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HSBC: No Min Balance Fee on Basic Accounts

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  1. #1

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    HSBC: No Min Balance Fee on Basic Accounts

    HSBC is to scrap the minimum balance fee that applies to 3 million customers in Hong Kong in a move likely to be followed by other big lenders as they brace for fierce competition from a wave of virtual banks due to come online later in the year.

    The monthly charge of HK$50 for small depositors with a passbook savings account and other basic accounts with a balance below HK$5,000 (US$640), has long been viewed as a penalty on some of the bank’s most loyal customers. It was introduced 18 years ago.
    https://www.scmp.com/business/bankin...lion-hong-kong

  2. #2

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    Yep .. they did.

    Now if they'd just get off their arses and increase the data retention (statements) for the lifespan of the customer!


  3. #3

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    I bet they have done their analytics and figured that these 3M customers are self service and don't need any significant human intervention. Might as well make it more expensive for these lower cost banks to poach these customers.

    They cannot go lower than free for $5000 balance minumum...

    Wonder if they'll come up with a counter services charge to offset....

    jack55 likes this.

  4. #4

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    "The fee-scrapping will also apply to the popular HSBC Advance accounts, which currently charge HK$120 a month if the total deposit and trading volume falls below HK$200,000 (US$25,550)."

    shri likes this.

  5. #5

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    So now a DH can also open an account there without facing charges or a minimum balance?

    Btw if they scrap it for the Advance as well does that mean anyone can have an Advance account?

    shri likes this.

  6. #6

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    Original Post Deleted
    That's where HSBC Jade is supposed to come in.

  7. #7

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    Quote Originally Posted by shri:
    I bet they have done their analytics and figured that these 3M customers are self service and don't need any significant human intervention. Might as well make it more expensive for these lower cost banks to poach these customers.

    They cannot go lower than free for $5000 balance minumum...

    Wonder if they'll come up with a counter services charge to offset....
    I always thought the counter service charge is basically the time spent waiting in line for service for regular customers. I think they need to take a couple hours off just to do a simple transaction.

  8. #8

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    Quote Originally Posted by jack55:
    I always thought the counter service charge is basically the time spent waiting in line for service for regular customers. I think they need to take a couple hours off just to do a simple transaction.
    Not 2 hours for sure.

  9. #9

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    Original Post Deleted
    USD1M is the new HKD1M.

  10. #10
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    Just out of interest, what does Jade offer that you can't get with Premier?

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