The Ultimate HSBC Bank Thread

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.

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.

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.

Any information on HARD pull from HSBC for opening a checking and/or savings account.

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).

Links

HSBC Bank USA website:
https://www.us.hsbc.com

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.

Any idea how the exchage rates are ? Any link ?

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.

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%.

Anyone got any suggestions for how to move money into an HSBC OnlineSavings account? I tried to link it to ING, but they don't recognize that routing number or banking name, so it won't let me add the account. Also, although it's linked to my Wachovia B&M account, whenever I push money, Wachovia dings me for $2, even though they never do that when I push to ING.

Suggestions?

NinjaPigeon said: Anyone got any suggestions for how to move money into an HSBC OnlineSavings account? I tried to link it to ING, but they don't recognize that routing number or banking name, so it won't let me add the account. Also, although it's linked to my Wachovia B&M account, whenever I push money, Wachovia dings me for $2, even though they never do that when I push to ING.

Suggestions?

I have only done the initial deposit, but my Wachovia account didn't charge me any fees at all (free student checking account).

Nolaquen said:
I have only done the initial deposit, but my Wachovia account didn't charge me any fees at all (free student checking account).

Yeah, it didn't charge me on the first deposit either. But mysteriously a charge showed up when I did my first push after my HSBC account was set up. I'm gonna go into Wachovia next week to verify if the push to HSBC was the reason for the service fee.

I don't have an HSBC checking though, so transferring money to ING, then to HSBC checking is fairly annoying. I think I might have to bite the bullet and sign up for USAA like everyone else.

NinjaPigeon said: Also, although it's linked to my Wachovia B&M account, whenever I push money, Wachovia dings me for $2, even though they never do that when I push to ING.


Please explain it more. Why should Wachovia charge anything if ACH is initiated by some other bank?

furrypanda said: For Free checking:
"This account does allow you to use teller services either."

Does Free Checking allow in bank teller service or not?

In my experience, it allows in bank teller service. I've had no problems walking into my local branch and taking care of transactions at the teller window ever since I've had my Free Checking account with HSBC.


Edit: Though I should mention that I just do deposits at the teller... everything else is either through the ATM or online.


JW

TonySpero said: furrypanda said: For Free checking:
"This account does allow you to use teller services either."

Does Free Checking allow in bank teller service or not?

I always deposit big checks with tellers, smaller checks in the ATM, 100% sure about deposits, I never withdraw or transfer via tellers, but there was a blurb in last month's statement that you can no longer withdraw or transfer or do a balance inquiry, but all this can be done via ATM or online, so no big deal.

Which part of the statement says that. I just got my first electronic statement yesterday. Didn't see anything about cannot withdraw/deposit via teller. If you can't withdraw deposit via teller, then what are tellers for?

kesh said:
Which part of the statement says that. I just got my first electronic statement yesterday. Didn't see anything about cannot withdraw/deposit via teller. If you can't withdraw deposit via teller, then what are tellers for?

I said, You CAN deposit via tellers, I have the statement in front of me here it says: "Effective September 30, 2005 - You will no longer be able to make Withdrawls, Transfers or Balance Inquires from Manned In-Store Banking Facilities"

It does not state a specific type of account, so I guess it will apply to all HSBC accounts, but you can still deposit, that's what the tellers will be there for, and also to open accounts, and other things, who knows?
I get my statement in the mail, so I don't know if it shows up in the electronic statement.

costa9 said: Does anyone have positive application experience with HSBC without a home phone number?
In the application, it asks home phone number and explicitly says "no mobile phone numbers please". Unfortunately I don't have a home phone. I met the same problem when I applied citibank checking, and they insisted to let me send my home phone bill, which I didn't have it.

Thanks!

I used my roommate's phone number for the same reason. GMAC gave me the same problems and I gave up with them. Ironically, with a growing trend of people giving up land lines for the free long distance of cell phones, banks are increasingly demanding we have land lines I made sure to call their customer service to voice my feedback on the poor nature of that policy in hopes they will change it in the future.

I used the HSBC ATM for the first time today, used it to deposit a rebate check. Just found a couple things unusual with HSBC ATM that differ from other banks.

1. The envelope ask you to write your account number on the deposit slip (like I can remember that), ask a guy inside the branch, he said you don't have to if you can't remember.
2. The ATM only allow you do one transaction at a time, so if you want to do a second transaction, you must insert the card and punch the pin again.
3. The recipt does not give your account balance, only indicate that you made a deposit of $XX.XX.
4. The account balance on screen (after reinserting the card) does not reflect the new deposit. The balance online (home computer) also does not list this new transaction. I guess it will be posted tomorrow.

I just found this a little unusual, especially not telling you your balance on the receipt. The ATM I used is the one in Beverly Hills, CA, maybe different in other places.

Does HSBC give any bonus to open the savings account like ING?