I have been banking with HSBC since I turned 18. Since the bank is located at a walking distance of about 150 meters from my residence, it was the best option. I deposited my first salary cheque in HSBC & that means a lot to me. However, over the years I have slowly realised why HSBC along with CITIBANK is considered to be amongst the top ’chor’ banks in India.
I received a package from HSBC which contained a credit card & a welcome kit. I was taken aback as I have hated the concept of credit cards & had never ever thought of applying for one. After complaining to the branch manager, I was told that it was a special offer for their esteemed clients. I would have to write a letter to them stating that I do not need the card, and then they would refund the charges to me. Refund!!! I checked my account balance & realised that they had already debited my account for the product that I had not asked for & also the courier charges. Eventually, the Credit Card was returned & my money was refunded, but not without my personal intervention.
HSBC had increased the minimum balance for Savings Accounts from Rs. 10, 000 to Rs. 25, 000 in early 2004. There are 5 Account holders of HSBC Bank in my family including me, and none of us ever received any intimation regarding the same. Obviously, the bank insists on the contrary. They claim that the intimation letter has been sent to me by the Chennai branch.
Considering that I reside in Mumbai & bank in Mumbai, their assertion made no sense to me at all. I received my quarterly statement from 26 Mar to 26 June on 1st July, 2004. I was charged Rs. 750 on 2nd Apr as service charges for not maintaining my minimum account balance. Since the statement had reached me in the third quarter (July), I could not do anything about the 2nd quarter minimum balance & was also charged Rs. 750 for the same. After half the year had passed by, I was finally made aware that they are charging me Rs. 750 per quarter for the minimum balance. What a bad advertisement for the space age.
That was the last straw. I have started the procedure to shut down the account. I do hope that my article was helpful to some of you who might have had a rosy picture about this ’Duh World’s Local Bank’.
Minus Points:
ATM Card is not a Debit Card.
Poor Communication between Bank & Account Holders.
Innovative policies like Charge First, Confirm Later.
Not many ATM Branches.
Banks like ICICI & HDFC provide better service.
Inadequate Staff for Phone-Banking.(Wait Time: Min. 5 Minutes).
Awful Working Hours. Try getting work done on a Saturday.