Report: #438157

Complaint Review: HSBC Orchard Bank, Household Credit Services

  • Submitted: Fri, March 27, 2009
  • Updated: Sat, March 28, 2009
  • Reported By: Sugar Land Texas
  • HSBC Orchard Bank, Household Credit Services
    P.O. Box 80084
    Salinas, California

HSBC Orchard Bank, HSBC Orchard Bank, Household Credit Services Failure to Refund Secured Credit Card Deposit Salinas California

*Consumer Suggestion: Orchard does not hold the deposits.

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I opened a Secured Credit Card account with Orchard Bank in September 2005 with a $500.00 secured deposit. I maintained my account in excellent status and never missed or submitted a late payment. However, I was unable to ever raise my credit limit (without an additional security deposit) or qualify for an unsecured credit card with Orchard Bank. I was being charged a 29% interest fee.

I requested an interest rate reduction in November 2008 which was denied. When I advised them I would pay off my account and close it, the suddenly offered me a reduction to 13.25%. I received and email confirming this amount. However, I later received a letter stating this rate, but also stating the the interest rate would never be lower than 15.99 percent. This was just pure double talk and deceptive trade practice.

I decided to just pay off the card balance; which I did in February 2009, and closed the account on 24 February 2009. When I called to close the account, I was transferred to a supervisor who would not take "No" for an answer and kept trying to offer me incentives to keep my account open. I adamantly refused to do so and demanded that my account be closed and that my Secured Deposit be refunded. He finally relented and did close my account. He stated that my Secured Deposit refund would be processed and submitted to me within 30 days.

On March 26th, 2009 I called to followup on my refund only to be told that it had not been submitted for refund. I have begun initiating demands for an immediate refund of my Secured Deposit. However, I am being told that it will require an additional 30 to 45 days.

I have initiated complaints with the Federal Trade Commission and the State of Texas Attorney General. Additionally, I plan to seek legal action against HSBC Orchard Bank and Household Financial Services for fraud and deceptive trade practices. From what I have already learned on the Internet, I feel that it might be possible and reasonable to seek a Class Action Lawsuit against these Institutions to combat their predatory practices.

Sugar Land, Texas
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This report was posted on Ripoff Report on 03/27/2009 07:02 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 Suggestion

Orchard does not hold the deposits.

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

After having my account for almost 4 years, Orchard changed my account from secured to non-secured. They sent me a letter stating I needed to contact Intermountain Community Bank in Ontario, Oregon for my deposit. I sent Intermountain a letter and got my deposit back within 2 weeks. You need to call them first to find out what they need to release the deposit, but I no longer have their number.

Call Orchard back, find out who holds the security deposit, and get their number. Then call that bank to see if Orchard has released the funds. Orchard may have released the funds, but the bank that holds your deposit will not send it to you unless you send them a letter requesting your account be closed.
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