HSBC branch growth is slowing, so HSBC is calling it a niche model. “We have a very niche branch strategy — we are not opening our branches just to cover” the country, Brendan McDonagh, chief executive of HSBC North America Holdings Inc., said in a call with reporters on Monday. “We have no aspirations to compete on every street corner, in every state.”
Tomorrow morning the credit card industry will change. New credit card laws take effect February 22nd 2010. What’s left for subprime customers? Issuers such as First Premier, HSBC and Capital One continue to offer low-limit cards to customers with poor credit.
Effective February 22, 2010, consistent payment cycles are mandated. The Credit CARD Act mandates that statements be mailed or posted online no later than 21 days before an account’s due date. How HSBC will comply or achieve compliance after failing for many years remains to be seen.
In the UK there seems to be a scam perpetrated by a company known as Glovista. Notice how HSBC tries to avoid liability but finally gives in. A telling sign is HSBC’s payment of an extra 100 pounds:
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.