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

[Ima saver]

ING was lots easier than this.

[Russell]

HSBC signup and bank-to-bank transfer setup is a pain. I loved ING's interface, I got used to Emigrant Direct's interface but HSBC is just overly complex.

Here's what I had to go through:

- I was able to signup online without any problems but I didn't like them asking me for the login/password to my bank's checking account so I opted for the trial deposit verification instead where they deposit two small random amounts into your account and you have to verify them.

- The trial deposits ate up three days. After 3 days my account was 'ready' and my $1 minimum opening deposit was in process.

- At this point I'm still not able to access anything online because I had to wait for two snail mails, one with the customer ID and the other with the password (you need both to log in).

- Finally I was able to log in and see my $25 bonus + $1 minimum opening deposit (thank you HSBC).

- Now when I tried to start the bank to bank transfer it asked to create a security key and needs the HSBC ATM card + PIN to finish the establishing the security key. However, I didn't have my ATM or PIN yet.

- I then had to call them so I could establish a key code without the ATM card and the pin number after verifying my social, name etc with them on the phone.

- Great so I can now do a transfer right ? nope! I have to do yet another trial deposit (or give them my login/pass) to link my external checking account - yes same account as before...so this is where I am at now.

I know its not that big a deal but the initial setup is just too time consuming, specially if another bank offers an even better rate and I have to jump ships again

[fratkid21]

has anyone tried to make an HSBC transfer out to their externally linked checking account, and if so, how was the experience...

[goodtosave]

I tried it but did not like their tranfer times. I initiated a transfer from my checking to HSBC on 1/12. The money was debited from my checking acct. on 1/12 and was deposited to my hsbc acct. on 1/17. I lost 3 days of interest.

And you also lose 3 days of interest when you transfer money out of hsbc. My hsbc acct. was debited on 1/12 and the checking was credited on 1/17.

[fratkid21]

yeah, i am experiencing that now... i put a transfer thru on monday, it was debited on tuesday, and now it is thursday, and still not in my hsbc account.... they are burning up our interest....

[fratkid21]

i guess losing closer to 5 days of interest ($65 for every 100K) is still better than ING's rate of 3.8 (versus 4.25).... over the course of one year.... if my math is correct.

[Ima saver]

Sorry, I am new to this. If you are transferring money using your computer, why are you losing any interest.?

[sweeps]

Ima, it's because while the request is processing, the money is considered "withdrawn" from Bank A, and at the same time the money is not officially deposited yet at Bank B. So neither bank will grant you interest on that amount during the transfer.

[goodtosave]

Originally Posted by Ima saver

Sorry, I am new to this. If you are transferring money using your computer, why are you losing any interest.?

Say you request HSBC Direct to transfer $100 to your checking acct on 1/23. HSBC takes money out of your acct on 1/23, so you will stop earning interest on $100 being transferred on 1/23. Your checking acct will receive $100 on 1/26 from HSBC. Therefore, you have lost 3 days of interest on your $100.

Hope this helps.

[Ima saver]

Thanks it does! It just seems like it should be transferred immediately. I mail a check to American express. The day they get the check, they do an electronic transfer and the money is out of my account immediately.

[goodtosave]

Originally Posted by Ima saver

Thanks it does! It just seems like it should be transferred immediately. I mail a check to American express. The day they get the check, they do an electronic transfer and the money is out of my account immediately.

You would think so. But now you realize that a part of how banks make money is by floating our funds.

For example, HSBC will make about $349(3 days interest) per million dollars transfer.

So they will make or save in interest payments of $349,000 per billion dollar transfer.

[Ima saver]

Well, thanks, that is very interesting. I think I will go buy some bank stock!!

[genchan]

I was reading HSBC's transfer policy and this is what it says:

No transaction fees if you transfer money into your HSBC accounts from your non-HSBC accounts

A $3.00 transaction fee will be charged for each outbound transfer from your HSBC accounts to your non-HSBC accounts

No transaction fees will be charged for HSBC OnlineSavings, Domestic Private Banking or HSBC Premier customers

Does that mean everytime I transfer money to my checking account I will be charged $3???

http://www.us.hsbc.com/1/2/3/persona...obanktransfers

[sweeps]

Originally Posted by genchan

No transaction fees will be charged for HSBC OnlineSavings

You answered your own question.

HSBC does not charge a transaction fee; however your other bank may charge a fee. Rarely is this the case though.

[pyotr]

I am currently in the process of opening up a new online savings account with HSBC. In the rates disclosure section, I noticed that it says, for online savings amounts greater than $1.00, the current APR is 4.70% and APY is 4.80%.

This doesn't seem to be advertised anywhere - could anyone confirm or refute this APY? The account opening page still has the giant piggy graphic with the prominent 4.25% APY displayed.

Here's the link: http://www.banking.us.hsbc.com/HICSe...language=en-us

[twins0203]

It was verified by a guy on FW who asked a CSR

Looks like I'm siging up for an HSBC account now

[sweeps]

Awesome. As they say on the World Poker Tour, I'm all in.

[BTC]

I hope that's a permanent rate.

Competition is good.

[coffeebreak]

Other than the fact that Pyotr's thread had 'HSBC' in it, what does it have to do with this thread's title? It was a separate thread and it still should be a separate thread. Extremely long threads are difficult to follow.

[kez]

I hope that's a permanent rate.

Nope, it's a promotion. It will end April 30.