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Email this4:45 am
May 24, 2016
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Just seen:
"Receive a limited time special rate of 2% per annum on 18-month redeemable TFSA term deposits when you contribute to your TFSA. Plus, you may be eligible to receive a 1% transfer-in bonus of up to $150 for TFSA transfers from another financial institution.
Promotion period: March 15, 2017 to April 30, 2017.
Offer details:
2% 18-Month TFSA Redeemable Term Deposit
Minimum deposit of $1,000 CAD.
Interest is calculated daily, is not compounded and is paid annually.
The deposit must be made and the confirmation issued during the promotion period and be in Canadian currency.
Any redemptions or withdrawals of all or portion of the deposit prior to the end of the 18-Month term is allowed. If you withdraw prior to the end of the term, we will not pay you any interest on the withdrawn amount.
Funds must come from a source other than the TFSA plans and accounts with HSBC Bank Canada or any of its subsidiaries (such as Mutual Funds TFSA and HSBC InvestDirect TFSA). Transfers from all other accounts with HSBC Bank Canada and its subsidiaries qualify for this offer. Transfers from accounts with other financial institutions, including TFSA accounts, qualify for this offer.
The deposit must be made in branch or by telephone. This offer does not apply to deposits made through Internet Banking.
The special interest rate offer may not be combined with any other offers. We may change, withdraw or extend this offer at any time without notice.
1% Transfer-in Bonus
One bonus per customer.
Transfers must come from a financial institution other than HSBC Bank Canada.
The transfer-in bonus is in the amount of 1% of all amounts transferred from a TFSA plan at another financial institution during the promotion period to an eligible HSBC TFSA plan, up to a maximum of $150. Transfers into Mutual Funds or HSBC InvestDirect TFSAs are excluded.
This offer is available in branch only.
To qualify for the Bonus, you must sign and submit a TFSA Transfer Form at any of our branches during the promotion period.
We may change, withdraw or extend this offer at any time without notice."
5:36 am
December 17, 2016
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Guess I'm just not hungry enough, 'cause that sure seems like a heck of a lot of effort and work to get it all set up for really, not much gain ... you're going to lose a third to a half of that $150 bonus in the TFSA transfer-out fee from your current institution.
The return is even less if you don't move the $15,000 "minimum" - the 1% bonus is paid on the amount transferred to a maximum $150. THEN, after the 18-months. it reverts to the lousy everyday HSBC rates which will have you wanting to transfer your money out, with the cost of another transfer fee.
I really wonder what the consumer uptake is on some of these offers?
7:35 am
September 9, 2016
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This offer is available in branch only. <-this makes thing so much more complicated than necessary
4:24 am
October 21, 2013
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I recently cashed in an RSP at this bank. I would not recommend dealing with them. It took two trips to the branch to get this done, as they needed time between my request and giving me a bank draft, but first they had to open a savings account for me (which I promptly closed, or else that would have taken a third visit!), as they had no other way of getting the cash out. The staff were very nice, but that is not enough. The woman I dealt with told me their computer system is antiquated and appeared to be looking for another job. It took 5 different employees to get the job done. I got them to put it in writing on the first visit that there would be no fee for closing the savings account early. Each visit took at least an hour. On the first visit, it took them a long time to figure out how to proceed.
Granted, the money was in a mutual fund, and I know they have to wait til the end of the day to get a price on them, but it was still far too complicated. I deliberately went after the end of trading, thinking they would be able to get it done right away but I guess that is not so easy. I was told to come back in a week for the second visit, but to phone first in case it had not been processed yet! I wanted it processed for the 2016 tax year, and was glad I'd started in early December! Good grief!
They would need to make a stupendous offer to get any ore business from me.
The ceiling of $150 on the 1% bonus makes it a puny offer. If you were transferring a TFSA of, say, 55k, then 1% would be $550, but you would only get 0.27%, bringing the rate to 2.27%. It maxes out at 15K. Then you'd have to pay a transfer-out fee to get it out again, and deduct your transportation costs from your profit. No thanks.
I would consider it if there was no ceiling.
7:03 pm
December 12, 2009
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Loonie said
I recently cashed in an RSP at this bank. I would not recommend dealing with them. It took two trips to the branch to get this done, as they needed time between my request and giving me a bank draft, but first they had to open a savings account for me (which I promptly closed, or else that would have taken a third visit!), as they had no other way of getting the cash out. The staff were very nice, but that is not enough. The woman I dealt with told me their computer system is antiquated and appeared to be looking for another job. It took 5 different employees to get the job done. I got them to put it in writing on the first visit that there would be no fee for closing the savings account early. Each visit took at least an hour. On the first visit, it took them a long time to figure out how to proceed.
Granted, the money was in a mutual fund, and I know they have to wait til the end of the day to get a price on them, but it was still far too complicated. I deliberately went after the end of trading, thinking they would be able to get it done right away but I guess that is not so easy. I was told to come back in a week for the second visit, but to phone first in case it had not been processed yet! I wanted it processed for the 2016 tax year, and was glad I'd started in early December! Good grief!They would need to make a stupendous offer to get any ore business from me.
The ceiling of $150 on the 1% bonus makes it a puny offer. If you were transferring a TFSA of, say, 55k, then 1% would be $550, but you would only get 0.27%, bringing the rate to 2.27%. It maxes out at 15K. Then you'd have to pay a transfer-out fee to get it out again, and deduct your transportation costs from your profit. No thanks.
I would consider it if there was no ceiling.
I had to chuckle at your answer, Loonie, when you said, "...appeared to be looking for another job." So true - I worked there for 6 years.
Basically, HSBC's core banking platform is a command-line based system with a black background and green text in Courier font, if that gives you an idea, on top of which they've built a "front end" for staff that, I believe, is built in Java and then their online banking platform layered on top of that. 🙂
Surprised it took two trips for a bank draft, though, as that's the only easy part of their system that works really well. 😉
While the $150 indeed would cover transfer costs, an 18-24 month GIC can be had for equal or better rates with better institutions.
HSBC, in my view, wrongly took away non-face-to-face account openings, the thinking being this would improve branch staff members' sales performance. However, with their shrinking branch network and poor customer service, not to mention staff morale, how do they service that rural or suburban customer base (that hasn't left them)?
I'd look at other options first. Don't go with them.
Cheers,
Doug
7:07 pm
December 12, 2009
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Oh wait...if your RSP was a mutual funds RSP, that explains why it took 2 days. Branch staff can't redeem a mutual funds account to a cheque drawn on HSBC Investment Funds (Canada) Inc, their mutual fund distribution "arm. 🙂
A request goes out that day and it's processed at their domestic service centres in either of Vancouver or Markham, depending on the client's geographic location, and then the cheque couriered to the branch or mailed to the client. They could've requested it be mailed to you, though. 🙂
Also, you could've called HSBC Telephone Mutual Fund Services, based in Burnaby or Markham, toll-free phone number between 6 am and 5 pm Pacific Time and requested a "full withdrawal" to a cheque from your mutual funds RSP. 🙂
Oh they opened a savings account? First, yeah that's the only way they can process it at the branch and give you a bank draft. I'm surprised the Premium Banker/Premier Relationship Manager that you dealt with or even the branch's compliance officer (generally speaking, the Assistant Manager of Operations, Risk and Administration) didn't suggest calling Telefund (sorry, old habit - referred to it by its old name) and having them mail, or even courier, you a cheque to your address, potentially waiving the courier/registered mail fee if they'd asked them. They could've even connected you with Telefund from the branch. Then again, I'm not entirely surprised either. 😉
Cheers,
Doug
7:14 pm
December 12, 2009
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That said, if they have a new customer HSBC Advance offer again this Christmas offering $300 to sign up and remain a customer for four months, I might just do that and then close my accounts again, though I'd have to "park" $25,000 with them in their paltry savings account for the fourth month as the HSBC Advance minimum balance requirement is only waived for the first three (3) months unless I could talk them into extending it. 😉
11:31 pm
October 21, 2013
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Doug said
Oh wait...if your RSP was a mutual funds RSP, that explains why it took 2 days. Branch staff can't redeem a mutual funds account to a cheque drawn on HSBC Investment Funds (Canada) Inc, their mutual fund distribution "arm. 🙂
No, it didn't take 2 days; it took a WEEK! And, even then, they cautioned that I should phone first to see if it had gone through.
And, even when I got there for the second visit, it still took quite a bit of time to get to the bank draft. I had to line up twice, once to see the person I'd seen before, and another to be processed by a teller.
The first visit took so long that the staff member had to postpone her dinner date and stay after hours
Nobody ever suggested there was another way of doing things. Each one of them seemed to be facing some virtually insurmountable block as they stared and stared at their computer screens trying to figure out how to proceed.
The branch where I'd originally opened this account 20 years ago was long gone, as was another one that had opened and shut in the interim closer to my home. I had to travel further than I want in order to deal with this, and in bad weather. I wouldn't deal with them again as they just make it too difficult.
I suggested to the bank employee that she might consider looking for a job at Meridian, as they are expanding all over the place here. She seemed interested.
The bank draft was easy once they got to it, but it took a long time, even on the second visit as there was the rigmarole of closing the unwanted account etc.
In the end, even the bank draft was problematic. I went across the street (literally) to TD to deposit it in my chequing account as they were still open. You'd think they would recognize a bank draft, especially from a neighbour, but they did not. It had to go to a supervisor and I had to provide additional evidence of its issuance, despite the fact that I had much more than enough in my TD accounts to cover it and have banked there for over 30 years and have never been in overdraft or NSF.
Good riddance to both of them. I don't have that much in TD any more.
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