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Old 12-22-2008, 03:22 PM   #1
lvan
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Any of you do banking with HSBC



What are your experiences with these guys from HSBC? Are they safe and give me your opinion. They may not have that many branches , but they have an agreement with BMO. You can use BMO ATMs for deposit and withdraw.


?
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Old 12-22-2008, 04:04 PM   #2
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I currently use President's Choice, and my parents signed up for the HSBC tax free account. If they are anything like PC, they will be a major contender... These virtual banks have taken so much profit away from the majors its astonishing.

But with regards to safety, by law they have to secure all accounts for up to $60,000. Any financial institution that is offering that type of service must adhere to those standards... how they did so, is most likely through a secured line from the larger banks. PC is infact just a sub of CIBC, which is independantly run and operated by PC, under a "rental" fee agreement for using ATM's. I image that HSBC has the same arrangement with BMO.
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Old 12-22-2008, 04:13 PM   #3
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Originally Posted by MiroE36 View Post
But with regards to safety, by law they have to secure all accounts for up to $60,000.
CDIC member institutions are insured up to $100,000. HSBC is a member.
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Old 12-22-2008, 04:22 PM   #4
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I believe HSBC is offering 3.75% on new accounts right now so hurry
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Old 12-22-2008, 04:49 PM   #5
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Quote:
Originally Posted by MiroE36 View Post
I currently use President's Choice, and my parents signed up for the HSBC tax free account. If they are anything like PC, they will be a major contender... These virtual banks have taken so much profit away from the majors its astonishing.

But with regards to safety, by law they have to secure all accounts for up to $60,000. Any financial institution that is offering that type of service must adhere to those standards... how they did so, is most likely through a secured line from the larger banks. PC is infact just a sub of CIBC, which is independantly run and operated by PC, under a "rental" fee agreement for using ATM's. I image that HSBC has the same arrangement with BMO.
True as well as you can use cibc atms for PC. HSBC has the most branches that I see besides big five. Their branches are poping up everywhere.
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Old 12-22-2008, 04:54 PM   #6
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Originally Posted by jstalin View Post
I believe HSBC is offering 3.75% on new accounts right now so hurry
Correct. I have account with them. TD cut down on their savings. I am looking for the checking account in case if I need to do larger withdraw amounts.
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Old 12-22-2008, 06:53 PM   #7
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hsbc is one of the largest banks in the world. you can trust them as much as any bank.
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Old 12-22-2008, 08:00 PM   #8
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That's the bank I want to do risk analysis for....bank of america is fine but HSBC is hotter.
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Old 12-22-2008, 08:20 PM   #9
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I've been dealing with HSBC for a few years now. No problems at all. HSBC is not that big in Canada yet, but they have branches in numerous different countries in the world and they do offer great service. FYI, they are the bank that is dealing with Future Shop consumer credit cards now.
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