I have been a customer of HSBC since the GFC, and wow what an unethical organization this is. It may be legally correct at the strict interpretation of contract law but when the contract is written into many tens of pages, how can the ordinary consumer digest or even have the opportunity to rewrite the terms? Consensus ad idem only exists in the theory of legal texts! I can truly understand how the HSBC was fined over $1.4 billion in the USA for its recent (2012) illegal and unethical conduct. I only hope that the Australian authorities are monitoring this organization as I sincerely hope that the HSBC has not imported its dubious conduct and track record into Australian society.
My client applied for a BG to insure to the Building division where she lives, and the credit dept of HSBC Kowloon replied with the attached letter with no ref, not a real letterhead but a copied one, no signature of bank officer or bank stamp. My client is a Premier account holder with a balance of over 5 Million, has a compliance officer, I feel the bank has written a fraud letter using copy bank letterhead.
Im truly starting to think that this bank is an absolute joke. We have been waiting on a short-sale approval from this bank for over 6 months! All information was completed and submitted by the sellers months ago and we are the best qualified buyer they could ask for (with 20% down payment and credit scores of 800) but yet the HSBC loan negotiator cannot return phone calls or emails from our realtor! She casually requests a BPO and then another and then weeks go by and no response. Ive never seen something so frustrating and ridiculous. There is no supervisor to contact and no response, just totally at the mercy of an inefficient bank and process. I certainly will never bank with these people.
I have been trying to get HSBC to close my checking account (and keep it closed) for almost a year. When I closed the account, I asked if anything could trigger it to reopen (in case I had overlooked an auto debit when I switched everything to my new bank). It turns out I did, and HSBC reopened my account without telling me and hit me with tons of overdraft fees that I had to fight to get them to remove.
So, I zeroed out the account a second time and asked that they close it. The next day, my online access was removed without notice, and I was told the account was closed (again). Now, its months and months later, and I get a weird email from HSBC thanking me for my online banking. I called to check it out and... surprise! My account is open again (this time for absolutely no reason), and now its racking up maintenance fees! I asked them to close it for a third time and requested a letter confirming it had been done. They tell me they cant do that because they dont send out letters and "nobody has ever requested a letter." Really? Nobody? After half an hour of telling the rep I insist on a letter, he finally put me on hold for 10 minutes and then said hes sending it to me. I doubt that will happen.
As of right now, my account is sitting open until they can clear out their own fees on an account they reopened for no reason... twice. HSBC is essentially holding me hostage and refuses to close my bank accounts. Even if they do, they refuse to guaranty they wont randomly reopen them at any point in the future for whatever reason they want. Right now, theres basically no way for me to break my connection to HSBC, or protect myself from future financial problems caused by this, because they wont close my account or provide me with written proof that my account is closed.
Everything I have read about HSBC on here is true! I even had a lawyer review my loan mod documents and said I qualify. However, I do not have enough money for a lawyer to fight them! They will not even give you an accurate reason for why you are denied. Trying to speak to an actual person is like pulling teeth and when you do, they tell you, "Oh, weve lost your documents, give us 4-6 more weeks," every excuse they can think of. Then they just deny you and tell you you make too much money and do not meet their parameters. Explain to me how I was approved for 2 1/2 years.
Now I resubmitted to extend the loan mod and none of my information has changed - salary is exactly the same but I am denied. I lost my job 2 1/2 years ago after 15 years and got one quickly but am making $11k less which qualified me for the loan mod because it was a significant reduction in income. Things have not changed but they refuse to help me any longer even though all payments have been made on time! Today, I finally spoke to someone and they said my DTI ratio is 36% - false! Its 52%! They will tell you the most ridiculous things you ever wanted to hear and again you can never speak to anyone in the Mod dept. They have someone else call for them. HUD cant even help because I dont have a Freddie Mac and Fannie Mae loan and HSBC doesnt participate. They claim they have their "own" programs - no, they do not.
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