HSBC Powervantage Costs

[Sleuth]

HSBC just informed me and, I assume, all the other Powervantage people that we now need to keep US$25,000 or so in the bank. I think this is double what it used to be.
Why would I want $25,000 sitting in a bank? That is only slightly better than stuffing it under the mattress. It isn't my fault they lent to too many sub-primes in the USA.
Guess I will drop to whatever the basic HSBC service is, unless all those small fees they charge end up being equal to the HK$120 they are going to charge me for the honor of keeping money in their bank.
This bank really isn't that impressive.

[jimbo]

hehe no different to whats happened here in u.k, hsbc in one branch in poole are refusing service to customers unless they are a premier member. anybody thats deemed too poor are advised to use the cashpoint!

[freeier]

huh. my minimum level to put in hsbc is 100k for waiver of charges. power vintage.

[PDLM]

I believe it is your "Total Relationship Balance" which is important, so any funds invested in stocks, bonds, trust, or other vehicles through HSBC count towards the minimum required for free service.

[mfc]

what are the alternatives in HK? i've been spoilt by first direct in the UK. it seems banking in HK is a nightmare. Are there any banks in HK that stands head and shoulders above all the others?

[PDLM]

What exactly is the service that you want from your bank, and how much are you prepared to pay for it?

[Sleuth]

huh. my minimum level to put in hsbc is 100k for waiver of charges. power vintage.

Not as of 2008. They just doubled that. You should have received a nice-looking card in the mail listing all the virtues of powervantage. And it doesn't seem like they changed from when the minimum was HK$100K.

[Sleuth]

That "total relationship balance" won't include anyting held outside of HK HSBC. And I am not transferring money out of the US just for free banking. Citibank is the same with regard to that. If they were to take into account my US Citibank funds I would exceed their minimums. SInce none of that is with HK Citi, it doesn't count. So much for "global banking". More like "very loose global franchisees".

PDLM--I want to be able to put my money in the bank, have internet access to the accounts (at least to see balances) and ATM access without having them charge ridiculous fees. They (HSBC) should be covering those Powervantage fees with the spread between interbank and my rates. If they aren't, I would rather they lower my interest rate than demand more money. Again, not my fault they made bad decisions in the US as they chased money. And, really, I am about to pay for mistakes they made in the US but if I had US$1 million in US-based HSBC accounts it wouldn't count over here. Unless HSBC has also made large mistakes over here that I am about to pay for.

[KnowItAll]

Not yet seen the card from them.

Should be the much needed push to consolidate all accounts to another bank.

[freeier]

then i think its time to switch. even though i do have some money there. prob i'll just switch everything into cny and leave the account there.

brought most of my cash over to DBS treasures. the introductory interest rate they give for 3m FD is 3.85% and for subsequently rollovers (6m) is around 3.4% i think. that's good enuf for me just to keep cash.

dbs doesn't offer cny depo though.