Saturday, November 2, 2019

HSBC Has Failed Me

Disappointment is too light of a word to use of how HSBC has let me down as a client. I was at first mesmerized at how exclusive it is to be an HSBC Premier Client where you have to have at least $100,000 in funds and assets or a minimum of $500,000 mortgage with them. You would expect that with these requirements, that you can expect superb customer service.

My troubles all started when I tried to deposit $1600 in the ATM machine. To my dismay the machine said “Transaction Cancelled” and it literally took my money and reversed the deposit on my personal chequing account. I quickly called customer service who was quick to dismiss my concern and said that “Oh that’s normal, there’s always a hold on the account”. This lady was from a call centre from the Philippines so I have her the benefit of a doubt that it was merely a case of miscommunication. Alas, when I clarified that the ATM took my money and did not have any receipts that the transaction even occurred in the first place. I urged her to check my account so that she can know exactly what happened. To my dismay, she did not even check my account before throwing out a routine, scripted answer to all of the concerns that goes her way. She mentions that my account had a restriction and she can not access it and can no longer help me. She mentions that I need to go to a branch and provide 2 pieces of ID to lift the restriction. A restriction that she cannot talk to me about as she does not know why there is a restriction. I directed her to take my concern seriously and that she should email my Premier Relations Manager and the branch manager of the faulty ATM so that there will be a record of this conversation. I instructed her to CC me in the emails, which of course did not happen.

Fast forward the next morning, I call my Premier Relations Manager who does not see any restrictions but did receive the email. She mentions that it will take 4 business days until the ATM contents are opened and reconciliations take place and the money will be credited to my account. I did mention that I will be on vacation soon so I would like an explanation of why the ATM malfunctioned and why a restriction was placed on my account. She says that she will have her branch manager follow-up as she will be on vacation as well.

Moving forward to the fourth day. I call the service centre who proceeds to tell me that they cannot help me as my account is restricted. My jaw dropped as to how an international bank is able to drop the ball like this. The gentleman who I spoke to was excellent. He listened and actually said sorry for the grave experience that I am enduring. I go to the HSBC branch in a different province as I am on vacation. After checking my IDs, asking several verification questions, and even comparing my signature, she was quick to say that the restriction has been lifted. I ask her to escalate my concerns about my missing money, but she basically told me that it doesn’t matter what we’re discussed in the past but she can help me by letting the branch manager of my home branch know of these concerns.

The branch manager was very good at her follow-ups but I dislike how all HSBC managers tend to assume and provide excuses that does not make sense if they only took the time to take a deeper dive into what happened and what they could do better in the future.

The last straw was when I tried to make a payment from my joint account and of course there is a restriction to it. I call the branch manager who told me that she called the lady who helped me in Mississauga, ON and that I just need to come to the branch again and this magical restriction will be lifted. To my great dismay, I was told that my partner needs to be with me to lift the restriction despite the joint account being a “and/or” account. I proceeded to call my partner who tells me that he has already went to an HSBC branch recently to lift the restriction and he was told that it has been lifted.

So here I am heading to New York, with no access to my funds because HSBC has decided to freeze my account with no explanation as to why. Well my answer is, once I get home I will close my HSBC account as I definitely do not matter to them.

Their Customer Complaint department is a joke as well, I have not received any phone calls from them.

HSBC, the WORST bank ever!
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