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Dec 12, 2016
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A lot of branches have now reintroduced Saturday hours.
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Mar 23, 2004
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I received the welcome letter from HSBC China last night, BUT NO DEBIT CARD. WHY CANT THEY JUST SEND THEM TOGETHER??? Ugh.
「もし、奇跡を起こせたら……」
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Jan 30, 2012
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angel_wing0 wrote:
Nov 4th, 2017 1:58 pm
I received the welcome letter from HSBC China last night, BUT NO DEBIT CARD. WHY CANT THEY JUST SEND THEM TOGETHER??? Ugh.
at least they actually deliver on a friday night ... lol ...
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ValueHunter999 wrote:
Nov 4th, 2017 2:04 pm
at least they actually deliver on a friday night ... lol ...
Well it was couriered from Oct 18th actually...
「もし、奇跡を起こせたら……」
Member
Mar 25, 2012
447 posts
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Kelowna
Yannerd wrote:
Oct 23rd, 2017 9:52 am
Are they risk adverse and trying to keep less than 100K in all their banks incase there's a run on the banks LOL. They might as well buy bitcoin then.

I find the lack of branch network is a deterrence for people. I have some friends who qualify for Advance and I tell them to go to HSBC. With 25K you get free banking as well just by doing what you already do. They are worried that the branch hours aren't as good as TD or that there isn't a branch close by. This to me is crazy since I go to the branch maybe once every 6 months. Barring bank drafts and account openings, everything you need to do can be done online or at worse over the phone.
I used to work for HSBC Bank Canada years ago, at their branches in Kelowna, for just over 6 years (2008-2014, inclusive). I closed all of my accounts in 2014 so all of them have dropped off their system now and my HUB base number (the first six digits of your account number after the last three digits of your transit number, i.e. 020-01234 would be the HUB base number for a client domiciled to Vancouver Main Branch 10020) has likely even fall off of their system. I'm actually considering re-establishing a relationship, namely because of the improved HSBC InvestDirect offering (still don't like you can only perform online transfers between your primary linked bank account and have to call in to transfer from supplementary accounts, though), the unlimited free cheques and ATM reimbursements to $2.00 per instance (this should be increased to $2.50-3.00 as banks have increased their ATM operator surcharges) coupled with the free $500 if you become an HSBC Premier customer. The downside is having to keep that $100,000 with HSBC for 1 year but if I were transferring my investment assets, it's less of a concern as HSBC Bank Canada's GIC rates are absolutely abysmal! I could even transfer in assets as HSBC Mutual Funds and park them in a Money Market Fund to try and maintain a constant NAVPU of ~$10.00 in order to qualify for the additional $1400 transfer-in bonus. Shows how desperate they are for new business! ;)

I'm surprised they've expanded their branch hours in some community and suburban branches, including Kelowna, considering all of the cutbacks they've done. That said, the expanded branch hours do not preclude further branch closures. Where branches are not maintaining expected in-branch transaction volumes, client referrals and initiating new or additional business, I still expect a further 10-20 branches, probably another 15-20, bringing them down to 110-115 total branches.

What surprises me, though...why not re-initiate an HSBC Advance direct business model whereby new Advance relationships can be started online, followed up via the contact centre and completed by either visiting a nearby branch or sending in an initial deposit cheque plus submitting to a Canadian credit bureau? That would go a long way to serving clients with few, if any, HSBC branches. :)

Cheers,
Doug
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Mar 25, 2012
447 posts
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Kelowna
angel_wing0 wrote:
Oct 21st, 2017 4:32 pm
1000% certain that will never change.
Correct. These are only fees that are changing. If a service or fee isn't listed, assume existing fee/feature applies. :)

Only downside(s) remaining to HSBC as far as I see it:
- non-HSBC ATM owner surcharge rebate should be increase to $2.50-3.00 from the current $2.00
- no bank-to-bank transfers (hate that they eliminated this, now we'd have to either use bank-to-bank transfers from the other end and/or HSBC cheques, which are free for Seniors, Advance and Premier)
- no New Customer Online Account Application; require in-branch account opening (silly, if you ask me, considering the branches they've closed and are closing)

Beyond that, it's a decent offering, so long as you don't get ensnarred in their HSBC Safeguard process. :(

Surprised they brought back mortgage qualification for HSBC Premier - shows how desperate they are to grow their mortgage book, which has been stagnating after years of declines. :(

Someone asked why some people qualified for HSBC Premier on mortgages still - they weren't supposed to, but some BMs have likely been continuing to grandfather them and waive service fees to retain their Premier book and avoid a Performance Improvement Plan ("PIP") and/or Corrective Action Form from their DVP. It sounds like, from the fee changes and with the mortgage qualification, unless you qualify on assets, mortgage or are a new Premier client (i.e., 3-6 months, or 12 months if a New Immigrant), there will be no further exceptions/grandfathering.

Cheers,
Doug
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Mar 25, 2012
447 posts
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Kelowna
Ramy wrote:
Oct 13th, 2017 11:15 pm
Wow...

$500,000 to qualify for premier through InvestDirect, $395 annual fee for US premier card and $99 annual fee for the Canadian Card after rebate.

HSBC premier is slowly becoming the bank for a select group.
It can be confusing - you're misreading that. If you're an HSBC InvestDirect client, you can qualify for HSBC Premier preferred pricing with $500,000 in assets but if you are an HSBC Premier banking client with $100,000 in HSBC InvestDirect, you still qualify.

Hope that clarifies,
Doug
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Jan 30, 2012
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dmehus wrote:
Nov 8th, 2017 8:29 pm
I used to work for HSBC Bank Canada years ago, at their branches in Kelowna, for just over 6 years (2008-2014, inclusive). I closed all of my accounts in 2014 so all of them have dropped off their system now and my HUB base number (the first six digits of your account number after the last three digits of your transit number, i.e. 020-01234 would be the HUB base number for a client domiciled to Vancouver Main Branch 10020) has likely even fall off of their system. I'm actually considering re-establishing a relationship, namely because of the improved HSBC InvestDirect offering (still don't like you can only perform online transfers between your primary linked bank account and have to call in to transfer from supplementary accounts, though), the unlimited free cheques and ATM reimbursements to $2.00 per instance (this should be increased to $2.50-3.00 as banks have increased their ATM operator surcharges) coupled with the free $500 if you become an HSBC Premier customer. The downside is having to keep that $100,000 with HSBC for 1 year but if I were transferring my investment assets, it's less of a concern as HSBC Bank Canada's GIC rates are absolutely abysmal! I could even transfer in assets as HSBC Mutual Funds and park them in a Money Market Fund to try and maintain a constant NAVPU of ~$10.00 in order to qualify for the additional $1400 transfer-in bonus. Shows how desperate they are for new business! ;)

I'm surprised they've expanded their branch hours in some community and suburban branches, including Kelowna, considering all of the cutbacks they've done. That said, the expanded branch hours do not preclude further branch closures. Where branches are not maintaining expected in-branch transaction volumes, client referrals and initiating new or additional business, I still expect a further 10-20 branches, probably another 15-20, bringing them down to 110-115 total branches.

What surprises me, though...why not re-initiate an HSBC Advance direct business model whereby new Advance relationships can be started online, followed up via the contact centre and completed by either visiting a nearby branch or sending in an initial deposit cheque plus submitting to a Canadian credit bureau? That would go a long way to serving clients with few, if any, HSBC branches. :)

Cheers,
Doug
how many branches do they have in kelowna?
Seems like there is only 1 branch in west Kelowna?
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Aug 8, 2009
76 posts
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Canada
dmehus wrote:
Nov 8th, 2017 9:00 pm
It can be confusing - you're misreading that. If you're an HSBC InvestDirect client, you can qualify for HSBC Premier preferred pricing with $500,000 in assets but if you are an HSBC Premier banking client with $100,000 in HSBC InvestDirect, you still qualify.

Hope that clarifies,
Doug
Things have changed at HSBC since 5 years ago. They have chosen to dump certain clients and carry on with others. I never had an issue with qualifying for their premier status however I was one of the unfortunate ones that was asked to leave.

I don’t know if it’s just me but I do sense that they are nowadays trying to reach out to more potential customers and that is a very good thing. Perhaps it is the changing of the guard at the top signaling a new direction.

I have read in one of your posts that you are thinking of re-establishing a relationship and that is great :).

I have moved on.
Newbie
Nov 15, 2007
24 posts
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dmehus wrote:
Nov 8th, 2017 8:29 pm
The downside is having to keep that $100,000 with HSBC for 1 year
Thanks for all this info Doug. I'm confused by the above; do you only have to maintain the $100k balance for one year? If so, does this apply to InvestDirect balances as well?

Thx!
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May 13, 2005
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s33n wrote:
Nov 9th, 2017 1:32 am
Thanks for all this info Doug. I'm confused by the above; do you only have to maintain the $100k balance for one year? If so, does this apply to InvestDirect balances as well?

Thx!
The clawback condition saying you only need to keep your Premier Chequing Account remain open, and be in good standing for 1 year after the end of the month during which the Premier Welcome Offer is received.

Don't know how HSBC interpret the "be in good standing" clause. If they interpret it as you have to maintenance $100K to be in good standing then we really need to maintenance $100K...

Otherwise if you not able to maintenance $100K in your total relationship balance accounts (ie. Premier Chequing account, HSBC InvestDirect account, etc.) then you will have to pay monthly fee $34.95 in order to keep Premier Chequing account remain open.
2. Premier Welcome Offer

To be eligible for the Premier Welcome Offer, you and any individual holding the Premier Chequing Account with you must:

a. Conditions for Eligibility

(i) open an Premier Chequing Account in the Offer Period, which must be in good standing for the Premier Welcome Offer to be paid;
(ii) deposit a minimum of $25,000 CAD in Total Relationship Balance with HSBC within one (1) month of account opening;
(iii) not have held prior to the start of the Offer Period an account or other product with HSBC;
(i) register for HSBC Online Banking within one (1) month of account opening; and
(iv) comply with all relevant terms and conditions for products you open with HSBC.

b. Fulfilment

(i) The Premier Welcome Offer will be paid into your Premier Chequing Account within three (3) months after meeting the Premier Welcome Offer criteria set out in s.2(a).
(ii) For joint accounts, a maximum of one bonus will be paid per Offer. For each customer, a maximum of one bonus will be paid per Offer.

c. Clawback

(i) The Premier Welcome Offer is subject to the condition that the Premier Chequing Account must remain open, and be in good standing for at least one (1) year after the end of the month during which the Premier Welcome Offer is received.

(ii) If you fail to meet the condition above, you will be obligated to repay the full amount of the Premier Welcome Offer to HSBC. We may withdraw the full amount of the Premier Welcome Offer from your Premier Chequing Account or any account you have with HSBC or send you a demand to repay the full value of the Premier Welcome Offer to us within one (1) month.
https://www.hsbc.ca/1/content/canada4/p ... _tc_en.pdf
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Mar 23, 2004
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s33n wrote:
Nov 9th, 2017 1:32 am
Thanks for all this info Doug. I'm confused by the above; do you only have to maintain the $100k balance for one year? If so, does this apply to InvestDirect balances as well?

Thx!
Def. not just one year.
「もし、奇跡を起こせたら……」
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May 3, 2016
227 posts
16 upvotes
Ramy wrote:
Nov 8th, 2017 10:53 pm
Things have changed at HSBC since 5 years ago. They have chosen to dump certain clients and carry on with others. I never had an issue with qualifying for their premier status however I was one of the unfortunate ones that was asked to leave.

I don’t know if it’s just me but I do sense that they are nowadays trying to reach out to more potential customers and that is a very good thing. Perhaps it is the changing of the guard at the top signaling a new direction.

I have read in one of your posts that you are thinking of re-establishing a relationship and that is great :).

I have moved on.
Which bank(s) have you moved to? I want to leave too but can't find any good comparable alternatives in terms of interest rates, fees as offered to premier.
Member
Mar 25, 2012
447 posts
56 upvotes
Kelowna
angel_wing0 wrote:
Nov 4th, 2017 1:58 pm
I received the welcome letter from HSBC China last night, BUT NO DEBIT CARD. WHY CANT THEY JUST SEND THEM TOGETHER??? Ugh.
Why would you need an HSBC China account, other than "just because"? They have a relatively small presence in China and you already have HK and Macau Premier accounts, no?

Cheers,
Doug
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Mar 25, 2012
447 posts
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Kelowna
ValueHunter999 wrote:
Nov 8th, 2017 9:54 pm
how many branches do they have in kelowna?
Seems like there is only 1 branch in west Kelowna?
They have 2 in Kelowna, 1 in Westbank/West Kelowna (where I worked, which saw its FTE reduced from 7.5 to effectively 3 [technically, 3.5 but that extra 0.5 was a shared complement with one of the Kelowna branches for the FT BM that now managed 2 branches]) as well as 1 in each of Penticton, Prince George, Vernon and Kamloops. Cranbrook was one of the branches they closed in January or February of this year and that's why I maintain that Westbank/West Kelowna branch will still close when its 10-year lease is up in 2019 because it is only 13 minutes drive from the downtown Kelowna branch and there is a First West Credit Union ATM on the Exchange network a block up the road.
X360 wrote:
Nov 9th, 2017 7:49 am
The clawback condition saying you only need to keep your Premier Chequing Account remain open, and be in good standing for 1 year after the end of the month during which the Premier Welcome Offer is received.

Don't know how HSBC interpret the "be in good standing" clause. If they interpret it as you have to maintenance $100K to be in good standing then we really need to maintenance $100K...

Otherwise if you not able to maintenance $100K in your total relationship balance accounts (ie. Premier Chequing account, HSBC InvestDirect account, etc.) then you will have to pay monthly fee $34.95 in order to keep Premier Chequing account remain open.

https://www.hsbc.ca/1/content/canada4/p ... _tc_en.pdf
I think that's correct that if you choose to pay the $34.95 monthly fee for the duration of the 12 months, you'd still qualify for the offer but you'd basically be "giving up" at least half to nearly all of the $500 welcome bonus so there's no point in that.

As for "in good standing," I think that generally means just meeting either the Premier TRB or monthly fee criteria and potentially also not in arrears on any mortgage or line of credit payment. Well, maybe R2 would be fine but nothing worse than R2, basically.

If their HSBC Safeguard team decides to terminate the relationship prior to 12 months, though, can you still keep the $500? The account was closed by them, not you, in this case. I lean to the "yes" slightly because that could provoke lawsuits and they'd also then have to disclose why they're closing your account; they'd probably rather it just be closed and not have to give a reason. What do you think?
dmehus wrote:
Nov 8th, 2017 8:55 pm
Correct. These are only fees that are changing. If a service or fee isn't listed, assume existing fee/feature applies. :)

Only downside(s) remaining to HSBC as far as I see it:
- non-HSBC ATM owner surcharge rebate should be increase to $2.50-3.00 from the current $2.00
- no bank-to-bank transfers (hate that they eliminated this, now we'd have to either use bank-to-bank transfers from the other end and/or HSBC cheques, which are free for Seniors, Advance and Premier)
- no New Customer Online Account Application; require in-branch account opening (silly, if you ask me, considering the branches they've closed and are closing)

Beyond that, it's a decent offering, so long as you don't get ensnarred in their HSBC Safeguard process. :(

Surprised they brought back mortgage qualification for HSBC Premier - shows how desperate they are to grow their mortgage book, which has been stagnating after years of declines. :(

Someone asked why some people qualified for HSBC Premier on mortgages still - they weren't supposed to, but some BMs have likely been continuing to grandfather them and waive service fees to retain their Premier book and avoid a Performance Improvement Plan ("PIP") and/or Corrective Action Form from their DVP. It sounds like, from the fee changes and with the mortgage qualification, unless you qualify on assets, mortgage or are a new Premier client (i.e., 3-6 months, or 12 months if a New Immigrant), there will be no further exceptions/grandfathering.

Cheers,
Doug
Footnote: HUB = HSBC Universal Banking system. It's what they call their core banking platform, which they originally spent about $1 billion globally to redesign & rebuild a number of years ago from the ground up but then abandoned that project and instead of just been tinkering. It's still an ancient looking black & green screen that looks like an old DOS terminal or perhaps a Bloomberg terminal and requires the memorization of efficient shortcut codes to get into a different screen.

Cheers,
Doug

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