Consumer complaint received 2024-10-18 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Banking errors
Company: HSBC NORTH AMERICA HOLDINGS INC.

Complaint narrative:
The bank closed my account and forced my to close my CD investment early at a loss by ignore me bully me keep cancelling my phone appointment with them so I can not get the detail etc. as per HSBC term and condition attachment, HSBC need to compensate my full interest for CD On XXXX XXXX ( XXXX ) called me set up the CD for me that mature in XXXX. On XXXX I received the letter dated XXXX from HSBC USA that HSBC want to close my account on XXXX. It's negligence from the XXXX HSBC staff never informed me on XXXX in the call to inform me advance that closing my account and still set up the CD for me. I requested HSBC to compensate all the premier maintenance fee, bank charges and CD principal and full interest income that would have been earned for the remaining term until the year XXXX mature date due to early closure but HSBC ignoring me on this issue and bullying me even though I sent them so many email and called them many times. I even set up call appointments with them but they keep cancelling. This has caused me distressed. XXXX XXXX ( XXXX ) didn't call me and only sent me email on XXXX with the ( subject : We're still investigating your complaint XXXX XXXX ) although the HSBC customer service manager told me XXXX will call me on XXXX in call but didn't. After that I keep email and told them in call about this but they ignore me until now and no any resolution. I have 11 CD with HSBC and around {$93000.00} and I suffered loss since they closed down my account early for that. FED just reduced 0.5 % interest rate and I can not find the same interest rate 5.1 % anymore that I secured with HSBC USA before. Please find the attached HSBC term and condition if the bank close all my CD early. If the HSBC bank want to close my account and CD, HSBC bank need to return me all the CD and principal and full interest income that would have been earned for the remaining term until the year XXXX mature date. As a consumer, I am entitled for the right and not to be treated unfair like this. Since my CD only mature in XXXX, I would request HSBC to compensate me back the lost interest, bank charge, Premier maintenance fee, distressed and etc. ( XXXX XXXXXXXX ) 1 ) HSBC staff tried to avoided me as per my previous complaint in solving the issue as I asked them about how to deal with my CD investment and withdrawal but they refused to give the clear answers to guide me and ignore me and bullying me by giving me fake promise that will call me give me a solution but keep cancelling call appointment with me although almost approaching the deadline of closing of my account. The cheque that they said going to mail me not even tell me the duration of the courier time, how to clear the cheque, how many days for the clearance of the cheque and how much the charge and how to clear in overseas bank and etc. I checked with the HSBC XXXX and they said they are not going to accept the cheque from HSBC USA as is different countries and different currency and I already told HSBC USA as per my previous complaint but they didn't come out with any solution and just forced me to close down my CD investment at a loss or else my money XXXX XXXX would have gone if not close the CD immediately so I insisted to complain now for the compensation since FED just reduced rate and no more higher interest rate as compared previously. And also I would need to apply visa to come to HSBC USA when the cheque can not clear in my country bank and they don't understand my situation and just bullying me. I asked HSBC USA to do transfer to my overseas HSBC bank when the CD mature as this is the only way but they refused.

2 ) the interest calculation the HSBC USA promised to me is by day but when they closed my CD investment, I asked for the interest calculation cause I don't think it is right and not up to the day as I told them in call and email. But they didn't reply to my email and show me the calculation and compensate on it.

I would need HSBC USA to compensate for the loss on that due to their negligence. The HSBC staff even set up the CD for me when HSBC decided to close my account and this has caused me loss too and not informed early and caused me make the wrong financial decisions. I would request HSBC to compensate me back the lost interest, wrong calculation of the interest, bank charge, Premier maintenance fee, distressed and etc. ( XXXX XXXXXXXX ) Below is the email I sent them in XXXX but until now they are still not giving any answers for that. I called to them in XXXX until my my account closed on XXXX XXXX but still not give me the answer. I need HSBC to answer to me on that by next week and provide me all the answers. Also I asked them in call in XXXX how to calculate my interest, show me the working and etc. but until now still no answer. As per the HSBC screenshot sent previously, HSBC will compensate for the loss of CD investment if they are the one who close my account.

On Thu, XXXX XX/XX/XXXX, XXXX XXXX XXXX XXXX, XXXX wrote : Dear XXXX and XXXX XXXX Any update?

As per call, the calculation of my interest is wrong.

Tomorrow is the last day I can transfer fund. Please send the full interest to me by tomorrow before account closure.

Best Regards, XXXX On Wed, XXXX XX/XX/XXXX, XXXX XXXX XXXX XXXX, XXXX wrote : Please see the term and condition if HSBC close my account so please compensate me the full interest amount -- -- -- -- -- Forwarded message -- -- -- -- - From : XXXX XXXX XXXX XXXX Date : Sat, XXXX XX/XX/XXXX, XXXX Subject : Re : EXTERNAL : Re : Re : Urgent Complaint case number XXXX To : XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Hi XXXX and HSBC USA, You send the attached file stated HSBC bank can close my account and this is right and I am okay for it but I would like HSBC and you to know to minimise my loss in closing my account since the cheque will cause me so much time, hassle, and charges. Also now FED just reduced 0.5 % interest rate and can not find the same interest rate 5.1 % I secured with HSBC USA before. Why you only want close my account now and not early in this year so I will not have this unnecessary loss and still can find 5 % CD that time? Now I only can find CD 3.4 % for 9 months but the CD I have with HSBC USA is 5.1 %, so I have a loss of 1.7 % so I would request HSBC USA to pay me the additional 1.7 % loss that incurred until maturity date or else please do global money transfer to my HSBC XXXX XXXX XXXX  account at CD maturity date to minimise the loss. You told me is ok to global transfer to my HSBC XXXX XXXX XXXX  at first and also told me later will try your best and can work something out to minimise my loss but now you are silent on this issue.

Please find the attached HSBC term and condition if the bank close all my CD early. If the HSBC bank want to close my account and CD, HSBC bank need to return me all the CD and principal and full interest income that would have been earned for the remaining term until the year XXXX mature date. As a consumer, I am entitled for the right and not to be treated unfair like this. Also you called me to set up my CD on XX/XX/XXXX although the bank sent me account closure letter dated XX/XX/XXXX and why you didn't inform me early so I have time to prepare for this and only let me find out this closure when I received the letter on XXXX XX/XX/XXXX and running out of time. This is negligence from the bank side and not professional thus please solve this issue asap by minimising the loss asap and call me asap. If I not receive in favourable and reasonable solution, I would complain to the federal office of the comptroller 's customer assistance group, consumer financial protection bureau and all the other authorities and share my bad experiences in social media 1 ) I not understand why you mentioned still charging me XXXX XXXX  monthly premier maintenance fee when my CD balance fall below USD XXXX in XX/XX/XXXX since you told me in the call no more charge? My account will be completely close in XX/XX/XXXX and that total CD balance of course will fall below XXXX in XX/XX/XXXX and when almost reach XX/XX/XXXX since I can't put more money in HSBC USA, kindly advise. So you and HSBC USD bank will charge me {$50.00} in XXXX, XXXX and XX/XX/XXXX total {$150.00}? Kindly advise. 

2 ) what kind of cheque you will send me? Cash cheque? Can get cash instantly easily with this cheque or non cash cheque and only can bank in the bank account same as my name XXXX XXXX XXXX? Send me a sample cheque photo so I can ask other bank can they accept it and how to do with it? Is signature needed on the cheque? HSBC USA and XXXX XXXX  etc. will charge total how much or what kind of charge to clear this cheque? If lost, any charge to issue new cheque and how to request for it? How to use the cheque mobile scan because I not sure how to use it since I never use before? Can you send the cheque to my interactive broker account for easy bank in convenience?

3 ) how many days to courier the cheque to me in XXXX? Will HSBC USA charge me any charges for using that cheque? Any courier fee?

4 ) you told me before to global transfer to my HSBC XXXX XXXX premier USD account, why now not do this option since no charge? Can't HSBC USA global money transfer the money to me instead of cheque? You can also send to my USA interactive broker account by using ACH if ok 5 ) what is the total amount I can receive for each CD if close today? Please send me a list with the amount I can receive for each CD if close today. Will I receive the interest by calculating in days since some CD not yet reach full month? If not yet reach the date of maturity in the month, will I get the interest by days or how? ( For example, if I open the CD on XXXX then I can receive the full month interest on XXXX only right? If close the CD on XXXX still can get 13 days interest income? ) I would request HSBC to at least compensate additional one month loss interest income for that 6 ) regarding the change of home country and link in of world premier status. I would request HSBC America to give me 4 months at least to link and set up change home country so it will not incur additional maintenance charge in my other XXXX  HSBC premier bank account. I need to fly to many countries to sign and change and do that now. I would need HSBC USA to maintain my premier status for at least 4 months when my XXXX  HSBC premier account called and asked you all for that so that no charges happened in my other overseas HSBC premier account. Or else I need HSBC America to communicate with HSBC XXXX and pay the charge for that.

Please call me back asap before next Monday XXXX XX/XX/XXXX. Please reply my email asap since is running out of time Best Regards, XXXX XXXX XXXX

Company response to consumer: Closed with explanation