HSBC dumping small businesses in the US and Canada. Anyone got the goodbye letter?

avatar33

avatar33

e-Hustler
Dec 5, 2009
3,838
52
48
Calgary, AB
Just got a letter from HSBC saying they have decided to end our banking relationship and that I had 60 days to find a new bank. I lol'd, because I have been wanting to switch banks for months, just didn't have the time to do it...

Turns out HSBC is dumping many small businesses in the US and Canada to try and focus on larger companies with international profiles. (They always had a hard-on for rich Asian corporations)

"They don't even want to see you if you're not making $5 million a year." (said CFIB director Mike Klassen)

Many of you noticed that I've bashed this bank multiple times on this forum. Poor customer service. Horrible online interface that hasn't been updated in years (no support for Chome). Sometimes the debit card stops working at the ATM for no valid reason. These are just some of the problems I had with them. They also made the news recently for having internal problems and legal issues as well. Wonder what the future holds for this ridiculous bank... pretty sure those big Asian companies are better off with Swiss or Australian banks anyways.

images
 


OP, where are you planning on moving too?

I'm currently with CIBC and it's clear they don't want to deal with business accounts either.

I'm thinking BMO right now. I just need a bank with a really good online interface for sending wire transfers in multiple currencies. Plus the ability to transfer between accounts in different currencies.
 
I'm treasurer a small volunteer organization in Vancouver, they had their account at HSBC for years.

Just finished moving it to Vancity. They didn't want to give me internet access to the account unless we paid them $600 a year.

What a bunch of dicks.
 
Paper_Chase said:
OP, where are you planning on moving too?

I'm currently with CIBC and it's clear they don't want to deal with business accounts either.

I'm thinking BMO right now. I just need a bank with a really good online interface for sending wire transfers in multiple currencies. Plus the ability to transfer between accounts in different currencies.
Click to expand...

I went TD --> HSBC ---> RBC.

Stick with RBC/BMO. I cant remember the last time I payed any fees. RBC has shit (in person their over the phone customer service is excellent) customer service though.
 
They need their resources to handle the drug dealer cash. You peasants underestimate how much work and costs are involved to deal with all that physical money. To bring that dollars back to the normal people so they can buy again is a much more important service as the few bucks from some small business.
 
According to the CFIB, credit unions are the way to go, so the likes of VanCity, Servus, First Calgary, Caisse Desjardins, etc...

BMO, ScotiaBank and RBC also seem to have great ratings.

I was actually going to go with BMO, but I'm going to do some research on credit unions first... I need to know why they're so well ranked.
 
avatar33 said:
According to the CFIB, credit unions are the way to go, so the likes of VanCity, Servus, First Calgary, Caisse Desjardins, etc...

BMO, ScotiaBank and RBC also seem to have great ratings.

I was actually going to go with BMO, but I'm going to do some research on credit unions first... I need to know why they're so well ranked.
Click to expand...

Credit Unions are amazing if you have a local brick and mortar business. After researching, the problem I saw is that most credit unions are really lacking in their online banking and interface. Most of them you can't send wire transfers or transfer money between accounts in different currencies. If you don't need either of those features for your business, then a credit union is definitely a good option.
 
Paper_Chase said:
OP, where are you planning on moving too?

I'm currently with CIBC and it's clear they don't want to deal with business accounts either.

I'm thinking BMO right now. I just need a bank with a really good online interface for sending wire transfers in multiple currencies. Plus the ability to transfer between accounts in different currencies.
Click to expand...

Have you looked at Chase for sending online wires? They're alright, that is who I use.
 
Fatbat said:
FWIW I use BMO as well and have never had any problems with them. Their online banking is pretty decent.
Click to expand...

Why wouldn't you be banking in Europe since you've been there for years?

Wouldn't the Canadian government still consider you a resident if you keep all these local assets? Are you paying taxes here?
 
$5 million a year?

What a peasant bank.

When I wake up next to my supermodel girlfriend and check my iphone 8, I've already done $50 million is sales for the day.

Looks like I'll have to cancel my HSBC bank account fund though. I spend exactly $5 million a year in gas for my Lamborghini.
 
contract said:
$5 million a year?

What a peasant bank.

When I wake up next to my supermodel girlfriend and check my iphone 8, I've already done $50 million is sales for the day.

Looks like I'll have to cancel my HSBC bank account fund though. I spend exactly $5 million a year in gas for my Lamborghini.
Click to expand...

$50 million a day? Is that it?! Serious?!

I guess this is this your 'supermodel girlfriend' then?
uMvICW5.jpg
 
avatar33 said:
Why wouldn't you be banking in Europe since you've been there for years?

Wouldn't the Canadian government still consider you a resident if you keep all these local assets? Are you paying taxes here?
Click to expand...

I do bank in Europe, among other places. I don't keep any assets there. No, I am most certainly not paying taxes there. I haven't stepped foot in the country in nearly 10 years.
 
You must log in or register to reply here.
Top Bottom