• Report: #558429

Complaint Review: HSBC - Orchard Bank Credit Card

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  • Submitted: Fri, January 22, 2010
  • Updated: Fri, May 13, 2011

  • Reported By: Jon — dearborn Heights Michigan U.S.A.
HSBC - Orchard Bank Credit Card
po box 703 wood dale, Illinois United States of America
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  • Web:
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HSBC - Orchard Bank Credit Card Orchard Bank Credit Card MISLEADING SCAM ARTISTS wood dale, Illinois

*General Comment: Open your eyes

*Consumer Comment: Little means can go a long way

*UPDATE EX-employee responds: Payment holds

*Consumer Comment: Limited Credit and Means???

*Consumer Comment: Check these films out....

*Consumer Comment: WHY Even Bother?

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HSBC ORCHARD BANK should be shut down and fined, further everyone they have ripp off should be compensated.  These scum bags prey on the poor and needy, and take advantage of persons with limited credit means.  Fees for everything.  They mislead and lie.  lmislead about credit limit ($300.00 seriously that is what they gave me what a joke) 59.00 anual fee, 35.00 processing fee, if you want to have your payment (which in my case was pulled directly from my bank account) credited to your account faster than 14 days you have to pay them $12.95 processing fee for each payment (even though the money is pulled from your bank account on the next day they will not credit your account, they say it is a manual hold and if I want it released sooner than 14 days I have to pay $12.95.  This is designed to take advantage of folks with limited credit and means, they are counting on the fact that these people cannot afford to be without access to their money for over 2 weeks, and will be compelled to pay the $12.95 processing fee.  It took them 3 days to even request payment from my bank BEFORE the 14 days started counting.  If I had not paid on the day I received my statement I would have likey been late due to the maunal hold which would have triggered late fees and APR increases.  When I asked why they do this, they just say it is in the card holder agreement they can "hold" your payment for 14 days.  WHAT A RIP OFF.  I made a formal complaint to the FTC and I suggest everyone do the same.  ftc.gov and follow the links to report these dirt bags. 

This report was posted on Ripoff Report on 01/22/2010 09:45 AM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC-Orchard-Bank-Credit-Card/wood-dale-Illinois-60191/HSBC-Orchard-Bank-Credit-Card-Orchard-Bank-Credit-Card-MISLEADING-SCAM-ARTISTS-wood-da-558429. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

Open your eyes

AUTHOR: Scammers SUCK! - (USA)

It's funny how the "ex-employee" explained the hold policy and apologized for the consumers bad experience. This "ex-employee" may as well apologize to the other thousands of people who are getting royally ripped off by this Orchard Bank.

I'm so glad that I started investigating companies behaviors after I got ripped off by an ex employer. It goes a long way to do your research before you sign up for something or get hired.

Companies like "Orchard Bank" SHOULD be sued for the number of rippoff reports, BBB, FTC, etc complaints. I, for one, will never get a "secured credit card" because there are too many thieves.

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#2 Consumer Comment

Little means can go a long way

AUTHOR: anonymousG - (United States of America)

You who are quick to judge about having "little means" should read about how to re-build your credit.  Some people have to file bankruptcy due to circumstances beyond their control, such as a previous successful business taking a down turn along with the market.  After your bankruptcy is discharged, you have to have some way of re-building credit history, primarily obtaining a credit card.  Most of the time, there are few companies who offer credit to people who are fresh out of bankruptcy.   Sure, secured credit cards are an option but again, so is an unsecured card.  The best way to do this is to pay the balance in full every month.  You will just have to suck it up and pay the fees.  
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#3 UPDATE EX-employee responds

Payment holds

AUTHOR: yongy - (United States of America)

I know the original report was reported a while ago, but just in case anyone reads it, I would like to clarify a few things:

1)  Payment holds do NOT cause payments to be late.  If a payment is due on 3/5 and is received by that date, but the funds are on hold for 14 days, a late fee will NOT be charged.  The late fee is charged ONLY IF a payment is received AFTER the due date.

2)  HSBC now does not charge $12.95 for a payment by phone unless a customer chooses to
set the payment up through an employee.  If a customer chooses to do that and pay the fee,
the payment is not guaranteed to post any faster than a regular payment.  What is guaranteed
is that the payment will be dated that day even though it will take 2-3 days for the payment to
appear on the account and may still be placed on a 14-day payment hold.  However, this same
option is available without a fee through the automated phone system and online.

3)  Payment holds are designed to protect the bank.  Even if the funds have left your personal
checking account, your bank doesn't notify your credit card company of this, and it can take
several days for HSBC to receive the funds.

I hope this information helps someone out there better understand this particular HSBC policy.
I'm just sorry that the gentleman who posted this report had such a negative experience.
Thank you!
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#4 Consumer Comment

Limited Credit and Means???

AUTHOR: Jim - (USA)

If you have limited credit and means...especially MEANS, then why do you need a credit card?

Any and all fees and charges are disclosed IN ADVANCE in all the paperwork they send you or on the on-line application process.  If you  read those terms and conditions BEFORE you sign or agree to the card, then you would have the opportunity to NOT get the card!  Complaining after the fact, (if you read the terms before signing), doesn't make a whole lot of sense since that is exactly what you agreed to!

You say you have limited means.  Why then do you need a large credit limit?  If you cannot pay the bill because you have "limited means" who do you expect to pay it?  The reason the limit was set at $300 is because the credit reputation YOU brought to the equation, does NOT justify a higher credit limit.

 

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#5 Consumer Comment

Check these films out....

AUTHOR: Bman - (United States of America)

I agree with the commenter - if you can go without a credit card do it. There are too many negative practices being launched against the America public by big corporations, one of which is the big banks. It is an obvious attempt to erode our freedoms, our ability to make money and save it, and to make every one of a 21st Century slave. I advise looking at two easy to locate films:

MAXED OUT and THE CORPORATION. It will help explain the game and might help you make a strategic plan?

I just contacted the bank being criticized and I found that they were not offering anything substantive to make my life better. Instead everything was geared toward their profits. This is not a good contract - a good contract is when both parties benefit equally. I tuned down their lousy little card.



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#6 Consumer Comment

WHY Even Bother?

AUTHOR: Cory - (U.S.A.)

I mean WHY even bother with a rip off "credit card" that's only going to give you a $300 limit and charge you $98 just to "HAVE" the frickkin' card? I mean that's almost 30% in fees, of the total "line" even before you've spent a dime. Then you're gonna pay almost 18% of the total line EACH YEAR in an annual fee. Then you state they hit you with a bunch of inflated fees on top of those fees. If you're of "limited credit and means" as you state, you're just pissing good money after bad to HAVE the card. Hey, but YOU signed up for the damn thing. Get rid of the card. If you need a card get one of those pre-paid visa or mastercards. You'll have a lot more money, little fees AND no late or over the limit fees.
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