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Everything about you, from your social security number to your home address, must be transmitted overseas if HSBC continues to moves jobs to India and other countries.
How will that data be transferred? Will the information be protected under U.S. laws, U.K. laws, or the laws of the country in which the records are used? Can a bill collector call you in the middle of the night, while protected under Indian law?
These questions and more remain to be answered as HSBC and HSBC North America contemplate outsourcing even more jobs to India, the Philippines and other countries.
Conservatives claim that you should look for a bank locally, a reflection of those concerned about identity theft and privacy issues. At least ask about outsourcing, and do an Internet search before initiating any new financial decisions including credit card applications.
Sources close to one investigation point out that Decision One mortgage is actually troubled predatory lender Household International, a wholly owned subsidiary of HSBC. Decision One is not required to tell you about the affiliation.
“Unless you know where your information will be, and it is guaranteed to be secure from terrorists and political upheaval, do not take a chance with large global banks and their subsidiaries” said one source close to the investigation.
This article, Outsourcing Puts Your Financial Records Overseas, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
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.
