Personal Finance

HSBC Premier+Jade Thread

  • Last Updated:
  • May 13th, 2020 7:48 pm
Tags:
None
Member
May 3, 2016
338 posts
24 upvotes
Does anyone know if one can write an HSBC Canada Bank USD cheque to deposit USD into a US located Bank account?
Jr. Member
Feb 13, 2015
187 posts
60 upvotes
Toronto
You can. But it may be held for 30 days.
Moderator
User avatar
Mar 23, 2004
40525 posts
6616 upvotes
Markham
wyho007 wrote: Does anyone know if one can write an HSBC Canada Bank USD cheque to deposit USD into a US located Bank account?
will be easier if you transfer it to your HSBC US bank account and then write a cheque through that instead.
Jr. Member
Aug 2, 2018
127 posts
90 upvotes
wyho007 wrote: Does anyone know if one can write an HSBC Canada Bank USD cheque to deposit USD into a US located Bank account?
They don't take USD personal chq by Canadian bank. The coding is different.
Sr. Member
Mar 7, 2008
517 posts
133 upvotes
Leask
Visited my relationship manager today to try to get a mortgage and heloc.

Is was so weird....

Say I want a mortgage of $300k and a heloc of $100k, she is telling me that the way hsbc does it is, $200k will be borrow from the mortgage and $100k from the heloc!

What! That would mean I am paying interest at heloc rate for $100k.... and how would I take money out from heloc than when it has been maxed out?

Is my RM going crazy on me or she is inexperienced??
Sr. Member
Mar 7, 2008
517 posts
133 upvotes
Leask
dmehus wrote: You should only pay debit interest on the daily drawn balance of your HELOC, unless there's some sort of commitment or standby fee, but that is extremely unlikely. Those are common with letters of credit in commercial lending, but never seem them used in personal lending. I used to work at HSBC Bank Canada and I can say that HSBC does have both conventional and Equity Power (collateral charge) mortgages, of which for the latter could include all in a HELOC or a HELOC and a mortgage. It depends on the way you want it set up, but if you tell them clearly what you want, they should have to honour it. Tell them you don't want a revolving HELOC for the entire mortgage - you want one tranche to be your traditional mortgage and the remainder being a secured line of credit you can draw on.

Cheers,
Doug
I am really confuse how this works now. Say I am buying a $700K house and I have 50% down. That would mean I borrow $350K from mortgage and I get some amount of HELOC since I put in 50% down? How much will the HELOC be? Isn't it 80% of what equity I have for the house, which is $350K x 80% = $280,000? Am I correct?
Deal Fanatic
Jan 30, 2012
7029 posts
1513 upvotes
multi city dweller
So I finally decided to part with my HSBC Premier account.

The teller took a look at my account and informed me that my account had been encoded such that the monthly fee had been permanently waived and there was no need to maintain the fee waiver balance.

Can this be true?
Moderator
User avatar
Mar 23, 2004
40525 posts
6616 upvotes
Markham
LOL808 wrote: So I finally decided to part with my HSBC Premier account.

The teller took a look at my account and informed me that my account had been encoded such that the monthly fee had been permanently waived and there was no need to maintain the fee waiver balance.

Can this be true?
Better to ask your RM, i wouldnt trust a teller.
Deal Fanatic
Jan 30, 2012
7029 posts
1513 upvotes
multi city dweller
angel_wing0 wrote: Better to ask your RM, i wouldnt trust a teller.
He said my RM has encoded my account that way since I first sign up.
I told him I was not aware of it and he said I could always contact my RM and she would verify what he said to me.

Well, I decided to just keep the account and see what'd happen next month.
Worse case scenario is that the MF get charged and I will have to make another trip to the branch.
The teller was kind enough to provide me his contact info and assured that he would reverse any charges if the unthinkable happens.

I really hope this is true.

LOL
Deal Addict
Jan 21, 2018
2512 posts
2482 upvotes
Vancouver
THINKPOD wrote: I am really confuse how this works now. Say I am buying a $700K house and I have 50% down. That would mean I borrow $350K from mortgage and I get some amount of HELOC since I put in 50% down? How much will the HELOC be? Isn't it 80% of what equity I have for the house, which is $350K x 80% = $280,000? Am I correct?
Another thing to be aware of when you have a HELOC: it counts as an extra mortgage on your property for insurance purposes. You must mention it to your insurer, and it will cost you an extra $120 or so on your home insurance per year. And in Ontario it can cost you up to $450 to terminate a HELOC because it is unregulated, whereas in other provinces the fee for this is regulated to a much smaller amount.
Deal Fanatic
Sep 23, 2007
5061 posts
1150 upvotes
I have been a premier client for a long time. I see that they now have this Jade account. I'm trying to find info on the perks and the website is not very specific. I mean like..premier is already mostly no fees. What more can HSBC offer to Jade clients? Seems more like a lifestyle thing. Exclusive access to what exactly?

Both Jade and Premier have a personal relationship manager (and frankly I almost never contact).
Sr. Member
Sep 22, 2005
651 posts
116 upvotes
BC
On top of 1k referral bonus, you get several hundred to over 1k, dependent on the promotions while funding your account(HsbcDI). The real kicker is the metal mastercard, which gives you 200 TEC every year without annual fee.
BananaHunter wrote: I have been a premier client for a long time. I see that they now have this Jade account. I'm trying to find info on the perks and the website is not very specific. I mean like..premier is already mostly no fees. What more can HSBC offer to Jade clients? Seems more like a lifestyle thing. Exclusive access to what exactly?

Both Jade and Premier have a personal relationship manager (and frankly I almost never contact).
Member
Jan 13, 2002
420 posts
188 upvotes
Toronto
iceage wrote: On top of 1k referral bonus, you get several hundred to over 1k, dependent on the promotions while funding your account(HsbcDI). The real kicker is the metal mastercard, which gives you 200 TEC every year without annual fee.
and unlimited Priority Plus airport lounge access.
Newbie
May 12, 2006
17 posts
14 upvotes
A number of months ago, I became a Jade client after transferring stock holdings held elsewhere over to HSBC InvestDirect. The qualifying thresholds for Jade are substantial, but allowing discount broker assets to count makes a huge difference. I'm not a huge fan of their discount broker, but they are cheap for trades and adequate for a buy and hold portfolio and you can continue to use brokerage accounts elsewhere for research and more active trading.

IMO, the only tangible benefit from the Jade program is the Jade WE Mastercard, where the $299 annual fee is rebated in full and up to 3 free supplemental cards. It also has no additional fees on foreign currency purchases (usually 2.5%, transactions at MC posted rate), unlimited LoungeKey visits for cardholder plus one guest (mainly the same group of independent lounges and airport restaurants as Priority Pass), $200 annual travel enhancement credit, 3% statement credit rewards on travel, 1.5% on all other purchases. It came in handy on the trip I just took, especially since the card was free.

The comparable Premier WE Mastercard has no free lounge visits, half the travel enhancement credit, no free supplemental cards and a net annual fee of $99 for Premier customers.

The Jade concierge services are sub-contracted to a third party and are similar to those offered with other premium credit cards. I don't think they offer much incremental access to tickets, dining reservations than you would get making your own bookings online.

On day-to-day banking, there are no differences vs. Premier as there are no Jade-specific accounts (OK - you get a Jade debit card that looks different). Jade is simply a sub-set within Premier.

The RM that is assigned to Jade clients is typically the most experienced one at a branch and may pull double duty handling their private banking clients. I also don't use my RM that much, but they will alert you about product promotions and certain Jade client events that take place one or two times a year. Mine was effective in getting my parents' unused account closed at a foreign HSBC branch, whereas their Premier RM got the bureaucratic run around.

It was certainly in my best interest to sign up for Jade, as I was getting nothing for holding assets at another broker for many years. However, unless you travel a lot, you may not see as much benefit from Jade and other financial institutions may have better offers for holding substantial assets with them.
Sr. Member
User avatar
Mar 23, 2009
668 posts
355 upvotes
Toronto
I'm working my way up to Jade, but as a compromise I have 100k in rrsp with hsbc to get Premier and use that card for travel since its 3% and no fx fees, and 100k in cibc rrsp now to get their free account and free Aventura credit card that gives you 4 free lounge passes each year with priority pass. ...One day I will have enough to qualify for the metal jade cc, unlimited lounge access, and $200 annual TEC! Winking Face

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)