HSBC Complaint - Payments over minimum
I just got off the phone with HSBC. Last month I made a payment of $84 over my minimum payment expecting that the higher interest balance would be reduced by that much. While looking at the statement this month, it showed that the balance due on that higher rate only went down by $36.65. The customer service representative told me that the amounts showing on my statement were average daily balances and that that is not what the balance was on that higher rate. Sounds a little off to me being as the interest charged on that higher rate was well over half what it was last month and the overpayment would have brought the balance down to less than a third of what it was.
The representative told me that this would be adjusted on my next bill. Does this mean that it really wasn't applied properly and that since I caught it they are going to fix it? I don't really know. I do know that I will be watching all my statements carefully to make sure that payments are being applied in the manner that the agreement spells out and that I will call and question this anytime something just doesn't add up. I am willing to live up to my end of the bargain and pay this up, as long as they don't try to take advantage of me in the meantime.
This is basically just a warning to carefully monitor your statements and to question anything that does not appear to be right.