Yesterday, I applied for a joint HSBC account for Mr. Savvy and myself. My portion of the application was approved, but Mr. Savvy's wasn't. After talking on the phone to the customer service rep, he told us that it was because the online application system couldn't verify Mr. Savvy's identification based on his credit report from Equifax. I asked if we could correct it over the phone or if we could fill out a paper application, the answer to both of which was no. We were told the only way to get an account was to start over with a new online application.
Not wanting to make the same mistake twice, I requested Mr. Savvy's free credit report from Equifax. I found nothing out of the ordinary... everything was in line with what we put on his application. We re-applied, only to get denied AGAIN because of a duplicate application. After filling out two long applications, one conversation with a customer service rep, and running a credit report, I think I'm ready to give up.
Why do some of these banks make it so difficult to open an account?
11 comments:
For what it's worth, I was doing almost exactly the same thing earlier this weekend. Both my account and my spouse's were not immediately approved online. I received email this morning, though, that both had been approved.
have you tried citibank e-savings? it's at 4.75%? the only downside is that you'll have to get a checking account (though it's free).
the other plus is that there citibank atm's at 5000 7-11.
btw, i love your site! keep on savin'!
I simply don't understand why HSBC needs one's credit report for a savings account.
They could always identify a person based on a driver's license.
agh! at least i'm not the only one whos cursed by them. they have given me nothing but problem after problem so i can't say that i am surprised.
I tried this weekend to open a joint account with my child who is 13 years old and it said she was uneligible for an account. I haven't called yet and I probably won't because ING Direct let me set it up no problem.
HSBC is the worst for setting up an account that I have experienced. I think it took me over a month and a couple of phone calls before I had everything set up for my account.
Just wait till you see what hoops are to come ...
I have a Zions Bank Internet Money Market Account. It pays 4.71% and it is easy to move my money online from that account to my checking account and just right a check. I don't remember having any problem opening it up.
I think opening online bank/brokerage accounts got harder after 9/11 terrorist attack. US government is afraid of money funneling into terrorists, and has made all the online financial institutions to go thru extra steps. That being said, HSBC seems definitely to be the exceptionally troublesome case.
Get an ING Direct account! It's very easy !
I've got an ING account. I like it, but I prefer something that pays more interest.
Post a Comment