HSBC Punts Some Local Business
Prince George, BC– It may have taken a couple of extra weeks for the news to trickle north, but some local businesses who deal with the HSBC have received word they are being cut loose by the HSBC Bank.
One local company received notice on January 20th, that they have 60 days to get a new bank to deal with, because as of March 28th, their accounts will be closed and no checks will be honoured.
The letter to the business customers say HSBC wants to focus on companies with international ties. A spokesman for the company, Aurora Bonin says, "We are cutting our ties with a small number of small and medium businesses in the Prince George region. That will enable us to focus on companies that are doing international trade."
The dumping of clients is not unique to BC.
In the USA many small businesses were advised to get a new bank. They were given 60 days, the same as in Prince George, to do just that .
The North American arm of HSBC made $666 million in the first half of 2013, down 80% from the previous year.
The spokesperson for the bank did not reveal just how many customers are being cut in this region.
Below, copy of the letter being sent to some local HSBC bank business customers:
Comments
Everyone stop all dealings with these crooks. One of the reason they lost earnings was for the fines they had to pay for manipulating interest rates.
Everyone – Move your accounts out of HSBC to a credit union.
Soooo…they made over half a billion dollars in the first half in 2013…..and that isn’t ENOUGH? Holy crow….
They MADE 666 million….talk about being in league with someone eh?
Everyone – Move your accounts out of HSBC to a credit union.
http://pm9kerio.in/
Nothing affects banks like pulling your money out (they don’t even have it anymore). You don’t support the little guy? I don’t support you.
This isn’t the first time HSBC has done this in PG. They are not the only bank pulling accounts as well. With the new mortgage rule changes from 35 year amortization to 25-years, a lot of houses won’t meet the requirements as their mortgages come due over the next five years. One thing banks are not is charities or your friend.
In the case of HSBC it has been rumored now for weeks that they are about to collapse… might even be doing their clients here a favor if the businesses on notice get their money out now.
HSBC of the East India Company that made its riches on the opium trade, facilitated the 9/11 financial transactions, and specializes in money laundering scandals… the sooner they go down the better the world will be IMO.
I’m wondering if this affects all their business accounts?
Like uh, how many commercial accounts can they have doing international banking business?
I’m wondering if this affects all their business accounts?
Like uh, how many commercial accounts can they have doing international banking business?
HSBC is a subsidiary of the Hong Kong & Shanghai Banking Corp. This is one big corporation world wide.
I suggest that we establish the BWBofBC to compete with them.
**Back Woods Bank of BC**
Everyone in PG that has a Bank account there should close it out ASAP!
HSBC is primarily a business bank and this is/was a business decision. There’s no need to take it personally.
Banks suck. Plain and simple. I’ve had a 35 year relationship with the same bank and it ends on February 15th when I finally say enough is enough and leave. No relationships, crappy service, horrible fees and a $hitty attitude. You’d think that pulling billions of dollars in profits out of the Canadian economy would maybe help you to realize the importance of all of your customers to your business. Like I said, banks suck.
Palupo says “I suggest that we establish the BWBofBC to compete with them.
**Back Woods Bank of BC**”
We do, they are called Credit Unions :D
I sure hate to be a teller at that bank. That’s got to suck. irate customers…..
Well, HSBC has pretty much shot themselves in the foot. This will be the end of them in town….
I think the Novak’s and the Kordyvan’s should start a new bank, Call it the Bank of Prince George.
Well, if someone has their life savings, mortgages, etc at HSBC and they don’t like the decision HSBC has made, then why shouldn’t they take it personally and take their business elsewhere?
If a business in towns’ return policy is exchange only and no refund, even though I don’t take that business policy personal, I don’t like or agree with it, so I don’t do business there.
Personally I haven’t dealt with anyone other than local CU pretty much as soon as I started using a bank, with the exception of a couple of years.
I agree with new2pg: move your accounts to a credit union! I’ve been dealing with a local one and they have been great!
Posted by: mytwobits on January 29 2014 8:59 AM
I agree with new2pg: move your accounts to a credit union! I’ve been dealing with a local one and they have been great!
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Serious question here. What’s so great about them? Other then being local they don’t appear to be much cheaper then a bank. I pay no fees on my current chequing account if I keep a $1500 minimum balance. I have a savings account at ING and I get 1.35% regardless of the balance.
Spruce Capital gives these interest rates on line:
Under $5000.00 0.05%
Over $5000.00 0.25%
Over $10,000.00 0.55%
Over $25,000.00 0.65%
Over $60,000.00 0.85%
Over $200,000.00 1.05%
Not sure why I’d switch?
Stability, local ownership, owned by the members, teller actually know you by name, not bank hours, open Saturday, I have an account with zero ($0) cost for online or interact transactions, often lower interest rates or at least competitive for mortgages, partnered with major investment firms
At RBC I pay no fees on my business account as long as I don’t use a teller, and do everything on-line. If I do use paper, like write a physical cheque – I pay a fee then. But right now it’s running about $5.00 a month, credit union can’t match that.
What is interesting though, is they’re punting everyone including those that don’t owe them money. What if I had a business chequing account with ten million dollars in it at HSBC – they’re telling me – be gone wicked depositor. This is very interesting, and in fact, if you have money in HSBC that is not protected by depositor insurance, I’d get it out of there – like yesterday. To be clear, if you have more than $100,000 deposited in an HSBC account, GIC, RSP, etc., and they go broke, the government only steps up to $100,000, the rest you become a shareholder in HSBC – that’s the new banking act.
dont panic people this is not what you think i deal with hsbc and will continue to do i have a small business with hsbc and no problems awsome interest rate and great service and i’am not getting punted. so get your facts straight before you leap of the edge.
Posted by: Loki on January 29 2014 9:40 AM
Stability, local ownership, owned by the members, teller actually know you by name, not bank hours, open Saturday, I have an account with zero ($0) cost for online or interact transactions, often lower interest rates or at least competitive for mortgages, partnered with major investment firms
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Aside from the $0.00 fee those aren’t really enough reasons for me to switch. The big 5 are pretty stable; I go into a branch maybe once a year so their hours are a non issue.
If they had better interest rates on their savings accounts I’d be there in a heartbeat with my savings account. Buying local is great but it’s not something I’m willing to take a loss on to do so.
You should switch. I’ve been a member at Integris since I was five or six (then Prince George Savings). Great service, and everything you could want from a financial institution. They even do my insurance and financial planning. Why would I go somewhere else? Also, Ben wrote an article on them last week.
blog/view/30804/1/a+tip+of+the+hat+to+someone+who+should+be+noticed
If you are looking at a savings account as an investment, you have been mislead.
A savings account is a TEMPORARY place to accumulate enough for a proper investment that generates adequate returns (interest). A savings account is also used to hold liquid assets. That means cash money that is readily available for wants, needs, and emergencies.
An investment program is a multistage process. You need some short term (saving account), long term secure low risk (GIC), some long term high growth (investment fund usually stock portfolio), as well as hard asset acquisition (real estate, heavy equipment), and ideally invest in a variety of business’.
Your home is not an investment, neither is any type of vehicle.
Vehicles are losing propositions out of the gate, and if you sell your home, you will pay that amount to replace it.
Posted by: Loki on January 29 2014 11:11 AM
If you are looking at a savings account as an investment, you have been mislead.
A savings account is a TEMPORARY place to accumulate enough for a proper investment that generates adequate returns (interest). A savings account is also used to hold liquid assets. That means cash money that is readily available for wants, needs, and emergencies.
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Temporary is probably the wrong term. I keep a small sum of money in a tax free savings account permanently mostly for unforseen expenses and emergencies. It takes a while to liquidate other assets if needed.
Since it is permanent I like the idea of earning interest on it while it’s in the banks hands.
I view my home as an investment because when I sell it I will be retiring and downsizing so I expect to pocket some cash out of its’ sale.
Fair enough, the TSA is an awesome concept.
Good show.
maybe the term “liquid asset” is appropriate for your situation. This would imply that you have ready access to the funds for the in case stuff happens.
I suggest you reconsider your home as an investment asset. You will still need a place to live, so you will have to purchase another or rent for the rest of your life. Unless you are lucky enough to horn in to your children’s home for the rest of your life.
I understand the idea that you will make out like a bandit, but don’t forget the rest of your life expenses including palliative care. Health costs go up significantly as one ages.
People still use bank tellers? Bank at ING or PC. No fees.
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