HSBC Powervantage Costs

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  1. #41

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    i think you are overstating the case. Capitalism isn't necessarily defined as raping your customers. You can still make reasonable profits and be a good provider of services.


  2. #42

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    capitalism is about a non-controlled environment where u supple/demand/price balances out.
    so if 200k hkd min is the point it balances then u have to live with it. else u can buy up the bank and impose a maximum reaping off factor on the bank charges to benefit the client. 8-)


  3. #43

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    Money talks...and its highly mobile, so if HSBC wants to drive it away, all the power to them


  4. #44

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    then just walk, and dun whine. which is what i intend to do anyway.


  5. #45

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    Quote Originally Posted by sylvesterjay:
    PDLM, what is a reasonable margin on HK$200000? as above, they are going to pay out almost nothing in interest and make a fortune on the spread...so why should i leave that kind of cash in a low interest account for them to bend me over, when I can put it into the market myself and earn a decent return.
    I keep saying this, but for some reason it doesn't seem to be sinking you. YOU DO NOT NEED TO KEEP $200,000 IN A LOW INTEREST ACCOUNT. If you want to invest that $200,000 is a high risk fund or equity you can do so. If you do it through HSBC as your broker (through internet banking, for example) then that will be sufficient to avoid any fees on your Powervantage account.

    And the amount they are going to make on the spread on $200,000 is at most about $4000 per year which is hardly "a fortune" and, it seems, about what they need to cover the costs associated with providing the service to you.

  6. #46

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    4000 x #of depositors adds up now doesn't it


  7. #47

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    Yes, HSBC can do what they are doing and if they only want the business from those with tons of money, they can have it. When US$13,000 isn't enough of a minimum, something is wrong. That $13,000 seemed rather high.
    Unfortunately, Citi and BofA are the same. Where do the masses go?
    And I do not think I am allowed to invest in HK securities, so I can't load up HSBC that way. And, after their horrendous behavior regarding credit cards and now minimum balances, why would I give them my investments??
    Also, I vaguely remember that my contract with HSBC is for a fixed term and now they have altered the rules. And, I am sure, somewhere in the fine print is something that says what they are doing is okay. But who would have thought they would double the minimum balance in one move? The only people worse than bankers are lawyers and politicians. (How many people did I just alienate?) Have always held that opinion about lawyers and politicians--who are one in the same in the USA--but bankers are a recent addition to my list.


  8. #48

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    Quote Originally Posted by Sleuth:
    Unfortunately, Citi and BofA are the same. Where do the masses go?

    Bank of China etc etc

  9. #49

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    Quote Originally Posted by Sleuth:
    And I do not think I am allowed to invest in HK securities, so I can't load up HSBC that way.
    Ah - if you have the misfortune to be American then yes - but that's not HSBC's fault really - the requirements that your government puts on them if they accept investments from you and your compatriots are so onerous that it really isn't worth their while.

  10. #50

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    Another article on HSBC...in the UK.

    High street bank that talks only to the wealthy
    Last Updated: 1:12am BST 12/04/2007



    A high street bank has outraged customers after effectively banning everyone apart from the well-off from using one of its branches.

    Only those qualifying for the "Premier service" will be allowed to speak to staff at HSBC in the Canford Cliffs area of Poole, Dorset. That means having either ?50,000 in savings, a ?200,000 mortgage or a ?100,000 mortgage plus a ?75,000 salary.

    All other account holders have been told they can use the cashpoint and paying-in machines but must travel to another branch if they wish to be served personally.

    advertisement
    Anyone not prosperous enough to qualify for Premier status can still join up - at a cost of ?19.95 a month.

    Customers have been left outraged by the change, which begins in June.

    One account holder, who did not want to be named, said: "This is outrageous.

    "It is particularly discriminatory against people who are house rich and cash poor. What happens if you are an elderly person living in a ?500,000 house with no mortgage and no ?75,000 salary?"

    An HSBC spokesman said: "Not everybody in the world is equal. Some people have higher incomes and need greater services through the bank. These customers demand a better service.

    "There are no cashiers as it is already an express branch so everybody has to pay in using the machines but only Premier customers can use the adviser service.

    "Canford Cliffs is a wealthy area so it might be that not many people are affected by the changes.

    "There are two branches close by.

    "There are 48 other Premier branches in the country but they are situated within existing branches."


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