ED Magedson – Founder
HSBC Retail ServicesCarol Stream, Illinois United States of America
DON'T EVER USE THE 0% INTEREST CREDIT CARD PROMOTION! They purposely don't send the initial statements to make you late so you lose the promotional offer because it automatically voids if you make one late payment. But that's just the beginning of what can happen...
Nov, 2011, I had an account at Best Buy but didn't have my card with me (they had never mailed it to me) so the salesman looked it up at the store on black Friday and I bought a TV and some holiday gifts for $2700. I never got a statement but knew from past experience if you make one late payment, it auto-switches to high interest. So I began making payments early to my account even though I never got a statement. I was determined to not get that late fee and lose the 0% interest. I began making early payments by setting up auto bill pay in my online checking account and was paying monthly, on time.
Fast forward five months later...
I discovered an HSBC account that was unfamiliar to me. I was in collections and owed close to $3500. I called and learned it was a Best Buy account and assumed the salesman had somehow opened up a new account rather than using the account I already had. I guess?? Though they changed the account number, my payments were posting to my old account with a 0 balance rather than my new account and they sent the new account to collections and ruined my credit which went from 800 to 583 b/c they barraged it yet never once contacted me - they had my correct mailing address on my old account.
I looked at my payment history in my online banking account and discovered they did return a few of my payments but ended up posting over $700 to my old account. I asked them to transfer it to the new account but they wouldn't and didn't. Eventually they did transfer some over but not all and I still don't know what happened to the remnants and no one will help me fix it.
I called over and over again, was transferred to several departments who could never help me, they didn't transfer my balance. I still don't know what happened to all my payments because they can't tell me or no one will get back to me and no one seems to know anything.
I've called over and over for nearly a year now, have mailed and faxed 6 letters documenting everything because instead of transferring the balance to my new account, some of the money seems to have disappeared and was charged over $400 a month in interest. Along the way, I learned the following....
The statements they sent out had my mailing address all wrong.
Collections never tried to contact me but Best Buy and HSBC had my correct mailing address from my old account.
If you don't have a statement or know when/where to send it, and you call to get it, they can't/won't help you b/c they won't give you your account number over the phone. You must wait for their statement and even if you call early, it arrives late. They won't accept a payment without the account number so it's impossible to follow their contract or rules to qualify for the 0% if they don't send you a statement. Yet they got my address wrong, took months to finally get one to me and collections never contacted me.
This must happen to many people b/c if someone doesn't know the due date, if you call early to avoid a late payment, by the time they send the statement, it's always late so it auto-switches to high interest. Customer service can't help and must transfer you but still you can't reach the right department. It took me 12 months of calling. No one would give me my account number, take a payment or help me. It's a scam. You have to call over and over to finally reach that department b/c they are so busy with this problem, they don't answer or call back.
I sent early payments without the statement; they either posted to my old account, didn't post it or returned it. They wouldn't transfer it since I didn't have my new account number until they mailed me my first statement which took months to get. So they posted most of my payments to my old account then charged over $1000 in interest on a $2800 purchase in less than 8 months to my new account and no one will fix it - I've called so many times, faxed 6 times, no one fixes anything.
(I didn't know it b/c they never sent a statement and wouldn't give it to me over the phone but they left off the unit # on my address so I wasn't getting the statements until I discovered this problem on my credit report and discovered I had this account. Even when it went into collections, they made no efforts to make me aware of this as they charged $400 a month in interest).
I still can't get anyone to change anything or help fix it even though it was their mistake and I made early and regular payments. One of my payments disappeared into cyberspace and was withdrawn from my bank but didn't post. No one will help fix that to this day. They started refusing payments b/c they closed my old account b/c it had a 0 balance but didn't return the approximately $700 in payments that I'd made and I still don't know where all my payments have gone. Though I've faxed and called, they refuse to transfer these payment credits to my new account and said that account was closed yet they never informed me it closed until after all this started. It's truly like Alice in Wonderland... and no one will lift a finger to do anything about it. That's the worst part. It's been almost a year and I'm still in collections, making regular payments and they won't remove it from collections though I'm current and have been for months. They promised me if I became current they'd remove it and they didn't and it only got into arrears after they closed my old account, returned payments that were sent monthly to them and refused to take payments from me when I would call in to try to reach someone to repair this. Even the collection agency feels bad for me but can't get HSBC Capital One to respond. BUYER BEWARE - I'VE READ THIS SAME STORY OVER AND OVER ON MANY CONSUMER COMPLAINT BLOGS.... I WISH SOMEONE HAD WARNED ME SO I'M PASSING THIS FORWARD TO YOU AND HOPE YOU DON'T GET CAUGHT IN THIS TRAP...
This report was posted on Ripoff Report on 11/09/2012 05:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC-Retail-Services/Carol-Stream-Illinois-60197/HSBC-Retail-Services-Best-Buy-HSBC-Bank-Of-Nevada-THE-0-INTEREST-SCAM-THEY-MAKE-ONE-M-966761. 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.
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