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.
Having worked in a Bank in UK, ... the MNC type who operate all over the world, this is how the system works.
ReplyDelete1.Most of the people who are now hired by banks are barely... adequately educated... too young to understand the concept of banking, customer relation, etc. and work under immense pressure and targets. The staff are rewarded for opening as many accounts as possible (balances dont matter) and get penalised for closing accounts. As I was in the collections department, it was fine for me, and I had the authority to close accounts without worrying of consequence..... and return charges.....our aim was to ensure accounts were kept uptodate and be careful to ensure customers choose not to pay or worse take legal steps... we knew the law, who it supported and the consequence. Our PSU bank staff employees in that sense are a lot more sharper and more efficient, hence very few goof ups... just look at the recruitment process
2. Even when the bank staff close accounts, thanks to computerisation... and intentional software"glitches"... the account is actually not closed by the system, they are just made dormant. The front office staff only see the GUI.... very few staff (more experienced ones) will have access to the network system working in the background, which needs to be accessed to overide commands... this is where speaking to a senior manager helps.
3.but then even when you ask for a manager, the chances are you are only speaking to a friend of the call centre girl/boy.. not necessarily a manager