(frankieleon)

Report: HSBC To Pay $1.9 Billion To Wash Away Money-Laundering Claims

Remember earlier this year when a Senate investigation found that HSBC had effectively turned its head while customers laundered billions of dollars for drug cartels and other illegal entities? Well, it looks like the bank will be hit with a record-setting settlement of $1.9 billion over the mess. [More]

(exfordy)

Georgia Counties Sue HSBC, Say Bank’s Prejudiced Loans Cost Them Millions

Three counties in Georgia have filed suit against HSBC, claiming the bank pushed minority borrowers into expensive, subprime mortgages. But these banks aren’t suing on behalf of the wronged borrowers. Instead, they allege that the predatory practices ultimately resulted in lost tax revenue, decreased property values and other damages. [More]

HSBC Confuses, Angers Online Customers With Vague New Fees

HSBC Confuses, Angers Online Customers With Vague New Fees

UPDATE: A rep for HSBC has finally responded to our request for clarification on the fees. [More]

HSBC Really Wants Your Cellphone Number To Alert You To Suspicious Activity (Oh, And Also To Make Collections Calls)

HSBC Really Wants Your Cellphone Number To Alert You To Suspicious Activity (Oh, And Also To Make Collections Calls)

According to this post from yesterday, the folks at HSBC’s collections dept. have such a trigger finger on the redial button that they made a list of most-blocked phone numbers. And now we have a pretty good idea where HSBC is getting permission to call up customers’ cellphones. [More]

HSBC Executive Apologizes For Lax Controls That Allowed Mexican Drug Cartels To Launder Money

HSBC Executive Apologizes For Lax Controls That Allowed Mexican Drug Cartels To Launder Money

Irene Dorner, president and CEO of the U.S. division of HSBC says she’s sorry that lax controls at the bank have allowed for what lawmakers say amount to many illicit transactions over the years, including the pretty serious claim that Mexican drug cartels have laundered billions of dollars through a U.S. operation. [More]

Report: HSBC Will Tell Senate How Super Sorry It Is For Money Laundering

Report: HSBC Will Tell Senate How Super Sorry It Is For Money Laundering

HSBC is reportedly all set to air its dirty laundry to a Senate subcommittee next week and will apologize to authorities for allowing money laundering to go on under its own roof. Get it off your chest, HSBC. It’ll feel so much better after you do. [More]

This HSBC Customer Is Left Out Of The Changeover

This HSBC Customer Is Left Out Of The Changeover

Last year, HSBC unloaded its credit card division on Capital One, and most of its retail bank branches in the Northeast to upstate New York’s First Niagara Bank. They’ve also been selling off their retail banking operations in other countries. Regular people just aren’t as profitable as we used to be. The thing is, while those branches and all of their customers have been sold, not all of their customers are making the change. George, who lives near a branch but had opened his HSBC accounts online for the sake of convenience, didn’t know this. He’s not associated with a branch, so his account stays with HSBC. He just won’t have a branch to go to. [More]

HSBC's Credit Card Policies Feel Like 1994 All Over Again

HSBC's Credit Card Policies Feel Like 1994 All Over Again

Victor knows that shopping at Best Buy isn’t a popular choice around here, but he really likes getting 4% back in Reward Zone points to spend on even more stuff at Best Buy. That does sound pretty sweet. In this situation, his actual beef is with HSBC, the bank that runs Best Buy’s credit cards. He made some big purchases, then made an electronic payment from his bank account to pay off the balance. Now there’s a mysterious hold on the account, and he can’t use the card. Turns out that large electronic payments are “held” for eleven days to make sure everything clears. Longer than it would take with a paper check. Unable to make any more purchases with his card, Victor just went and bought his iPad 3 somewhere else. Darn. [More]

Banks To Offer Foreclosure Reviews To More Than 4 Million People

Banks To Offer Foreclosure Reviews To More Than 4 Million People

Millions of Americans have lost their homes in the last few years and — as any reader of Consumerist knows — the banks who foreclosed on those properties have also made more than their fair share of errors. Thus, starting today, 14 of the country’s largest mortgage servicers are contacting millions of foreclosed-upon former homeowners to offer them the opportunity to have their cases independently reviewed. [More]

Got An HSBC Credit Card? It Will Soon Be A Capital One
Card

Got An HSBC Credit Card? It Will Soon Be A Capital One Card

Two months after upsetting ING Direct customers by agreeing to buy the online bank for $9 billion, the Capital One vikings/barbarians have announced a deal to purchase HSBC’s credit card division for $2.6 billion. [More]

Judge Orders HSBC CEO To Explain "Frivolous" Foreclosure Motion

Judge Orders HSBC CEO To Explain "Frivolous" Foreclosure Motion

When HSBC failed to prove it even owned the Brooklyn home it was attempting to foreclose on, the judge in the case not only dismissed the bank’s foreclosure motion but also ordered the CEO of its North American division to give an in-person explanation of why he shouldn’t penalize HSBC for what he calls a “waste of judicial resources.” [More]

Maine Supreme Court Reverses HSBC Foreclosure On "Untrustworthy" Paperwork

Maine Supreme Court Reverses HSBC Foreclosure On "Untrustworthy" Paperwork

Maine’s Supreme Judicial Court has overturned a foreclosure brought by HSBC against a local homeowner, citing affidavits submitted by the bank as “inherently untrustworthy.” In vacating an earlier decision, the court declared that HSBC’s records “are not of the quality that would be admissible at trial.” [More]

Middlemen Blocking Mortgage Mods

Middlemen Blocking Mortgage Mods

Homeowners trying to get loan mods often run into resistance by banks who say they’re powerless because they need to protect the interests of investors. But ProPublica reports a recent lawsuit uncovered a document where, when HSBC polled investors, a majority of those responding say they favored letting the loans being modified. [More]

Man Who Torched Car To Save Home Ends Up In Court

Man Who Torched Car To Save Home Ends Up In Court

A Utah man had a bold plan, which we told you about last year. His house was going into foreclosure unless he could come up with $21,638.02 to pay HSBC. So he announced to the world that he would burn his car and post the video online in exchange for donations. He raised about $15,000 and even sold $1,200 worth of advertising on the side of the car. He tried to work with local fire departments to get them to let him burn the car, to no avail. So he did it on public land and now he’s in court and getting fined, reports KSL. [More]

HSBC Joins List Of Banks Warning It Will Probably Get Fined For Improper Foreclosure Practices

HSBC Joins List Of Banks Warning It Will Probably Get Fined For Improper Foreclosure Practices

HSBC is the latest in a string of banks who warned investors via their SEC filing that they expect to get fined after getting a letter from regulators chastising their improper foreclosure practices. On Friday, Wells Fargo, Ally Financial (formerly GMAC) and SunTrust banks made similar announcements. [More]

Subprime Credit Cards Are Back, Now With Extra Interest!

Subprime Credit Cards Are Back, Now With Extra Interest!

After a couple years of hiding in the shadows, credit cards targeted at consumers with less-than-stellar credit ratings are once again making a push to gain new customers. [More]

HSBC Just Assumes You Want The $90 Check-Printing Service

HSBC Just Assumes You Want The $90 Check-Printing Service

Adam never received checks for his new HSBC account, so he stopped by his branch to order some. He must have struck bank employees as the kind of guy who demands nothing but the best, since branch employees handed him the order form for the most expensive checks. The ones that cost $90. [More]