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Yet another HSBC rant

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  1. #1

    Join Date
    May 2006
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    Pampanga, Philippines
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    29,770

    Yet another HSBC rant

    I've got 3 linked accounts with HSBC. As I was out of HK longer than planned I did not get to put money into one of the accounts as normal and so it went overdrawn. Despite the fact that there was more than enough in the other accounts I received a shitty letter saying I had an unauthorised overdraft and if I did not remedy the situation in 10 days they would close the accounts.

    Amount of unauthorised overdraft? HK$3!!!! (no not 300 or 3000 but THREE dollars).

    dossier and bookblogger like this.

  2. #2

    Join Date
    Sep 2008
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    3,677

    The rules are the rules.

    But seriously, the letter is probably automatically generated by a computer and not checked by a human before being mailed out. Nothing to get worried about IMHO.

    dossier likes this.

  3. #3

    Join Date
    Jun 2010
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    Tuen Mun
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    Had it with Barclaysin UK. 2 current and a credit. 3 quid over and 20 quid penalty..


  4. #4

    Join Date
    Aug 2009
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    Are there any good HSBC HK overdraft facilities (e.g. interest free options - like the UK)?


  5. #5

    Join Date
    Jul 2009
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    Quote Originally Posted by dossier:
    Are there any good HSBC HK overdraft facilities (e.g. interest free options - like the UK)?
    Look on the HSBC HK website you lazy git
    dossier likes this.

  6. #6

    Join Date
    Jan 2014
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    NT/CUHK
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    we had this happen.
    i signed up for two "linked" accounts that turn out not to really be linked.

    they're such idiots over there.


  7. #7

    Join Date
    Jun 2006
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    Tung Chung
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    They never cease to amaze me as to how idiotic they can be at HSBC. Worst bank I have ever dealt with

    Mrs. Jones likes this.

  8. #8

    Join Date
    Aug 2009
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    I guess the whole concept, unlike in the UK, of getting a new credit card with a 0% on new purchases for [20] months or some period of 6/12/18 months just doesn't exist in HK?


  9. #9

    Join Date
    Nov 2008
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    Quote Originally Posted by dossier:
    I guess the whole concept, unlike in the UK, of getting a new credit card with a 0% on new purchases for [20] months or some period of 6/12/18 months just doesn't exist in HK?
    And I hope it never does!!

    Remember that debt-fueled economic crisis we're (still) in? It's this kind of 'low quality' loan that helped get us in this position

    The golden rule of credit cards is to pay them off 100% when they are due and not incur any interest, HK cards are perfectly suited to this with their current interest free periods.

    The last time I want to see is a proliferation of credit card debt - we already have those dodgy loan providers which is bad enough

  10. #10

    Join Date
    Aug 2009
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    1,675

    I ask because - if you think about it - 0% new purchase credit cards and 0% balance transfers in the UK, if used wisely, is actually the lowest cost form of borrowing available. I would challenge anyone to find a loan at 0%. And yet, this is what these are becoming in the UK: a 1 - 1.5 year loan on a revolving credit facility at 0% interest, as long as you service the minimum payments, and have a viable pathway to repay the borrowing in full before expiration of the 0% period, your total cost of borrowing would be zero - i.e. just the amount originally borrowed.

    I have not seen this in any other country (maybe the US has it?). Sadly, nothing off the sort exists in HK as far as I know: it seems to be the best you can get is to go to HSBC and get a tax loan / Revolving Credit Facility / regular loan.


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