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"HSBC One" and Service Charges Being Dropped...

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  1. #1

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    "HSBC One" and Service Charges Being Dropped...

    Have not seen this elsewhere...


    HSBC announced the termination of 26 basic banking service charges from 1 November 2020, which cover general banking services, deposit and money withdrawal, interbank and global money transfer and remittance
    and

    The London-based lender also announced upcoming launch of "HSBC One" integrated accounts
    HSBC to Shelve 26 Basic Banking Service Charges from NovAASTOCKS Financial News - Popular News

  2. #2

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  3. #3

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    Thanks for that @pin ...

    Effective November 1, HSBC will eliminate 26 tariffs across a broad range of categories, spanning deposit and withdrawal of foreign currency banknotes, requests for banker’s reports and documents, passbook replacement, global fund transfers and remittances.
    Along with the fee revamp, the lender will move all its HSBC Advance account holders to a new integrated product called HSBC One from October 27, it said. Other retail accounts, which offer banking and investment services, will also be converted to HSBC One at a later date.

    After the change, HSBC One will no longer require people to keep a minimum balance in their account, while HSBC Advance will now require clients to hold at least HK$200,000 in their deposit account or take out a loan of the same amount.
    Last edited by shri; 10-09-2020 at 02:27 PM.
    gigglinggal likes this.

  4. #4

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    Will need to wait for the details, but positive move, especially if remittance and global transfer fees are being eliminated.

    shri likes this.

  5. #5

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    Positive move indeed. Virtual banks already having a positive impact on the HK banking industry, ever since HSBC decided to scrap minimum deposit amounts.


  6. #6

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    so is the share price of 32 HKD worth the punt ? with more fees being cut ?


  7. #7

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    Quote Originally Posted by freeier:
    so is the share price of 32 HKD worth the punt ? with more fees being cut ?
    Sure!

    With HSBC nothing can go wrong!
    huja likes this.

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    shri likes this.

  9. #9

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    Schwab also has a 'One' account - catchy name - one account to rule them all...


  10. #10

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    Good move. Hopefully this spreads into other banks doing likewise.


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