How do I handle a bank like HSBC?

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Splendid
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How do I handle a bank like HSBC?

Postby Splendid » Sat Jan 02, 2010 7:44 pm UTC

Hello, wise Internet masses. Late November a Best Buy employee (also a friend) suggested I sign up for the Best Buy credit card, as that day was the last day for 18 months no interest on purchases over $350. I had had my eye on a Wii (bit late to the party, I know) and more specifically DJ Hero. I decided to sign up, got approved, and walked out with a brand new Wii and DJ hero, thinking, "Wow. All this for $20 a month until it's paid off."

I went to the online page and signed up for "paperless billing" (you're welcome, yet-to-be-birthed children and grandchildren), thinking I'd get an email reminding me when payment was due. Well I didn't. I didn't get an email OR a letter in the post. Come a little after Christmas, I began to get worried, having never received a notice, as American Express and my Mastercard do for me. I check my email the next day to find a letter from HSBC (the bank in charge of the online payment website and the Best Buy card) saying not only is it due, like, now, but I am overdue by four days and I have been charged a $29 late fee.

I wrote them (they conveniently only allowed for a 600 character comment) simply letting them know that I was displeased I never received an email, about my late fee, and that I went ahead and paid it all outright and that I wouldn't be using that card or bank ever again. They wrote back a canned email about how they couldn't honor my request to remove the late fee.

Should I do something? I realize it's common to get hosed by a bank, but it doesn't seem fair to get zero notification, and then four days after it's due, "LOL u r late now u owe $29".

TL;DR: Zero notification other than four days LATE about how I missed a credit card payment due date, got slapped $29, and likely unfairly dinged on my credit. Is this normal, or do I just suck? Thanks for any help.
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Sourire
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Re: How do I handle a bank like HSBC?

Postby Sourire » Sat Jan 02, 2010 8:28 pm UTC

I don't, by any stretch, have a lot of experience in this particular category.

However, there is typically a grace period after a payment's due date, in my experience. I don't know if your card has one, but perhaps something to consider. Also, more on-topic, my card (that I have now) send me online statements, but they're weeks after the payment is due. I've just gotten into the habit of checking my account online every few days. I don't get a "payment due now" notification.
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Splendid
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Re: How do I handle a bank like HSBC?

Postby Splendid » Sat Jan 02, 2010 8:45 pm UTC

Sourire wrote:I've just gotten into the habit of checking my account online every few days. I don't get a "payment due now" notification.

Great practice to get into, I feel. And it's good to know it isn't just this new card of mine.
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Endless Mike
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Re: How do I handle a bank like HSBC?

Postby Endless Mike » Sat Jan 02, 2010 9:20 pm UTC

It won't ding your credit until you are 30 days overdue, however, you will be hit with the default interest rate (anywhere from 20-30%, most likely on the high end) and your accounts with other banks may claim universal default and similarly raise your rates with them.

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Re: How do I handle a bank like HSBC?

Postby Velict » Sat Jan 02, 2010 9:24 pm UTC

Splendid wrote:Should I do something? I realize it's common to get hosed by a bank, but it doesn't seem fair to get zero notification, and then four days after it's due, "LOL u r late now u owe $29".


Have you made your payment/paid the late fee yet? I would do both, frankly, and just let this thing go. It really sucks, but I don't see much you can do about it.

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Re: How do I handle a bank like HSBC?

Postby Splendid » Sat Jan 02, 2010 10:26 pm UTC

Endless Mike wrote:It won't ding your credit until you are 30 days overdue.

Good news, thank you. It wasn't 30 days, but the credit ding is what I'm concerned with. I don't know if this is any indication, but giving me a $3,000 spending limit on this credit card at 22 seems awfully risky, even with my perfect history with credit cards and loans up to this point.

Velict wrote:Have you made your payment/paid the late fee yet? I would do both, frankly, and just let this thing go.

I linked my bank account and went ahead and paid the full amount of the Wii/DJ Hero/fee immediately after reading the email. That's when I wrote them to just let them know how silly I found their practices and that I wouldn't use the card/bank again, to which their reply was, "Can't help you with the fee, Slick."
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Re: How do I handle a bank like HSBC?

Postby pseudoidiot » Sat Jan 02, 2010 10:32 pm UTC

Try calling and talking to someone. I've had similar experiences before, especially after moving and something didn't get forwarded to the new address. I've never once had a problem getting a late fee waived, especially the first time for a given account. They're more reluctant after that, though.
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Re: How do I handle a bank like HSBC?

Postby PatrickRsGhost » Sat Jan 02, 2010 11:38 pm UTC

This is why I prefer to still get a dead tree version of my statements or bills, even if I do pay online due to it being quicker and safer than sending a check in the mail.

This way I have a physical piece of evidence indicating that a payment is due, and when I make a payment online, I always make sure I get some sort of confirmation, which I print out, staple to the bill they sent me, and write on the bill "PAID (date)".

A little searching finds that you're not the only one having this problem with them. I would just pay it in full, close the account, and report them if they start harassing you.
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Re: How do I handle a bank like HSBC?

Postby Splendid » Sat Jan 02, 2010 11:46 pm UTC

PatrickRsGhost wrote:A little searching finds that you're not the only one having this problem with them.

Yikes. All this for a stupid gaming system.

PatrickRsGhost wrote:...report them if they start harassing you.

The Google search and this make me nervous. Report them to law enforcement? My old man is a Lt Det for our county. Should I start there, or is there a reporting-type agency?
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Re: How do I handle a bank like HSBC?

Postby pseudoidiot » Sun Jan 03, 2010 1:33 am UTC

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Re: How do I handle a bank like HSBC?

Postby PatrickRsGhost » Sun Jan 03, 2010 2:17 am UTC

pseudoidiot wrote:Better Business Bureau


There's also the Federal Trade Commission.
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Endless Mike
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Re: How do I handle a bank like HSBC?

Postby Endless Mike » Sun Jan 03, 2010 5:40 pm UTC

pseudoidiot wrote:Better Business Bureau

Haha, that's cute.

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Re: How do I handle a bank like HSBC?

Postby Buddha with a bra on » Mon Jan 04, 2010 11:02 pm UTC

Set fire to it?
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Re: How do I handle a bank like HSBC?

Postby BoomFrog » Wed Jan 06, 2010 8:04 am UTC

Endless Mike wrote:
pseudoidiot wrote:Better Business Bureau

Haha, that's cute.


I assume your are implying that the BBB is important and useless? If not ignore the rest.

Have you ever actually filled a complaint with the BBB? It actually works. The one time I did, (dell billed me for comp but never shipped) I got a reply that it was not a valid complaint because the shipping address was outside the US, but I ALSO got my money back, which a half dozen phone calls to dell costumer support had not gotten me.

Companies do not like to have outstanding complaints with the BBB.
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Re: How do I handle a bank like HSBC?

Postby Indon » Thu Jan 07, 2010 2:50 pm UTC

Shop somewhere else, and spend the rest of your days advocating for all your friends to shop somewhere else, relating your story to whomever asks.

Also, put me in the "BBB? Lewlz" crowd. We as a people deal with too many businesses who cavalierly disregard common decency on a daily basis to work through slow official channels to fix anything.
So, I like talking. So if you want to talk about something with me, feel free to send me a PM.

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Re: How do I handle a bank like HSBC?

Postby Endless Mike » Thu Jan 07, 2010 3:51 pm UTC

Actually, my point is that the BBB is *not* an official channel. It's a private, for-profit company that businesses pay into to get "satisfactory" ratings. At best, you can maybe find out if a company is "unsatisfactory." Like Google. Who has two unresolved complaints against them.


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