4.65%APY HSBCdirect.com Savings Account

[krayziebone33]

Re: 4.65%APY HSBCdirect.com Savings Account

Please name a bank that doesn't ask for your SSN when you open an account, particularly an interest-bearing account.

That's what I was thinking. I think there is a difference between being careful and prudent and just plain anal (hope I'm allowed to use that word on here). I have not yet seen an account application, school application, credit application, or job application that did not ask for one's social security number.

[KellyJef]

Re: 4.65%APY HSBCdirect.com Savings Account

Currently, HSBC is at 5.05%.

I've been very satisfied with this account.

[magicbeans]

Re: 4.65%APY HSBCdirect.com Savings Account

That's what I was thinking. I think there is a difference between being careful and prudent and just plain anal (hope I'm allowed to use that word on here). I have not yet seen an account application, school application, credit application, or job application that did not ask for one's social security number.

Krayzie, you're right, and I know it sounds pretty anal. However, I transcribe for a living, and I have to type out a fair amount of car insurance claims (you know, those phone interviews we have to do with the insurance company when we get into an accident?).

Guess what many insurance companies ask for ON TAPE for verification of identity? SSN. And here I am, I could be anybody...heck, I AM anybody, and now it's my job to type out that person's name, address, SSN, and email it back IN AN UNSECURE DOCUMENT (as per the client's instructions) to the client (we're talking a big insurance company here, not a fly-by-night operation). It's a good thing I'm honest and don't use my knowledge for evil.

Can you see now why I don't want to give out my SSN over the phone? I might be a little paranoid, but hey, just because I'm paranoid doesn't mean they're not after me.

Also, nobody has answered my previous question: why does HSBC run a credit check on me when I'm opening up a savings account? I'm not applying for credit, I just want to put away some money.

That being said, I have been listening to what you folks have been saying, and I decided NOT to close my HSBC account. Now that I have straightened things out with the whole money transfer thing, I'm quite happy, and the 5.05% interest is definitely worth the hassle.

[abowers]

Re: 4.65%APY HSBCdirect.com Savings Account

I'm around SSNs all day too - working in a college's financial aid office. When they call, we are supposed to take their SSN to pull up their name -- but I know many parents are hesitant about giving out their studen'ts SSN over the phone, so I ask them for their SSN *or* their Student ID number (which unfortunately not many know).

My college used SSNs all the time too -- I had my student ID memorized but many didn't. I gave my student ID instead of SSN whenever possible.

[sweeps]

Re: 4.65%APY HSBCdirect.com Savings Account

Even if a bank references you by account number instead of SSN, they still need to have the SSN to report interest income to the IRS.

Let's face it, SSNs are public information. You can try hiding it from people but anyone can get your SSN with little or no effort. Until companies stop authenticating people by asking for their SSN (or even more bizarre, the last 4 digits of their SSN), identity thefts will continue to increase.

[krayziebone33]

Re: 4.65%APY HSBCdirect.com Savings Account

Krayzie, you're right, and I know it sounds pretty anal. However, I transcribe for a living, and I have to type out a fair amount of car insurance claims (you know, those phone interviews we have to do with the insurance company when we get into an accident?).

Guess what many insurance companies ask for ON TAPE for verification of identity? SSN. And here I am, I could be anybody...heck, I AM anybody, and now it's my job to type out that person's name, address, SSN, and email it back IN AN UNSECURE DOCUMENT (as per the client's instructions) to the client (we're talking a big insurance company here, not a fly-by-night operation). It's a good thing I'm honest and don't use my knowledge for evil.

Can you see now why I don't want to give out my SSN over the phone? I might be a little paranoid, but hey, just because I'm paranoid doesn't mean they're not after me.

Also, nobody has answered my previous question: why does HSBC run a credit check on me when I'm opening up a savings account? I'm not applying for credit, I just want to put away some money.

That being said, I have been listening to what you folks have been saying, and I decided NOT to close my HSBC account. Now that I have straightened things out with the whole money transfer thing, I'm quite happy, and the 5.05% interest is definitely worth the hassle.

Magic, I totally understand your point-of-view. I hope you don't feel attacked by my previous comment because that certainly was not my intention. I think that anytime you give out your SSN, you are definitely vulnerable. However, I think with the strict practices that many of organizations employ, specifically financial ones, the probability is slim . . . NEVER IMPOSSIBLE, JUST IMPROBABLE. Even the VA had a major problem when a few of their laptops went missing. Where I work, we shred anything with a social and even give our clients the option of having a "pseudo-social" assigned to them by us. Again, that only makes the likelihood of identity theft improbable but not impossible.

As for why HSBC ran a credit check . . . the only reason that I can think of is that they wanted to verify that whatever you put on your application was true information. I guess that there were other ways that they could have done that, but that's the method they chose. Another reason could be to see if one has any negative marks from another financial organization. I don't know for sure though. Those would be my best guesses. The former has a lot to do with the Patriot Act but that topic will be left for a political debate.

[Albies5]

Re: 4.65%APY HSBCdirect.com Savings Account

Dont you guys think that the fact that you get $25 bucks from ING really would make it a better option- like how long would it take for you to MAKE $25 from the other banks? so the fact that your getting $25 bucks is a good deal- i mean and then i guess if you want to switch after you collect the 25 bucks you can--- does anyone know if you can do that and how long it takes to get teh 25?

[sweeps]

Re: 4.65%APY HSBCdirect.com Savings Account

Albies, you make a good point for people with very low savings balances. BUT, ING isn't the only game in town with a bonus. You can get an unofficial $10 or $20 bonus for opening an Emigrant account. And now Amboy Direct (5.15% APY) offers a $25 bonus.

Plus, you can easily get the $25 ING bonus (or lots of $25 ING bonuses as some people do) but then transfer your money somewhere else where you can get a better return.