Complaint Review: HSBC - Orchard Bank Credit Card - wood dale Illinois

It's funny how the "ex-employee" explained the hold policy and apologized for the consumers bad experience. This "ex-employee" may as well apologize to the other thousands of people who are getting royally ripped off by this Orchard Bank.

I'm so glad that I started investigating companies behaviors after I got ripped off by an ex employer. It goes a long way to do your research before you sign up for something or get hired.

Companies like "Orchard Bank" SHOULD be sued for the number of rippoff reports, BBB, FTC, etc complaints. I, for one, will never get a "secured credit card" because there are too many thieves.

You who are quick to judge about having "little means" should read about how to re-build your credit.  Some people have to file bankruptcy due to circumstances beyond their control, such as a previous successful business taking a down turn along with the market.  After your bankruptcy is discharged, you have to have some way of re-building credit history, primarily obtaining a credit card.  Most of the time, there are few companies who offer credit to people who are fresh out of bankruptcy.   Sure, secured credit cards are an option but again, so is an unsecured card.  The best way to do this is to pay the balance in full every month.  You will just have to suck it up and pay the fees.  

I know the original report was reported a while ago, but just in case anyone reads it, I would like to clarify a few things:

1)  Payment holds do NOT cause payments to be late.  If a payment is due on 3/5 and is received by that date, but the funds are on hold for 14 days, a late fee will NOT be charged.  The late fee is charged ONLY IF a payment is received AFTER the due date.

2)  HSBC now does not charge $12.95 for a payment by phone unless a customer chooses to

set the payment up through an employee.  If a customer chooses to do that and pay the fee,

the payment is not guaranteed to post any faster than a regular payment.  What is guaranteed

is that the payment will be dated that day even though it will take 2-3 days for the payment to

appear on the account and may still be placed on a 14-day payment hold.  However, this same

option is available without a fee through the automated phone system and online.

3)  Payment holds are designed to protect the bank.  Even if the funds have left your personal

checking account, your bank doesn't notify your credit card company of this, and it can take

several days for HSBC to receive the funds.

I hope this information helps someone out there better understand this particular HSBC policy.

I'm just sorry that the gentleman who posted this report had such a negative experience.

Thank you!

If you have limited credit and means...especially MEANS, then why do you need a credit card?

Any and all fees and charges are disclosed IN ADVANCE in all the paperwork they send you or on the on-line application process.  If you  read those terms and conditions BEFORE you sign or agree to the card, then you would have the opportunity to NOT get the card!  Complaining after the fact, (if you read the terms before signing), doesn't make a whole lot of sense since that is exactly what you agreed to!

You say you have limited means.  Why then do you need a large credit limit?  If you cannot pay the bill because you have "limited means" who do you expect to pay it?  The reason the limit was set at $300 is because the credit reputation YOU brought to the equation, does NOT justify a higher credit limit.

I agree with the commenter - if you can go without a credit card do it. There are too many negative practices being launched against the America public by big corporations, one of which is the big banks. It is an obvious attempt to erode our freedoms, our ability to make money and save it, and to make every one of a 21st Century slave. I advise looking at two easy to locate films:

MAXED OUT and THE CORPORATION. It will help explain the game and might help you make a strategic plan?

I just contacted the bank being criticized and I found that they were not offering anything substantive to make my life better. Instead everything was geared toward their profits. This is not a good contract - a good contract is when both parties benefit equally. I tuned down their lousy little card.

I mean WHY even bother with a rip off "credit card" that's only going to give you a $300 limit and charge you $98 just to "HAVE" the frickkin' card? I mean that's almost 30% in fees, of the total "line" even before you've spent a dime. Then you're gonna pay almost 18% of the total line EACH YEAR in an annual fee. Then you state they hit you with a bunch of inflated fees on top of those fees. If you're of "limited credit and means" as you state, you're just pissing good money after bad to HAVE the card. Hey, but YOU signed up for the d**n thing. Get rid of the card. If you need a card get one of those pre-paid visa or mastercards. You'll have a lot more money, little fees AND no late or over the limit fees.