Money transfer, virtual currency, or money service -- Confusing or missing disclosures -- Complaint #5158900
Complaint Overview
Complaint ID: 5158900
Company: HSBC North America Holdings INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: International money transfer
Issue: Confusing or missing disclosures
State: Virginia
ZIP Code: 20148
Date Received: 2022-01-27T12:00:00-05:00
Date Sent to Company: 2022-01-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
Date : XX/XX/XXXX To Whom it May concern I would like to bring following facts to your attention and request amicable solution. My company ; XXXX XXXX XXXX XXXX is US based organization doing export business especially with XXXX. During first week of XX/XX/XXXX, I approached HSBC to open Business Account and met XXXX XXXX XXXX Vice President XXXX Relationship Manager XXXX Spectrum Center, XXXX XXXX XXXX . I explained to her the reason to open Account with HSBC which was International Banking and I also emphasized that Transactions will be involving collection of payment against the documents from Overseas. She confirmed that the bank provides this facility and this was the reason I opened my account with HSBC, otherwise I had Business Account with XXXX XXXXXXXX XXXX. On XX/XX/XXXX via Email, I was confirmed that new business checking account is open and I was provided all the details truncation fees etc. I start operating the account and on XX/XX/XXXX I received wire transfer from my overseas and another wire transfer was received in my account on XX/XX/XXXX. I visited XXXX XXXX office around XXXX XXXX and asked her the fee for the transaction to collect funds from Overseas Bank. She sent me the charges schedule via email on XX/XX/XXXX. On XX/XX/XXXX, I requested via email to XXXX XXXX about the procedure to submit the documents, I received the automatic reply that she is away and will be back on XXXX of XXXX On XXXX XXXX, I sent another email with the idea that she might have returned but again received automatic answer that she is away. I visited the Branch to discuss around XX/XX/XXXX XX/XX/XXXX and met XXXX XXXX XXXX, Manager and asked him about the procedure for submitting the documents. His answer was that we do not do this kind of transaction, which was very disturbing to me as my shipment was ready to leave the next day. I tried to approach thru customer service to find the right person and finally I was successful to converse with XXXX XXXX and advise that someone from relationship team will advise you further. ( Copy attached ) On XXXX XXXX, XXXX I received email from XXXX XXXX in which he asked structure and amount of transaction, as well Name of Bank, which I provided. On XXXX XXXX. I received reply from XXXX XXXX that we do not have any corresponding relations with this bank. ( Important thing to note that XXXX XXXX did not object on the size of Amount but only on corresponding Bank ). On XXXX XXXX, XXXX I requested XXXX to provide XXXX name of banks on HSBC Correspondence list. On XXXX XXXX, XXXX, XXXX XXXX provided with two names of the Banks as HSBC Corresponding Banks in XXXX. On XXXX XXXX and XXXX I requested confirmation, if my client can use those Banks. On XXXX XXXX, XXXX, I was informed via email by XXXX XXXX that we are unable to help you with the transaction based on Volume.
Frequently Asked Questions
What is Complaint #5158900 about?
Complaint #5158900 was filed against HSBC North America Holdings INC. regarding Money transfer, virtual currency, or money service specifically about Confusing or missing disclosures. It was received by the CFPB on 2022-01-27T12:00:00-05:00.
How did HSBC North America Holdings INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against HSBC North America Holdings INC.?
Yes, visit the HSBC North America Holdings INC. company profile at readthecomplaint.com/company/hsbc-north-america-holdings-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.