• Report: #233289

Complaint Review: Orchard Bank ,HSBC

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  • Submitted: Mon, January 29, 2007
  • Updated: Wed, June 25, 2008

  • Reported By:st. paul Minnesota
Orchard Bank ,HSBC
Salinas, California U.S.A.

Orchard Bank , HSBC ORHARD BANK secured credit card scam- Salinas California

*Consumer Comment: Another opposite experience.

*Consumer Comment: the opposite experience

*Consumer Comment: the opposite experience

*Consumer Comment: the opposite experience

*Consumer Comment: the opposite experience

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I get a Pre-approved letter stating that I am guaranteed a secured credit card. I went bankrupted 9 years ago, trying to restablish credit ,I go on line fill in the information and it says I am approved. They request $200.00 to be deposited in Intermountain Community Bank ( but they don't say that yet)


I pay an expidited fee to get card with in 2weeks but I do not get card for a month. Low and behold I have a credit line of $200.00 a monthly fee, (silly me) not mentioned, but worst of all I get a bank statement from the above bank and there going to pay me .06 interest!!! on my savings!!! the going rate is 4.00% Ok, I decide to cancel but now I have to jump through hoops to get money back.

The phone call was not good enough, Then I sent a certified letter which was not good enough, after 2 months (not an 800#)I call completely irritated with them and get lied to by operator after operator. They finally cancel account after hard selling me. First operator says 30 days to get money back. Next month no money. I call again they say it take 60 days, I demand to know who has my money the person say "we do".

I confront them about the Intermountain Bank connection and the operator say we own them (not true) I track down Intermountain Bank and made a long distance call. The person there said they are not connected anyway except through contract to deposit. The Woman looked up my account and refunded my money the next day!!! Orchard Bank How Many people have just thrown up there hands in despare and lost there MONEY....

Albert
st. paul, Minnesota
U.S.A.

This report was posted on Ripoff Report on 01/29/2007 10:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/Orchard-Bank-HSBC/Salinas-California/Orchard-Bank-HSBC-ORHARD-BANK-secured-credit-card-scam-Salinas-California-233289. 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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#1 Consumer Comment

Another opposite experience.

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

About 4 years ago, I got the same card from Orchard. After about 2.5 years of ontime payments, they sent me a letter changing my card from secured to unsecured, with instructions on how to get back my $200 deposit + a little interest. I got my check within 10 days from Intermountain. Orchard Bank has sinced raised my credit limit twice.
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#2 Consumer Comment

the opposite experience

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

I don't ordinarily contribute to this kind of site, though I have benefited from them in the past.
Still, I just terminated my credit card with this company under the exact same circumstances and had the opposite experience.
I got the card almost three years ago from Orchard Bank. I had a blank credit history because I lived abroad for a number of years. I thought the idea of a cash deposit to secure a credit card was a novel idea. Nobody wants to give credit to people who don't already have it. So it is a good solution.
I deposited 200 dollars in this same bank, just like the person who posted this. My card came in a couple of weeks or so.
The only down side I saw to the card was the annual fee, which I think was around 35 dollars. I was thinking if I kept the card for 6 years, they'd have my 200 dollars. But with this card, I quickly established credit and got a better card. Now, almost 3 years later I realized I hadn't used the card in over a year, so I simply went to their website where the bill is paid, and I filled in a "Contact Us" requesting cancellation. A few days later, they sent me a confirmation email saying I only had to confirm by response. I responded to this email confirming I wanted to cancel the card. A week or so later, a check came in the mail from this intermountain community bank for 203 dollars and change.
Granted, it was a tiny amount of interest for three years, but I didn't even know they were going to pay interest. And as far as banks that pay 4% interest, none around here that I know of. I don't even think CD's are paying 4% right now.

Well, that's it. I was just surprised to hear about all the hassle this cardholder had. I didn't have any of that. And again, I thought the secured card was a neat idea. I would definitely advise anybody who wants to establish credit on their own to open this card for 200 dollars. (But establish your credit and get out before you owe the annual fee).
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#3 Consumer Comment

the opposite experience

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

I don't ordinarily contribute to this kind of site, though I have benefited from them in the past.
Still, I just terminated my credit card with this company under the exact same circumstances and had the opposite experience.
I got the card almost three years ago from Orchard Bank. I had a blank credit history because I lived abroad for a number of years. I thought the idea of a cash deposit to secure a credit card was a novel idea. Nobody wants to give credit to people who don't already have it. So it is a good solution.
I deposited 200 dollars in this same bank, just like the person who posted this. My card came in a couple of weeks or so.
The only down side I saw to the card was the annual fee, which I think was around 35 dollars. I was thinking if I kept the card for 6 years, they'd have my 200 dollars. But with this card, I quickly established credit and got a better card. Now, almost 3 years later I realized I hadn't used the card in over a year, so I simply went to their website where the bill is paid, and I filled in a "Contact Us" requesting cancellation. A few days later, they sent me a confirmation email saying I only had to confirm by response. I responded to this email confirming I wanted to cancel the card. A week or so later, a check came in the mail from this intermountain community bank for 203 dollars and change.
Granted, it was a tiny amount of interest for three years, but I didn't even know they were going to pay interest. And as far as banks that pay 4% interest, none around here that I know of. I don't even think CD's are paying 4% right now.

Well, that's it. I was just surprised to hear about all the hassle this cardholder had. I didn't have any of that. And again, I thought the secured card was a neat idea. I would definitely advise anybody who wants to establish credit on their own to open this card for 200 dollars. (But establish your credit and get out before you owe the annual fee).
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#4 Consumer Comment

the opposite experience

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

I don't ordinarily contribute to this kind of site, though I have benefited from them in the past.
Still, I just terminated my credit card with this company under the exact same circumstances and had the opposite experience.
I got the card almost three years ago from Orchard Bank. I had a blank credit history because I lived abroad for a number of years. I thought the idea of a cash deposit to secure a credit card was a novel idea. Nobody wants to give credit to people who don't already have it. So it is a good solution.
I deposited 200 dollars in this same bank, just like the person who posted this. My card came in a couple of weeks or so.
The only down side I saw to the card was the annual fee, which I think was around 35 dollars. I was thinking if I kept the card for 6 years, they'd have my 200 dollars. But with this card, I quickly established credit and got a better card. Now, almost 3 years later I realized I hadn't used the card in over a year, so I simply went to their website where the bill is paid, and I filled in a "Contact Us" requesting cancellation. A few days later, they sent me a confirmation email saying I only had to confirm by response. I responded to this email confirming I wanted to cancel the card. A week or so later, a check came in the mail from this intermountain community bank for 203 dollars and change.
Granted, it was a tiny amount of interest for three years, but I didn't even know they were going to pay interest. And as far as banks that pay 4% interest, none around here that I know of. I don't even think CD's are paying 4% right now.

Well, that's it. I was just surprised to hear about all the hassle this cardholder had. I didn't have any of that. And again, I thought the secured card was a neat idea. I would definitely advise anybody who wants to establish credit on their own to open this card for 200 dollars. (But establish your credit and get out before you owe the annual fee).
Respond to this report!
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#5 Consumer Comment

the opposite experience

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

I don't ordinarily contribute to this kind of site, though I have benefited from them in the past.
Still, I just terminated my credit card with this company under the exact same circumstances and had the opposite experience.
I got the card almost three years ago from Orchard Bank. I had a blank credit history because I lived abroad for a number of years. I thought the idea of a cash deposit to secure a credit card was a novel idea. Nobody wants to give credit to people who don't already have it. So it is a good solution.
I deposited 200 dollars in this same bank, just like the person who posted this. My card came in a couple of weeks or so.
The only down side I saw to the card was the annual fee, which I think was around 35 dollars. I was thinking if I kept the card for 6 years, they'd have my 200 dollars. But with this card, I quickly established credit and got a better card. Now, almost 3 years later I realized I hadn't used the card in over a year, so I simply went to their website where the bill is paid, and I filled in a "Contact Us" requesting cancellation. A few days later, they sent me a confirmation email saying I only had to confirm by response. I responded to this email confirming I wanted to cancel the card. A week or so later, a check came in the mail from this intermountain community bank for 203 dollars and change.
Granted, it was a tiny amount of interest for three years, but I didn't even know they were going to pay interest. And as far as banks that pay 4% interest, none around here that I know of. I don't even think CD's are paying 4% right now.

Well, that's it. I was just surprised to hear about all the hassle this cardholder had. I didn't have any of that. And again, I thought the secured card was a neat idea. I would definitely advise anybody who wants to establish credit on their own to open this card for 200 dollars. (But establish your credit and get out before you owe the annual fee).
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