HSBC consumer complaints skyrocket

Although HSBC claims the bank has no idea why they would fall to the bottom of a customer satisfaction survey, complaints continue. From bungled payoffs to missing contracts consumer complaints are submitted on a daily basis.

A major complaint in today’s economy are HSBC complaints regarding harassing phone calls at work. With record-high unemployment many employers are looking for an excuse to fire employees.

One complaint that attracted our attention was about missing paperless statements. Although we know HSBC often fails to mail a paper bill at the end of an interest-free period, does HSBC do so with paperless statements too? It is an issue for further trend analysis.

Foreclosure complaints continue, but it might not be what you think. HSBC customers, tired of harassment and lack of help, are inviting HSBC to foreclose. Many homeowners report that HSBC added thousands in fees and charges but the bank fails to offer any help.

All terrain vehicle (ATV) financing always seems to be a problem area for HSBC. Specifically, HSBC complaints regarding title releases or lack of clear title after payoff seems to be a common theme over the years. Complaints about HSBC ATV titles continue today.

Merchant complaints involving merchants with HSBC-backed store credit cards continue to reflect poorly on those merchants, thanks to HSBC. What is alarming from a regulatory standpoint are reports of HSBC e-statements, or ‘Green’ paperless bills, that arrive too late to make a payment in the billing cycle. Watch for regulatory scrutiny here.

As HSBC tries to determine why customer satisfaction is at an all-time low, customers report that online payments made through the HSBC website can take up to four days to post.

All of my mortgage companies, and all of my credit card companies post payments immediately. HSBC takes four days. (No, I do no business with HSBC.) Customers expect HSBC to operate like all other financial institutions, but the bank does not. Could that be a source of dissatisfaction? We think so.