TM in Texas said: “HSBC is still running a scam! Why doesn’t the law prohibit this by NOW? Third go round for us with a Best Buy purchase (shame on us). Even knowing going in to this last purchase about the scam they run, they still got us.
Our first payment due Sept 12 was sent electronically via our bank on Sept 4th, and credited by HSBC conveniently on Sept 13th the day after they accrued a finance charge.
It does not take 9 days for an electronic payment transaction, so who does HSBC they think they are kidding? HSBC put the finance charge in a separate account at 21% APR and with every payment made on time (as the first was through an automatic payment we set up) never cleared the balance.
Of course HSBC just kept adding late fees on the late fee account at $39.00 a pop.
Now we owe $101 extra when we’ve made payments consistently from the beginning, on time.
The attempt to talk to someone on the phone took over an hour, after which a 30 minute discussion ended in us being told HSBC would “forgive” one late fee but only after we paid the extra $101.
This is the most blatent predatory usery scam I have ever witnessed and in this day and age I cannot believe HSBC is allowed to stay in business! What’s it going to take?
I’m ready to spend whatever it takes to take them to task, it’s not about the money, it’s about the principal of this being allowed to exist, obviously going largely unchecked by our legal system.”