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Is HSBC Direct Killing Their Online Savings Account?

Ok ok, that title is a little sensational. They’re not ending their online savings account, they’re implementing a fee that is guaranteed to get all account holders scrambling for the exits and closing their HSBC Direct accounts [3]. Here’s an email that account holders recently received, courtesy of Fatwallet [4] and with the pertinent fee bolded (I bolded it):


Thank you for saving your money with HSBC Bank USA, N.A. We want to let you know that as of September 23, 2012, your Online Savings Account will be renamed to HSBC Advance Online Savings.

Your account number will remain the same and you will be able to use the account without any disruption in service.

The following account fees will change as of September 23, 2012:

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)
Foreign Currency Draft (DD Commission) – $25 each* (official bank check purchased in another currency)
US Dollar Draft- DFT (Commission USD) – $10 each* (official bank check)

If you have any questions, click here for more details or contact our Customer Relationship Center at 800.975.4722. If you are calling from outside the continental United States, you may call us collect at 716.841.7212.

Thank you again for being an HSBC customer.


Eesh Bansal
Eesh Bansal
EVP and Head of Customer Experience

At first, the reaction was swift… outrage at HSBC charging for transfers into your account. They later clarified that this was for incoming wire transfers, not ACH or other similar transactions.

But it begs the question… is that next? There are plenty of online banks [5] out there, some with even better rates.