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HSBC

HSBC

 3.7/5 (601 ratings)
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About HSBC

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • No ATM withdrawal fees
  • Overdraft protection
  • New customer cash bonuses

Cons

  • High account maintenance fees

Bottom Line

HSBC offers new customers cash bonuses. Some accounts come with high maintenance fees, but HSBC might be a good fit for consumers looking for an online savings account with a global bank.

Top HSBC Reviews

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What is HSBC Bank?

HSBC is a British investment banking company. HSBC offers four types of HSBC checking accounts, including basic and premier tiers. Entrepreneurs that choose HSBC business banking have access to a variety of business solutions, including bank accounts, lending and insurance. Account holders can also utilize HSBC online banking, which includes a mobile app to review statements, deposit checks, transfer funds and pay bills.

HSBC Bank products

HSBC offers a range of bank products and services, including savings, checking, certificates of deposit, debit cards and credit cards. Benefits, fees and eligibility vary depending on a variety of factors.

HSBC savings account
HSBC offers a three-tiered savings program that ranges from a basic account to a premier account. The HSBC premier savings is an FDIC-insured exclusive account that offers higher rates as the account grows. HSBC premier's benefits include complimentary bill pay, bank-to-bank transfers and comprehensive global banking and investment solutions.
HSBC checking account
Consumers can choose between four checking account types that provide international access to ATMs, optional overdraft protection and mobile banking. Eligible new customers can receive a cash welcome offer when they set up HSBC direct deposit and meet certain requirements.
HSBC certificates of deposit
HSBC Bank’s certificates of deposit (CD) are secure and convenient. Each account is backed by HSBC’s $0 Liability Online Guarantee and accessible through the bank’s easy-to-use online infrastructure. HSBC’s CD rates start around 0.75% annual percentage yield (APY) and are available in six-, twelve- and 24-month terms.
HSBC debit cards
HSBC’s debit card is a chip card with encryption technology that provides 24-hour ATM access, worldwide acceptance and personal internet banking. Currently, HSBC’s debit card withdrawal limit is around $17,000.
HSBC credit cards
HSBC offers more than seven card types for a variety of lifestyles. The cards feature rewards programs, cash back bonuses, travel benefits, low introductory APRs and contactless payment features. Consumers who have received HSBC credit card offers can apply online and determine their eligibility without impacting their credit score.

HSBC Bank fees

Depending on the type of account, HSBC monthly maintenance fees range from $3 to $50 per month. The bank waives the monthly fee for customers who maintain a specific balance, but its basic banking option incurs a $3 monthly fee regardless of the balance kept in the account.

Account holders who have a minimum balance of $75,000 or have recurrent direct deposits totaling at least $5,000 per month do not have to pay an account fee on a premier checking account. If an account requirement is not met, the bank charges a monthly maintenance fee of $50.00.

Overdraft fee amounts vary for HSBC account holders. Though its an uncommon practice, HSBC Bank offers an overdraft protection program using a line of credit to help its account holders avoid overdraft fees.

Additional fees are assessed for completing wire transfers ($10 to $50 per transaction) and closing an account ($25).

HSBC Bank FAQ

What does HSBC stand for?
HSBC is an initialism for Hongkong and Shanghai Banking Corporation.
What do you need to open an HSBC Bank account?
To open an HSBC Bank account, you must be at least 18 and have a current U.S. residential address, Social Security number and funds for the new account.
Where are HSBC Banks located?
In the United States, HSBC Bank has branches and offices in major metropolitan cities like New York, Los Angeles, Chicago, Atlanta, Houston, Washington, D.C., and San Francisco. Worldwide, HSBC Bank serves more than 40 million customers across a network of 65 countries and territories in Europe, Asia, the Middle East, Africa and North and South America.

Is HSBC a good bank?

HSBC has numerous branches across the globe, in-depth online banking services and a worldwide presence. It offers a variety of banking products, including traditional banking and investment services. The majority of account holders can benefit from HSBC’s range of financial offerings.

HSBC Reviews

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How do I know I can trust these reviews about HSBC?
  • 3,433,454 reviews on ConsumerAffairs are verified.
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  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Sept. 24, 2021

HSBC advertises a $450 bonus with a $5000 direct deposit in 3 months. I walled to see if that was $5,000 total or each month because the ad was not clear. I was told that it was definitely cumulative, a total of $5,000 within 3 months. After 3 months I am told it was $5,000 EACH month.

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Rated with 1 star
Verified Reviewer
Original review: Sept. 20, 2021

Had to use phone funds transfer service because online banking was failing with errors. They got the name of payee totally wrong (but it is a well known brokerage firm!) Payment is now nowhere to be found.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Sept. 18, 2021

    I saw a promotion for opening a checking account. I applied, and it took 4 days for a response. I was approved for Basic Banking. I read the reviews online, so when I funded the account transferred a few dollars via CashApp. The deposit didn't post for 2 days. I thought it might've been due to the account being new.

    Strike 1: I set up direct deposit, but I got paid by check that week, I used mobile check deposit to deposit the check. I checked the following business day (Monday) and it wasn't even showing as pending. Wednesday it showed as pending. I chatted with them 4x before finally being told that they had a hold on the check to verify it...which I thought was completely ridiculous. The check didn't clear until 2 weeks later, the same day I got paid by direct deposit.

    Strike 2: I set up my Child Tax Credit payment to be deposited. Big Mistake. People with prepaid cards had theirs on the 14th. I didn't get my money until the 16th. According to chat, the IRS scheduled it for the 15th at 8:30am, and it takes 24 hours to process.

    Strike 3: I took an Uber on Monday at 8am. They placed an authorization hold, then released it when my ride was completed at 8:13am. Now, I've used Uber for years, with several debit and credit cards. Every other time, the authorization funds were back in my account within a few hours, or the next day at the latest. It's Friday. The trip posted to my account on Wednesday. The authorization funds are still pending. I contacted support. They said that the funds will post on Wednesday 9/22. Seriously? It's $18, I'm not really worried about that, it's just the fact that EVERY transaction I've made with this bank is slow and complicated!!!

    The customer support takes forever to reply, even though they're only replying using a script! They offer no useful information, and blame everything on their banking procedures. Those procedures are archaic and ridiculous. I've already changed my Deposits to another bank. I'm closing my account as soon as the funds post. I don't even want the signup bonus, which they probably wouldn't pay anyway. This bank is horrible. I opened a Varo Account at the same time I applied for this one. Already, I've found Varo to be 1000x faster, has better app/online banking, and better customer service! HSBC should be ashamed!

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 15, 2021

    If you are looking for good service THIS IS NOT THE BANK TO BE WITH. In my opinion HSBC is excellent in Europe & Asia BUT not in Canada. The staff here in Canada is highly unprofessional and lack even basic knowledge, customer service & English language skills. To make experience worse, the Vaughan Mills (Vaughan, ON, Canada) branch manager "Rose **" lacks management skills, is highly ignorant and delusional of her role. Would love to see HSBC senior management take note of it and focus on training staff in great customer service that they are known for in other parts of the world, else risk brand image.

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 1, 2021

    I just wonder does Headquarters cares about its reputation? **. This is ridiculously low. Even scammers get better reviews. I will copy my comments.

    1) No one in that company knows how HSBC's system works: As an example, you can deposit/transfer money on your CREDIT card and pay over the limit regardless of the amount. Only few people know about this. As an example, I called HSBC and notified upfront that the next day I would have surgery and I need to pay for this. "Do not block the transaction and let me proceed it regardless of the limit". The response was "no worries, everything is done." Next day after the surgery, my DEBIT card didn't work. It appeared that it was impossible to turn off the limit and they do not know how to help me. In a few days, they came back to me with the credit card solution when everything was already settled.

    BTW 2) this is an example of how they care about clients.

    3) Without your request and permission manage your own limits on Credit and Debit cards.

    4) Constantly block transactions even if the payment is done on your account: Just now I lost $10 000.

    5) Hard to reach: As mentioned above, I lost $10 000 and it took me more than an hour to get someone on the call although I pressed an emergency option for stolen cards.

    6) Money from other banks in the UAE comes only the next day.

    7) Staff tries to avoid additional work or complaints. It is common to see in HSBC's offices that people make a mistake in transfer details and response "no worries it is not a big deal" or just hang out when you request to create a complaint.

    8) Everything above is just the tip of the iceberg. They can surprise you over and over again.

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    Rated with 4 stars
    Verified Reviewer
    Original review: June 14, 2021

    Need to have a drive through window in the new HSBC branch in Westbury N.Y. Also, need to have a branch closer to my home in Mineola, Williston Park or Albertson N.Y. All banks should have a drive up window. I am disabled and it is difficult for me to get out of my car and walk into the bank just to make a simple deposit.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 7, 2021

    I called to HSBC with a request to check if I am eligible for a new checking account promotion since I already had CD some time ago. I spoke with four different HSBC representatives and no one could understand my question. It turned out that I was rerouted from Philippines to India, and From India to somewhere else but not USA branch. Each time I asked for a manager, I was rerouted to anyone else but NOT to the manager. All out of State reps kept asking me different questions not related to my main question. I am wondering how the business is done if reps don't understand what they are doing.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 4, 2021

    Worst bank to do business with. Staff is unfriendly and dismissive of any issues that arise with your account. The bank acts with impunity when it comes to its actions and they will not respond or provide you with explanations when confronted. If you have the opportunity to bank with someone else, do so, it will save you headache and frustration. The bank doesn’t work with Zelle or Plaid so it makes linking your account very difficult. Forrest Hill, the VP is especially unhelpful and never returns calls or offers any real help. The customer service is routed to India and the people you speak to have no real desire to help you out. Calls regular get disconnected and you will never receive a call back. The customer service representative Rachel ** should not even have a job. She was supposed to be my point of contact but never returned any of my calls or emails. Overall, worst experience I have ever had with a bank.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 23, 2021

    Awful experience with HSBC, who have moved all their communications to call centers to save themselves money at the cost of their customers. I have been trying to talk to someone about a fraud case for two weeks. I've spoken to people who don't understand the situation, have given me the wrong information, are unable to send an emails, repeatedly forward me to another team. Had someone panic and shut down my account then accidentally hang up. Have been told I'll be called within 15 days and then after 15 days been told they're unable to give an estimate for when I'll be contacted. Have been asked 'so? what do you want us to do about it?' on several occasions trying to report data theft. All direct questions get answered with irrelevant information to try to divert away from the question.

    I have been told my best option is to file a complain and wait 8 weeks for a response, and if I don't get a response... then there's nothing I can do.

    6 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: March 4, 2021

    This lender marketed a number of third party services and I got stuck with a home warranty company that refused to honor the terms of the warranty. When I contacted the mortgage lender for their assistance, not only did they nor provide assistance, they would not even respond to my letters.

    4 people found this review helpful
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    HSBC Company Information

    Company Name:
    HSBC
    Website:
    www.us.hsbc.com