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How to Close an HSBC Online Savings Account
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In another move to simplify my personal finances, I closed my HSBC online savings account today. At the current interest rate of 1.45% APY, it was in the bottom half of the online banks listed on my high yield savings account rates table; simply not worth keeping around anymore.
HSBC Account Closing Process
Closing the HSBC online savings account was simple. Log into your account and find the BankMail button in the left navigation menu. It will be one of the last buttons at the bottom. When you click on it, another window will pop up (disable pop-up blockers if you don’t see the window appear) for you to create a new BankMail.
For the subject of the BankMail, select “Other.” For the message, you will need to provide three pieces of information:
- What you want them to do (close the account);
- Why you want them to do it;
- How you want the remaining funds to be sent to you.
My message:
I would like to close this account because the interest rate is too low. I would like to receive the remaining funds as a check sent to my address on file. Thank you.
I had $35 in my account so I requested a check. If I had more, I would have electronically transfered out everything and then requested that by check. You probably could transfer it down to $0 as there is no account minimum but you could leave $1 just to be sure.
I received the follow within a few days:
Dear Jim Wang:
Thank you for contacting HSBC Bank USA, N.A., the world’s local bank.
We regret to hear that you want to close your Online savings account. However, we respect your decision and will forward your account closure request to the Online Processing Center. Please allow 2 business days for the account to fully close. The amount in your account will be mailed to the address on record. Please allow 7 to 10 business days for delivery.
It’s easy to reach an HSBC associate to answer your questions. To send a secure BankMail, use the BankMail link conveniently located in the left gray navigation menu while you are logged into your Personal Internet Banking service. Our Customer Relationship Center is also available, 24 hours a day, 7 days a week to meet all of your HSBC banking needs.
Sincerely,
XXXXX XXXXX
Internet Banking Specialist
That’s it, another account consolidated. One step closer to a simpler financial life.
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I just closed mine a couple of weeks ago.
Since I also had their checking I transfered the few dollars I had in HSBC to the checking, paid it to my electric bill , when that cleared sent them the email to close the account. I didn’t bother giving them a reason. They closed it.
Or you can just transfer all the funds out of the account and wait for HSBC to close it. I moved all my money elsewhere awhile ago, and yesterday I got an e-mail from HSBC stating “Our policy is to close accounts that have $0 balance for a period of 125 days. To avoid an account closure, please deposit money into your Online Savings Account.”
Voila!
I am considering closing my HSBC account just because I have had bad experience with them in the past. The only thing keeping me with them is that I have bill pay set up through them.
Thanks for the reminder. I just added this to my “to do” list since it is long overdue. I have some many accounts, there’s probably some I’ve forgotten about.
when notifying a bank to close an account, you should tell the bank to send a letter stating the account is being closed by you. this shows up in your credit report letting lenders know that the account wasn’t closed for any other reasons (e.g. by bank, delinquent, unused, etc.). its my understanding its better for your credit. just my 2 cents.
Your checking/saving a/c details are never there in your credit rep. its the chex tat will have it.
Thanks for reminding me to do this!