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Alert to all who have HSBC Internet Savings accounts

Alert to all who have HSBC Internet Savings accounts

Old Oct 4th, 2007, 08:55 PM
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Alert to all who have HSBC Internet Savings accounts

I feel compelled to post this prominently, as I have recommended the HSBC internet savings account on this board. Formerly, it paid 5.05% and allowed you to withdraw money from ATMs in foreign countries without a withdrawal fee and with no foreign exchange fee. Recently, they changed the interest rate to 4.5% and started charging a 1% foreign exchange fee (no notice of this) and as of October 1, they have started charging a 3% foreign exchange fee. There was also no advance notice of this (nor can I find it on their website). Apparently, they are notifying customers only as they send out electronic statements.

As a result, I am closing my account after telling them verbally and in writing why I am doing so. With a bit of research, I found that my brokerage (E*Trade) offers a checking/savings combo that allows ATM withdrawals from the checking account with no fee and only a 1% foreign exchange fee. The savings account earns 5.05% and the checking account earns 4%.

Both Cheryl and I opened these accounts in about 20 minutes tonight (we both have existing E*Trade brokerage accounts), including authorizing electronic transfers from the HSBC account into our new E*Trade accounts. We have been assured that our ATM cards will arrive in plenty of time for our upcoming trip to Bangkok and Sri Lanka.

If you choose to close your HSBC account, I encourage you to tell them why.

I expect other brokerages offer similar accounts to the E*Trade account. Also, some small banks and credit unions offer accounts that do not charge for foreign ATMs and have a low foreign exchange fee. Do your research and be prepared to move your acount if the bank changes its fees.
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Old Oct 4th, 2007, 09:00 PM
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Thanks Kathie for the heads up.....not going anywhere soon but will transfer money eventually

Aloha!
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Old Oct 4th, 2007, 09:04 PM
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Thanks for the info, Kathie. I'm sticking with my existing checking account for my upcoming trip, but I'll do some more research when I get back.
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Old Oct 5th, 2007, 04:51 AM
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What is that term.....??
Oh yes: bait and switch.

Granted, HSBC may have run this no fee ATM withdrawal program for awhile but, the way they are now changing the rules of the game is awful. I opened such an account specifically because of the no fee withdrawals and I've not seen any notice in the email updates they have sent me.

Yet - in contast - I did receive a letter from HSBC earlier this week, in the mail, something they rarely do, telling me about their "Privacy Policy" and that they provide my "non public information" to various associated and unassociated businesses. They then give you the option to call an 800 number to opt out of this. The letter is in very small type. In any event, the other night I pick up the letter, dial the 800 number to opt out of HSBC sending my info to who knows where and.........I get a recording for Saks Fifth Avenue. Seriously. I try again, three times, thinking my eyes are poor or my phone isn't dialing right. And, each time I get........Saks Fifth Avenue.

I then call HSBC, because I have other questions and I'm told (very nicely mind you) by a guy in Buffalo that essentially everything and anything I want to do with the account must be done at an ATM and, with respect to the Saks connection, he says he will "pass on that information" when he can find "the appopriate person."

Not to further rant but, with credit card charges now truly usurious, in many jurisdictions over 25%, universal default and outrageous late charges - often imposed not only on your outstanding balance but, on the entire charge, even if you pay for example, $450 of a $500 charge, you would think the credit card companies would all be moving towards HSBC's former "no fee" policy, not away from it.

I don't have an E* trade account but will look into other options, maybe Fidelity. I will also call HSBC and ask about their new "improved" charge you for everything policy.
Tengo

PS
Kathie, since I and others opened the account at your suggestion, will you be picking up any new withdrawal charges for us?
: )

I guess it was good while it lasted.
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Old Oct 5th, 2007, 04:58 AM
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Woah...thanks for the heads up. I too opened an account with them because of those great rates. Disappointing...

I researched credit cards and checking accounts for Fodor's earlier this year and I couldn't believe how difficult these companies made it for their card holders to stay informed on these changes. It was really a wake up call for me and my own personal finances.

Anyway, thanks for posting this---for those without this particular account it's still a great reminder to check the status of the accounts they do have.
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Old Oct 5th, 2007, 05:07 AM
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Kathie - my, you are on the ball.

Great post.

Not that I have an HSBC account that I would draw on while overseas, but it always pays to keep an eye on rates offered on accounts you might have opened a while ago.

Capitalism rules, and those are the rules. Buyer beware always.
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Old Oct 5th, 2007, 05:51 AM
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Tengohambre, I love your story about Saks Fifth Avenue... one more reason to get rid of your HSBC account. I won't be picking up your ATM charges, but I'll be glad to buy you a beer in Bangkok as compensation!

Any of you who do decide to close your account at HSBC, make sure thay know clearly why you are closing your account.

I forgot to mention that Bill (filmwill) posted that Washington Mutual has just changed their foreign exchange policy and now charges only 1% on foreign exchange. I don't know the other terms of the account, but it may be worth checking on an account with them.
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Old Oct 5th, 2007, 06:27 AM
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Strange bank! I use to like them too but they are getting very greedy. To open a checking account in Bangkok the minimum you must deposit in the current account or combined with a savings account is 5 million baht! For a private banking group I would understand but not for a everyday type of bank.
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Old Oct 5th, 2007, 07:13 AM
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5 million baht! That's quite a minimum deposit!
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Old Oct 5th, 2007, 07:48 AM
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Kathie, Even Citibank PBG in Singapore or Hong Kong require US $10 million in net assets under their control. They do send nice new year presents!
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Old Oct 5th, 2007, 08:44 AM
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Kathie Thanks for the heads up, but I posted that info yesterday .
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Old Oct 5th, 2007, 09:21 AM
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Kathie, it's a shame that you've provided me with more info on my account than HSBC has!

I thought the new lower rate on the savings account was because the Feds had cut interest rates, yet you say E-trade offers more competitive rates. I must say I'm another customer who is currently not very happy with HSBC.

Thanks for the heads up.
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Old Oct 5th, 2007, 11:04 AM
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HSBC have always been a bad deal in the UK. For those who are able to, Nationwide, is the outfit to use..... particularly for foreign transactions. ZERO charges!!!and 6.75% with a regular saving account, giving instant access.
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Old Oct 5th, 2007, 11:58 AM
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We have our investment (brokerage) accounts at Charles Schwab. I just phoned my account manager and he told me that they have an "Investor" checking account with no annual fees, no conversion fees on foreign exchanges, and they rebate any ATM charges at the end of each month. So, if you do business with Charles Schwab, you might want to look into this type of account.
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Old Oct 5th, 2007, 12:07 PM
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I investigated fees with my Original Free Checking account with Washington Mutual yesterday and received a response that they only charge $2 plus only 1% on withdrawals. I love WAMU for Free Checking already, so I would definitely recommend them.
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Old Oct 5th, 2007, 01:02 PM
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cookie, I posted something to Kathie about this yesterday (the change in WaMu Free Checking fee structure)...and I'm interested in your response. When I spoke with my local branch manager a few days, he told me it was 1% foreign transaction fee (which you've stated) but he did say that the foreign withdrawal fee was just 1% of your withdrawal (+ any bank fees from the ATM you're withdrawing from)...nothing about $2 + 1%.

I called again (this is the 3rd time now) to make sure...and they again told me the same thing.

Just wondering where you heard about the $2 + 1% from.
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Old Oct 5th, 2007, 01:50 PM
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Tweety, I should have acknowledged you in the original post, as you are the one who alerted me to this change. I wanted to make a separate post highlighting this change as I had recommended this acoount to people a year ago, and wanted to make sure people were informed about this change. I still haven't received any notification from HSBC about this.
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Old Oct 5th, 2007, 04:20 PM
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the other day, i went to a local mall to get a few singapore$. i went to 2 money changers, and got a quote of $1.47 sd for U$1.

i then used my usbc is card at the dbs atm and withdrew $500sd. the charge on my statment was $1.50 exchange fee and $341.22 for the withdrawl, or a net exchange rate of $1.465.

btw, i went to a couple of spots i've never been to here, and it might me of interest to those visiting here in the future.

1. vivo city. a huge brand new 4 story air conditioned shopping mall with two food courts, and many up-scaled restaurants, and shops. good thing i didn't come across a britishindia shop or my $500sd would have been long gone. lol.

vivo city is on the last stop on the mrt. you get off at the habour stop, four stops from doby ghaut.

vivo is across from sentosa island, and you get a good view of the massive construction project of casino #2 in singapore.

2. the buddha tooth relic temple and museum in chinatown, is a newly constructed museum. i believe it cost $62million to build, and it is a magnificient stucture. inside the temple on the first floor is very exquisite.
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Old Oct 5th, 2007, 05:48 PM
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ken, that would be your hsbc card right? good to have a reliable and live first hand report. thanks for the info, looks like the card works fine....we will be yelling extra loud tomorrow night for you and jackie at the game.....go warriors!!!

Aloha!
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Old Oct 5th, 2007, 08:38 PM
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ht, you are correct. the hsbc on-line savings acct atm card.

mahalo for cheering them on for us. i think that might put them over the top, and possibly up a couple of points in the ranking.

singapore, in a word, is very very hot.(ok, that was three words.) lol. i think i need to find that igloo martini bar again.
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