I've been using HSBC for the past few years and have been happy with it, other than the declining interest rate. Coming July 31 they are going to start charging $3.00 for bank to bank transfers and I was looking for other options.

I'm no longer getting the 5.05% when I started and don't really have any reason to stay with them. Does Tdub have any other suggestions. I more plan on using it as a savings account and other than direct deposit I don't move money around in it more than once every 3 months if that.

7/13/2010 8:56:28 PM

I am also interested in this.

7/13/2010 9:26:36 PM

this applies to me

how the hell did I miss the fact that they were going to start charging for bank to bank transfers!?

7/13/2010 9:43:41 PM

They just sent out an e-mail about it today with a link to a page, that if you look carefully will link you to another page, that mentions it.

It actually looks like it's only a $3.00 fee to transfer funds out of your account, but there's still no charge (unless I'm reading wrong) to transfer money into your account.

7/13/2010 9:45:14 PM

The only thing I got an email about was the new fee associated with the "Global Transfer Fee"


EDIT:

Quote :

"The above Service Charges apply to all Consumer Checking and Savings Accounts when completing outbound transfers from your HSBC accounts to your non-HSBC accounts. There are no transaction fees when you transfer money into your HSBC account from your non-HSBC account."

[Edited on July 14, 2010 at 5:49 AM. Reason : no fee, for transferring money in]

7/14/2010 5:48:00 AM

I haven't seen an interest rate above 2% in a long time.

7/14/2010 7:48:09 AM

I have an HSBC account and I haven't heard anything about this. I'm not paying $3.00 to transfer my money out when there are other banks that will do it for free.

Does anyone have a link confirming this?

[Edited on July 14, 2010 at 5:46 PM. Reason : link?]

7/14/2010 5:35:11 PM

http://www.us.hsbc.com/1/2/3/personal/online-services/personal-internet-banking/banktobanktransfers

7/14/2010 5:50:11 PM

i'm sure other banks will follow suit soon since they are being forced to cut fees in other places.

7/14/2010 5:57:05 PM

Quote :

"No transaction fees will be charged for HSBC Online Savings or Online Payment Accounts, Domestic Private Banking or HSBC Premier customers"

I don't have to worry about this since I have the HSBC Online Savings type account.

7/14/2010 6:02:36 PM

I think I missed that ^. Still it is worth looking around.

7/14/2010 7:11:51 PM

Everbank changed its rules to stop reimbursing ATM fees without maintaining a $5k minimum. But I am going to stay, since some of the local credit unions in Raleigh have ATMs that don't charge ATM fees.

7/14/2010 7:55:34 PM

Yeah, in looking into it more, the addendum does state:

Quote :

"The above Service Charges apply to all Consumer Checking and Savings Accounts when completing outbound transfers from your HSBC accounts to your non-HSBC accounts. There are no transaction fees when you transfer money into your HSBC account from your non-HSBC account. Transaction fees do not apply to customers who own HSBC Online Savings, Online Payment, HSBC Premier, or Domestic Private Banking accounts."

My mistake misunderstanding the policy.

#18 - http://www.us.hsbc.com/1/2/3/personal/online-services/personal-internet-banking/terms-and-conditions

[Edited on July 14, 2010 at 11:29 PM. Reason : .]

7/14/2010 11:28:43 PM

Quote :

"i'm sure other banks will follow suit soon since they are being forced to cut fees in other places."

possibly...i have accounts at wachova, bofa, nc secu, and ING direct...since ING direct is almost exclusively an online bank, i don't think they'll start charging fees for any of their services

ING's rate used to blow the others out of the water, but those days are gone...i still use them to store most of my money, though, since their rates are still better than any of the other 3 i use, and i can move money from one bank account to another through the ING interface (even if i'm transferring between banks that aren't ING)

i do wonder if the fee HSBC is charging is only if it originates from the HSBC website or if the fee would apply were someone to use the ING interface

7/15/2010 8:16:07 AM

What sort of rate do you have at ING?

7/15/2010 6:00:52 PM

RE transfer fees

wachovia has a $3 or $10 transfer charge, so i just set up a recurring billpay item to send a physical check to my SECU branch with my savings account number. takes a few days for them to deposit, but it works

7/16/2010 9:55:08 AM