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HSBC fraudulent practices
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| posted by ubemochi 132 days ago |
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I am so furious with these white-collar criminals...a few months ago they offered me a Business Card (Gold Credit Card) saying that all fees were waived for one year, and that if i didn't want to use it, after one year i could easily cancel it.
I already had and seldom used a credit card, so i was a bit reluctant.
Anyway,i accepted the card, and used it on holiday to pay for hotels and restaurants.
I assumed that HSBC would withdraw money from my bank account, given that the card was issued by them. That is what my other bank does.
Today i received a letter saying that there is an outstanding payment of HK$ 5,000. I called them saying that it must be a mistake, because there is a lot more than that in my current account. They told me that i am supposed to go to their office and pay cash or set up a direct debt.
WTF. I used a credit card because of the convenience, because i assumed the money would be withdrawn from my account. Nobody told me that i am supposed to settle payments otherwise. Nor i received a card balance.
They obviously cheated me into paying their high interest rate even when the money is available in my bank account.
Has anybody had the same experience?
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| posted by DBI 132 days ago |
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Er, no.
Any chance you're from the US and is used to using your debit card as a credit card?
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| posted by Killer Tomato 132 days ago |
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credit cards need payments, all over tyhe world as far as i know. you can set up monthly direct debit payments as low/high as you wish, but you have to do this specifically.
no bank would transfer money from one account to another without specifically being instructed to do so..........which is right, its not theirs after all.
that you didnt receive a card balance is wrong but also shows your own ignorance, wtf few months and no statements, the alarm bells do not ring with you?
HSBC are not the best but i think here you are more in fault for just assuming then hsbc is
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| posted by Lucas 132 days ago |
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You have to authorize the bank to direct debit your credit card balance at every due date. If you have not done so then it will be outstanding. This is common practice all over the world.
It is better to remain silent and be thought a fool than open ones mouth and remove all doubt.
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| posted by ubemochi 132 days ago (edited 132 days ago) |
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i disagree, it's not common practice, because my other Visa was issued by an Italian bank and the payment comes directly from my Italian bank account.
When they offered me the card, they should have given me the option of direct debt. After all the card was issued by HSBC. All it takes is a form with a box to tick, like do you prefer to settle by direct debt, or whatever other options they have. They never explained how the debt would be settled.
I never received a statement, so i assumed that the money would be transferred from my account, as it happens in Italy, where they take money out every two months, so i wasn't suprised that there was no sign of any transaction on my bank statement.
Is it that difficult to give their customers a form listing preferred payment options when they give the card? I pay my rent and all bills by direct debt, because utilities give you that option when you sign up. In this case the bank is at fault for not informing me that i needed to set up a direct debt account when they issued the card.
They can't just assume that since this is common practice i should be aware of it. Different countries have different practices, that's why communication is important. It can't be that difficult to inform their customers of various payment options. If they don't do it, it's because they prefer to exploit this grey area of miscommunication to charge interest.
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| posted by Killer Tomato 132 days ago |
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wait till your period is over and you will feel better.
its your money for foook sake, you are in charge and you are responsible, you COULD have asked questions!
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| posted by Lucas 132 days ago |
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You must have instructed your Italian bank to direct debit, or it must have been a debit card.
The whole point of a Credit Card is to use "Credit".
So you never received a statement of your credit card? How about a statement of your bank account? You didn't check if what you have spent on the credit card was taken out of your account?
You should always keep track of your money. You seriously can't blame the bank for this. This is purely your negligence.
It is better to remain silent and be thought a fool than open ones mouth and remove all doubt.
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| posted by ubemochi 132 days ago (edited 132 days ago) |
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Of course i checked bank statements, but because i used my card less than 2 months ago, i assumed they hadn't withdrawn the money yet.
They should have sent a card statement with payment options. I never received anything. I didn't even know there was an outstanding bill.
You are saying that banks should continue to con people instead of explaining procedures. What if i had never had a credit card before? They sell a service and don't explain how to use it, how fair is that??
Another example of fraudulent practice i suffered is the renewal of my time locked deposit at a much lower interest rate than the one i had agreed to.
They offered a 3 months time deposit at 2,15%, but when it expired last week, they automatically renewed it at a rate of 1%.
I understand that interest rates are lower, but why did they assume that i would accept?
They offer higher interest rates to people who switch from other banks, but not to their existing customers. So much for fidelity. One would think that switching banks creates a lot more admin hassle, wrong, they reward it!
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| posted by Killer Tomato 132 days ago |
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have you ever heard about reading the small letters?
you are at fault here, your bank is not your personal secretary.........however i agree it would be nice but its not the case. its your own ignorance at work here
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| posted by ubemochi 132 days ago |
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Small print that you need a magnifying glass to read?? That's clearly the way banks con people who either haven't got the time or the magnifying lens to read important info that should be printed in a normal character size, not in unreadable small print. How about the elderly or people with poor eye sight? Is it ok to con them?? If this is not a clear sign of conning, then what is it???
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| posted by Killer Tomato 132 days ago (edited 132 days ago) |
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blah blah blah blah
look if you cant take care of kids, you shouldnt get any, if you cant take care of your money then you shouldnt get any
i stop wasting my time on here...feel free to stick your head in the sand and keep wasting cash :)
Buh Byeeeeeeeeee
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| posted by ubemochi 132 days ago (edited 132 days ago) |
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Best way to take care of my money is to keep it away from sharks like HSBC. I have decided to cancel my credit card, and use my other card instead. I have used it for 15 years and never incurred in any problem.
There are a lot of complaints on the Net about HSBC credit cards, people whose cards were cloned, used in a foreign country, and though they could prove that they never travelled to the country in question, they were still charged. People who never used their cards, forgot them in a drawer and months later discovered they were charged outrageous fees + interest. Widespread problem in Canada and the US, where HSBC has a terrible reputation.
http://www.badcreditcards.org/HouseholdCreditComplaints.htm
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| posted by hongkonger 132 days ago |
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Although both have the same brand HSBC, your bank and the CC company are separate legal entities, The CC's are issued by Hong Kong Bank Credit Card Limited or something like that, so you need to arrange payments from your bank to the CC company, it doesn't just happen automatically.
And yes its the CC companies job to let you spend on credit and then sit back and earn that ambiguously high interest rate. In addition, as you already should know, overseas transactions can (but not always) take a much longer period of time to appear on your statement.
pay the outstanding balance and cancel the card.
We will consume 85 million barrels of oil today, what's going to be left for tomorrow?
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| posted by smog 132 days ago |
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ubemochi,
You stuffed up. Stop making yourself look even more foolish by making ridiculous (and possibly libellous) accusations against HSBC.
And please go away and only come back when you've grown up a bit.
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| posted by smog 132 days ago (edited 132 days ago) |
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There is a basic legal principle of "caveat emptor". Whenever you purchase something the onus is on you to find out how it works. You can't complain that HSBC is withholding information when at the same time the main reason for you stuffing up is that you failed to read the terms & conditions given to you when you purchased the service.
The only thing that appears not to have worked is that you should have received a credit card statement from HSBC at least 14 days before the bill was due. Maybe you gave them the wrong address to send it to? I have found both HSBC and the HK poostal service to be very reliable in delivering paperwork.
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| posted by xpat-Aussie 132 days ago |
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OMG, I spent money on my credit card, didn't pay, then p**s and moan when they charge me interest on "the borrowed money!"
Are you being fair dinkum with us ubemonchetiss? I think not!
See the word "credit" in credit card. Means, you spend, you're spending borrowed money, like a short term loan. A "debit" card, seems much the same at the point of sale (ie: swipe card, sign, purchase complete) but actually deducts money directly from your account.
"...and once you have tasted flight,
you will walk the earth with your eyes turned skyward,
for there you have been and there you long to return...."
-Leonardo DaVinci
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| posted by Load Toad 132 days ago |
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ubemochi, you have to set up the system to pay the credit card off - for the money you borrow on it.
If you don't want a credit card or debit card or don't want to check the terms and conditions of use - don't get one.
If you do get one but aren't sure how it works - ask.
I'm no big fan of banks myself but I think in this instance - your mistake.
Get over it - move on.
Anarchist governments eh?
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| posted by The Cerne Abbas Giant 132 days ago (edited 132 days ago) |
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A credit card is called that because it gives credit. How are the bank supposed to know how much you wish to pay in any given month? If you wish to pay it all off before the due date you have to tell them how much to transfer (e.g. full amount or minimum amount). It ain't gonna happen automatically.
HSBC have always been most helpful with me when I've had fake payments appear on my statement. Even once or twice when I fcuked up with a late payment they repaid the charges I had accidentally incurred as a goodwill gesture.
Watchu talkin' about Willis?
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| posted by Juno Watt 132 days ago |
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I have to sympathize with ubemochi because I wouldn't have a clue how credit cards work either.
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| posted by Killer Tomato 132 days ago |
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oh as in I have got a car but never learned to drive, now let me get behind the wheel and if i get in an accident then i will blame the car sales......
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