|
HSBC Bank Checking Review
HSBC personal checking review 2024: fees, pros/cons, interest rates. Free checks, ATM deposits, debit card rewards, promo offer.
|
HSBC – Bank Checking Account
The HSBC Bank Account is essentially an on-line bank account with every possible option of full service banks. Opening up a HSBC Bank Account is easy. It takes filling out forms on-line, supplying essential vitals, and then making the opening deposit.
Making the opening deposit can be done by transferring money from a separate checking or savings at another bank, or by sending in a check. Once the funds have cleared the bank, the account holder will have access to all functions of the on-line bank account.
HSBC – An On-Line Bank Account with All the Options
While the client will have access to check writing and debit cards, they will also have the ability to set up and use some extra features that usually only come with brick and mortar banks. This includes on-line bill pay, bank to bank ACH transfers, person-to-person internet transfers (using email addresses) and wires. All are easy to set up and use, but wires are especially difficult to use. This is due to the fact that the wire forms are designed to be filled out by the client at his home or office with no support from the bank itself. Getting to the point that the on-line Fed Funds Wire form is filled out correctly and the Fed Funds wire will go though and reach its intended recipient is a challenge. Experience has shown that it often takes getting on the phone with the receiving bank for a talk through/walk through of what information goes where, “in care of” details, etc. The saving grace is that the HSBC Bank Account will not allow the wire to go through unless the form is filled out perfectly. Once the form is filled out, and the wire is initiated, it is executed expertly. Experience has shown that wires land at the receiving bank by 3:00 Eastern Time the same day. The cost for wires is No Charge for both senders and receivers. International wires can also be initiated from the web-based HSBC Bank Account interface.
HSBC – Offers Access to Related Brokerage Accounts
While the HSBC Bank Account is not a brokerage account, those that have funds in a HSBC Brokerage Account will be able to view their account balances with HSBC Bank Account On-line. Again, moving money from the HSBC Bank Account to a HSBC based brokerage account is done from account to account on screen at no cost. This option works well for those who have paychecks direct deposited into their HSBS Bank Account, and regularly wish to transfer funds into a HSBC related brokerage account.
HSBC – On-Line Banking “On-the-Go”
One of the best features of the HSBC Checking Account is the option of the iPhone and iPad App. These Apps are free at the iTunes store for download onto the account holder’s mobile phones and tablets. The HSBC App offers a scaled down version of the full internet site, yet all of the essential information is there, ready to go. Access to balances, Account to Account money transfers, and Person to Person money transfers are available with the HSBC App, ensuring full access to the internet bank on-the-go. The app is free and is also available for Android devices.
HSBC – A Bit Institutional for the Everyday User
The HSBC Bank Account is best utilized by those who have need for the bank’s various funds transfer services. In other words, this on-line bank account’s strong points are the bank-to-bank ACH transfers, the Person-to-Person transfers, the Domestic Fed Funds Wires, and the International Fed Funds Wires. These are important services for clients that by the nature of their jobs or businesses frequently move money across accounts, banks, or overseas. These services are free and work well once set up.
On the downside, while HSBC Bank is well known in the UK and Asia, it is not well known in certain parts of the US. In fact, there are large parts of the country that do not offer any cash stations, brick and mortar banks, or any form of market presence at all. This can be a downfall for smaller markets especially for those who require cash station withdrawals who will be hit with “out of network” fees at every withdrawal.
|
|