Report: #573497

Complaint Review: Hsbc Bank

  • Submitted: Mon, February 22, 2010
  • Updated: Tue, February 23, 2010
  • Reported By: David — Forest Hills New York U.S.A.
  • Hsbc Bank
    PO BOX 17332
    Baltimore, Maryland
    United States of America

Hsbc Bank HSBC USA high interest rates, changing rates without notice, price gauging Baltimore, Maryland

*Consumer Suggestion: You're not alone

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I am writing to you so for assistance and so you can possibly shed some light on a horrible practice banks are undertaking.  I recently looked at the interest rate on my HSBC line of credit (overdraft account) and it was raised to 17.99% APR. I was never notified of this change.  I called the bank and they stated they notified me in December of 2009. How convenient just 2 months before the new governmental regulations go into effect for banks and credit cards. When I asked them to lower the rate they said no.  They told me this was the floor rate prime plus 11 something percent. They also told me that this was not a credit card and could be treated differently. I said it is linked to my debit and credit atm card so it sure is a credit card. They refused to lower my interest rate to a fair rate of 11.99 percent. I am struggling to get out of debt and I am on limited disability income.  The banks and credit cards are making it difficult for anyone to get out of the wholes they are in.  The government knowing we are in a recession is allowing them to take advantage of consumers.  I hope someone  will help me and take a stand against the banks who are destroying our country once again.
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#1 Consumer Suggestion

You're not alone

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

Unfortunately, banks raised on the interest rates for almost everyone prior to the Card Act taking effect. It's their way of getting as much money as they can from us. Most of us have called out banks and credit cards companies and found, same as you, that they were unwilling to lower the rate. This is true even for people with stellar credit scores. Actually, if you read through the posts on ROR you'll find that 17.99 certainly isn't the highest rate being charged! I have a few accounts that went up to over 25%. 

The only solution is to not use the card. If it's a line of credit for overdraft purposes, use it as just that - to protect against the accidental overdraft. Otherwise, don't use the card. It's the only way to get out of debt.

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