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Old 27-09-2011, 08:32   #1
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Online Banking - HSBC !

In the past I have recommended HSBC as an online banking institution. I have to now rescind that recommendation. I have closed my HSBC account and will be recommending against using them in the future.

Here's why...

Recently they apparently had some sort of a security breach that jeopardized customer information. That alone is bad enough. What makes it worse is that they did not send out any notification to customers.

IF YOU USE HSBC FOR ONLINE BANKING, CHECK YOUR ACCOUNT IMMEDIATELY!!!

My account was "suspended" due to this breach and I did not find out until I went to perform a money transfer. Only then did I discover that my money is frozen. The fastest way for me to get my money is to close the account and have them mail a check to my address of record. This, they say, will take 7-10 business days. This is too long! A transfer normally happens in 2-3 business days and I was counting on my money being available within 4-5 days at most. I am now likely to incur late fees because of THEIR failure!

Had they simply informed me immediately upon my account being suspended, I could have taken care of the issue BEFORE I needed to conduct a transfer. To me, this is and unacceptably poor level of customer service. They have lost my business for good.

Again, if you have an online account with HSBC I suggest that you check it immediately, in order to find out if your account has also been "suspended." Better, I suggest you close your account and move it somewhere that has a better level of customer service. I will begin the search for a new bank as soon as I hit the "submit" button on this post!
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Old 27-09-2011, 08:42   #2
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Re: Online Banking, Beware of HSBC!

thankyou for the info as i was considering opening an account with them here in mazatlan..good to know, ty
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Old 27-09-2011, 09:09   #3
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Re: Online Banking, Beware of HSBC!

We have had good luck with UBS, but all banks err on the side of caution for their protection and yours. Being of the older generation, I'm truly amazed at how easily one can walk up to a sidewalk machine in the mountains of Bolivia and draw cash.
If you plan to make a large transfer, it's best to clear that with your bank several days in advance. If you close your account, they will wait till they are sure all activity has ceased, and mail your money only to the address on your account. How would they know you are not the person who hacked the account and password and wants your money sent to them?
It's good to have several cards active and carry cash, VERY CLEAN $100s.
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Old 27-09-2011, 09:29   #4
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re: Online Banking - HSBC !

might wanna rethink the100s--is harder to pass usa 100s than to get them. peso is high....
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Old 27-09-2011, 10:27   #5
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re: Online Banking - HSBC !

Here in the Rio banks will change up to $200 a day in clean bills but only for gringoes, as $100s are the favored currency for local drug runners. It's all BS anyway. We were in Manado, Indonesia, trying to cash some travelers checks and being jerked around by several banks when one sweet teller said "Why don't you just go to the Chinese hardware store?" Little old lady surrounded by shotgun toting thugs in the back of the store. She laughed when I offered my passport as ID, great rate.
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Old 27-09-2011, 10:48   #6
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re: Online Banking - HSBC !

Don, since there appears to be no nooze on the web about any breaches at HBSC this year, and failure to notify customers would trigger all sorts of state and federal penalties, why don't you give us all some more information, or better yet, make some money by blowing the whistle on them with the feds?
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Old 27-09-2011, 11:04   #7
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re: Online Banking - HSBC !

It seems to be a growing problem. There was a news story this week on a Chase Bank customer whose account was frozen. They had no money issues and were very reputable people. It was a big hassle and finally took the TV station "problem solver" to get Chase to admit their mistake. I never keep more than "working money " in a Bank. I just transfer money as I need it. Never have trusted them!
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Old 27-09-2011, 11:31   #8
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Re: Online Banking - HSBC !

Good tip. I am still some way from "locking in" on this point, so we'll see who screws up the least in the next couple of years.
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Old 27-09-2011, 12:52   #9
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We have used BB&T for over 10 yrs. Small, but with big bank services. Have very good and cost effective identity protection. Our son returned from a year in the Antarctica. He started traveling in NZ. the bank called to let me know of unusual card/account usage.
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Old 28-09-2011, 07:44   #10
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Re: Online Banking - HSBC !

Quote:
Originally Posted by hellosailor View Post
Don, since there appears to be no nooze on the web about any breaches at HBSC this year, and failure to notify customers would trigger all sorts of state and federal penalties, why don't you give us all some more information, or better yet, make some money by blowing the whistle on them with the feds?
I have given you all of the information that they gave me. I discovered that my account was "suspended." When I called them they said it was because of a security breach that they had experienced. They told me that to get my money I would have to close my account. Of course, they wanted me to then re-open the account with them. I said, no, close the account and send me a check. I'll find another bank.

I asked for details about the security breach--how many customers were affected, when was it discovered, etc. They would not give me anymore information, because they said "it was still under investigation."

Again, I understand that this sort of thing can happen, but I should have been notified IMMEDIATELY--by e-mail, by letter, by phone, they have all of my contact information--so that I could clear the issues before I needed to make a transfer. Instead, the only notification was the "suspended" note on my account when I went to the "bank to bank transfer" page on their website.

I have opened a complaint with the Office of the Comptroller of Currency--the U.S. federal agency responsible for overseeing banks. We'll see if anything comes of that.
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Old 28-09-2011, 08:15   #11
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Re: Online Banking - HSBC !

Don, let us know/if/when you get your check. There's something not right about all of this.
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Old 06-10-2011, 12:24   #12
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Re: Online Banking - HSBC !

Well, we got our money from HSBC yesterday. So it was a total of 9 days between the time that I realized my account was "suspended" and I was able to get my money. Luckily, my local bank is not going to put any hold on the check, so the full amount is available to us immediately.

When I closed the account HSBC said it would be 7-10 days before I would receive the check. I assumed that they quoted that number, because they couldn't be sure how long it would take to get through the U.S. Postal Service. Nope. They sent the check via FedEx--next day service. So I guess they just held onto it for 8 days before sending us the check.

Other than a "form" e-mail telling me of the case number, I have heard nothing yet concerning my complaint to the Office of the Comptroller of Currency about this. When/if I do hear something I will let you all know.
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Old 06-10-2011, 12:52   #13
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Re: Online Banking - HSBC !

If you qualify (military service or offspring of military personnel) Then I recommend USAA with no hesitation. They are equipped to deal with the vagaries and pitfalls of clients who are moving targets and manage flawlessly both domestic US banking and international banking, as well as having great customer service.

I am REALLY fussy and I have never in almost 25 years of banking, insuring and borrowing had an unpleasant interaction with them. They are always professional, kind and friendly. Their online services are robust and their rates are among the most reasonable to be found.

Perfect for travelers and cruisers.
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Old 06-10-2011, 14:11   #14
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Re: Online Banking - HSBC !

I have HSBC accounts in 2 countries and have had nothing but positive experiences to date. Is this a U.S. HSBC account with which you had troubles?
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Old 07-10-2011, 03:48   #15
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Re: Online Banking - HSBC !

Quote:
Originally Posted by Zanshin View Post
I have HSBC accounts in 2 countries and have had nothing but positive experiences to date. Is this a U.S. HSBC account with which you had troubles?
I too have HSBC accounts in 2 countries (Thailand and US). My main one is the US account and I've had nothing but good service.

But there is always the exception to the rule.
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