HSBC Ends ATM Agreement with BMO | HSBC | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
HSBC Ends ATM Agreement with BMO
February 6, 2010
1:08 pm
djino
Ottawa (Gatineau, Qc Area)
Member
Members
Forum Posts: 310
Member Since:
December 12, 2008
sp_UserOfflineSmall Offline

http://www.hsbc.ca/1/content/c.....ingles.pdf

Starting March 15, 2010, the ability to make deposits at
Bank of Montreal ATMs will gradually be phased out and
a convenience fee for withdrawals -- charged by Bank of
Montreal -- may apply.

Effective April 13, 2010, our $1.50 transaction fee for
withdrawals at Bank of Montreal ATMs will only be waived
for certain HSBC accounts. See inside for details.

djino

February 7, 2010
7:10 am
Peter
Admin
Forum Posts: 1158
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

I wonder whether this has anything to do with HSBC's strategy to go after the "premium" customer base.

February 8, 2010
2:55 pm
Prag
Guest
Guests

djino said:

http://www.hsbc.ca/1/content/c.....ingles.pdf

Starting March 15, 2010, the ability to make deposits at
Bank of Montreal ATMs will gradually be phased out and
a convenience fee for withdrawals -- charged by Bank of
Montreal -- may apply.

Effective April 13, 2010, our $1.50 transaction fee for
withdrawals at Bank of Montreal ATMs will only be waived
for certain HSBC accounts. See inside for details.

djino


Well that's unfortunate. Thankfully I'm used to only using EXCHANGE ATMs from being a longtime Citizens Bank customer before I moved to HSBC last Fall. It also looks like HSBC Direct / Advance is still ok for the time being (and perhaps for quite a while) regarding withdrawals using BMO ATMs, but it sounds like eventually they'll start to charge.

I also noticed that recently they've stripped down their chequing account offerings from several down to two. All a part of pulling back to core offerings, I guess.

One thing I noticed in that PDF is a reference to HSBC Advance chequing account. I look forward to reading about that when it's launched since it is not currently on the website. I'm guessing it may be somewhat like the ING Electric Orange chequing account marketed in the USA.

February 9, 2010
12:53 pm
Patrick
Guest
Guests

But you can use any National Bank ATM right? (that is what their websites suggest me to use)

February 9, 2010
4:23 pm
djino
Ottawa (Gatineau, Qc Area)
Member
Members
Forum Posts: 310
Member Since:
December 12, 2008
sp_UserOfflineSmall Offline

yes, you can still continue to use any ATM connected to the Exchange network (National Bank, Alterna Savings, etc).

BMO was a bank NOT connected to the exchange that still gave HSBC clients access to deposits/withdrawals. This BMO relationship with HSBC is what will be ending.

djino

February 12, 2010
2:57 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Thanks for posting that, djino. 🙂

Yes, unfortunately, HSBC has chosen to end their several year ATM network agreement whereby deposits were accepted at BMO ATMs for HSBC customers and HSBC customers were not charged a "convenience fee" by BMO.

After March 15th, deposits at BMO ATMs for HSBC customers will no longer be accepted and BMO will resume charging a "convenience fee" for all HSBC customers. HSBC will rebate any "convenience fee" charged for using an Interac Network ATM for HSBC Premier customers (to a maximum of $1.50). In addition, they have said they will not charge an non-HSBC ATM transaction fee for HSBC Premier and HSBC Advance customers for using an Interac Network ATM fee (you know, the fee that your bank charges you for using another bank's ATM - you're actually charged twice, once by the ATM owner and once by your bank).

Hope that clarifies,
Doug

February 12, 2010
1:36 pm
Patrick
Guest
Guests

So we will only be charged once!

Thats clear. Thanks Doug!

February 13, 2010
7:47 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

I agree, it's not an ideal situation. It's never easy when a surcharge-free ATM network's size is decreased. HSBC's BMO ATM network sharing agreement coupled with its Exchange Network membership were definite pluses. It seems there's been somewhat of a shift in strategy to target the affluent and emerging affluent markets in Canada through its Premier and Advance product offerings.

Fortunately, for B.C. and Ontario customers of HSBC, there really isn't a lot of effect to this change because The Exchange Network is quite large and includes all credit unions, Canadian Western Bank, National Bank and HSBC ATMs. Where there will be more of an effect will be for customers in Alberta, Saskatchewan and Manitoba where credit unions are not included in The Exchange Network. Credit unions in those provinces (save for a select few) are only members of the surcharge-free credit union-only ATM network known as AccuLink.

Cheers,
Doug

April 5, 2010
7:32 pm
Jon
Guest
Guests

This is a giant inconvenience to me. I will be exploring new banks when my mortgage term expires. It's about 30km to my nearest HSBC branch compared to 5 BMO branches within 5km of me.

April 5, 2010
7:37 pm
djino
Ottawa (Gatineau, Qc Area)
Member
Members
Forum Posts: 310
Member Since:
December 12, 2008
sp_UserOfflineSmall Offline

Jon,

Have you checked out any other banks connected to the exchange network?

- National Bank of Canada
- Alterna Savings Bank

These are a few of the many banks you can use your HSBC Account to deposit/withdraw funds from with no fees. To find out available ATMS close to you see here -> http://www.the-exchange.ca/

djino

April 6, 2010
2:17 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3577
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Thanks, djino.
I wholeheartedly agree that losing surcharge-free deposit and withdrawal BMO ATM access is a big inconvenience to many, especially those in Alberta, Saskatchewan and Manitoba as there are few (if any) The Exchange Network ATMs and only in major urban centres because their credit unions only participate in Acculink Credit Union ATM Network, not The Exchange. For those in B.C., Ontario, Quebec and the Maritimes, you can use Alterna Savings, Canadian Western Bank, ICICI Bank, National Bank or credit union ATM to make deposits or do withdrawals.
Hope that helps,
Doug

Please write your comments in the forum.