HSBC Savings Account Withholds 28 Percent Taxes

GG in Virginia gives this analysis of HSBC savings accounts:  “I just looked at my statement on my internet savings account with HSBC.  They withhold 28% federal income tax from my interest which drives the advertised interest rate of 5.37% to 3.87%.  I am in the 15% marginal tax bracket.  I realize I will be due a refund at tax time but I am losing a lot of money as the withheld taxes are not drawing interest, at least not on my behalf.  Those funds are drawing interest for HSBC.”

Bill paid off, then got a new bill from HSBC

JD in West Virginia asks:  ” I wanted to pay off my HSBC credit card. My due date was 12/19. My payment IN FULL of the entire “new balance” on my bill was posted/credited to my account by them on 12/05, a full two weeks before it was due. I was very surprised today to receive in the mail a billing statement from them with an amount due of $4.10, since I had completely paid the bill last month and made no new charges.

Continue reading Bill paid off, then got a new bill from HSBC

HSBC Mortgage causes constant phone calls

TP in Virginia says “We had our mortgage through HSBC. They’d call us 10-15 times a day if our payment wasn’t received within 3 days of the due date (despite our 15 day grace period) forcing us to change our telephone numbers more than once (they even hounded me at work). Despite the fact our mortgage is paid in full, they still need to ask my social security number, home address, and telephone numbers before they will discuss my account and their online system shows that I not only owe a payment, but that I have a late fee assessed.  They refused to work with us during a hardship. Their customer service representatives gave us 3 different stories about how our variable interest rate worked – most representatives had difficulty with the English language and the kicker – after we paid off our loan, they held our $525 that they owed us for 15 days (until our check from our new lender cleared???) before MAILING the $525! This banking org. (and its affiliates) are not customer-service oriented at all. I wouldn’t recommend them to my worst enemy!”