Date Received: 2020-02-01
Issue: Opening an account
Subissue: Didn't receive terms that were advertised
Consumer Complaint: I started the process of opening a Direct Savings account with HSBC on XX/XX/2020. At that time, the advertised rate on the website was 2.05 % APY. see https : //www.us.hsbc.com/savings-accounts/ After a couple of weeks, the account was approved and I transferred my funds. I got my first statement at the end of the month, and saw that my actual rate was 2.00 % APY. Around the same time, I received an email notice that the rate would be dropping to 1.85 % APY on XX/XX/XXXX, around two weeks after I opened my account. I contact HSBC to request that I be given the advertised rate, and they denied my request but acknowledged my complaint. The terms on the website state that " APYs are variable and subject to change after opening. '' However, given the cost, both in time, and potential fees, it seems unethical and unfair for the bank to change the rates so soon after the account is opened, and by such a large amount ( a 10 % reduction in the rate!! ). Had I known that the rate would change so suddenly, I never would have gone through the time and effort of opening the account. Further, there is a charge for closing the account within 180 days of opening it : " Account Closing {$25.00} If your account is closed within 180 days of opening. '' Additionally, as of the writing of this report, the rate displayed on the HSBC Direct website is 2.00 %, but according to the email that I received, the actual rate that a new customer can expect is 1.85 %, which is apparently false advertising. If HSBC knows that they will be changing the rates in the coming weeks, they should be required to change their advertised rates to reflect what the customer will actually receive.
Company Response:
State: CA
Zip: 90404
Submitted Via: Web
Date Sent: 2020-02-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-31
Issue: Advertising and marketing, including promotional offers
Subissue: Didn't receive advertised or promotional terms
Consumer Complaint: In late XXXX of XXXX, I applied for a credit card with HSBC. The company advertised a promotional 0 % APR for 18 months. On XX/XX/XXXX I received an email confirming my application. The email from HSBC Online Account Opening Team said " Thank you for applying for an HSBC Gold Mastercard credit card. Our team is currently reviewing your application. We may need more information in order to process your application, and if so, will reach out within 7-10 business days. '' On XX/XX/XXXX I received an email welcoming me to my HSBC Gold Mastercard. The email said " Your card will mail in 7-10 business days. We'll send you an email when it ships. '' On XX/XX/XXXX I received an email with the subject line " Activate your new HSBC Credit Card today '' and said : " We recently mailed your new Credit Card and want to make sure you're enjoying the benefits.Once you activate, expect : No Annual Fee A Low Introductory APR on purchases and balance transfers 1 '' and " 1. Refer to your to your [ sic ] Cardmember Agreement for more information. '' The email included an " Activate '' button, which I followed. I was unable to create an account or begin the balance transfer process without the actual card. I did not receive the actual card until XXXX. I created an account and set up balance transfers. On XX/XX/XXXX I received the confirmation of the online banking registration via email. On XX/XX/XXXX I received confirmation of the balance transfer requests. When I made the balance transfer request, the interest rate was never specified - only that " terms and conditions of your account as previously disclosed '' applied. My first statement showed not only the 4 % transaction fee - which I expected - but a 15+ % interest rate. I contacted the company via online chat on XX/XX/XXXX, and was told the balance transfer needed to occur within 60 days of account opening to qualify for the 0 % rate. Those 60 days passed while I was waiting for the card, without which I could not create an account or make the balance transfer. I was told by the agent that my problem would be passed to their " back end teams '' and I would receive a reply in 3-5 business days. On XX/XX/XXXX I contacted the company via online chat again, as more than 5 business days had passed without a reply. I was told that they would not honor the 0 % interest rate. I obviously would never have made the transfer - or opened the account - if not for the 0 % rate. I feel misled by HSBC 's practices. I can not know if HSBC deliberately delayed my card, but I know I did not receive it before the end of the 60 day promotional period. During my discussions with agents in the online chat, I was told I could have called them to make the balance transfers before receipt of the card, but that option is not specified in the emails I received while waiting for the card. HSBC does not disclose the interest rate during the balance transfer request process, as many other companies do. Had I known my transfers were not eligible for the promotional rate, I would have not made the requests - or would have at least called the company to correct the error before I agreed to a 4 % transfer fee. I considered small claims court for the 4 % transfer fee and interest HSBC charged me ( a total of {$560.00} ), but upon reading the full agreement that came with the card, I discovered I am bound by an arbitration clause. In order to opt out if that clause, I must notify the company within 60 days of opening the account - which as I noted had already elapsed before I received the information. I can provide the emails and the transcripts of the online chats described above.
Company Response:
State: VA
Zip: 22041
Submitted Via: Web
Date Sent: 2020-01-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-29
Issue: Took or threatened to take negative or legal action
Subissue: Threatened to arrest you or take you to jail if you do not pay
Consumer Complaint: Call from XXXX claiming I owe on an HSBC credit card opened in 2013. I did not open a credit card at all, much less with HSBC. They threatened to send letters to my family members but would not tell me which ones. They threatened to forward my account to their attorney but could not tell me what attorney. They could not tell me their physical location and stated that since I asked for the physical location that I was threatening them. They stated they did not have to mail me anything since they were only " mediators '' acting on behalf of HSBC. " Mr. XXXX '' was the name used but would not tell me the name of the company.
Company Response:
State: NC
Zip: 285XX
Submitted Via: Web
Date Sent: 2020-02-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-29
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Difficulty submitting a dispute or getting information about a dispute over the phone
Consumer Complaint: In XX/XX/2019 I transferred a balance to HSBC to take advantage of a 0 % offer for 12 months on a balance transfer. I set up auto-pay on the HSBC website. I verified my first payment went through without an issue in XX/XX/XXXX. After receiving no letters, emails, calls, texts, or other notices from the company I received an email from XXXX in XX/XX/XXXX telling me I had a 30 day late payment reported on an a credit card account. After reviewing accounts I realized I was unable to log in and review my HSBC account details and my auto pay details. I called HSBC to see what happened. They took no responsibility for the fact that the auto pay system failed, they also took no responsibility for not even telling me in any form or notice that I was late at all, however, they did agreed to credit me back the late fee, nonetheless that was a minuscule consolation considering the company was damaging my hard earned credit history. After several more communications with HSBC and numerous hours on the phone I realized they were not going to assist me with removing this 30 day notice because they claimed there was no bank error. But, in fact, there was a bank error and even worse zero communication from them about my auto pay not going through or that I was even late at all. It took over 30 days after that payment was due before I finally received a letter from them in late XX/XX/XXXX saying my account had been closed and I could no longer make payments online. I must say, I have worked with many financial companies and I rigorously keep track of my payments and credit score. The service and attention I have received as a customer from HSBC has been appalling and I hope that by filing this complaint HSBC tries harder and modernizes and corrects their auto pay system, establish safe guards and warnings to customers when payments are not received on time, and establish a clear protocol to assist customers in removing bank error late payments that show up on customers credit reports due to HSBCs failure to communicate adequately or assist their customers. I have not had a late payment on any debt for over 8 years and it is very frustrating to work so diligently to establish an XXXX score only to have it dismantled by a poorly run financial company like HSBC, now my score is in the mid 600s. Please note I am still paying this card and do expect it to be fully paid by the end of the 0 % promotional period. I hope the CFPB can assist me with this matter so not only I, but other customers of HSBC do not get fleeced in this manner in the future. If I were preparing to buy a car or take out a home mortgage this could have had huge financial implications for me, so for now I am sidelined from making any significant purchase with credit like a car or home until this matter gets resolved.
Company Response:
State: CA
Zip: 911XX
Submitted Via: Web
Date Sent: 2020-01-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-28
Issue: Problem with a purchase shown on your statement
Subissue: Credit card company isn't resolving a dispute about a purchase on your statement
Consumer Complaint: 1. My old card expired, so HSBC sent a new card to my home ( U.S ), but it was stolen and used by criminal suspect from XX/XX/XXXX. when all transaction happened, I was physical located in XXXX, XXXX ( passport record can prove ) 2. In XX/XX/XXXX, I received a call from HSBC to remind overdue payment, then I found the credit card was on fraud. ( No text messages and phone call from HSBC to remind the abnormal transactions ) 3 I reported to HSBC about the fraud in XX/XX/XXXX and filed a policy report on XX/XX/XXXX in US 4. From XX/XX/XXXX till XXXXXX/XX/XXXX, I keep contacting HSBC fraud department and look for a solution ( made over 15 times phone call ), HSBC partially dispute the transaction, but still denied over {$6000.00} transaction. Complains : Here is the complains for my case : 1. Fraud department didn't make any progress from XX/XX/XXXX to XX/XX/XXXX. 2. In XX/XX/XXXX, Fraud department supervisorXXXX XXXX ( not sure the name is correct ) told me HSBC partially disputed the transaction, and suggested me call XXXX XXXX XXXX, I called more than 10 time of the number, but no response. so I have to call fraud department, but fraud department asked me call ( XXXX XXXX ), so I was a ball been kicked one side to the other. 3. Fraud department told me different reasons of deny the fraud dispute requirement each times when I called 4. I required to talk to fraud department supervisor from XXXX ( >5 times ), only one time received call back, but no progress. 5. it passed 6 months that investigator still can't get policy report, obviously, no one is working on my case. I attached " policy report card '' and and " I94 - Custom entry/exit record- which can prove I am physically in XXXX , not in US when the fraud happened ''
Company Response:
State: CA
Zip: 95014
Submitted Via: Web
Date Sent: 2020-01-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-28
Issue: Managing an account
Subissue: Problem making or receiving payments
Consumer Complaint: I am writing in reference to my Advance Checking/Saving Accounts with HSBC Bank. On XX/XX/2019, in response to HSBCs advertisement offer ( Offer ), I opened an Advance Checking/Saving Accounts ( the Account ) in the local HSBC branch ( XXXX XXXX, NY, Personal Banker XXXX XXXX XXXX # XXXX ). Pursuant to the terms of the Offer and, as stated in my Account documents, after opening an HSBC Advance combined Checking/Saving Accounts with a balance of at least {$10000.00}, I would automatically receive {$370.00} after 90 days from the date of the account opening. As indicated above, the Account was opened on XX/XX/XXXX of 2019. I complied with all the terms of the offer by opening the Accounts for the required {$10000.00} and maintaining the balance of at least {$10000.00} for more than five months now. According to the terms of the offer and my Accounts documents, I became eligible to receive the promised {$370.00} in XXXX, 2019. However, HSBC declined my request for payment of {$370.00} without providing any explanation for their failure to honor the terms of the agreement. I called and spoke with at least 4 representatives at HSBC and the Manager XXXX but, as of today, I have not been given any explanation as to why my request for the promised {$370.00} was declined. I opened my Accounts in reliance of HSBC representation of promised payment of {$370.00} within 90 days. I have satisfied all the requirements for payment eligibility and HSBC breached its promise without providing any explanation for their refusal to honor the terms of our agreement. .
Company Response:
State: NY
Zip: 11418
Submitted Via: Web
Date Sent: 2020-01-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-27
Issue: Took or threatened to take negative or legal action
Subissue: Threatened to sue you for very old debt
Consumer Complaint: The name of the company is XXXX XXXX XXXX, and they bullied me basically into setting up payments for an old credit card debt that I had in the past. They threatened me by saying things like we will sue you, and they said someone would either come to my home or my job to serve me with papers if I didn't set up payments immediately. There phone number that was given to me is XXXX, and the fax number is XXXX. They have literally gotten close to 5 {$500.00} out of my checking account. And it is making me sick to know that I was scammed like this. I have since tried to contact them regarding my account, but the phone appears to be disconnected. And the email that is on their letterhead seems to be false also. The email is XXXX If needed, I can provide emails that were sent back and forth between me and the company. There is also another letterhead of a company with whom they may have dealings with. The name of the company is XXXX XXXX XXXX, and their info is below : XXXX XXXX XXXX. XXXX, NY XXXX XXXX Thanks
Company Response:
State: GA
Zip: 316XX
Submitted Via: Web
Date Sent: 2020-01-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-27
Issue: Other features, terms, or problems
Subissue: Other problem
Consumer Complaint: In XX/XX/2019, I applied for and was approved for the HSBC Gold Mastercard. I was sent and received the card, but HSBC closed it in XX/XX/2019, because they stated they tried contacting me, to confirm I opened the account. I spoke with the fraud security team, because they were the ones who closed my account. They sent me an e-mail, asking me to reply back with a picture of my license, for verification to reopen my account. I e-mailed a picture of my license immediately. I called again and they said they were reopening my account and sending out a new credit card. I never received it. I consistently kept calling and getting the same response. " We sent a message to the onshore team, they are responsible for sending out another card ''. I even spoke with XXXX in the HSBC XXXX branch, in XX/XX/2019. She called HSBC offshore team herself and they said they mailed a new card to me back in XXXX. She called again and got an e-mail in mid XXXX. The Onshore team stated they are sending in the new card via XXXX XXXX. I never received it. I am now back to calling every day with fake promises of call backs from managers, or hearing " We sent a message to the onshore team, they are responsible for sending out another card and we haven't heard anything from the team ''. I call almost every day and get these responses.
Company Response:
State: NY
Zip: 11795
Submitted Via: Web
Date Sent: 2020-01-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-27
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Helo CFPB. Im a victim of Id theft. Please forward documents to HSBC, thank you!
Company Response:
State: CA
Zip: 90277
Submitted Via: Web
Date Sent: 2020-01-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-01-24
Issue: Advertising and marketing, including promotional offers
Subissue: Confusing or misleading advertising about the credit card
Consumer Complaint: The issue arose from the confusion regarding the global entry statement credit of {$100.00}. HSBC Bank advertised that card holders " can redeem XXXX Cash Rewards to receive a {$100.00} statement credit to cover the [ Global Entry Application ] fee. '' I applied for Global Entry via Trusted Traveler Programs of Department of Homeland Security and paid {$100.00} with my HSBC credit card on XX/XX/2020. I called HSBC customer service regarding not receiving the cash rewards points of XXXX on XX/XX/2020 and they advised me that to redeem the global entry statement credit of {$100.00}, I need to have XXXX cash rewards points on my own. That means HSBC Bank will not provide the XXXX points to me. This is misleading advertisement because usually I can redeem cash rewards points for cash back to use as statement credit. XXXX points is equivalent to {$1.00}. It doesn't require this promotion to redeem rewards points as statement credit. The customer service team of HSBC Bank agreed that the statement is confusing and raised the concern to HSBC Bank. HSBC Bank responded that the statement is not legally wrong ; therefore, HSBC Bank is not liable for misunderstanding. Due to this advertisement, I applied for global entry to take advantage of the benefit from my HSBC credit card. Now, I have to cover my own expense because of HSBC Bank 's misleading advertisement.
Company Response:
State: CA
Zip: 91789
Submitted Via: Web
Date Sent: 2020-01-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A