HSBC Online Savings Account???

Question

what's the good and the bad? seems to good to be true

Answer 1

I could write a book here...Stay away.

I've had Online Money Market Banking for 5+ years & am currently with Everbank at 3%. That is competitive.

Here's my horror story.....

Sold my car & deposited $24k cashiers check in HSBC online account.

Buyer puts stop payment on $24k cashiers check.

HSBC records my account as Fraud immediately & sends info to the "you're a check bouncer company"

They freeze my other funds in the account.

Numerous customer service calls to HSBC in India.

Buyer then wires me replacement $$ next day.

HSBC refuses to allow access to new $$ & old $$.

HSBC closes my account for Fraud & sends me the $24k+ 45 days later.

Answer 2

I think online savings accounts are great. I have had one for several years. And unfortunately some of the info by the previous writer is incorrect. The money they deposited into their online acct must have been a regular check. One CANNOT put a stop payment on a cashier's check (or a money order for that matter). They are both the same as cash.