When I moved to the US from the UK, I already had British HSBC accounts, so thought it made sense to open up an HSBC account and credit card. Got a $200 credit limit (thanks?), awful app, terrible customer service...eventually got fed up and closed all my accounts. Good riddance.
Also side note while I’m on the topic - to log into chase and do stuff, I enter my password. That’s it.
To log into HSBC or any other UK bank, you need to enter the 8th, 3rd and 19th letter of your password, app generated security token, digital security key password, the 822nd digit of Pi and the current orbital trajectory of Jupiter.
Can I please please just have normal 2FA...
With that said HSBC is not the best retail bank as individuals were never their primary target base. I've had a few problems with them but only when dealing with branch personnel. For anyone in the UK wanting to move away from HSBC but don't know where, look at First Direct. It's a retail bank owned by HSBC group but it's been consistently voted among top three banks every year by customers.
The “nth nth and nth” character of your password means they’re storing your password in plaintext, and Auntie Nora is more likely to have it written on a postit cos she can’t use a password manager.
“Name of your first school” etc type questions are obviously awful
My favorite is HSBC kept asking me to enable “voice identification” every time I phoned up as a “more secure way” of authenticating myself...which to me smells like a cat and mouse game between who has the better ML model. Oh also https://www.computing.co.uk/news/3010450/hsbc-voice-recognit...
HSBC makes most of its profits from China and the new Cold War means it will eventually have to spin off its core but less profitable UK business to survive scruteront the Chinese Communist Party.
The HSBC mobile banking app is much more normal that way - Touch ID is sufficient - and it can do 95% of what you want to do most days. (Pretty much everything for me bar opening/closing accounts and making/renewing mortgage contracts.)
I have no idea who is the retarded in charge of their security but it clearly makes no sense:
In the end, instead of a password, it asks me what is the name of my favorite animal to connect...
En even for the password, it's useless to have a long one because they will never ask you anything else than the 4 first or last chars. I'm also quite sure that because of that, they have to store in clear text your password or have to store multiple hash for each set of 4 letters in your pass. That would also be stupid...
Around the same time, I adopted Transferwise (now just wise.com) which offers faster and cheaper transfers, and account-like functionality (holding a balance in different currency to avoid rate fluctuations and access to native bank transfers) which is exactly what I wanted HSBC for but light years ahead. Wise.com is still what I recommend for frequent travelers, expats, sending money to family, etc.
When you take money out of ATM machines abroad, the bank's fee is worked into the exchange rate they apply to you.
in the end I closed that account and went back to my old one as the HSBC website and app were so appallingly bad
it was like something out of 1995
I figured no business could be profitable operating in such a clumsy way, indicating that "boring" retail banking was not the focus of their operations.
(There's probably more, these are just the first ones I found.)
Japan (actually exited both mass market and Premier retail banking): https://www.japantimes.co.jp/news/2012/02/24/business/hsbc-t...
Brazil and Turkey: https://www.ft.com/content/85642fcc-e50d-11e4-bb4b-00144feab...
Charles Schwab seems ok so far. Still researching... feedback welcome.
I don't mean to be shilling for any single bank here, I just happen to be more familiar with the spoofing than the other cases.
My only downside with Schwab is the UI on their site. It seems very much geared to the boring investor, moreso than the checking account customer. Maybe some people prefer that, though.
Last I heard, it was considered "career-limiting" for an FBI agent to initiate any investigation touching on HSBC, because of the risk of bumping into a spook project, or some spook's personal embezzled/extorted slush/retirement fund. (Cf. "The In-Laws", 1979, Peter Falk, Alan Arkin.)
As a result, HSBC became the place to bankroll crooked projects. But that was a long time ago. Maybe someplace else is favored by spooks now?
I do agree though that even before their exit of mass market retail banking they wouldn't give the time of the day to anyone with less than 100k USD so it's not surprising.
I liked their loose nature with international accounts - I opened Canadian and Italian bank accounts with little more than verbal asks.
Retail banks in the US are the worst. All their branches look shabby. My comparison points are banks in Singapore and Australia.
Executives are quoted, implying that the reason is due to their inability to compete in that market, but I wonder if that’s really why. I’m thinking that with US debt being so high (both consumers and the federal government), millions of job openings going unfilled, an end to eviction moratoriums, zero action on increasing minimum wage and all the other pandemic mess, that they’re seeing a dismal future for the US economy as consumers wind up with essentially zero discretionary income to spend, a government that won’t do anything about it, and another possible Great Recession triggered again by foreclosures on a housing market that’s currently overpriced. Add our mounting inflation to the mix and things look pretty dark. My guess it’s that’s what’s really driving things here.
Sadly it won’t be much better anywhere else, and some places it’ll get even worse. Man, fuck this pandemic.
US cards have been remarkably well accepted globally for a long time now, likely because the 3 big card processors are American, and American’s general need for banking abroad is probably covered by the bank they already have.
Not sure if this the soapbox you really want to stand on.
They got massive fines and dragged in the press for the crime of doing money transfers to and from Mexico; they're heavily pressured by the government to provide international transfers and then blamed as soon as one of those transfers goes to someone bad. They've probably reached a point where the only winning move is not to play.
Here's an example of a big bank in the Netherlands ( in dutch): https://www.banken.nl/nieuws/23010/ing-adviseert-spaarders-o...