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 HSBC Bank is the worst bank I've dealt with!

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TSkenviro
post Jun 11 2012, 02:14 PM, updated 12y ago

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Recently I applied for a HSBC personal loan called the Amanah Personal Financing-i (the banker didn't tell me the exact name of the personal loan before requesting the documents from me).

After submitting the documents, she said that HSBC cannot accept the tax receipt as proof of tax payment because it had the word "Contoh" or "Sampel" on it. She said that I have to find the bank statement from last year to show that the tax payment by cheque has been cleared. After going through some inconvenience, I found it and submitted to her. And during this loan application, I asked her what's the interest that I've to pay for the period I requested, but she was unable to tell me.

Then a few days later, she came back to me that the bank has approved the loan amount of RM72,000 when I told her specifically that all I wanted to loan was RM50,000. I told her that I am not interested in the RM72,000 that I am entitled to, but that RM50,000 is my requested loan amount. I asked her to send me an email detailing the loan and/or interest calculation and I was able to see that the interest that I'm paying is based on RM72,000. I told the banker that it's crazy for me to accept RM72,000 when all I wanted was RM50,000 and I didn't want to pay all that extra interest. I told her that if I were to take up the loan, it would have to be RM50,000 and that the interest has to be agreeable to me. So on 1st June, she said that she'll try to get the loan amount reduced to RM50,000 for me and to wait for her reply.

Anyway, I waited for the whole of last week but didn't hear back from her. And today, 11th June, I received a letter from HSBC dated 4th June saying that "after giving your application our careful consideration, we are unable to accede to your request".

Well, I have to say that this personal loan application through HSBC has been a waste of time. I really don't care about the entitled amount. I mean, I could be entitled to RM100,000 or RM150,000 but if all I wanted/needed was RM50,000, then there's no point to get the extra amount and pay extra interest. If I had known that this was a dumb policy of HSBC, I wouldn't have applied with them in the first place.

The banker didn't even personally come back to me on 4th June to let me know that HSBC couldn't comply with my request. That isn't good customer service in my opinion.

Therefore, I am writing to let everyone know that if you are going to apply for a personal loan from HSBC Bank in future, don't bother. It's just a waste of time and their interest rate is not that attractive anyway. The reason I applied this HSBC personal loan is because it's a friend of an acquaintance.


Ken

PS. I checked on a personal loan from Price Solution (Standard Chartered Bank) and they were able to tell me much more, offer a better interest rate, require less documents and less time for approval.

This post has been edited by kenviro: Jul 27 2012, 11:14 AM
john123x
post Jun 11 2012, 02:21 PM

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i agree with u, hsbc sucks
ccslink
post Jun 11 2012, 05:10 PM

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Yeah, HSBC doesn't live up to their name, I had 3 bad run-ins with them too. Watch out for Citibank also, it has a big name but I didn't hv good experiences with them.
TSkenviro
post Jun 11 2012, 05:16 PM

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Yeah, I don't like Citibank either. I cancelled my Citibank credit card not that long ago.


QUOTE(ccslink @ Jun 11 2012, 05:10 PM)
Yeah, HSBC doesn't live up to their name, I had 3 bad run-ins with them too. Watch out for Citibank also, it has a big name but I didn't hv good experiences with them.
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jacob888
post Jun 11 2012, 05:17 PM

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yes, same here, HSBC, citibank suck big time not only loan also credit cards, rate... so far standard chatered is good for me as well
EddyLB
post Jun 11 2012, 05:46 PM

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I had bad experience from HSBC housing loan and Citibank credit cards as well
mIssfROGY
post Jun 12 2012, 01:29 AM

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Agree! Banking with hsbc sucks bigtime! Kena conned bigtime with their suka suka suddenly change terms and conditions whenever they like, charge misc charges for extra payments you made so that you can continue owing them money because they will neva minus it properly and when u ask them they dunno how to answer u! Thank your lucky star u kena rejected else later u big headache n lose more money!
prophetjul
post Jun 12 2012, 07:49 AM

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HSBC are dumb bankers who arent that interested in personal banking stuff.
Denis
post Jun 12 2012, 08:38 AM

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HSBC is snob.

They don't bother Ikan Bilis.
20 years ago, I went to HSBC and wanted to open a saving account, then min amount to open the account is RM1000.00.

And this policy continue...


ascend
post Jun 12 2012, 09:09 AM

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Dealing with HSBC customer service almost always leaves me with frustration and anger. Unknowledgeable staff, false/incorrect replies, rude-in-your-face service, do not return calls (even when they promise to), condescending remarks (when you convert from one type of account to another - which they call DOWNGRADE), untimely credit of your money (which means you don't have access to your money and you suffer opportunity cost), insistent denials when they are clearly in the wrong (according to their own terms n conditions) etc, etc the un-flattering list goes on.

Sadly I think this is a reflection of the unprofessional/incompetent work culture in Malaysia. So switching banks may or may not be the answer. When was the last time you read/hear about compliments paid to a bank?

This post has been edited by ascend: Jun 12 2012, 09:17 AM
HughieRmX
post Jun 12 2012, 09:21 AM

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I do agreed that some of the agents who is responsible in processing loan products aren't really keen to helping us but to hit their quota on submitting the application only. Sometimes I will have to call / SMS the person to ask about the progress .. in the end I shifted to other banks for the p.loan application .. sweat.gif
jack2
post Jun 12 2012, 11:01 AM

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I don't like HSCB because they rejected my cc application long time ago. Now I am holding more than 8 banks' cc.. the only bank that I do not have is HSBC (Other than BSN, Bank Islam, BR etc la)
mIssfROGY
post Jun 12 2012, 01:00 PM

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QUOTE(Denis @ Jun 12 2012, 08:38 AM)
HSBC is snob.

They don't bother Ikan Bilis.
20 years ago, I went to HSBC and wanted to open a saving account, then min amount to open the account is RM1000.00.

And this policy continue...
*
ya woh...i remember my mom queue-ed long hours to open savings account so that she can transfer money in to open FD (Amt quite large)....but becoz of their MIN AMOUNT and my mom didnt bring enuf cash that day, they dun let my mom open account WTF!!
This bank got no VISION lol pui pui.....
TSkenviro
post Jul 27 2012, 11:11 AM

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In my eyes, HSBC Bank has gotten from bad to worse.

I just received a monthly statement from HSBC about my personal loan. It seemed to indicate that I have taken the personal loan although I never went to any HSBC Bank branch to sign any letter of offer.

So I called that HSBC officer that I had dealt with. Even she didn't know about it and has to check on the matter. When she didn't come back to me on the same day (yesterday), I contacted her and found out that the personal loan is AUTOMATICALLY disbursed after 3 days upon approval by the system. Even she agrees that it's ridiculous. She said that she'll send a request for the cancellation of the personal loan and that will take 3 to 5 working days.

I think for the rest of my life, I will not touch HSBC Bank with a ten foot pole.

This post has been edited by kenviro: Jul 27 2012, 11:43 AM
caaraa
post Jul 27 2012, 11:30 AM

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HSBC are dumb bankers who arent that interested in personal banking stuff.
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cute_boboi
post Jul 27 2012, 04:27 PM

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QUOTE(Denis @ Jun 12 2012, 08:38 AM)
HSBC is snob.

They don't bother Ikan Bilis.
20 years ago, I went to HSBC and wanted to open a saving account, then min amount to open the account is RM1000.00.

And this policy continue...
*
^ This is the reality.

Frankly, for years, HSBC tries to move away from small fry like you all. Unless you have like big deposits or Premier member or private banking, etc. otherwise, just queue up like pasar malam over the counter.

They won't even bother with the 50k loan business. Or 72k or 100k/150k.
If you come in with proposal like 2M or 20M , then ok, someone will bring you espresso/cappucino.

e.g. like Advance account (formerly known as Power Vantage), they increase the fees from RM5/month (previously), into RM10/month unless you keep 20k there.
i.e. try to kick you out if you feel it is expensive.

andrianchan
post Jul 27 2012, 04:36 PM

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Should change the HSBC slogan from "The world's local bank" to "The worst's local bank"
BBMMWW
post Feb 26 2013, 02:31 AM

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His is how HSBC earn money


Personal loan 270,000 ringgit

Monthly payment rm710000

But beware

Bank will charge 11% per year
5 year loan they charge you 55%

And from rm7000 you pay.

By right the portion of loan capital and interest ratio is 100% :55%

But the HSBC will use the rm 7000 and get 70:30 ratio

Mean your monthly payment was used to pay 70% for interest only

And the rest 30% only for capital.

This is an unfair trade.

Bank Negara should investigate

That mean bank force us to pay interest for 5 year from now, and keep capital payback very slow.

Another thing is

HSBC when apply loan, not give you payment table,
You go ask the counter girl, they say they do not know the rate of portion pay for interest and the ratio pay for capital.

This is how HSBC earn money without transparency

You go ask them print out payment table and show percentage go for interest alone.

The will trouble you to call headquarter and do not answer in bank.

What is this and bank Negara not see?

Please change finance ministry.
The richest in Malaysia is bank, not rakyat.

debbierowe
post Feb 26 2013, 03:56 AM

so fast 6 stars di...
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same feeling but HSBC MALAYSIA only

the rest of the world (so far for HSBC UK HSBC HK, HSBC Singapore and HSBC US) all very professional
b0oDak_Ba1k
post Mar 26 2013, 12:44 PM

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duh....

All of sudden, HSBC increase my mortgage rate without stating why.

At theday when received notification, what was in my head was that "deym, didnt read newspaper or watch news, has the BLR increase???"

So googling a bit and no, the BLR didnt increase. So why my payment increase???

Call them for clarification, what they can say that my balance (i.e. monthly payment) are insufficient or so-to-speak, lesser than minimum from what it shud be. The heck, i highlighted to them that i always pay more, how come lesser. And in fact, from my account summary, there are surplus payment as to date.

And then they keep on repeating interest portion and principal portion. and my las word to them is that, what i want to know is my monthly mortgage been increased, not about my interest %. and they simply said, sorry we dont know. wadaforkkk

This post has been edited by b0oDak_Ba1k: Mar 26 2013, 12:45 PM

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