• Report: #763952

Complaint Review: HSBC

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  • Submitted: Thu, August 11, 2011
  • Updated: Tue, October 11, 2011

  • Reported By: Valentino — 91344 California U.S.A.
HSBC
PO Box 80084 Internet United States of America

HSBC Household Finance Charged a fee to withdraw a surplus from the accounet Internet, Internet

*General Comment: Robert doesn't need me

*Consumer Comment: Boo Hoo

*REBUTTAL Owner of company: Troll

*Author of original report: UPDATE

*Consumer Comment: Best portuguese mortgage

*Consumer Comment: When

*Author of original report: Definition Cash Advance, Cash Advance Fee

*Author of original report: Chase did not do anything wrong

*Consumer Comment: Fishy

*Consumer Comment: Not a RipOff

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HSBC APR on my account is 29.99% for the last 5 to 7 years.  I was never late for at least 5 years.  I asked for a lowerr rate on three occasions to avail.  The reply was always  "not availabe at this time".  I made a decision to pay off the amount and never used the card again and If I do would pay on the charge.  It so happend I tried to make a purchase on line using my Chase card but was unable to access the account.  I made the charge for $199.12 on HSBC credit card and paid HSBC immediately however the following moring I cancelled the purchase. That left me with a suplus balance.  The following day I went to Chase and made a transfer.  To my surprise HSBC charged me a Cash Advance Fee.  I just could not believe it. 

This report was posted on Ripoff Report on 08/11/2011 04:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC/internet/HSBC-Household-Finance-Charged-a-fee-to-withdraw-a-surplus-from-the-accounet-Internet-Int-763952. 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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REBUTTALS & REPLIES:
3Author 6Consumer 1Employee/Owner
Updates & Rebuttals

#1 General Comment

Robert doesn't need me

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

Robert doesn't need me to put in a good word for him, I have never spoken to him before, I do not work for any place  anyone is barking about, but I find his answers and advice to people quite educational.  I have learned many a thing from him and wished I'd have had someone like him years ago when I was spending money left and right and right into major debt. 

Those days are long gone, though and I would just say don't discount his advice, and how about a Thank You once in awhile instead of the usual mantra  YOU MUST WORK FOR Blah Blah Blah. 

Again, I don't know him, dunno if he is white, black, green, purple, red, old, middle aged, Republican (I should hope so) or Democrat, but none of that matters.  What does is his willing to point things out and help people make a wise choice out of a difficult situation. 
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#2 Consumer Comment

Boo Hoo

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

I am SOOO sorry that I didn't say what you wanted to hear.  I am sure you posted on a PUBLIC web site and didn't expect anyone to ask questions about your claims.  I'm SOOO sorry that telling you to take your claims to the news media upset you.

Interesting how you didn't answer any of my questions about your specific claims, just leaving more generalities.  I am also surprised that you didn't mention the post in question in this one, so let me help you out again anyone can read the post and take a look at your claims for themselves.

http://www.ripoffreport.com/animal-shelters/humane-society-of-sa/humane-society-of-san-antonio-40b19.htm

By the way did anyone else see the irony of me being called a Troll on a post that hasn't been touched for several weeks, and a couple of posts before had someone advertising Portugal Mortgages?
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#3 REBUTTAL Owner of company

Troll

AUTHOR: robinsnyder - (United States of America)

K everyone...do a search for "Robert - Irvine rip-off report", and you will find him other places letting all know how wrong they are. He doesn't do anything constructive. He did the same thing to my report.

It appears he is just another Troll trying to feel important. I feel sorry for him though... It's a shame, he is a decent writer, and he could make himself of use instead of running around trying to start something. :(
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#4 Author of original report

UPDATE

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

HSBC extended credit on advance fee charged.
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#5 Consumer Comment

Best portuguese mortgage

AUTHOR: Portugal mortgage finder - (Portugal)

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#6 Consumer Comment

When

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

When I stated that Chase did not do anything wrong, that was meant in the terms that they ran it as a Cash Advance and there was NO other way they can do the transaction.  I know that Chase did not charge you a fee, that fee was charged by HSBC because it was coded as a "Cash Advance".

Cash Advance is an amount of cash borrowed against your credit limit.

- You are correct that a Cash Advance is when you take cash against your Credit Line.  That IS what you did.  When you have a Credit Balance your "Credit Limit" is increased by the amount of the Credit Balance.  As you take money out your Available Credit is decreased.

Cash Advance Fee is the fee charged by a lender when cash is borrowed using a credit card.
- Again Correct.  But you still "borrowed" the money from your available credit.  There is no distinction or exception that I have ever seen if you have a Credit Balance you can avoid this fee.  You can look in the terms of the account but I can just about guarantee you that you won't find one.  The fee is based on the amount of the Cash Advance not based on the amount you take above any possible credit balance.  Had you "borrowed" more than just the credit you still would have been charged a fee based on the total amount not just the amount above the Credit Balance.

I'll just tell you that you are basically in this situation because of your impatience.  First your impatience to make a payment on the Credit Card right after you made the transaction.  They give you a Grace Period and if you had even waited a day you would not have been charged any interest and you would not have had to worry about a credit balance.  Then you were impatient when you wanted to remove the credit balance.  Had you just used that amount on something else or waited for them to send you a check you again would have been able to avoid this fee. 

Oh and this would probably have happened with any other Credit Card as well.
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#7 Author of original report

Definition Cash Advance, Cash Advance Fee

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

Cash Advance is an amount of cash borrowed against your credit limit.

Cash Advance Fee is the fee charged by a lender when cash is borrowed using a credit card.

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#8 Author of original report

Chase did not do anything wrong

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

Chase did not do anything wrong is not the complaint I was charged the fee by HSBC.
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#9 Consumer Comment

Fishy

AUTHOR: mr rik - (USA)

real FISHY!
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#10 Consumer Comment

Not a RipOff

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

You went to Chase and did a Transfer, Chase processed it as a Cash Advance, therefore you got charged a fee.  Before you start to think Chase did anything wrong, they didn't.  The only way for Chase to Transfer money is to take a Cash Advance out and then apply it to what ever you wanted to use it on.  It doesn't matter if you have a Credit Balance or not you are still charged a fee, because it is still a Cash Advance.

What you SHOULD have done is contact HSBC directly and request them to send you a check, or just PURCHASE something else for the amount of the credit to bring you back up to $0.
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