HSBC North America Complaint - No Customer Service and No Access to Funds
NEW YORK -- I opened an HSBC Online Savings Account because it offered a higher rate than other savings accounts. I didn't know that once money was deposited into the account, it is very difficult to get it out. HSBC sent me a ATM card, but no PIN. I called and asked for PIN, but they never sent it. Went to the local branch and was told they can't service the account, but would request a PIN for me. Months later, still still haven't received it. I'm closing on a house and need to wire transfer the money out. Called HSBC and spoke to Marie in the Philippines. She informed me that wire transfers cannot be done out of this account. I told her I would pay any fee for wire transfer, but she would not do it. I asked to speak to supervisor and asked to speak to someone in US, but she wouldn't transfer me. The only way to get money out is to transfer it to another bank account. This takes days. Of course, the day after the transfer is initiated, the money is taken out of your account, but it's days before it's in the receiving account. Because of this, I had to delay my closing. The lack of service is not worth the small increase in interest.
Additionally, be aware that the rate that is initially offered will be continuously lowered. It's better to put your money in a Bank of America account where you can get it when you need it.