Term Deposit At Hsbc - Do I Have To Lose The Interest?

[phormio]

I have a term deposit at HSBC with 1 yr maturity of Jan 2013 at 4.25%(AUD) .

I've decided not to go to the Krungsri Group but to move my account to a different country but at HSBC .

They're closing up shop on retail business on June 29 of this year.

Shouldn't they pay me a pro rated amount on the term deposit ?

Does anyone know what the policy is on this(if there is one) ?

Are they treating customers who decide to go to Krungsri Group differently than

others ?

[chiang mai]

I don't know but HSBC does, probably best to ask them don't you think!

[Pib]

You'll probably end up getting the rate for a standard savings account (probably around 0.75 APY) by closing/withdrawing the fixed deposit early and quite possibly 0% APY if closing/withdrawing the account before 3 months.

[phormio]

I talked to them about 6 weeks ago and they wanted to know if I was going to Krungsri or not . They said that in the first week of April the term deposit would end and I could decide where to put the money. I thought they meant that they would prorate the term deposit . Since then I found a place with a much higher interest rate, 100% insured up to 250,000 AUD, and only 10% tax withholding. I've decided to not go to the Krungsri group and sent them an email to this effect.

What I really want to know is (I don't necessarily think they'll give me a straight answer - their incentive is to get customers to hang with Krungsri):

1. Are they treating me worse than others because I'm not going to Krungsri ? And if so is this legal?

2. If I don't voluntarily end the term deposit nor transfer it to Krungsri, what will happen and when will it happen ? If they end the term deposit will they have to pay me the full term interest rate?

Thanks.