I have already blogged about how HSBC is the world's local thug. Now here's a lowdown of what is going on behind the scenes.
A very close friend got her HSBC relationship manager to try and figure out why I was being harassed by collection agents over annual fee of an expired lifetime free card. It turns out that the card I hold is problem free. HSBC has conveniently tagged another card without my knowledge, consent or signature to my profile. How can I be held liable for a card that I have neither requested nor accepted from HSBC?
Which brings me to my point. When we begin a relationship with a bank for ANY reason (bank account, credit card, demat account, insurance), we provide them with a whole host of personal information that goes into their automated systems. When the relationship gets over, like in my case, with the expiry of a credit card, this information continues to reside with the bank. Unscrupulous banks like HSBC then use this information to electronically tag additional bogus products to the profile. When I spoke to customer service, the lady admitted that HSBC had never actually issued a card after the expiry of the one I had -- it was being held in "safe-custody". Duh?
Customers that setup ECS payment options may not notice and the bank makes money over these non-services. Other customers like me, who notice and object, get threatened by aggressive thugs hired by the bank. Often people tend to pay the money demanded, not because it is owed, but because they want the harassment to stop -- further adding to the bank bottom-line.
Let's take this line of action to the next step. Given the amount of personal information that HSBC holds, what if they decide to slap a personal loan onto my profile? Since this will be done without my knowledge or consent, they can hold it for me in "safe-custody". Then pass on my number to their thugs to extract interest.
To those who believe that bankers have a conscience and would "never do that", I urge you to look at who and what caused the economic meltdown that the world is struggling to recover from.
I have explicitly named HSBC in my blog posts, because I have been a victim of what I can only call their fraudulent ways. This is not say that other private banks are any better -- just that I have had the good fortune of staying away from them.
Is there any recourse for hapless individuals like me? Well here's what I plan to do from now on (what seems like good advice from another friend). I will maintain a relationship with *one* bank for all my financial needs. This way the bank stands to lose a LOT if they act sleazy and I decide to take my business away. For all one-off requirements, I will approach nationalized banks, who may be slow and in-flexible but are atleast bankers and not sleazy thieves.
Fingers crossed.
Wednesday, August 25, 2010
Tuesday, August 24, 2010
HSBC: The World's Local Thug
Today (August 24, 2010), HSBC's collection agent called and threatened me to pay annual fee on a life-time free credit card that expired in May 2009.
I had a "life-time" free credit card from HSBC from May 2007 to May 2009 that I rarely used. Of course, every May, they would slap on a Rs 2000 + taxes "annual fee", which I would call customer service and get reversed. When the card finally expired in May 2009, I heaved a sigh of relief -- no more calls to HSBC.
To my surprise, this May (2010) I got an SMS saying the "annual fee" was due. "Annual fee" for a LIFETIME FREE card that had *expired*. So I called customer service at the usual number (Bangalore 25589696) and told them that this was an expired life-time free card, and I wanted it canceled. The agent assured me he would block it and that I should call at a less busy time to complete the formality of cancellation.
It slipped out of my mind till I received another SMS from them this month saying that the cash and credit limits have been lowered. So then this Sunday (August 22, 2010), I called customer service again and asked for the expired card to be canceled.
The call was transferred to a "superior" who tried to tell me that 50% of the annual fee would be waived, could I please remain a customer? After all, the bank had been nice enough to block my card and not send me a new one when mine expired last year. When I pointed out that it was a "life-time" free card anyway, she "graciously" offered to waive the entire annual fee, if I remained a customer. All that I would need to do each year, she said, was call when I received the annual fee SMS and it would be reversed. I declined her "kind" offer and said I wanted the relationship terminated and the "annual fee" reversed. She said in a cold voice that it would take four working days.
Then today, two days after I called, I received a call from Mohan (+914442253400, at 16.47) -- collection agent of HSBC. I owed HSBC Rs 3000 and the minimum due was Rs 400 he told me aggressively. I was completely taken aback because I lead a TOTALLY debt-free life; even the time that I had a valid HSBC card, I always paid bills on time and never had outstanding balances. I lost my cool and said I would call the cops but he did not back down till the call ended.
I am quite sure that HSBC has their sleazy banker posteriors covered by their lawyers for this shocking behavior. What about ethics? Have they really reached such a low that they need to harass women who are not even their customers any more?
Update: I called customer service Bangalore again this morning (August 25, 2010) and spoke with "Nandini" (supervisor: "Hamid"). She told me that the card had been blocked on June 4 and a request for cancellation had been placed on August 22, 2010. When I asked her why collection agents were calling me, she said there was an outstanding and oh, as per the officer who I spoke to on August 22, 2010, the amount on the card would be reversed when the card was canceled, again within 4 working days. She now pegs the last date of HSBC harassment at August 30, 2010.
I had a "life-time" free credit card from HSBC from May 2007 to May 2009 that I rarely used. Of course, every May, they would slap on a Rs 2000 + taxes "annual fee", which I would call customer service and get reversed. When the card finally expired in May 2009, I heaved a sigh of relief -- no more calls to HSBC.
To my surprise, this May (2010) I got an SMS saying the "annual fee" was due. "Annual fee" for a LIFETIME FREE card that had *expired*. So I called customer service at the usual number (Bangalore 25589696) and told them that this was an expired life-time free card, and I wanted it canceled. The agent assured me he would block it and that I should call at a less busy time to complete the formality of cancellation.
It slipped out of my mind till I received another SMS from them this month saying that the cash and credit limits have been lowered. So then this Sunday (August 22, 2010), I called customer service again and asked for the expired card to be canceled.
The call was transferred to a "superior" who tried to tell me that 50% of the annual fee would be waived, could I please remain a customer? After all, the bank had been nice enough to block my card and not send me a new one when mine expired last year. When I pointed out that it was a "life-time" free card anyway, she "graciously" offered to waive the entire annual fee, if I remained a customer. All that I would need to do each year, she said, was call when I received the annual fee SMS and it would be reversed. I declined her "kind" offer and said I wanted the relationship terminated and the "annual fee" reversed. She said in a cold voice that it would take four working days.
Then today, two days after I called, I received a call from Mohan (+914442253400, at 16.47) -- collection agent of HSBC. I owed HSBC Rs 3000 and the minimum due was Rs 400 he told me aggressively. I was completely taken aback because I lead a TOTALLY debt-free life; even the time that I had a valid HSBC card, I always paid bills on time and never had outstanding balances. I lost my cool and said I would call the cops but he did not back down till the call ended.
I am quite sure that HSBC has their sleazy banker posteriors covered by their lawyers for this shocking behavior. What about ethics? Have they really reached such a low that they need to harass women who are not even their customers any more?
Update: I called customer service Bangalore again this morning (August 25, 2010) and spoke with "Nandini" (supervisor: "Hamid"). She told me that the card had been blocked on June 4 and a request for cancellation had been placed on August 22, 2010. When I asked her why collection agents were calling me, she said there was an outstanding and oh, as per the officer who I spoke to on August 22, 2010, the amount on the card would be reversed when the card was canceled, again within 4 working days. She now pegs the last date of HSBC harassment at August 30, 2010.
Thursday, August 12, 2010
The Seasons of India
As a child, I was taught that there are four seasons - spring, summer, autumn and winter.
Summer and winter were easy enough to understand, and I even accepted that winter "snow" and "snowmen" were actually possible. "Spring" I took to be the season just after the monsoon -- the monsoon bringing rain and renewal. Growing up in the city of Mumbai, I was always confounded by "autumn"; each time I saw a brown leaf (yes you do see a few leaves even in Mumbai), I would be convinced the season had arrived.
Which brings me to my point. Why was I, and why are Indian children, taught that there are four seasons? We have three seasons -- two standard ones (summer and winter) and then one that others don't have -- monsoons! The monsoon -- life-giving, glorious at times and fearsome at others, is also closely linked to the economy and quality of life in the country.
When will we learn to accept and value what is ours, instead of blindly following others?
Summer and winter were easy enough to understand, and I even accepted that winter "snow" and "snowmen" were actually possible. "Spring" I took to be the season just after the monsoon -- the monsoon bringing rain and renewal. Growing up in the city of Mumbai, I was always confounded by "autumn"; each time I saw a brown leaf (yes you do see a few leaves even in Mumbai), I would be convinced the season had arrived.
Which brings me to my point. Why was I, and why are Indian children, taught that there are four seasons? We have three seasons -- two standard ones (summer and winter) and then one that others don't have -- monsoons! The monsoon -- life-giving, glorious at times and fearsome at others, is also closely linked to the economy and quality of life in the country.
When will we learn to accept and value what is ours, instead of blindly following others?
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