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HSBC not permitting withdrawals after 4.8% expires

H

htspecialist

Member
I learned today about some pretty sad issues involving the supposed high earnings rate of the HSBC internet savings account. If you attempt to withdraw the funds to a non HSBC account your funds are deemed withdrawn the day before you make the withdrawal request and the funds are sent to the outside bank 3 to 4 business days after you make the request. If your timing is poor, prior to a weekend, you will not earn interest for as long as seven days.

Undisclosed to anyone, is the current policy regarding funds withdrawal up to the daily limit. In HSBC speak daily limit does not mean daily but means "distibution cycle" If your witdrawals exceed the daily limit you can not withdraw until all previously scheduled withdrawals have been deposited into your outside account. What this means is that instead of making daily withdrawals up to the maximum allowed per day one must wait 3 to 4 days between making additional withdrawals from the account.
 
Originally posted by: BaNzaiDags
what is the max allowed?
Click to expand...

The maximum amount you can transfer in to an Online Savings Account at one time is $300,000. The maximum amount you can transfer out of an Online Savings Account at one time is $100,000. Additionally, these transfers must be completed before another transfer can be started; transfers can take up to three days to complete. There are additional limits that apply to ATM transactions.
 
Limit is $300,000 and $100,000?? Holy cow. You guys must be really rich to be worried about that.

I have had accounts with ING direct since their inception. Interbank transfer with ING direct always takes 3-4 business days to complete.
 
300k and 100k...glad i dont have to worry about the problems associated with that kind of bank
 
This isn't a hot deal. It belongs right here
Plus the title is completely misleading.
 
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