HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

[TwoNickles]

I'm on it. I filled out my application today. Also, I called the bank to ask a question, and got a real live person almost immediately. Either they don't have very many customers, or very satisfied customers that don't need any help, or they have really good customer service.

[fsumoney]

I have an ING account, and am thinking about opening up and HSBC account. However, I am wondering by doing this, is this going to cause a lot more tax work for me to do come april?

I used to want to have an ING and Emigrant, but again, i didnt know if i was causing myself a headache come april.

4.25 sounds very good

[sweeps]

Only tax headache is having to add in the interest from one more Form 1099.

Oh, if the extra interest pushes you over $1500 in interest for the year, you'll have to file Schedule B. But then again that means you're making more money, so that's a good thing.

[terry1156]

Originally Posted by fsumoney

I have an ING account, and am thinking about opening up and HSBC account. However, I am wondering by doing this, is this going to cause a lot more tax work for me to do come april?

I used to want to have an ING and Emigrant, but again, i didnt know if i was causing myself a headache come april.

4.25 sounds very good

No, it won't cause you any more tax work. In fact, if you sign up now, the HSBC account probably won't affect 2005 taxes at all. In 2006, you'll simply have an extra amount to add in. Very easy.

[al0061]

Hi All,
It's been a while since I posted.
I've started the process of opening an HSBC account, but I got to a 'fine print' area that stopped me in my tracks...

Under the 'terms and charges' pdf, they indicate the following: (excerpt, because it doesn't copy/paste correctly...)

The following Miscellaneous Bank Service Fees are subject to change without notice;

***** FundsTransfer-In, per incoming transfer $15 each
Funds Transfer-Out, per outgoing transfer $30 each

...
** Does not apply to Savings Products

*** No charge for Interest Checking Plus, Interest Free, HSBC Premier and EmployeePlus Banking customers

**** No charge for HSBC Premier accounts

***** No charge for Interest Checking Plus, Interest Free, HSBC Premier, EmployeePlus Banking and Student Checking/Savings customers

See EFT FACILITY CHARGES for service fees applicable to functions performed at an HSBC ATM or other Electronic Facility.
BANK RULES - This document is part of the “Rules for Deposit Accounts”. In case of inconsistency between this document and the rules, this document
governs.
10/28/05


If they charge 15 - 30 bucks for funds transfers, in or out, I'm not opening the account.

Does anyone know more about this??

Thanks.
Torch - aka al0061

[BTC]

Originally Posted by al0061

Hi All,
It's been a while since I posted.
I've started the process of opening an HSBC account, but I got to a 'fine print' area that stopped me in my tracks...

Under the 'terms and charges' pdf, they indicate the following: (excerpt, because it doesn't copy/paste correctly...)

The following Miscellaneous Bank Service Fees are subject to change without notice;

***** FundsTransfer-In, per incoming transfer $15 each
Funds Transfer-Out, per outgoing transfer $30 each

...
** Does not apply to Savings Products

*** No charge for Interest Checking Plus, Interest Free, HSBC Premier and EmployeePlus Banking customers

**** No charge for HSBC Premier accounts

***** No charge for Interest Checking Plus, Interest Free, HSBC Premier, EmployeePlus Banking and Student Checking/Savings customers

See EFT FACILITY CHARGES for service fees applicable to functions performed at an HSBC ATM or other Electronic Facility.
BANK RULES - This document is part of the “Rules for Deposit Accounts”. In case of inconsistency between this document and the rules, this document
governs.
10/28/05


If they charge 15 - 30 bucks for funds transfers, in or out, I'm not opening the account.

Does anyone know more about this??

Thanks.
Torch - aka al0061

I just spoke to them and those charges are not applicable to account to account transfers. The representative I spoke with said those charges pertained primarily to wire transfers, which is what I suspected when reading that document, but I thought it might be prudent to get confirmation. That disclosure could be clarified.

[Ima saver]

Can anyone tell me what HSBC stands for?

[BTC]

Originally Posted by Ima saver

Can anyone tell me what HSBC stands for?

The Hongkong and Shanghai Banking Corporation Limited.

[Ima saver]

Thank you very much, I had no clue.

[Ima saver]

We have a local bank that pays 4.14, so I wonder if it is worth the hassel?

[Snakpac]

How is the HSBC user interface? Is it like ING? Can you open multiple savings accounts and see them all when you log in?

Thanks!

[sweeps]

The user interface is fairly intuitive. The security is very tight. They give you a super long user ID. And you also have to set up a security key to do certain transactions like bank-to-bank transfers. You have to click on the letters and numbers on the screen to enter the security key, presumably to foil keyloggers.

I'm not familiar with how it handles multiple savings accounts.

[Luv2shop]

I signed up

[robby]

I think I'm going to join the bandwagon here. Can't see a reason to keep the money in ING although I think I'll keep the account open on the off chance they become competitive again.

[JoyJoy]

mmmmm what do you think about giving HSBC your present bank's ID and password information to make a bank to bank transfer? I know they state they can verify the information fast this way but is this what all banks do to make transfers? I am new at this and since HSBC allows one to mail in their deposits or deposit by ATM, I may utilize these two ways of depositing and withdrawing. I just feel one can look into your bank account and see just what you have at any time. Scary LOL.

I opened my account with them and they made two trial deposits to open the account but now to transfer money on a regular basis why do they need my ID and Password?

[sweeps]

If you took the trial deposit approach, HSBC shouldn't ask for your other bank's login and password. I went ahead and did the login/password approach. I didn't want to wait 2 or 3 days for the trial deposits. But after I was done, I changed my bank password just in case.

For ongoing bank-to-bank transfers, you should only have to do the login/password or the trial deposit approach once. Then you can transfer whenever you like.

[JoyJoy]

Thanks for the advice. Since HSBC is only a few blocks from my home I will go there and make the deposit.

[fsumoney]

Does everyone jump these online accounts?

I keep thinking about opening up an HSBC account, but for all i know they will drop rates pretty soon, or another online account will up theres even more, and ill think about adding ANOTHER account.

Is it worth adding accounts everytime one gets higher?

Thanks

[TwoNickles]

fsumoney: I totally agree with your point. I have a sizable amount in an ING account and I've been watching, for quite a while, other banks consistantly beat ING's rates. When I discovered this offer at HSBC, I said, "That's it, I'm tired of sitting in the back seat." I've been with ING for three or four years, so i don't consider this as a "bandwagon" jump for me. I tend to move slowly on these things. I'll try adding just a little bit on a monthly basis to my HSBC account. If things work out to my liking, I'll move more into it. If it doesn't work out for me, I'll move all the money back to ING and close the HSBC account.

[pyotr]

before going for HSBC, check out the discussions here: http://www.fatwallet.com/forums/mess...hreadid=447514