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

[jmjj215]

Thanks for the info Bluezy

[sweeps]

Originally Posted by fratkid21

I just opened an HSBC account... is it me, or does it seem as though, HSBC is a more long and drawn out process.... i felt like they made me jump thru hoops to open the accound and link my external checking account....

Yes, it is a lot of hoops to jump through, but I think the tight security is a good thing and something that all banks -- particularly online -- should do to protect both them and you.

also the customer ID for logging on is soooo long, you cant possibly memorize this number??????

Agreed. Between the 20-digit ID, the password, and the security key, it's almost impossible to memorize that stuff. *shrug*

does anyone have any positive or negative feedback on their HSBC acct?

I have nothing bad to say yet. When I called their customer service number I got to a live person very quickly and he was very helpful. That's a good sign. Also in scanning other web boards, I have not seen any complaints.

and do they charge you $3 every time you transfer money back to your external checking acct?

No, the bank-to-bank transfers should be free, at least from HSBC. Your other bank may charge you. My other bank does not, so the transaction is free.

[BTC]

I appreciate that HSBC does not mail your Customer ID and Password at the same time or, rather, in the same envelope.

[Ima saver]

Well I just read all the comments that were on the "fat wallet" site and it sounds like HSBC has terrrible service and is slow. I have ING, but have not transferred any more money because my local bank, Seasons, has been paying 4.14 interest for 6 months now. (You need $50,000 to get this rate.Heck, I can walk inside and "visit" my money any time I want too. I made about $1800 plus in interest the past little over 5 months.

[fratkid21]

thanks for your detailed reply that helps...

I bank locally with Bank of America, and they have never charged me a transaction fee when transferreing to/from ING or ED, so I guess it will be fine with HSBC also....

Also, I did not use the "start" for the $25 bonus when I signed up... can I still get my $25, or is it too late?

thanks

[ender513]

Originally Posted by fratkid21

also the customer ID for logging on is soooo long, you cant possibly memorize this number??????

You can change your customer ID and password. Click on the "change profile" (on the left hand side, in the grey boxes). It will automatically jump to change your password. You can also change you customer ID by clicking on the "change customer ID" on the left (now in white, around the grey boxes )

[weiwentg]

I signed up in december, and my $25 bonus was deposited around 12/30. my only complaint is that their ACH transfers are slow.

[BTC]

I opened my account the last week of December and just logged in for the first time. My $25.00 "start" bonus hasn't posted yet. I'm not sure how long that promotional code was good. I hope I get the bonus.

It sucks to hear that transactions take a long time to post. How slow is slow? I thought I read somewhere that the ACH transactions were supposed to clear pretty quickly. My Emigrant Direct transactions are wham bam.

[sweeps]

The ACH transactions take 3-4 business days. I agree with weiwentg -- could be faster, but for the extra .25% over ED, I'll take it.

If you used the start promotion code, your bonus should be deposited soon. If not, you might want to give them a call and ask where it is.

[Ima saver]

How are you all doing with your accounts?

[jmjj215]

Wanted to give an FYI that paypal is now giving 4.3% for their money market accounts.

[ender513]

Has anyone else had problems setting up external transfers (or funding accounts) with HSBC? I opened an account, but when I finally received my user id and password I wasn't able to set up an external account because I don't have an atm/debit card. I think I have to call the customer service number, but this seems like an unnecessary extra step for an online savings account.

Just for the record, I also have an Emigrant Direct account, and while the user interface isn't very fancy, I've never had any problems with Emigrant. Overall I'm happy with my account there. I did have to wait for mail, but I had to wait for HSBC to mail me the user id and password so the set up process took a similar amount of time.

[sweeps]

Originally Posted by ender513

Has anyone else had problems setting up external transfers (or funding accounts) with HSBC? I opened an account, but when I finally received my user id and password I wasn't able to set up an external account because I don't have an atm/debit card. I think I have to call the customer service number, but this seems like an unnecessary extra step for an online savings account.

The same thing happened to me. Who would've thought you needed an ATM or debit card to set up bank-to-bank transfers. But if you call the customer service number, after a long verification process they will reset the screen while you're on the phone. The rep suggested I order the ATM or debit card so I'll have it in case I need it in the future. I think they should make this suggestion to you at registration time.

Lesson for those opening an HSBC account: Request an ATM/debit card when you register! Even if you don't plan to use it, it'll make things easier.

[Ima saver]

I have never had an ATM or debit card and I don't want one. I Guess I will not open a HSBC account.

[BTC]

I had to have my userid & password reset when I was first attempting to access my account. At that time, they mentioned that having an ATM card would facilitate the transfer process. It didn't make sense to me at the time and, considering that I have yet to set up a transfer to HSBC, it still doesn't make sense. However, I did go ahead and request the card.

Just out of curiosity, do you not simply link your checking account to your HSBC account via routing number & account number as with ING & Emigrant? What benefit is the ATM card to the transfer process.

[sweeps]

Having the ATM card (+ PIN) makes it so their online tools can verify you. Otherwise, you have to talk to a person and answer a lot of personal questions so they can confirm who you are. I know it's a pain, but again, you have to think about security here.

I don't have ING or ED accounts, but I would hope they're doing something similar to protect your finances. I do have a Washington Mutual account and they use your ATM card and PIN to confirm your identity.

Ima: We know that you don't have an ATM card and you keep lots of cash at home. You've just shifted your risk from someone stealing your ATM card to someone stealing cash from your home or it going up in flames in a fire. Everything has its risks.

[BTC]

With ING & Emigrant, once you have your accounts linked up, all you have to do is login to your account and request a transfer. I guess requiring an ATM Card & PIN is just another layer of security, but it seems unnecessary, imo.

[sweeps]

The ATM card and PIN are only needed the first time you set up your security key. After that you can initiate transfers by just logging in with login, password and security key code.

[Snoopy2645]

hey thanks so much for the info I called today & my money is in my account!! So an easy $25 you have no idea how much that means to me right now

[Ima saver]

Well I tried to open an account at HSBC. I was on the computer for about 20 minutes. Got to the end of everything and since I don't know how to use a printer (or even have any paper to print with) I don't think I have opened an account. Should I just send me check to them in the mail and request a signature card?