What on earth is happening at HSBC Expat

[Krataiboy]

What on earth is going on with HSBC? I have been a Premier client of their Jersey-based offshore operation for more than two decades. This morning I received an email from HSBC Expat (as they are now known) informing me that as of next week no interest at all would be paid on a range of popular savings and deposit accounts, including sterling and Thai baht.

No explanation, let alone an apology. Just an out-of-the-blue blow where it hurts most. When I checked the Expat website, there was (surprise, surprise) no mention of the zero interest move. New customers signing up in the next few days before the deadline will presumably only find out the hard way!

A somewhat aggrieved email fired off to my relationship banking manager (RBM) in Hong Kong drew a computerised response to the effect that the office had been closed THAT VERY DAY "temporarily and indefinitely" to “protect employees and customers". A little later, the RBM emailed back to confirm that his office was indeed shut - and in any case he had been moved to a new position which precluded him from helping his former clients. Nice.

 

When I insisted I had an urgent problem (like what to do with my savings if HSBC was going to the wall!), he agreed to get a Customer Support colleague to contact me. He turned out to be based in Singapore, but working from home and without even the use of an office phone to contact his office or clients. I am still waiting for his response.

 

What on earth is going on? We all know the Oriental banking giant has been cutting back on staff, offices and ATM’s worldwide. But treating customers as if they don't matter could be a sign of something a lot more serious in the wind.

 

As I write, none of the media seem to have picked up on HSBC's sudden imposition of zero interest rates - or the inevitable consequences for thousands of cash-strapped expats in Thailand already reeling from historically low exchange rates.

 

Maybe this forum's newspaper sponsors can get their journos to do some digging.

 

Edited February 4, 2020 by Krataiboy

[bkk6060]

8 minutes ago, Krataiboy said:

What on earth is going on?

Good question.

Gee, ever think of just changing banks?

[observer90210]

Modern business doctrine does not give a hoot of old timers. It's all about fast money, shareholders and expansion in a utter and shameful absence of customer relationship and service.

[Gweiloman]

You’re a Premier client so you have plenty of dosh so the loss of interest should be of little consequence. 
 

I had 4 Premier accounts spread over 4 countries including annuities in Hkg. They started asking me all kinds of questions as to where my funds were coming from. When I refused to answer, they threatened closure of my accounts. I thought sod it and closed all of them myself. I have never walked into a HSBC branch since then and would not shed a tear if they were to collapse. 

[Krataiboy]

8 minutes ago, Gweiloman said:

You’re a Premier client so you have plenty of dosh so the loss of interest should be of little consequence. 
 

I had 4 Premier accounts spread over 4 countries including annuities in Hkg. They started asking me all kinds of questions as to where my funds were coming from. When I refused to answer, they threatened closure of my accounts. I thought sod it and closed all of them myself. I have never walked into a HSBC branch since then and would not shed a tear if they were to collapse. 

You must have a big mattress.

[Krataiboy]

1 hour ago, bkk6060 said:

Good question.

Gee, ever think of just changing banks?

Suggestions? Offshore banking is increasingly a minority sport, with ever fewer teams demanding more of the players.

[Skallywag]

Probably had to close their "offshore" banks because the Channel islands are almost underwater from Global Warming.  They did not heed the Greta Thunberg warnings.  (pun intended)     

 

1 hour ago, Krataiboy said:

I have been a Premier client of their Jersey-based offshore operation for more than two decades.

Cambodian banks give 6% or more on fixed deposits of 12 months 

[Krataiboy]

3 hours ago, Skallywag said:

Probably had to close their "offshore" banks because the Channel islands are almost underwater from Global Warming.  They did not heed the Greta Thunberg warnings.  (pun intended)     

 

Cambodian banks give 6% or more on fixed deposits of 12 months 

Thanks for that. Unfortunately, it's a truism that the higher the rates the higher the risk.

[TallGuyJohninBKK]

5 hours ago, Krataiboy said:

A somewhat aggrieved email fired off to my relationship banking manager (RBM) in Hong Kong drew a computerised response to the effect that the office had been closed THAT VERY DAY "temporarily and indefinitely" to “protect employees and customers".

 

I'm assuming that means because of the virus... But could also have been because of political instability. Did you ever find out why?

 

[Jip99]

19 minutes ago, Krataiboy said:

Thanks for that. Unfortunately, it's a truism that the higher the rates the higher the risk.

 

 

So by inference your money is ultra safe.

 

 

Which, of course, it is with HSBC

[TallGuyJohninBKK]

5 hours ago, Krataiboy said:

This morning I received an email from HSBC Expat (as they are now known) informing me that as of next week no interest at all would be paid on a range of popular savings and deposit accounts, including sterling and Thai baht.

 

How much interest had they been paying on regular savings accounts BEFORE the recent announcement on suspension of interest rates.... 0.50%, 0.25%?  Looks like it was 1% at most.

 

If it's those kinds of typical rates, it hardly seems worth getting exorcized over...

 

 

 

https://expatexplorer.hsbc.com/interest-rates/

 

Edited February 4, 2020 by TallGuyJohninBKK

[RichardColeman]

Be person to person boring to the TAT soon

[Krataiboy]

53 minutes ago, TallGuyJohninBKK said:

 

How much interest had they been paying on regular savings accounts BEFORE the recent announcement on suspension of interest rates.... 0.50%, 0.25%?  Looks like it was 1% at most.

 

If it's those kinds of typical rates, it

 

 

https://expatexplorer.hsbc.com/interest-rates/

 

hardly seems worth getting exorcized over...

 

I hadn't thought of calling in an exorcist, but if that's what it takes. . . !

[Krataiboy]

59 minutes ago, Jip99 said:

 

 

So by inference your money is ultra safe.

 

 

Which, of course, it is with HSBC

Now get your tongue out of your cheek.

[Krataiboy]

1 hour ago, TallGuyJohninBKK said:

 

I'm assuming that means because of the virus... But could also have been because of political instability. Did you ever find out why?

 

No explanation was forthcoming and if I was in the speculation business I'd be in stocks rather than a "safe" bank.

[Traubert]

The Hong Kong end seriously upset the Chinese Government last summer. As one of the last two major UK companies in HK (Cathay Pacific) I'd suspect life got uncomfortable for them. Both CEO's resigned.

[ThomasThBKK]

5 hours ago, Gweiloman said:

You’re a Premier client so you have plenty of dosh so the loss of interest should be of little consequence. 
 

I had 4 Premier accounts spread over 4 countries including annuities in Hkg. They started asking me all kinds of questions as to where my funds were coming from. When I refused to answer, they threatened closure of my accounts. I thought sod it and closed all of them myself. I have never walked into a HSBC branch since then and would not shed a tear if they were to collapse. 

 

i got temp blocked after i wired money.

 

From Citibank to Citibank.

 

Banks are all morons.

[mshs]

9 hours ago, Krataiboy said:

This morning I received an email from HSBC Expat (as they are now known) informing me that as of next week no interest at all would be paid on a range of popular savings and deposit accounts, including sterling and Thai baht.

Banks can change rates at will, yes even for Premier.

[RichardColeman]

9 hours ago, RichardColeman said:

Be person to person borrowing to the TAT soon

 

[nobodysfriend]

On 2/4/2020 at 5:18 PM, Krataiboy said:

But treating customers as if they don't matter could be a sign of something a lot more serious in the wind.

Nothing new here ... this is why I call them " Horrible , Selfish , Bangster Corporation = HSBC .

I changed to SCB since ,,, never a problem , interest rates for 1 year fixed accounts about 2% in the moment , but will probably be a little lower this year ...

 

Edited February 6, 2020 by nobodysfriend

[justin case]

On 2/4/2020 at 7:01 PM, Skallywag said:

Probably had to close their "offshore" banks because the Channel islands are almost underwater from Global Warming.  They did not heed the Greta Thunberg warnings.  (pun intended)     

 

Cambodian banks give 6% or more on fixed deposits of 12 months 

please give me the name of such bank ... might put a little million baht to play

[dimitriv]

On 2/4/2020 at 11:18 AM, Krataiboy said:

What on earth is going on with HSBC? I have been a Premier client of their Jersey-based offshore operation for more than two decades. This morning I received an email from HSBC Expat (as they are now known) informing me that as of next week no interest at all would be paid

 

As I write, none of the media seem to have picked up on HSBC's sudden imposition of zero interest rates

 

Jersey is Europe. Most banks here give 0%. Some banks now even have a negative interest rate, which means that you have to pay them to keep your money. My bank has a negative interest rate if you have more than 100k Euro in your account.

 

And you cannot blame the banks for this. It is a result of political decisions. The banks are not happy with this either.

 

And about the media...  I think you missed something. This is really old news. 

 

[geisha]

Will going to another HSBC bank help, or calling them ?

[ThaiBunny]

5 minutes ago, geisha said:

Will going to another HSBC bank help, or calling them ?

As HSBC Premier describes itself as a "global, seamless" service, I'd have thought that another nearby branch eg. Australia might be able to assist. I have accounts with HSBC and have always found them responsive on the very, very few occasions I've ever needed to contact them

[Skallywag]

1 hour ago, justin case said:

please give me the name of such bank ... might put a little million baht to play

https://www.acledabank.com.kh/kh/eng/ps_defixeddeposit

There is also an older thread from thaivisa that ended in 2017

 

[448glb]

Do you have a clue on what kind of bank your dealing with???

 

https://www.reuters.com/article/us-hsbc-usa/hsbc-draws-line-under-mexican-cartel-case-after-five-years-on-probation-idUSKBN1E50YA

 

They got caught big time laundering money for the cartel. The US government find them like a billion $$$ and they need to make it up somewhere.

 

Change banks, simple.....

[Suradit69]

On February 4, 2020 at 10:31 PM, TallGuyJohninBKK said:

 

If it's those kinds of typical rates, it hardly seems worth getting exorcized over...

I think you need Papal approval for an exorcism.

[grumpy 4680]

      It seem's to me that the big banks are running out of crooked schemes to make a profit, So they 

   HIT THE SAVERS.

[tinca tinca]

On 2/4/2020 at 6:28 PM, Gweiloman said:

You’re a Premier client so you have plenty of dosh so the loss of interest should be of little consequence. 
 

I had 4 Premier accounts spread over 4 countries including annuities in Hkg. They started asking me all kinds of questions as to where my funds were coming from. When I refused to answer, they threatened closure of my accounts. I thought sod it and closed all of them myself. I have never walked into a HSBC branch since then and would not shed a tear if they were to collapse. 

they WILL NOT collapse....HSBC is worth around 5.2 billion quid (british pounds) !!!

[tinca tinca]

1 hour ago, geisha said:

Will going to another HSBC bank help, or calling them ?

there is an  H S BC bank in Thailand, BKK but think not for personal banking....think it corporate....