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

[sweeps]

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

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]

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

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]

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

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]

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

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]

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

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?

[Ima saver]

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

ING was lots easier than this.

[Russell]

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

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]

Re: HSBC's Bank to Bank Transfers

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

[goodtosave]

Re: HSBC's Bank to Bank Transfers

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]

Re: HSBC's Bank to Bank Transfers

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]

Re: HSBC's Bank to Bank Transfers

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]

Re: HSBC's Bank to Bank Transfers

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

[sweeps]

Re: HSBC's Bank to Bank Transfers

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]

Re: HSBC's Bank to Bank Transfers

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]

Re: HSBC's Bank to Bank Transfers

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.