I propose a new initiative for HSBC customers, for the months of January, February, and March 2009. I call the initiative “Guidelines for paying HSBC in 2009” and it involves how to send your payments to HSBC in 2009 using priority mail and delivery confirmation. Please read this carefully and entirely!
First and foremost I must re-establish that we are not affiliated with HSBC or their merchants in any way. Like tests of early warning alert systems on the radio, our sirens are going off. This is a test. It is only at test, but this is a test that HSBC and HSBC Finance will not like at all. After reviewing all of the complaints received this week I was angered and amazed at how many people were told that their payments were late, lost, or not received at all. The problem has been a problem for years. The problem has spread from credit card payments to mortgage payments and home equity line payments. It must stop now.
Our “Guidelines for paying HSBC in 2009” proposal is simple. Customers who mail their payments should do so by priority mail with delivery confirmation. You will know when HSBC received your payment at their facility. You will know exactly, to the minute and second. You will be empowered with knowing if HSBC violated the FDIC regulations quoted here:
226.10 Prompt crediting of payments.
(a) General rule. A creditor shall credit a payment to the consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge or except as provided in paragraph (b) of this section.
(b) Specific requirements for payments. If a creditor specifies, on or with the periodic statement, requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the creditor shall credit the payment within 5 days of receipt.
(c) Adjustment of account. If a creditor fails to credit a payment, as required by paragraphs (a) and (b) of this section, in time to avoid the imposition of finance or other charges, the creditor shall adjust the consumer’s account so that the charges imposed are credited to the consumer’s account during the next billing cycle. (see entire reference)
To mail your payments simply use the online U.S. Postal Service Click and Ship website, or take your payment to your nearest post office. Use priority mail with delivery confirmation. You can check the delivery time and date from your computer, or the post office can do it for you. HSBC has nothing to do with it. It is your legal record of when the payment was delivered, as certified by the postal carrier, not HSBC, and therein is the answer and the evidence.
Forward your evidence to us and we will compile the data. Indicate the date sent, date received, tracking number, and date payment was applied.
Today we received an email that said, “I am a Customer Service manager here in (redacted). I know for certain that HSBC is not only a predatory lender, but we are the biggest predatory lender in the business. Never, ever do business with my company.”
Is that true? Does HSBC hold payments, including credit card payments, mortgage payments, and home equity line of credit payments? Our reports say HSBC does hold payments, reaping extra rewards at the customers expense.
If I were working at HSBC I would immediately process payments delivered by priority mail and delivery confirmation, just so the evidence gathering would fail, but that would mean your payment was applied correctly, which is a good thing. We will see how this goes. On the other hand if HSBC cannot apply payments as late payments then HSBC will not profit from it, which is also a good thing.