Comments on: HSBC Review — review by Djino

By: michael

michael — Sat, 09 Jan 2010 21:05:06 +0000

> As you know with most all banks, although you will see the funds from the bank-to-bank transfer in your savings account the next day, they will hold the funds for about 5-10 business days while the funds clear your linked checking account.

This hold time is too long. Yes, other banks will hold the funds, but some for as little as a day or two. I can’t imagine why it would take so long for HSBC to clear the funds if other banks can do it in a third of the time. I agree with Cesar. I think they are just holding on to your money longer only because they can do whatever they want.

If you need to actually use the money that you transfer between banks, this long wait time can be unacceptable, and it may be better to look to other banks.

By: Cesar Josue Selva

Cesar Josue Selva — Thu, 12 Mar 2009 14:09:17 +0000

I opened up my Direct Saving Bank account with the HBBC about a month ago. The Direct Saving Account requires you to make all deposits and withdrawals at a ATM machine, not personally at a branch. So, I made my first deposit in March, just to find out that they hold your deposits (YOUR MONEY) for 7 (SEVEN) BUSINESS DAYS and it is nowhere explained at the time you sign for this account. When I called HSBC to find out what had happened with my deposit, the lady at the other end of the phone line said to me that “the day you deposit the money in the ATM does not count (day first); and then that it takes six more business days for them to hold your money before it is release to you”, unbelievable. I have had experiences making deposits and withdrawals at the Bank of America in the USA and with banks in developing countries in Central America, that is even including HSBC over there; and they credit your deposits the same day for checks from their own bank, 2 business days for check from other banks and 20 business days for check from out of the country. I can see how easy banks are stealing money from people in Canada by holding that many days their money. Please, be aware and take action by complaining with your local Better Business Bureau and Office de la Protection du Consommateur and Consumer Protection Organizations. Josh Selva, Montreal.

By: Lau

Lau — Thu, 15 May 2008 22:51:32 +0000

Excellent review of HSBC, thank you. After a miserable experience with ICIC, I too opened an account with HSBC Direct and Achieva Financial. I would have likely just opened my account with HSBC, however, I also wanted to set-up my registered retirement savings and invest in High Rate GICs, which HSBC doesn’t have, however, Achieva Financial provides.

I was vert sceptical of both HSBC & Achieva given my ICIC experience, however, both institutions have been great to deal with and have very flexible online platforms.

Although I was disappointed that Achieva does not have bank to bank transfers, they provide a full online savings platform for all your premium savings, RSP and term deposits. They provided me with a PIN and ATM card, along with cheques.

HSBC has a very slick system as well, they offered a pretty good introductory rate, along with the convenience of bank to bank transfers. The only thing I wasn’t pleased with is that they only have a savings option.

Finally, the customer service staff at both HSBC & Achieva are exceptionally friendly and easy to get a hold of…long term, Achieva provides more savings options at very high rates, however, HSBC provides a very slick savings vehicle.

Lau