hsbc account

[Tiam]

I have an hsbc high interest account. (well it used to be high interest before the economy tanked). Today I received a notice saying that my account will be renamed a HSBC Advance Online Savings. In addition to this, the institution will now charge me $12.00 for each incoming bank transition. ?? So, basically they are going to charge me for making deposits? There is no fee for transferring money out of the account."Funds Transfer-In, per incoming transfer - $12 each (the transfer of funds from another person's account, or another financial institution to your HSBC account. This is the craziest thing I've heard of? Why would I want to deposit any more money if I will be charged such a high fee? I'm bewildered by this decision. Anyone else have an hsbc account?

[Greg44]

I also have a HSBC account and saw the same notice. I use the online account like my escrow account putting $$ in each month for our property taxes. I use my USBank bill pay and they mail them a check each month.

I just can't believe they will now charge me $ 12.00 for this transaction? I have planned to call them and ask them if this is correct. If that is the case I am pulling my out my $$ -- which I am sure will cause the bank to fail! ;)

Maybe they are charging more fees to cover their fine for knowingly laundering cash? >:(

[Greg44]

I just read on "fatwallet.com" that the $ 12.00 fee was for wire transfers and not bank to bank transfers...? They (posters) seemed to think there would be a clarification email coming soon.

[bae]

I'd check into what exactly they mean by "incoming transfer". My local bank, which otherwise has reasonable fees, hits me with a $15 free for incoming wire transfers, and $20 for outgoing. It used to be considerably higher even. But it is a very small bank, with only a couple of branches, and they do most of those things as exceptions by hand.

They don't seem to charge for more "normal" transfers.