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HSBC confused me after online chat for 4.75% promotion
October 30, 2022
11:29 am
tom1000
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HSBC has 4.75% on new deposits promotion, but in terms and conditions they write: If you deposited $3,000 to your HRSA but you withdrew $3,000 from your chequing account, your total deposits have not increased. Bonus interest will not apply.
I asked HSBC and their explanation mean: when you deposit $3000 into your checking account, there is an increase of $3000 in the checking. But when you switched from checking account $3000 to saving account. Your total deposits are not increased, so $3000 in saving account you can't get promotion.. I feel they are playing with words.
I always first deposit to checking then switched to saving shouldn't got any prom. kindly reminding everyone to pay attention.

October 30, 2022
3:18 pm
Norman1
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I think one would receive promotional interest if one deposited $3,000 to chequing after October 14 and then transferred $3,000 from chequing to HRSA.

Both total deposits and HRSA balance would be +$3,000 after October 14.

However, one would not receive promotional interest if one deposited $3,000 to chequing before October 14 and then transferred $3,000 from chequing to HRSA after October 14.

HRSA balance would be +$3,000 after October 14. But, total deposits would be +$0 after October 14.

The offer defines new money as follows:

(f) “New Deposits” means a portion of the daily closing balance of your HRSA balance during the Promotion Period which is the lower of two amounts:

1) Increase in total deposits, calculated starting from the close of business on October 14, 2022

and

2) Increase in HRSA balance, calculated starting from the close of business on October 14, 2022.

If the lower of the two amounts is zero, then the New Deposits are zero.
Deposits at the close of business on October 14, 2022 are not New Deposits

HSBC is trying to avoid paying promotional interest on money that was already in one of their accounts by October 14.

October 30, 2022
5:08 pm
savemoresaveoften
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Yes it is just like any other bank’s promo in terms of new money cut off date and definition.

October 31, 2022
10:46 am
tom1000
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But I opened account after Oct 17. HSBC online chat they give me answer only directly deposit to saving account can got promotion. you can ask them with online chat.

October 31, 2022
11:39 am
savemoresaveoften
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tom1000 said
But I opened account after Oct 17. HSBC online chat they give me answer only directly deposit to saving account can got promotion. you can ask them with online chat.  

I dont think the online rep is smart nor explicit enuf to address your specific account. He/She just reading off a script written for everyone.
Since today is Oct31, u can transfer money to ur checking first, then transfer it over to ur HISA. Sb really straight forward to calc based on 1 day of interest, which interpretation is real.

October 31, 2022
11:45 am
Norman1
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I agree.

The explanation from the HSBC online chat doesn't line up with the printed offer. That explanation also does not make sense.

If one deposits $3,000 into chequing account after October 14 and immediately transfers the $3,000 to the HRSA, the total deposits does increase!

Total deposit change = (chequing account changes) + (savings account changes)
= (+$3,000 - $3,000) + (+$3,000)
= +$3,000

October 31, 2022
11:53 am
COIN
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Sometimes an institution treats a deposit to a chequing account and later transferred to the savings account as "old" money. The fact that it touched the chequing account "contaminates" the money and it is no longer considered "new". Usually, this issue can be resolved by discussing it with an intelligent human being.

October 31, 2022
11:57 am
savemoresaveoften
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and to add, when transfer in, there is no added benefit to go to checking first anyway. Transfer in never triggers any fee for HISA
On the other hand, there may make a difference fee wise on transfer out. As checking accounts are designed not to charge fee in most case, while the HISA may have frequency of transaction restrictions etc

October 31, 2022
12:49 pm
COIN
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savemoresaveoften said
and to add, when transfer in, there is no added benefit to go to checking first anyway.  

If you use a BNS ATM to make a Tangerine deposit, you cannot deposit directly to the HISA. You have to go chequing first and then transfer to HISA.

October 31, 2022
1:25 pm
mordko
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tom1000 said
But I opened account after Oct 17. HSBC online chat they give me answer only directly deposit to saving account can got promotion. you can ask them with online chat.  

I talked to them last year and got the same answer. It turned out to be wrong. The agents don’t know. You can put money first into the chequing account and then into HISA and the promotional rate will apply.

All my accounts are linked to HSBC chequing, which is the main account. So all inputs into HISA go via the chequing account.

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