HSBC Direct Bank...not happy (transaction, status, interest, money)

[taurus430]

I am new to HSBC Direct and decided to close my new account with them after what happened to me. I did a valid transfer from HSBC to my checking account. The money was deposited about a week ago, the fraud and security decided to cancel the transfer and lock me out of online banking. I just got in from being away, I had to call them, go back to the original acct and get a statement to prove this is where the money came from. Now mind you, I was linked to both checking accounts and trial deposits were verified. She asked me why I was taking the money out within one week after just depositing it. I told her i needed the money, things change. So I did email my statement of the bank it came from. This balance was already as "balance available" in HSBC, I did everything right.
I called customer service back and complained the way I was treated. The security at HSBC was to me, overkill. Now the money ($5000) never left HSBC, but my balance shows $20. If this transfer was a red flag???, where did my money go if it never left HSBC. When I called to complain, the manager told me my online status would be reactivated and the money should show up next business day. She (the person from security) was a bit arrogant, making me feel like I did something wrong.
I made it clear to HSBC I will be closing the account in the near future.

[70Ford]

I've banked with them for 3 years now...never had a problem. Then again, I've never done what you did. I wish you the best.

[hindsight2020]

I have an online account with them. Their online transfer system sucks. I had a situation about two years ago where I attempted to transfer an amount and a day later decided not to pursue it. The account locks you out of your ability to cancel the outgoing transaction and on top of it withdrew the money from my external checking account (my later transaction) before sending my hsbc money out first to said external account (the initial transaction). Leaving me with an overdraft condition with my primary bank and a locked out balance in my hsbc account, essentially robbing me for a week and a half. It takes them forever and a day to transfer money, it's a pain. I still keep the account because honestly 3% beats .25% and I don't expect better service from any online bank at this stage in the game. Bottom line if you're gonna do online savings account I'd give yourself week and a half to go thru a single transaction before you need the money, it's that inefficient.

[taurus430]

Originally Posted by hindsight2020

I have an online account with them. Their online transfer system sucks. I had a situation about two years ago where I attempted to transfer an amount and a day later decided not to pursue it. The account locks you out of your ability to cancel the outgoing transaction and on top of it withdrew the money from my external checking account (my later transaction) before sending my hsbc money out first to said external account (the initial transaction). Leaving me with an overdraft condition with my primary bank and a locked out balance in my hsbc account, essentially robbing me for a week and a half. It takes them forever and a day to transfer money, it's a pain. I still keep the account because honestly 3% beats .25% and I don't expect better service from any online bank at this stage in the game. Bottom line if you're gonna do online savings account I'd give yourself week and a half to go thru a single transaction before you need the money, it's that inefficient.

I do online banking and did run into this delay of transfers also, when they did the verification of accounts between HSBC and my checking accounts . I will stick with ING and CAP1, they are much better. ING and CAP 1 also pay 3%, with CAP 1 having a savings acct higher. I'm closing my account with HSBC, they just lost a customer for what they did to me.

[jimmyP]

Originally Posted by taurus430

I do online banking and did run into this delay of transfers also, when they did the verification of accounts between HSBC and my checking accounts . I will stick with ING and CAP1, they are much better. ING and CAP 1 also pay 3%, with CAP 1 having a savings acct higher. I'm closing my account with HSBC, they just lost a customer for what they did to me.

ING has been voted #1 online bank for several years. I have an account with them and it is smooth as silk.
My savings currently pays 3% which today ain't that bad.

[taurus430]

Update: I called HSBC to close my account. The funds that were never transfered out are not in my account (over $5000) at HSBC now, so I cannot close the account. They told me it might take 3 business days to be posted, the same as if I did a normal transfer. I told them: but the money never left, they canceled the transfer??? This too is how banks play with your money on transfers, taking forever.

[sterlinggirl]

You can bet that since it wasn't in your account, they won't pay you interest on it....and maybe even stick you with a fee for not having the minimum required funds in your account during that time.

Thanks for the warning. I'll steer clear of them in the future.

[Buckeye in SC]

Originally Posted by taurus430

I do online banking and did run into this delay of transfers also, when they did the verification of accounts between HSBC and my checking accounts . I will stick with ING and CAP1, they are much better. ING and CAP 1 also pay 3%, with CAP 1 having a savings acct higher. I'm closing my account with HSBC, they just lost a customer for what they did to me.

I'd recommend emigrantdirect, have used them for over 3 years now w/out any problems that you have mentioned.

[GeminiGal]

Never had an issue with them - I transfer $ money in and out all the time between them and my checking. You had just opened up the account - and then tried to get the $ out - unfortunately I can see where this raised the red flag with their security.

[taurus430]

Originally Posted by Buckeye in SC

I'd recommend emigrantdirect, have used them for over 3 years now w/out any problems that you have mentioned.

I did have an account with Emigrantdirect, when their rates were up there. They also are good, and I may consider going back to them. I agree with another post, HSBC seems to be inefficient, especially the way they handled this. Emigrant lays everything out, that funds have to remain for 5 business days before withdrawal. I tried to find rules on HSBC with no luck.