First HSBC bill arrives late, and with late fees

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TD in Texas reports: “Got first bill after the due date and late charges were added. They also increased the interest rate to twice the amount stated. All because of the first bill being late, which was no fault of my own. HSBC did not accept responsibility.”

Editor’s Note: As HSBC fans browse our complaints blog for the purpose of ridiculing those who were told their payments were late, one in particular likes to tell those people to take responsibility for being late. Shea vs Household, settled by HSBC since HSBC owned Houshold for two years by settlement time, suggests a different story. Perhaps HSBC should take responsibility for a systematic scam of applying payments as late payments. Showing a systematic pattern in court of doing so from 1994 through 2004 is not enough for some. Common sense and daily complaints tell us HSBC Finance is still doing what they were told not to do. So much for taking responsibility. Perhaps another $10 million fine is small change? HSBC is allowing HSBC Finance to throw HSBC Plc’s reputation down the drain. Others say that is not enough for HSBC Finance, as they might have poisoned overall U.S. economic growth.

This article, First HSBC bill arrives late, and with late fees, is just one of our articles from Bank Horror Stories, HSBC Secrets

Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.

We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.

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One Comment

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Posted November 15, 2007 at 11:36 am | Permalink

Please do not use the ID “HSBC” unless you are authorized by HSBC Plc to do so. Upon request we will be forced to delete your comments because your ID suggests a public statement from HSBC. I’m just letting you know in case your comments disappear. It won’t be because we are not open minded, but because of the HSBC name you chose. Having said that, you are wrong.

We’ve heard this song and dance before. “Legally speaking, companies are not even requires to send billing statements” is not true. The customer must opt for email notification or electronic delivery. FDIC law requires statements. Here is the law:

Sec. 1666b. – Length of billing period in credit statement for imposition of finance charge; effect of failure of timely mailing or delivery of statement

(a) Additional finance charge. If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part unless a statement which includes the amount upon which the finance charge for that period is based was mailed at least fourteen days prior to the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.