HSBC fights new rules in UK and US
HSBC is not alone in a desire for more easy money from your account. Royal Bank of Scotland Group Plc, HSBC Holdings Plc and six other lenders are counting on Britainís highest court to overturn a ruling that may allow a regulator to oversee fees charged on bounced checks.
The U.K. Supreme Court in London is scheduled to rule today on whether the Office of Fair Trading can proceed with a trial challenging the amounts banks charge when customers exceed limits on checking accounts. British banks charge as much as 30 pounds ($50) and up to 30 percent interest to customers who bounce checks or spend more than they have in their account, according to data company Moneyfacts Group Plc.
The issue of banks wanting their way with your money is not limited to the United Kingdom. In the United States a virtual who’s who of troubled banks formed a coalition. The American Financial Services Association – which includes HSBC – held a conference call with reporters to update them on its efforts — successful so far — to torpedo plans for a new Consumer Financial Protection Agency.
AFSA membership includes some of the best-known names of the financial crisis: CIT, CitiFinancial, Countrywide, EquiFirst, HSBC, Morgan Stanley, Wells Fargo Financial and GMAC. While HSBC did not ask for US Government bailout money the bank did received counterparty money when the government bailout out AIG. HSBC received approximately $1 Billion.
CLearly HSBC and other banks what to do whatever they wish, with no intervention by anyone, but that logic caused the worldwide financial crisis in the first place.