Despite the horror stories and the trials and tribulations we endure every day with banks, consumers are still getting some satisfaction (as opposed to no, get it) from our credit cards. In fact, we’re more well pleased with our cards than we have been at any time in the last six years. This sense of contentment seems simply to stem from the fact that banks have settled on terms for the cards stopped hitching up fees.
UPDATE: A rep for HSBC has finally responded to our request for clarification on the fees.
HSBC Really Wants Your Cellphone Number To Alert You To Suspicious Activity (Oh, And Also To Make Collections Calls)
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.
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.
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.
Whenever someone has a dispute with a merchant over a credit card charge, we always suggest they attempt to issue a chargeback through their credit provider. But not all card issuers and credit card networks handle chargebacks in the exact same way.
Back in the wild and crazy mid-2000s, when we were all taking out adjustable-rate mortgages on vacation properties in Nunavut, Consumerist reader Matt decided to take advantage of the attractive interest rates on HSBC’s high-yield online savings accounts.
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.
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.”
The banks of America are breaking new ground every day in the science of nickel-and-diming consumers with fees that start from the second you open an account to the moment you angrily close your account… only to move it to another bank with a different set of fees. But since there are so many ways in which financial institutions can bleed your account dry, the folks at CNN Money have come up with their list of the most annoying fees.
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.”
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.
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.
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.
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.