Does anyone still have a HSBC online savings acct?

[KaraOrNot]

They just sent me an email. Am I reading it right that it will now cost $12 to transfer money from another bank into my HSBC online savings account?

The following account fees will change as of September 23, 2012:
•Funds Transfer-In, per incoming transfer - $12 each (the transfer of funds from another person's account, or another financial institution to your HSBC account)

Dang, I am going to have to find a new place to put my money.

[LoveTrains]

Huh. I still have HSBC, but have not received an email today about a change in fees. But I will check out my account online to be sure.

[pugz]

Have not received that email, bit will be on the lookout!

[LoveTrains]

Huh, so strange. I am obsessively checking my email and still nothing!

[pugz]

Wtf kind of policy is that?

[quickstepstar]

That's kind of ridiculous if that's the case. If it is I will be transferring all of our money to ING...

[LoveTrains]

I seem to recall I got an email about an increase in fees about a year ago and jumped to this conclusion, but upon corresponding with HSBC, I learned that the fee increases were for retail banking customers and not online savings account customers. I wonder if that is the case here, too?

[KaraOrNot]

I will call tomorrow to verify, but this is the full email:

Thank you for saving your money with HSBC Bank USA, N.A. We want to let you know that as of September 23, 2012, your Online Savings Account will be renamed to HSBC Advance Online Savings.

Your account number will remain the same and you will be able to use the account without any disruption in service.

The following account fees will change as of September 23, 2012:
•Funds Transfer-In, per incoming transfer - $12 each (the transfer of funds from another person's account, or another financial institution to your HSBC account)
•Foreign Currency Draft (DD Commission) - $25 each* (official bank check purchased in another currency)
•US Dollar Draft- DFT (Commission USD) - $10 each* (official bank check)
If you have any questions, click here for more details or contact our Customer Relationship Center at 800.975.4722. If you are calling from outside the continental United States, you may call us collect at 716.841.7212.

Thank you again for being an HSBC customer.

[pugs3602]

After reading this thread, I went to check my email and found the same letter. Please let me know what you find out tomorrow...I have been debating if I should withdraw my money since I initially opened it for the interest rate, which has since dropped to near nothing. This may be just what I needed to pull the trigger...

[jm1982]

A few years ago, they sent out notices that fees would go up, but it turned out not to apply to the online savings accounts. If this does apply, then DH and I are going to have to find a new bank.

[pamela]

Is this like a wire transfer maybe? I can see the existing $30 for outgoing being that.

[anna7602]

I have a regular old HSBC checking account. Wonder if this applies. If so, I am screwed since I transfer $ all the time now that I am not near a physical branch.

[karinothing]

I just saw that and I am super annoyed since this will mean I have to find a new bank.

[jm1982]

Okay, I just called HSBC. After a ridiculous number of steps in order to reach a live person, I was told that the bank-to-bank transfer (in or out) will still be free for the account, just as it has been. She said that it's the wire transfer fee that is changing to $12, but that the fee had been $15 so that's actually a reduction.

[karinothing]

Aug 21, 2012 7:52:48 GMT -5 c7 said:

Aug 21, 2012 7:41:15 GMT -5 jm1982 said:

Okay, I just called HSBC. After a ridiculous number of steps in order to reach a live person, I was told that the bank-to-bank transfer (in or out) will still be free for the account, just as it has been. She said that it's the wire transfer fee that is changing to $12, but that the fee had been $15 so that's actually a reduction.

Ditto. I had to wait 25 minutes for a live person, but I got the same info.

What is the difference between a wire transfer and a regular transfer? Is one more immediate? Why would you pick one over the other?

[sm12]

Aug 21, 2012 7:41:15 GMT -5 jm1982 said:

Okay, I just called HSBC. After a ridiculous number of steps in order to reach a live person, I was told that the bank-to-bank transfer (in or out) will still be free for the account, just as it has been. She said that it's the wire transfer fee that is changing to $12, but that the fee had been $15 so that's actually a reduction.

Thank you! I was this.close to transferring my money out. (which I may do anyway - weren't they recently caught for unethical practices or something?)

[SJ]

Aug 21, 2012 7:55:09 GMT -5 karinothing said:

Aug 21, 2012 7:52:48 GMT -5 c7 said:

Ditto. I had to wait 25 minutes for a live person, but I got the same info.

What is the difference between a wire transfer and a regular transfer? Is one more immediate? Why would you pick one over the other?

A wire transfer is same-day, and usually carries a fee ($10-$20 seems to be normal)

A "regular" transfer, also called an ACH transfer, is free but takes 2-3 business days.

[LoveTrains]

So the funny thing is I still never got the email notice that you guys all got. Strange. But glad to know that the fees don't apply. Again, something similar happened a few years ago where they sent out a notice about increased fees but they did not apply to the "bank to bank transfers" for the online savings accounts.

[pugz]

yay, thanks for calling guys

[MamaMaui24]

Thank goodness for MM! Thanks for the updates.

[KaraOrNot]

Thanks for updating. I tried to call this morning, but couldn't wait on the phone that long, at work. I agree that it was a poorly written announcement.

[casmgn]

Glad to hear it was just poorly worded. However I think I am going to move my money anyway - the whole reason we put our money there in the first place was the interest rate and now that's abysmal.

[Deleted]

Aug 21, 2012 9:42:39 GMT -5 LoveTrains said:

So the funny thing is I still never got the email notice that you guys all got. Strange. But glad to know that the fees don't apply. Again, something similar happened a few years ago where they sent out a notice about increased fees but they did not apply to the "bank to bank transfers" for the online savings accounts.

Same here. I never got the email but I think I need to move my $ out. I have not added money to the acct in over 3 yrs and the intrest rate is mininal.

[casmgn]

Aug 21, 2012 10:18:29 GMT -5 pennypenny said:

Aug 21, 2012 10:03:36 GMT -5 casmgn said:

Glad to hear it was just poorly worded. However I think I am going to move my money anyway - the whole reason we put our money there in the first place was the interest rate and now that's abysmal.

But are there companies that are higher right now.

Right, I'm going to move our money into CDs with higher rates.

[LoveTrains]

So what accounts are you all looking at to move your money into?!

[HoneySpider]

Thanks to everyone who called/posted info here. I got this email last night and started getting really mad about it - glad to know it's still free for a regular transfer. I told DH last night "someone will post about this on the money board so I'll get further clarification"

[casmgn]

Aug 21, 2012 10:47:15 GMT -5 LoveTrains said:

So what accounts are you all looking at to move your money into?!

Ally Bank has a 12-month CD at 1.01% right now. It's depressing that 1% is a "good" rate right now.