Comments on: Opening an HSBC Direct Savings Account – Update

By: Steve Miller

Steve Miller — Wed, 09 Dec 2009 15:32:59 +0000

I have had an HSBC account for a couple of years and no problems with it. My one complaint is how long it takes to transfer money. They say 3 days. BUT the first day (of the request to transfer) does not count, so it is really 4 days. Add to that the likelihood of a weekend intervening, and it can take too long to transfer money. E-trade Bank on the other hand, handled the transfer the same day. I have axed my E trade account after their interest rate dropped dramatically.

By: Thomas Winslow

Thomas Winslow — Fri, 10 Feb 2006 05:05:04 +0000

I just opened an HSBC account as well, on your recommendation. But be aware of several consumer unfriendly things with this site:

1. They mail you an account number. You go to try to log on with the password you thought you created initially. They shut you out permanently after your third try. You have to call to get unstuck.

2. They don’t tell you, but a few days later the password will also arrive in the mail.

3. If you go to change your password, it will likely tell you that it’s unacceptable, but give you no reason why. You search help, to discover that it must be 6-8 characters, with numbers. Why not tell you that when you are rejected? Then you create one 8 characters including two numbers, and it too is rejected. But simply dumping the numbers suddenly makes it acceptable.

4. All the other direct accounts I have make you give your bank info once, when they take the initial deposit. HSBC makes you do it again after getting your account info. Bu, hey, they don’t take back their verification deposits!

5. You cannot make bank to bank transfers witout setting up a Security Key. But when you set one up, it says sorry we can’t do it unless you have one of our credit/ATM cards. Another call to Customer Service to get someone to bypass this.

6. I was on hold for 20 minutes for each of the three calls I’ve had to make so far.

By: nickel

nickel — Tue, 07 Feb 2006 21:28:17 +0000

John, good question, and the short answer is that I don’t know yet. I still can’t login to my account until I get the details in the mail. I’ll be sure to post when that happens, though, so keep an eye out.

By: John Koontz

John Koontz — Tue, 07 Feb 2006 21:03:43 +0000

Thanks to your advice, we’ve also opened an account with HSCB. Couldn’t be happier. They make the entire process very easy.

Did you get the $25 bonus yet?