Report: #502024

Complaint Review: Direct Merchants Bank - HSBC

  • Submitted: Wed, September 30, 2009
  • Updated: Wed, September 30, 2009
  • Reported By: Anon — Florida USA
  • Direct Merchants Bank - HSBC
    United States of America

Direct Merchants Bank - HSBC HBSC timely reporting of credit card payment Internet

*Consumer Comment: Confused...

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Direct Merchants Bank intentionally takes 21 days or more, but at least 21 days, to process a credit card payment which is taken out of my bank account the day after the payment is made.  They lie and say that it takes that much time to verify the payment, but I can look at my online statement and see that the money is processing the same day and is successfully processed the following day.  I have no idea why they would perform such an act other than to make me pay off my card and cut it up - which is exactly what I will do in a few short months.  The day that they report the payment as made online is never the day that you pay it but the following day.  I think this is in an attempt to charge a late fee when you pay on the actual date due.  HSBC /Direct Merchants Bank deserves to go to jail and those who are stupid enough to enforce these illegal and deceptive practices will find that "you reap what you sow" and there is no getting past that.
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This report was posted on Ripoff Report on 09/30/2009 07:48 AM and is a permanent record located here: 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. READ: Foreign websites steal our content

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#1 Consumer Comment


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

In the beginning you are saying that they take 21 days to process your credit card payment, then later you say it shows up one day after you submit the payment?  I think you are actually talking about two different things.

First if are submitting the payment from your bank, the company will never post the payment the same day you make it.  Depending on the bank and the company you are paying it can be anywhere from the next day to 5 days later.  So if HSBC is getting it the next day that is actually the soonest they can receive it.  If you are submitting your payment from HSBC they do not allow you to make the payment the same day, the earliest it will get posted is the next day.  I know that other HSBC cards believe allow a rush payment(same day) for an extra amount.

The second is the payment verification.  This is a Sub-Prime card and they can hold the funds for a certain amount of time to verify that they are not bad.  I know this makes no sense because it was an electronic transfer, it is just the way a lot of Sub-Prime cards try to reduce their risk.  However, they can not charge you additional interest or late fees because of this.  I think this is why you are seing the payment arrive at HSBC and then being "held" for a couple of weeks.   Remember that while holding it will not charge you fees if they still receive it late you will get late fees and interest because of that.

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