HSBC Holdings
Reviews and Complaints

I had done online money transfers on 7th & 8th Dec 2016.I was told it will take 3-4 working days for the same to be transferred. Keeping a week`s buffer I planned out my travel.

All the plans have gone the drain, and I am back to Dubai without the purchase formalities. I will have to travel back again to India to complete the formalities.

Even after multiple complaints through various forums, no action has been taken. Time, money and effort wasted.

Pathetic Service.

I applied a Credit Card from HSBC and everything went smoothly until the day when I need to make payment. I received a SMS saying that the statement has been sent to my email but I got nothing, so waited a few day thought of maybe there is some system delay etc. Nothing sent to me, so I contacted their customer service first time through their Live Chat, not sure why I couldn't find that Live Chat after that. The customer service told me I need to log in to my online account to retrieve my statement as they won't send to me because I have this online account. Stupid right? But fine, I tried to login but couldn't retrieve my statement not sure due to what reason. Then I ask the customer service through the Live Chat again, no response after about 30 minutes, I close the Live Chat and call them this round.

I called and the customer service said no matter what I need to login to my online account to get my statement. Ok fine, I tried to login. Only I then I know I need to key in 2 passwords which I have forgotten my secondary password. Who the hell in this world has such "secured" online credential? So I requested to reset my password which takes me way long to do it.

The next day I called the customer service again, now they agreed to send me email on my statement. Although it will take him 2 days to send me my statement but at least I finally got my statement. First time I realize it is so difficult for me to make payment for my credit card.

The best part is they will not fulfill what they promised. They promoted in website on whole year free GSC tickets if spend more than RM1, 500 for those applied the credit card during the period of time. But when I ask them, they said it is for first come first serve only. Never mention in any of the tiny wording in their promotion flyer. Isn't this cheating? Disappointed with HSBC!

Had HSBC card while traveling abroad. After losing my Debit Card I ended up using the credit card for ATM withdrawals.

They've constantly called me to ask if its me who is doing ATM withdrawals and I would confirm or if I failed to pickup my card get locked until I call and get it reactivated.

The incident happen in Singapore while my card was locked (unable to make withdrawal from any ATM machine) I saw ATM withdrawal for 600 Euro from Greece appearing in my bank statement. I the legitimate owner of the card can't make more than 400 euro withdrawal but at that time I wasn't able to make any withdrawal at all.

I called support but they said I need to come back to Egypt in order to file a report and that he can only disable my card which I had no choice but to accept.

I complained to Visa but they can not help when it comes to ATM withdrawals with credit card. all they could do is redirect my call to my bank which failed to pickup.

I sent message over online banking informing them that I've complained and they replied saying that in fact I can file a report by just sending an email.

After months of investigation they said they contacted the bank in Greece and it confirmed that the card was physically inserted in the ATM (and so I must be a con artist)

I argued that I made many - failed - ATM withdrawal attempts that day from Singapore and that the card couldn't be in two places at the same time but to them the case is already closed.

Worth mentioning that HSBC credit cards using magnetic strip rather than the smart chip.

I asked for a written response but they said bank doesn't provide such thing and that I should accept the verbal response.

I've shut down my account (with reason for closing being "HSBC refused to take responsibility for credit card theft") then I complained to UAE branch by email (with account details and everything) but got no response.

I only have my dispute form which I am attaching here after scratching personal details

date of the incident: 7th of July 2015
desirable resolution: A full refund + apology for the way I was treated.

Hsbc grievances/customer care, my credit card [protected] was delivered to wrong address and reached me late last week; I activated my card only 7 days back but I received my first statement too soon without completing my billing cycle; request hsbc to correct the same as the same is caused only by some careless management of delivery of my credit card; request you to take helpful decision;

My name manickam lingam, I m the user of hsbc credit card (Hsbc amanah) malaysia visa platinum. I have been calling hsbc hotline to request for reversal of credit card service fee amounting of rm 253.50 including gst in my december bill. Unfortunately every time I called, I have to wait for 15 minutes yet no answer from hsbc representatives. It has been 9 days, I called morning 7, 30am, 9, 30am, 11.00am, 12.30pm, 1, 45pm, 2.30pm, 3, 00pm, 4, 00pm, 4, 30pm, 5, 30pm, 6, 00pm, 6-15pm, 7, 00pm, 7, 30pm, 8, 00pm, 8, 30pm, 9, 00pm. No answer. Please advice me what is the best time to contact. My contact [protected] email: [protected]@gmail.com

My 84 year old mother, Mrs. Vieth and myself (son u. schaefer) and I visited the HSBC branch in Antibes on Oct. 15th, 2015 to add a USD account to an existing Euro account and subsequently transfer and exchange a fixed amount of Euros to the equivalent of 70K USD. The funds in the USD account were then to be used to buy an HSBC investment fund product. With the exception of a few polite greetings, the conversation was held almost entirely in English as neither my mother nor myself speak French well enough to deal with the subject matter at hand. All forms provided to us were in French, so we had to rely entirely on the HSBC rep (Mrs. Erbal) to explain what had to be signed. Since we expected the Euro exchange rate to deteriorate, we asked Mrs. Erbal, the "HSBC Premier Service" account rep to execute the account opening and funds conversion asap. We further instructed her to buy the investment fund with the converted funds. Since on Nov. 9th, 2015, a full 24 days later, I had not heard back from her, I emailed Mrs. Erbal to request a status update. To my surprise, I received a response urgently requesting me to fill out a transfer form authorizing funds transfer from Euro to USD account to pay for the security bought. I was shocked, as it clearly indicated that my instructions to quickly convert funds and then buy the investment with those funds had not been followed. When I complaint about this, Mrs. Erbal offered to back date the Euro/USD conversion to Oct. 29th, 2015, the day HSBC apparently bought the investment funds on our behalf. By this time the Euro had already depreciated from USD 1.14 (Oct. 15th conversion rate) to about USD 1.07. While we did not expect HSBC to get things done in a day, we were told by Mrs. Erbal that it would be done within a few days, not more than 7). Even if it had taken HSBC 7 days to execute our conversion instructions the exchange rate would have been closer to USD 1.10 or better.in other words we incurred a significant exchange rate loss. Since Mrs Erbal did not want to take responsibility for this lack of attention to our affairs, I contacted HSBC customer relations (complaints department). A Mr. Hugo Andrew De Paula Malim (hugo. andrew. de. paula. [protected]@hsbc. fr) responded. After exchanging several emails with him concerning our concerns, it became clear that he either did not make the effort to resolve our concerns or simply was incapable to do so. His responses misstated facts that are substantiated by emails written and quickly led him to turn down our request for resolution with the advise to contact the French ombudsman. When I asked him about contact information for his supervisor and or legal department of HSBC he just referred me to the French ombudsman again, also quickly pointing out that the UK ombudsman was not the correct venue. Furthermore, after checking the document my mother signed in regards to the investment, we noted that the copy given to her at the time we executed the agreement left the amount to invest blank. Our request to HSBC has been to rescind the entire transaction and put my mother in the same position she was prior to entering into it. My name is Ulf Schaefer. My email is [protected]@axis-sintong.com

I have had ongoing issues with HSBC and I would like to know how I can write to the big wigs in HSBC UAE before I make a formal complaint to the regulators. Could someone please contact me on [protected] asap (UAE number).

Thanks

Please help me spread information on how HSBC is taking advantage of its elderly retirees in order to reduce its costs. You can help reach out to HSBC retirees, their families and others, as well as garner the attention of an expert in the field of ERISA who may wish to help these elderly retirees. Please read our story:

My husband is a retiree of HSBC and has survived cancer three times during his retirement, demonstrating the importance of bringing to light the atrocity being done to him and other retirees who have earned a medical insurance coverage retirement benefit.

When my husband retired from HSBC he was told he earned the following retirement benefit: medical insurance coverage for the rest of his life as long as he paid his cost sharing premium. My husband has paid his cost sharing premium for 17 years. Currently, his monthly cost sharing premium is $227. The formula HSBC uses to determine his cost sharing premium is simple. HSBC pays "75% of the annual premium up to $2, 000" and my husband pays the difference, which HSBC bills him for. The cost that HSBC pays to its insurance company for my husband’s coverage is over $4, 000 annually thereby making his current medical insurance coverage retirement benefit amount $2, 000 annually. Please note: This is my husband's benefit and amount based on his retirement package and other retirees may have a different benefit and amount based on their retirement package.

HSBC has decided that its retirees who receive a medical insurance coverage retirement benefit can find greater choice, flexibility and value by purchasing individual coverage "on the open market." Therefore, HSBC has "modified" the way its retirees will receive the medical insurance coverage retirement benefit. HSBC will no longer allow its retirees to receive medical insurance coverage through the HSBC group insurance plan. Instead, HSBC states they will help its retirees “subsidize” some of the expense associated with purchasing coverage "on the open market" by setting up a Retiree Reimbursement Account (RRA) and providing an annual contribution to this account. This "contribution" is what HSBC is now referring to as the medical insurance coverage retirement benefit. It is our belief that, in the case of my husband, this "contribution" should be "75% of the annual premium up to $2, 000" as it has always been.

In order to receive the medical insurance coverage retirement benefit, the retiree must sign-up on-line with HSBC's plan administrator AON Health Exchange, attend a webinar, agree to speak with a benefit advisor who will "guide" the retiree in choosing a plan, and sign up for the plan by July 30, 2015 or forever forfeit the insurance coverage retirement benefit. In addition, the retiree must pay the monthly premium in full, submit a claim form for reimbursement from the RRA, and wait for HSBC to determine whether or not to reimburse the retiree for the premium. If HSBC determines the reimbursement is warranted, only then will the retiree actually receive their earned medical insurance coverage retirement benefit. If the retiree does not submit the claim form, or if for any reason HSBC determines the reimbursement is not warranted, the retiree will not receive the insurance coverage retirement benefit.

A contribution award letter is mailed to the retiree with the amount HSBC will allocate to the RRA. This information will be hidden in the correspondence sent by HSBC in a tiny paragraph that can be very easily missed. It is a one sentence statement with no basis for the calculation. In the case of my husband, this amount was determined by HSBC to be $500 ANNUALLY.
We have made numerous attempts to find out from HSBC and AON what formula and/or methodology was used to determine the contribution amount. When we are able to reach anyone from HSBC (plan sponsor) we are told that the plan administrator (AON) determines the amount and they redirect us to AON. When we are able to reach anyone from AON (plan administrator) we are told the plan sponsor (HSBC) determines the amount and we are redirected to HSBC. For any further information, "work tickets" must be created and submitted to either the plan administrator or plan sponsor. An answer will be received in 7 to 10 business days and communicated to the retiree via a phone call. Answers will not be communicated in writing. We have had several "work tickets" created with one specific question: "What formula and/or methodology were used to determine the contribution amount?" We received two answers: "the plan sponsor determines this amount" and "the plan administrator determines this amount." Neither the formula nor methodology was addressed in either answer. We have not been able to negotiate this obstacle.

We believe many retirees will not be able to navigate this maze, negotiate the obstacles, nor will they have anyone to help them, and they will inadvertently forfeit their medical insurance coverage retirement benefit. This, we believe, is the intent of HSBC so they can eliminate paying the insurance coverage retirement benefit to its retirees, thereby cutting its costs. Many of these retirees are in their mid-70's to over 90 years of age and have limited to no technology skills and can be easily confused by the legal jargon HSBC has sent out in their many documents explaining this "modification" to how the medical insurance coverage retirement benefit will be received. HSBC fails to mention, specifically, that there is also a modification in the amount of the medical insurance coverage retirement benefit. Much of the information disbursed by HSBC is hidden, obscure, and confusing. In fact, it is our belief that HSBC has intentionally tried to confuse its retirees. Our evidence, a four page document containing incorrect information sent to retirees with a corrected document sent 4 days later containing an apology for the previously sent document containing incorrect information. The apology letter encourages the retiree to carefully examine the new document and determine which of the corrected information pertains to them. It is very disheartening to note that both documents contain only general information about each of the retiree plans that HSBC sponsors and contains no specific information regarding the individual retiree and/or their specific plan or, most importantly, what information was corrected.

In addition, while researching the "greater choice" we were expecting to receive "on the open market" through the AON Health Exchange, we found that only three insurance carriers have been allowed to participate in the AON Health Exchange for Broward County, Florida. The premium cost through these three carriers for medical insurance coverage for plans comparable to what my husband currently has is $140 or more per month. This excludes prescription drugs which are included in my husband’s current plan, and includes applying the pro-rated portion of the $500 annual contribution.

My husband and I researched other plans with other carriers “on the open market" exchanges including Medicare.org, and found a multitude of plans comparable to what my husband has now that are significantly lower in cost than the plans offered through the AON Exchange. We asked AON and HSBC whether we could purchase one of the less expensive medical insurance coverage plans "on the open market" through one of the other exchanges or privately and be reimbursed from the RRA. We were told if we used an exchange other than AON to purchase insurance or purchased insurance coverage privately from a carrier other than those on AON’s exchange, the medical insurance coverage retirement benefit would be forfeited. Our question, is this legal? It is our belief that this does not constitute purchasing insurance “on the open market.”

Finally, during our research regarding this "modification" to how retirees will be receiving their medical insurance coverage retirement benefit, we found that HSBC is billing my husband $10 more each month than what his cost sharing premium should be. It is HSBC’s practice to bill the retiree directly for cost sharing portion of the premium. HSBC does not disclose the full amount of the retiree's premium (we uncovered my husband's premium cost during our investigation). It is our belief that this practice of overcharging retirees is another cost savings measure. It is our belief that a subpoena for retiree medical insurance coverage billing may uncover a very interesting practice.

If there are any HSBC retirees experiencing the same situation, please reach out…we can fight this. If there is an ERISA professional who is willing to help, please request to be my friend on Facebook. Thank you - Sandy Mastrocola Stachura.

I am a salaried employee, my salary is deposited into my hsbc advance account in usd, 25 days ago I applied for a platinum visa credit card, but they advised me to apply for the advance mastercard, basically both eligibility are the same, I receive 3 times more than their minimum eligibility. to make a long story short, I applied the the mastercard one, and they told me within 10 working days I should receive it. well, after 3 weeks, I went to the bank to ask where is the card, I found that my application was declined by the bank while i'm a customer of this bank since 1997. and used many of their products, but lately the service is worsening, e. g. I received 4 different (opposite) sets of information regarding cards, and loans. no one cared to call me to tell me about the bank declination! no one directed me to other option, no one offered me any kind of assistance to address this issue, which was a total waste of time and trust. (ps: my annual income +400 k egp)

I had to hotlist my HSBC Credit Card and after that I mailed HSBC several times not to send a new card and cancel the card.
I have mailed grievance reddressal, [protected]@hsbc.co.in, [protected]@hsbc.co.in but havent received an acknowledgement from anyone. I still get credit card statements every month. If they ever send me a new card I never received it since I was not in the country so I am not sure whom did they deliver the card. I have attached one such communication which began in 2013

Hsbc bank in abu dhabi should receive "the worst bank in uae award!"

The khalidiah branch customer service unit office mohamed hamed was unbelievable. when I walked into the branch wanting to open a premier account, he told me "don't open the account with us, our service is worse than before", he was referring to the bank's service 9 years ago (9 years ago we were bad, but now we are worse).

he was rude, sarcastic and had such bad body language.

Made a phone complaint to the toll free centre, no news or what so ever from the bank for 14 days. made a 2nd call to the toll free centre again, after 5 days the same customer service office mohamed hamed called me simply telling me the bank had rejected my application. without any reasons / explaination.

Mohamed hamed is absolutely correct and have proven his point, hsbc bank abu dhabi indeed had gone from bad to worse... what a pity because in other part of the world, hsbc has good reputation and excellent services.

HSBC or How Serve Badly Clients.
I have been in the financial industry for over 20years and service provider of all the major banks worldwide. Funny enough HSBC is one of my clients on a daily base. I have a company based in Dubai and a subsidiary in Ldn. Both entities bank with HSBC for 4 years now ( start of the company). I have until now no overdraft, no discount facilities so basically more turnover I make more money I have unpaid from clients so monthly some cah flow issues. So basically HSBC act as an electronic safe, receiving payments of our invoices and execute our orders to pay employs and service providers. Of course they take a commission for it. But basically they provide us with nothing. Oh I forgot to add my company is profitable for 2 years now and in 2013 we made over 700 000$ net profit. And guess what even their own invoices meaning HSBC owns my company money they will not discount it. The question is why I dont change? because all our clients (bank) have HSBC in their back office file and when we will change bank we will have a discrepancy of 3 to 6 months to receive payments and we cannot afford that situation yet. If some of you faced the same issues and this snob attitude from that bank please join me I am ready to pay for a advertising campain in the NAtional or Gulf news and explain the bank customers how HSBC screw them its unacceptable. Of course as son as my firm will really make some profits I will make sure the asset managers or account managers from HSBC who will come to beg to get our business will be very well received... My memory will last until i will get my revenge with HSBC

I made Telex transfer on 20th of August 2014 from Saudi British Bank, in Riyadh Nuzha Branch to India. The money transfer was rejected in Mumbai HSBC and the amount which was returned back in my account on 3rd of September 2014. The returned money is Saudi Riyal 15, 400 less, I want my money back in my account. This is my hard earned money and Bank cannot take it this is rip off. I need help.

Dears
My Name is Mohamed Fawzy I am a HSBC Egypt customer with current account as my company transfers my salary to this current account and I work in my company branch in Qatar for a short assignment and the salary is transferring to my HSBC Egypt current account with issuing (Visa electron card
Friday 14.02.2014 I went to HSBC ATM machine in (Dwar Al Markhya) to withdraw some cash as I usually prefer to withdraw from HSBC ATM machine as the same bank which I am customer on it I insert the card waiting for the menu for almost 4 minutes and no response from the machine then I realized that the machine withdrawn the card despite I did not do anything except inserting the card on the machine (you can refer to the camera which in the ATM machine to see it and it was almost at 23:30)
I called the HSBC Qatar customer service inquiring from them about the situation of my card they informed me that the card will be in the main branch in airport road when you can go to deliver it after two working days
Saturday is off Sunday and Monday so the card should be in the branch on Tuesday I called the main branch number directly as it was written in the HSBC Qatar website I asked the agent to check if the card is available in the branch or not instead of going without any results I preferred to check and confirm first
No useful answer just informing me with the procedures which the card will be available in the branch within 2 working days
Due to my shift working time I could not go to the branch on Tuesday 13.02.2014 so I went Wednesday to the HSBC Qatar main branch at airport road
The clerk who responsible for delivering the withdrawn cards he told me the card has been send to HSBC Egypt as this is the rules if the customer did not came to receive after 2 working days we send the card to the issuer bank
I called HSBC Qatar customer service informing them with the situation the agent informed me that here the procedures which apply her is for the issuer bank of the card I told her that the clerk in the brank informing me that we send the card to HSBC Egypt
Hold a moment sir I will check with HSBC Egypt
Almost 5 minutes on hold then the agent came and then she informed me sorry sir I could not reach the HSBC Egypt so you can refer to them
I did not convinced with that so I called again HSBC customer service inquiring from them about the situation of my card
The agent answered if the customer did not come within 2 day the card will be destroyed are you sure? Yes sir
I called the customer service again to check the other agent confirmed to me again that if the customer did not came within 2 days the card will be destroyed
Why the previous agent did not tell me that when I contacted her in the first time when the card withdrawn
Sorry sir it an agent mistake
And the results I pay the price for a mistake I did not make it
I called HSBC Egypt customer service to check for a solution as I almost have no money and I will not go back to Egypt not before 3 months
First you will listen to the IVR options and I choosed the lost and stolen card then the IVR service asked me to enter your phone banking number
I thought that is my mobile number which already registered with the bank
3 times I entered my mobile number and then I hear from the IVR service the number which you have entered is not correct then the call ending thanks you for calling HSBC
I tried in the fourth time but I changed the option to other product and service instead of lost and stolen card the surprise that I got an agent answering to me immediately
It seems that customer is asking for other product and service is more than important from actual customer lost his card
The customer service agent informing me that the solution is to make a card replacement and we will send you to Qatar but you need to subscribe in the phone banking service through the IVR
Ok fine the agent informing me the rules of the six digits of the phone banking which is not serialized –do not have any sequence-not your date of birth
I started to enter the phone banking number 3 times I entered the number following the rules of choosing the number and the rules of the IVR then once entering the number I hear a message the number you have entering is not correct then the call transferring to customer service agent to verify my personal data to confirm that I am the account holder then transferring me again to the IVR service to enter the phone banking number
3 times is too long and it was an international call from Qatar to Egypt I could not bear more than this so I asked to speak to supervisor to find a solution
The agent told me that the supervisor will be available within one hour you can leave your phone number and he will call you back
I could not wait one hour I am in critical situation and I almost have no money
I called HSBC Egypt customer service again asked them to speak to supervisor right now
The supervisor contacted me and after explaining the situation and Negotiates between me and her she informed me that no solution unless you subscribed on the phone banking service
And I will transfer you again to the IVR service then you can enter you phone banking service
Usually in the previous time when the agents was transferring me to the IVR service they transferred me on the spot
When the supervisor informed that she will transferring me I stayed on hold almost 2 minutes then I surprised when I found customer service agent answering to me and I asked him that I was with supervisor informed me that she will transfer me to the IVR service to enter phone banking
The agent told sir I could not transfer you to the IVR Service unless verifying your personal data I refused and I insist to my situation the agent refused also so I hanged up the line
Unfortunately I could not find any other solution that to call HSBC Egypt customer again following the procedures and subscribe in the phone banking
Other 7 times following the rules of entering the phone banking and hearing the IVR message the number you have entering is incorrect then transferring me to customer service agent to verify again my personal data to confirm that I am the account holder then transferring me again to the IVR service to enter the phone banking
The numbers which I tried to entered is
139753
281640
280978
938205
850194
610925
The customer service agent confirmed to us that these numbers are matching the criteria of the phone banking number

I was really got frustrated and nobody is helping me and feels with the critical situation which I am involved on it
I tried to call again HSBC Egypt customer Service but I changed the phone which I called as I was using smart phone touch screen and this time I change the phone to a non-smart phones with buttons (Nokia 1200) despite I checked with customer service agent as is that I am calling from international number or smart phone has any effects on choosing the phone banking number the agent confirmed to me that is not effect
fortunately the trail was succeeded on the 11th time then customer service agent answering to me and she will get an approval for the branch card issuer to send you the card within 2 weeks with cost 240 Le deducted from your account including the shipment cost (40 Le Cost of replacement the card +200 LE shipment cast)
But we need to have your address and PO Box number as it is mandatory and we could not proceed in the procedures of sending the card unless getting PO Box number
I told her that I will check and I will call her gain
I called again the HSBC Egypt customer service using non smart phone with buttons Nokia 1200 to enter the phone banking
The thing which was ironic the IVR again told me that the number which you have entered is not correct
So I change my choice to other product and service to be able to reach customer service agent
Finally I reached an agent and he transferred me to the IVR service again to verify the phone banking number
fortunately this trial succeeded and I informed her with the my address and my PO box number and she informed me that she will follow with me and I gave her my mobile number to follow with me and the card will be deliver within 2 weeks
The question is
What mistake I did to get all these troubles starting from withdrawn the card without any action from side except inserting the card and getting wrong information and paying almost 2 hour international calls with bad customer service

My fellow HSBC victims…and that term is very much appropriate. My wife, Ruth and I seem to be traveling down that same rocky road that that you have traveled. Presently our account states that we owe HSBC over six thousand. It states that our last payment was made in April and our next is due in June. I know, it’s a jumble of nonsense, but that’s what we have. We’ve made every payment and have sent them proof (our bank faxed it to them). But, they chose ignore it. Many of you have gone down this road, so I won’t go into details.

In lawyer’s terms, they have one enormous “war chest.” Plainly put, you can forget about hiring a lawyer. Getting legal advice would be OK, but none of us could afford to fight this in court. But, there is another option, but first, for those that don’t know, let me introduce you to our enemy, the largest bank in Europe, with its home office in Merry old England. (So where’s Robin hood when you need him?)
“In December of 2012, HSBC paid a record $1, 900, 000, 000 fine for laundering in excess of $881, 000, 000 in drug cartel money and violating anti-terrorism sanctions.” They received 3.5 billion in bailout money through our beloved AIG. Also, they’re closing out their comsumer loan department. But, you already know about that…and what a way for them to do it! And here is something else right off the press.
NEW YORK (CNNMoney)
“HSBC became the latest bank to settle with federal regulators over alleged foreclosure abuses on Friday, agreeing to provide $249 million in cash compensation and other assistance to borrowers.”
“Under the deal with the Federal Reserve and the Office of the Comptroller of the Currency, HSBC (HBC) will offer $96 million in direct cash payments to borrowers and $153 million worth of other relief, including loan modifications and the forgiveness of deficiency judgments.”
This action goes back to [protected] I believe. So I doubt if these people are getting any real compensation, they may have been on the street for some time, but HSBC is vulnerable. Claire McCaskill is a Missouri Senator and she is also head of a national consumer protection committee. I have already sent her my complaint. Go to www.mccaskill.senate.gov There’s field on the front page labled “Submit your Scam.” I did a “copy” function of a letter I’d already composed in word, but you can type it in directly. Together there’s power and we might get something done!
If you wish to contact me, (no legal advice here, but I can tell you what I know) my email address is [protected]@live.com. I have a face book account, but our DSL is so slow it takes forever to access it, though I will try to place this there. Larry Sager

My name is antônio pedro lacerda de barros, and I am writing to you regarding a nightmarish 18-year legal battle that I have waged against bamerindus bank in brazil and its successor, hsbc bank (brazil).

Sadly, my story is not unfamiliar to anyone who has followed hsbc in the news the last few years and, in fact, bears many striking resemblances to the following story, which was reported this year by guardian money:

Http://www.theguardian.com/money/2013/jan/04/hsbc-subjects-borrower-misery-loan-repayments

Like the customer in the above story, I have been fighting hsbc in the courts for almost two decades after my bank account with bamerindus bank was sacked by branch employees in the early 1990s. hsbc purchased the assets and liabilities of bamerindus in 1997 and, in so doing, assumed all the outstanding obligations of bamerindus.

The issue of whether or not hsbc brazil is responsible for all liabilities of bamerindus is a settled issue in brazilian jurisprudence, and has been for over a decade. I have hundreds of pages of supporting legal precedent, if you would like to review it. indeed, hsbc itself says on several of its international websites and publications that it purchased the assets and liabilites of bamerindus in 1997. as such, from now on I will use the terms "bamerindus" and "hsbc" interchangeably.

My story began when an employee at the ipanema, rio de janeiro branch of hsbc confessed to me in 1995 that bank employees, including employees at two different branches, had been illegally removed funds from my bank accounts.

A court-appointed expert found that the partial total of these withdrawals was about $800, 000 united states dollars, or about $2 million united states dollars, in today's terms, and that's without including certain legal interest that hsbc will eventually be obliged to pay. the outrageous thing is that, because hsbc has for 18 years refused to provide all records of withdrawals from my account, no court expert can really quantify how much money hsbc confiscated from my account!

These employees' "modus operandi" was as follows: a. withdrawals were made from my accounts using cheques that I didn't sign; b. funds were electronically withdrawn from my account, invested for the benefit of third parties, and then the principal was returned to my account on the same day or on the next day.

I filed a police complaint in 1995, and the police superintendent in charge found that hsbc had been involved in wrongdoing. an employee of the hsbc branch where I did my banking made a full statement outlining in detail the illicit activities committed by hsbc employees.

Also in 1995, hsbc filed a suit wanting to pay me a token sum for the losses and damages I sustained. at the same time, I filed suit against hsbc asking that hsbc provide copies of all cheques withdrawn from my account as well as proof of all other withdrawals.

After a long legal odyssey, during which hsbc used high-priced legal talent to delay any judgment, a rio de janeiro court finally found that hsbc had literally made over 2, 000 undue withdrawals form my count. as mentioned, in today's dollars, and without counting 18% a year interest from 1995 to the present, a court-approved expert estimated that the total amount illegally withdrawn from my account is over us$2 million.

Indeed, the expert couldn't calculate the total amount because hsbc has, for 18 years, refused to provide copies of all relevant records involving my account. this is strikingly similar to the british hsbc customer in the link I provided above, whose documents and records hsbc also conveniently "misplaced."

After that decision, hsbc has spent the last six years trying to delay making restitution to me. first, they seized on an esoteric issue involving interest rates to question exactly how much interest they would have to pay me.

Second, when I asked the judge to at least force hsbc to pay about us$20, 000 in legal fees to me, as I have been representing myself pro se against hsbc's army of lawyers since 1995, hsbc began a relentless prosecution of me that continues to this day.

The judge agreed to require hsbc to pay me the legal fees above, after which hsbc appealed, won the appeal, and asked the appeals judge to freeze my bank accounts and my wife's bank accounts to get the $20, 000 back! bear in mind that this is the same bank that has already been condemned to make restitution to me for 2, 000 undue withdrawals from my account totaling at least us$2 million which, with interest, would come out to at least us$6.4 million today!

The brazilian superior court of justice has just agreed to hear my appeal on this matter, ruling that hsbc has put me at great risk by means of its delaying tactics.

What type of financial institution would rather drag things out in the courts than make restitution to a customer whose account was sacked by the bank's own employees? what kind of financial institution would refuse for 18 years to provide records of all undue withdrawals from my accounts, because the more withdrawals are known, the more it will owe me?

The answer is: the same financial institution, hsbc, that was fined for opening accounts and laundering money for drug kingpins in mexico, opening accounts and running money for terrorist groups throughout the world, colluding in the manipulation of the libor interbank rate, and many other wrongdoings that have severely tarnished its reputations in the last few years.

I can only hope that my story, which I am willing to document in as much detail as necessary, will serve as a cautionary tale to current and prospective hsbc customers, and will also serve to convince the relevant regulatory authorities to take tougher measures against hsbc to ensure that this institution never again returns to its checkered past.

Best regards,

Antonio pedro lacerda de barros

Rio de janeiro, brazil

I am dying. I have tried to cope the best way I can financially. these people have done the lowest form of a deplorable act by contacting me while in hospice as well as contacting my elderly parents threatening me with a restraining order as well as the seizure of what assets I have. is this what humanity has been reduced to? bill collectors who have computer and telephone courage to bully people who have day-to - day trials and tribulations into paying for something that appears to be a likely scam? everything I read is leading me to believe that this is some con artist's way of trying to force me into a scam. today I am reporting "you" to the police for contacting me, and if we must go to court, then I will gladly appear if I am still alive, with my nurse in a wheel chair, and I will convincingly tell the judge of how I was struck with a disease that required me to be on chemo and to have endless biopsies and lose my career. i'd gladly pay if I had it, but to try to scare me and distress my family is cruel and the lowest form of # I have ever encountered.

http://moneylife.in/article/did-hsbc-bank-resort-to-toxic-churning-and-illegitimate-transactions-to-earn-commissions/32405.html

Two complaints of high net worth individuals have shown that the bank has possibly flouted rules and taken signatures on blank forms to execute transactions to churn the mutual fund portfolio and earn huge commissions

Over a year back we wrote about how HSBC Bank took Ms Suchitra Krishnamoorthi, a well-known singer and actor, for a ride over a five-year period by promising an extravagant assured return of 24% from mutual funds as well as insurance. (Read: HSBC loots Suchitra Krishnamoorthi after big promises of 24% returns) However, far from delivering such returns HSBC Bank continuously churned her portfolio. In a similar case, another high net worth individual (HNI) based in London, found out abnormal churning of mutual funds in his portfolio that was managed by HSBC bank. Both are HNIs who were made to sign a power of attorney (POA) in favour of HSBC to handle their investments smartly. They believed in the brand name of HSBC. Most importantly they trusted their banker, like they would trust their doctor.

Moneylife has reviewed the Ms Krishnamoorthi’s transactions and found massive malpractices by HSBC

• Her mutual fund portfolio was continuously churned resulting in high transaction costs in the form of entry load and exit loads. While several transactions led to huge losses for her, HSBC was the gainer of commissions.

• Out of the 75 transactions made, nearly 60% of the transactions were in equity schemes kept for a period less than one year. Here investments were made in schemes like HSBC India Opportunity Fund and HSBC Mid-cap Equity Fund, both of which have been underperformers. Apart from these, majority of the investments were made in balanced schemes of HDFC Mutual Fund, ICICI Mutual Fund and Sundaram Mutual Fund.

• The worst part of the transactions came around the market peak in November 2007 where nearly Rs3 crore was invested across five schemes on a single day which included over Rs1.67 crore invested in three sector schemes—ICICI Prudential Infrastructure Fund, Sundaram CAPEX Opportunities and Reliance Diversified Power Sector. Nearly Rs50 lakh was invested in Sundaram CAPEX Opportunities which has a current corpus Rs200 crore.

• The investments from all sector schemes were withdrawn between June and August 2010 at a loss of nearly Rs40 lakh, almost half her initial investment. The schemes from ICICI Mutual Fund and Sundaram Mutual Fund went down by nearly 50%. The other schemes were also withdrawn at a value 15%-30% lower resulting in a total loss of Rs86 lakh. These schemes included JP Morgan India Equity Fund (a poorly-performing scheme) and IDFC Premier Equity Fund.

• Surprisingly, in the whole portfolio there was not a single debt scheme and just one liquid scheme— HSBC Cash Fund. Ironically, commissions paid on debt schemes and liquid schemes are much lower.

• Ms Krishnamoorthi says an entry load amounting to over Rs29 lakh was deducted from her investments. If the bank had opted to only invest her amount of Rs3.60 crore in performing equity schemes for the long term, without any further buying or selling, the entry load of 2% at that time would have worked out to just Rs7.20 lakh.

According to data from mutual fund industry association AMFI, for FY11 and FY12 HSBC earned the highest mutual fund commissions amongst all distributors. In FY11 it earned a commission of Rs118.97 crore and in FY12 it earned a commission of Rs153.98 crore even when the industry was down in the dumps. Another bank just below HSBC in terms of commissions earned is, not surprisingly, HDFC Bank.