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Sri Lanka Equity Forum » Stock Market & Forum Help » Be careful when taking loans from HS*C bank

Be careful when taking loans from HS*C bank

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1 Be careful when taking loans from HS*C bank on Sat Dec 31, 2011 11:52 am

Flashmark


Equity Analytic
Equity Analytic
Hi All,

This thread might not directly related to forum. But I think better I share my experience about HS*C bank.

One month ago I applied for personel loan from HS*C. At that time there was a promotion - 10.9% floating and 13.5 fixed rate.I requested personnel loan @13.5 FIXED RATE.

HS*C Representative came to me told me that they can hold a loan for 1 month after it got approved.Just a one phone call you can collect money.So I hold money for 1 week(beacuse custom clearance for my car got delayed for 1 week).

At the clearnce date, I called and asked to withdraw money. At that time representative said they increased the rate for my loan as 17%(fixed rate).Also he said they increased floating rate as 15%(ealier it was 10.9%) for all the loans they hold temporally .

I've no time to applied and got a loan from another bank.Beacse it took another 4-5 days.They clearly knew that. I told them asked to got a loan from rate as they promised.Even I called one of the HS*C Manager but they even don't know how to takled to the customers. That's the truth.That's the friendly service they promoting. They more simillar to some private bus conductors.
I want to tell you is, don't trust this bank.They do not care about customers.At any time they can change the rates without any prior notice.

SO BE CAREFUL TAKING LOANS FROM HS*C. DON'T TRUST THEM.



Last edited by Flashmark on Sat Dec 31, 2011 12:20 pm; edited 1 time in total

K.Haputantri

avatar
Co-Admin
Dear Flashmark, good that you shared your experience with us.

You can send a written complaint to the bankers association first and if it dosen't work then to the Bank supervisory division of the Central Bank. If I remember correct this is an unethical practice where those authorities can intervene.

nkalansu


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Please complain to Bank Supervision Division of the Central Bank.

With regard to the bad manner in which you were handled by them (language....etc.) Please complain to their country head.

In this Bank you do not find an educated crowd. Most of them are uneducated. They can speak a bit of English. That's all.

Kumar

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
nkalansu wrote:Please complain to Bank Supervision Division of the Central Bank.

With regard to the bad manner in which you were handled by them (language....etc.) Please complain to their country head.

In this Bank you do not find an educated crowd. Most of them are uneducated. They can speak a bit of English. That's all.
That is the correct procedure.
BTW same thing happening even in the Srilanka Insurance Ltd, asked to send the payment to my bank account by letter. They were holding the cheque for 5 weeks.Then we ask, why you didn't send the cheque to the bank?
Their reply was that we will collect at the head office. Silly guys cannot read the letter properly sitting in the big organisations. This is the pathetic situation in our country.

Nuwan05


Senior Equity Analytic
Senior Equity Analytic
Not only their personal Loans but also credit cards are also in same boat

cseguide

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Nuwan05 wrote:Not only their personal Loans but also credit cards are also in same boat
I agree with u. I had very bitter experience with them. I used that card more than 6 years.
Their promotions no one can obtain.
Annual charge if i correct around 1350
I cancelled this card and switched to sam** card. got 10% discount for all goods purchased . annual charge 750. account update gets instantly via sms.

Nuwan05


Senior Equity Analytic
Senior Equity Analytic
cseguide wrote:
Nuwan05 wrote:Not only their personal Loans but also credit cards are also in same boat
I agree with u. I had very bitter experience with them. I used that card more than 6 years.
Their promotions no one can obtain.
Annual charge if i correct around 1350
I cancelled this card and switched to sam** card. got 10% discount for all goods purchased . annual charge 750. account update gets instantly via sms.

I also thinking to change my card, Only few can even think of their promotions....

cseguide

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The other bad thing they do is they give our personal details to third parties for marketing purposes. Even after terminating the card I got two such calls. They ask me that whether I was ready to here their products. But I rejected and told them I cancelled that card.

manula


Vice President - Equity Analytics
Vice President - Equity Analytics
It is true even in Qatar also. My account also at HS*C bank here. When applying for the loan they gave me a good rate saying offer and it will not change on so on... but after one year rate was increased. I want to change the bank but the problem is again charges for the documentation fees and so on.. when converting the loan to the another bank..

monash

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I know some people hold HSBC credit cards to show off and prestige.. Razz
But their interest is way too high and lot of hidden charges..
For credit cards BOC is best for me even though they are a traditional bank.. Smile

K.Haputantri

avatar
Co-Admin
Having hidden charges for services of a bank is against central bank rules. Inform the authorities & they will fix it.

balapas


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
These guys were calling me for more than 2 months asking to get this loan but still keeps calling even after I said no and asked not to call back. Now promoting some insurance, getting calls on Saturdays and holidays saying sorry to trouble you on your holiday!. Why so desperate? I think their standards have dropped a bit. I am thinking of getting a credit card from some other banks where annual fees are lower. I am sure its over RS2000 plus Rs750 for online banking. With this bank we are at a loss. Lowest interest for deposit, highest/lowest exchange rate in favour of them etc. World has changed where most of our local banks are doing better than these foreign banks who are in at least some kind of trouble globally.



Last edited by balapas on Sat Dec 31, 2011 2:50 pm; edited 1 time in total (Reason for editing : missing word in sentence)

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Nuwan05 wrote:Not only their personal Loans but also credit cards are also in same boat

Not only the Services of HS*C, the other international bank, Standard Char***d is even horrible in this context. Most of their services are out-sourced to third parties and their customer service is horrible like hell.Both banks credit cards will charge a fee even when you pass a flatus(Anal-gas). As they handle large volume of co-operate accounts, they do not care a cent about retail customers.

I think retail customers should avoid these horrid global banks, We can get much quality service from many other competitors in the market than those 2 horrible giants.

cseguide

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
hsb* had their monopoly for credit cards. now they are loosing it for local banks

Fresher


Moderator
Once two young guys came to where I worked as in intern to sell their credit cards. I told them clearly that I am a temporary intern and i only use my dad's supplementary cards. They still wanted to give one to me Very Happy

They promoted the card saying it's accepted all over the world and ANYONE in ANY COUNTRY will trust the card cos it has H S * C on it! I argued that I have used my Amex and H*B Master abroad many times but he said they foreign merchants won't trust the card.

So basically they didn't mention any benefit for local use.

nkalansu


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
monash wrote:I know some people hold HSBC credit cards to show off and prestige.. Razz
But their interest is way too high and lot of hidden charges..
For credit cards BOC is best for me even though they are a traditional bank.. Smile

Exactly.....

People say BOC is a State Bank, traditional, lot of delays....big queues..etc etc.....

But what is great about it is THERE ARE NO HIDDEN CHARGES AT ALL. No robbing of customer.

There may be delays but BOC card is a great product once you get it. Financially customer is protected.

All those private International banks always rob the customer.

Tiger

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Unfortunately my experience with HSBC also same. I consider banking with HSBC as a retail client is one of the worst decisions from personal finance point of view.

They just want your money and nothing back.

Flashmark


Equity Analytic
Equity Analytic

Thank you all for sharing your views/exp. with forum viewers.

As you suggested I will complaint this to bankers association and Bank supervisory division in near future. I hope they will do something about this.

pushpakumara


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
It is not beautiful as you see it from outside. I too have bad experience and will never consider again for any banking matters in the future.

smallville

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
K.Haputantri wrote:Dear Flashmark, good that you shared your experience with us.

You can send a written complaint to the bankers association first and if it dosen't work then to the Bank supervisory division of the Central Bank. If I remember correct this is an unethical practice where those authorities can intervene.

I think this is a good advice.. They cant change a Fixed rate after it got approved (within a month) for any valid reason.. You should direct the query to the relevant authorities as a matter of urgency..

manula wrote:It is true even in Qatar also. My account also at HS*C bank here. When applying for the loan they gave me a good rate saying offer and it will not change on so on... but after one year rate was increased. I want to change the bank but the problem is again charges for the documentation fees and so on.. when converting the loan to the another bank..

Any interest rate other than fixed rate can vary (go up or down) as per the changes done bu central bank, the int rates were very high in SL in 2009-2010 beginning and suddenly came down as central bank wanted the govt. banks to go with single digit int rates Wink
However if you apply the loan for variable rate, u cant do anything.. If fixed rate, u've been deceived and u can take action on it provided that u apply for a loan more than 1 year

rijayasooriya

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I do not trust any of these banks....Where customer service is friendly there are lot of unnecessarily high fees and charges and hidden charges.....Where there is no high charges and hidden charges their customer service is really irritating.....

22 Re: Be careful when taking loans from HS*C bank on Sat Dec 31, 2011 10:33 pm

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
Though we have unpleasent experience in delays in processing of aplications for credit Most trusted banks are Government Banks. They do not have hiden charges or similar things.

rjeranimo

avatar
Equity Analytic
Equity Analytic
All banks are same. experience are different person to person.

24 Re: Be careful when taking loans from HS*C bank on Sun Jan 01, 2012 10:03 am

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What is the meaning of Fixed rate if it is not fixed at all.

Write to the bank officially (if possible electronically) and if no response from them within a reasonable time frame, then go to CB.

Also go public (write to a few local newspapers / forums etc) and such organizations do not like such bad publicity.

Do not get intimidated by BIG Names.

Roboticfx

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Governments banks are the most trustful financial institutions. But some mangers in banks whether it is government or non government, are specialists in getting "Pagawa" for passing loans. So be careful!

26 Re: Be careful when taking loans from HS*C bank on Tue Jan 31, 2012 12:05 pm

Hawk Eye

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Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The Chareter Bank with no Standard is another Foreign bank reaps out money. SOBs

27 Re: Be careful when taking loans from HS*C bank on Tue Jan 31, 2012 12:29 pm

K.Haputantri

avatar
Co-Admin
They can't do this. You can make a written complaint to the Bankers Association and Bank Supervisory Div. of Central Bank.

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
K.Haputantri wrote:They can't do this. You can make a written complaint to the Bankers Association and Bank Supervisory Div. of Central Bank.
You are correct and recourse is there but those who complain such issued do not want to take them any further than just cry in open forums like this. Those (Foreign) institutes are very sensitive to negative perceptions being built against them. I once had a issue with HP and how fast they responded and corrected the issue was amazing. unfortunately once I had another issue with a local Bank (with a Heart) and I am yet to receive an acknowledgement even from the Chairman's office (Hope it was lost in a pile of Narang).

SL.Market

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
I dont have any connection with goverment banks...
I have connection is NTB/NDB/HSBC/ComB/ICICI/Sampath...

The worst one is HS#C

Reason

1.Promotion: as example last promotion No one can get benifit.. but they loud highly for inncent customer... Do u understand what they have last time in the promotion in December...?

They asked to customer add the numbers in approve code and according to sum they will give cash back according to the table...

the table shows if sum 9-21 no discount...Bla Bla...
All the proved preset to have within that range and poor new customer buying expecting the cash because 50% cash back if sum is more than 40.....

That is no one get....

2. Annual fee for credit card : Every year they increase annual fees.. generally we can pay same annual fee for the next time...

3. 2..3 months ago i purchased some good using HS$C credit card... Then merchant told if u pay using CC they will charged 3.5% additional. That merchant with relation ship with HS$C for other promotions 12/24 months interest free.....
I didnt argued with merchant and paid the amount using cash... then what is the purpose having Credit Card? I asked from the bank calling them...
They sais they can only investigate if i provide
those things and told many documents required there is one I have to request a letter from merchant that he will do additional charges for CC transaction. Is it possible?
HS$C have no mind think to that...
I told just a call made for them asked... they telling they charged.. but they says they cant do nothing

I consider seriously that... HS$C need only money from us nothing else...

What a unethical bank... [b]They are in sri lanka for only sucking our bloods[/b]

Roboticfx

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I have connection with People's bank, Sampath bank, BOC, Commercial bank and NSB. Their services are good but private banks are better than gov banks.(That's a normal condition at everywhere ne!)

I never use credit cards but debit cards. Credit cards are big headaches. CC users pay lot of additional fees than the actual cost that needed to pay for a good. Very Happy

31 Re: Be careful when taking loans from HS*C bank on Wed Feb 01, 2012 10:27 am

SL.Market

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
Roboticfx wrote:I have connection with People's bank, Sampath bank, BOC, Commercial bank and NSB. Their services are good but private banks are better than gov banks.(That's a normal condition at everywhere ne!)

I never use credit cards but debit cards. Credit cards are big headaches. CC users pay lot of additional fees than the actual cost that needed to pay for a good. Very Happy

All local banks are considerable okay...

But foreign banks( Standard CHaaa, HXXXBC) doing local business is worst for customers...

Fresher


Moderator
Roboticfx wrote:I have connection with People's bank, Sampath bank, BOC, Commercial bank and NSB. Their services are good but private banks are better than gov banks.(That's a normal condition at everywhere ne!)

I never use credit cards but debit cards. Credit cards are big headaches. CC users pay lot of additional fees than the actual cost that needed to pay for a good. Very Happy

not really. it is only the annual fee for me since I don't over use, pay bills on time and don't use additional services.
if u are a heavy user then the credit will perhaps exceed the annual fee.
main thing is that it is a good way to control money as well.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
SL.Market wrote:
Roboticfx wrote:I have connection with People's bank, Sampath bank, BOC, Commercial bank and NSB. Their services are good but private banks are better than gov banks.(That's a normal condition at everywhere ne!)

I never use credit cards but debit cards. Credit cards are big headaches. CC users pay lot of additional fees than the actual cost that needed to pay for a good. Very Happy

All local banks are considerable okay...

But foreign banks( Standard CHaaa, HXXXBC) doing local business is worst for customers...
Agree with you.

34 Re: Be careful when taking loans from HS*C bank on Thu Feb 02, 2012 10:37 am

SL.Market

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
Rajaraam wrote:
SL.Market wrote:
Roboticfx wrote:I have connection with People's bank, Sampath bank, BOC, Commercial bank and NSB. Their services are good but private banks are better than gov banks.(That's a normal condition at everywhere ne!)

I never use credit cards but debit cards. Credit cards are big headaches. CC users pay lot of additional fees than the actual cost that needed to pay for a good. Very Happy

All local banks are considerable okay...

But foreign banks( Standard CHaaa, HXXXBC) doing local business is worst for customers...
Agree with you.
Because They are here to earn money.. not any social responsibility as other local banks have in to some extent...

Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
SL.Market wrote: not any social responsibility as other local banks have in to some extent...
Very interesting argument.

Two things I like to say about this posting and the responses that we got.

First that we are way off the subject matter and second point is this so-called Social Responsibility perform by the local banks do so at the expense of whom?

To please a few or the entire spectrum of the society?

SL.Market

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
Kithsiri wrote:
SL.Market wrote: not any social responsibility as other local banks have in to some extent...
Very interesting argument.

Two things I like to say about this posting and the responses that we got.

First that we are way off the subject matter and second point is this so-called Social Responsibility perform by the local banks do so at the expense of whom?

To please a few or the entire spectrum of the society?

Dear Kithsiri..

That is why i told it as into some extent....

Agree with ur point.. Definitely They reuse our money to serve us in other ways...
Every business doing expecting profit It is clearly understood.... But Those HxxxBC/Standard Chaaa are doing the business here very unethically for our poor people. General public not aware with those and they will easily get caught...
I m using HXBC CC only because Initially It was very easy to get and I know how to deal with such brutal HXBC banks...




Kithsiri

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Ultimate objective of any investment is to get a nice return back.

Giving employment and unrecoverable loans to a few of the political henchmen are not fulfilling social responsibilities.

I think, local banks are doing more harm than a few foreign banks in that sense.

SL.Market

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
Kithsiri wrote:Ultimate objective of any investment is to get a nice return back.

Giving employment and unrecoverable loans to a few of the political henchmen are not fulfilling social responsibilities.

I think, local banks are doing more harm than a few foreign banks in that sense.

Many Hidden charges in HXXXBC They will not tell to general public when dealing with them..
I have no experience with local banks doing so

Hawk Eye

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
"They lend you a Umbrella when sun shines, and no sooner rains they will ask fo it". I read this yesterday in the paper and it fits exactly to theses SObs

When I wanted to contact them they transfered all over the bank No std charter bank, for half an hour. I think i called them thrice and made me to think whether I called any govt department.

I got pissed off & closed my account . Now they are comming behind to know the reason

twimalasuriya

avatar
Senior Equity Analytic
Senior Equity Analytic
I always had a good impression on hsbc, but then, for the last wire transfer i got to my hsbc account, they have charged $20, even though in the online banking statement is see "charges waived"

the worst part is they claim it was deducted at sender end, but i know for a fact it was not. now they have agreed to investigate after i said i wil complain to "Financial Ombudsman"

so i would say "careful if you have any account with hsbc"

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