phone. A CSR claimed that she did this in the branch, but I have not had the chance to verify that it actually worked yet.
Another benefit is higher sending/receiving daily and monthly limits and fees waived for Bank-to-Bank transfer, discussed below.
You will receive a warning if you exceed the federally-mandated maximum number of transactions on the savings account (six; ATM and online transactions do not count). If you do it the second time, they will convert your Savings into Basic Checking (whether you want it or not).
Checking
HSBC offers Free Checking accounts and is currently giving away $50 bonus for signing up. See this discussion for details. This account does allow you to use teller services either. You will get a free order of checks and a debit card with PayPass RFID chip (although some people received a regular debit card instead - see discussion linked above). There is $1 fee for using non-HSBC-owned ATMs (it is $1.50 for OnlineSavings). NOTE that certain activity is required in order to keep this account free; they will convert it into Basic Checking and charge monthly fees after three months of inactivity.
Internal Transfers and Overdraft Protection
You can transfer funds between linked accounts online, instantly. You can use a special overdraft LOC ("Select Credit") or an HSBC credit card for overdraft protection (but not your Savings account, as some banks allow). I do not think you can use a former Household Bank-issued credit card for OD; you may be required to open a new one. Overdraft is considered cash advance by the credit card and is subject to 3% fee (before interest). Therefore opening a separate Overdraft LOC makes sense. They will pull a hard inquiry either way.
Credit Cards
HSBC took over Household Bank, which occasionally has some great credit card promotions (by invitation only - see this thread and this thread). Their own credit cards are rather unimpressive. The reward structure is similar to MBNA's WorldPoints.
US Branches & ATM
HSBC is a global bank, with branches in 75 countries and territories. Their presence in the US, though, is limited to NY and some areas in PA, DE, FL, CA, OR, WA and Washington, DC. You can locate branches and ATMs here. According to HSBC employee newsletter, in addition to their one branch open in Hillside, NJ, they plan to open at least six more: in Fort Lee, Englewood, Hoboken, Parsippany, Morristown and Westerfield by year's end, and as many as 50 branches in the next three years.
International branches & ATM; foreign ATM fees
HSBC ATM or debit card is a must-have for travelers. You will get that day's interbank exchange rate with no additional currency conversion fee. The ATM transaction itself is free at HSBC ATMs (and ATMs at banks owned by HSBC) and will cost you $1 (Checking) or $1.50 (Savings) elsewhere. NOTE that the non-HSBC ATM operator may have an additional charge. International ATM fees and rates are discussed in this thread.
Initiating ACH (Bank-to-Bank) Transfers
HSBC uses CashEdge for Bank-to-Bank (ACH) transfers. As an added security measure, you will be able to establish a separate password to access this feature and BillPay. You need a browser with enabled Java applet support in order to enter this password on a Virtual Keyboard (to prevent key loggers from stealing your information).
There is no limit on the number of external checking and savings accounts you can link. You do not need to mail any checks. Most accounts are added by confirming two small deposits and some by simply entering your remote username and password. Transfers from other banks to HSBC are free. Transfers from HSBC have a $3 transaction fee, waived for OnlineSavings account holders. You can setup both one-time and recurring transfers. Daily limit is 100K for OnlineSavings account holders and the monthly limit is 1M. I am not sure what the limits are otherwise but I remember them being substantially lower. Transfers requested before 8:00 PM EST are processed before start of business on the next business day (source account is debited - make sure funds are available!). Destination account is credited three business days later. For example, transfer requested before 8 PM on Monday is processed very early on Tuesday morning but you will not see your money until Thursday. Normally there is no additional hold once the money is transferred.
The spelling of your name does not have to match, but the other bank may reject the request (it really depends on the other bank; some verify randomly).
Bill Pay
HSBC BillPay will let you pay anyone in the US (they'll mail a check, for free). Your account will be debited on the day you select for payment rather than when the check is actually cashed. Perhaps, some payments are processed electronically; I haven't seen any evidence of this.
Premier Accounts
HSBC is offering some perks to Premier members. You need to have 100K in combined personal deposit and investment balances or $500,000 in combined personal deposit, investment, and credit/mortgage balances. Business owners may use their commercial balances to qualify for personal Premier membership. You can also try this service free for three months and pay $50/month afterwards if you do not qualify otherwise. I started a separate thread on the subject here. Some of the benefits of Premier are: Free self-to-self international fund transfers via secure Internet access to more than 40 different countries, preferred rates on CDs, higher ATM daily withdrawal limit, $1,000 check cashing at any branch, no issuance fees for travelers cheques, money orders, official checks and foreign drafts, discounts on select loans, below-market auto loan rates, concierge services, emergency travel assistance and "portable" HSBC Credit History.
The terms and Charges documents of Online Saving account states: FundsTransfer-In, per incoming transfer $15 each Funds Transfer-Out, per outgoing transfer $30 each
What are these fees? Does that mean every time I transfer money from a linked account will be charged these fees? I am holding the triger to apply the online saving account.
HSBC debit card is absolutely the best when travel abroad. Direct local currency from ATM without any surcharge, way better than credit card transactions. My recent experiences in both China and Canada had made me a loyal customer of them.
The terms and Charges documents of Online Saving account states: FundsTransfer-In, per incoming transfer $15 each Funds Transfer-Out, per outgoing transfer $30 each
What are these fees? Does that mean every time I transfer money from a linked account will be charged these fees? I am holding the triger to apply the online saving account.
I don't know where you are getting that info. There are no push/pull fees from HSBC for the ON-LINE SAVINGS account and it is really easy to do either.
rigmarole said:HSBC debit card is absolutely the best when travel abroad. Direct local currency from ATM without any surcharge, way better than credit card transactions. My recent experiences in both China and Canada had made me a loyal customer of them.
The terms and Charges documents of Online Saving account states: FundsTransfer-In, per incoming transfer $15 each Funds Transfer-Out, per outgoing transfer $30 each
What are these fees? Does that mean every time I transfer money from a linked account will be charged these fees? I am holding the triger to apply the online saving account.
I don't know where you are getting that info. There are no push/pull fees from HSBC for the ON-LINE SAVINGS account and it is really easy to do either.
I actually received the same notice in the mail, but could not find it on the website (which still has free ACH in/out for OnlineSavings holders). I hope they mean "wire" by Funds Transfer... If HSBC thinks they can start charging for ACH, they are wrong.
hsbc credit card charges only 1% currency fee when you use it in foreign countries. comparing this to my 3% citi dividend card, which one do you think I will use?
bill777 said:rigmarole said:HSBC debit card is absolutely the best when travel abroad. Direct local currency from ATM without any surcharge, way better than credit card transactions. My recent experiences in both China and Canada had made me a loyal customer of them.
Were you using HSBC's own ATMs there? Thanks.
In both occasions it was HSBC's own ATM and the ex-rate was about 1%.
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