HSBC Bank- Easy (???) $350 bonus

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protagonist
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HSBC Bank- Easy (???) $350 bonus

Post by protagonist »

-Open Choice Checking account
-Either pay 2 bills/month for 3 months with online bill pay OR make 3 direct deposits, one per month, for 3 months, totaling $3000
- Avoid $15/mo. service fee by maintaining $1500 balance or by direct deposits ($0 min. balance required)
- Receive $350 bonus within 8 wks of completing requirements
- Open account before Nov 18.

Link:

https://www.us.hsbc.com/1/2/home/person ... WES0026489

ADDENDUM: Posts below suggest potential long delays between application time and opening of account, as well as denials. Read below before deciding if this is for you. I posted this the day I applied. I will let you know if my app is approved.
Last edited by protagonist on Wed Sep 28, 2016 10:51 pm, edited 3 times in total.
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whodidntante
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Re: HSBC Bank- Easy $350 bonus

Post by whodidntante »

Did you actually get the account opened? There are anecdotes of long delays and denials.
JDDS
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Re: HSBC Bank- Easy $350 bonus

Post by JDDS »

I saw that offer and I am considering it enough to want to research it. I am in the market for a second checking account with bill pay anyhow.
newinvestor84
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Re: HSBC Bank- Easy $350 bonus

Post by newinvestor84 »

I applied 10 days ago and still waiting on the account pending.
madbrain
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Re: HSBC Bank- Easy $350 bonus

Post by madbrain »

I applied for this one the day the offer came out, 2 weeks ago. Not a single email since, not even to acknowledge the initial application. Have spent a lot of time on hold with them trying to figure out the status. Last update was on Monday, they said it would be open in 1-2 days. Of course, nothing.

Looks like the offer is a little bit too good to be true. They don't have the staff to handle all the applications. I believe I will eventually get the account open and the bonus; whether it's worth your time, I don't know.
patrick
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Re: HSBC Bank- Easy $350 bonus

Post by patrick »

I successfully opened one of these accounts, but I did it at the HSBC branch instead of online. I went in to open the account on 9/10. I wasn't able to actually log in to the online banking until 9/14 (and multiple phone calls) but after that there was no problem. Online bill payments from the account to a credit card were posted to the credit card on 9/16 -- the account was fully usable in less than a week.
mkikeda
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Re: HSBC Bank- Easy $350 bonus

Post by mkikeda »

I applied online and finally received an e-mail that the account was being opened; that took 18 days (calendar days, not business days). Funds were withdrawn from my old bank account to fund the new HSBC account on Day 19. At the two week mark, I had heard nothing, similar to other posters. Based on my experience, those of you still waiting should not make a negative inference (or burn up valuable time on the phone). I assume that no news is good news in this case.

The global retail banking model pioneered by Citi beginning in the late 1990s has come under tremendous pressure. Scrutiny over money laundering is one of the biggest concerns. Thus, it makes sense that HSBC would be careful and procedural about opening new accounts, dangling the $350 bonus to give applicants incentives to go through the process. HSBC's faces maximum exposure to money laundering scrutiny.
Last edited by mkikeda on Fri Sep 23, 2016 5:07 am, edited 4 times in total.
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munemaker
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Re: HSBC Bank- Easy $350 bonus

Post by munemaker »

I question the word "Easy" in the subject. I like to do these offers when they are smooth, but I don't like to have to spend time repeatedly calling the institution. I am passing on this one due to the hassle factor. Just not worth it to me.
J295
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Re: HSBC Bank- Easy $350 bonus

Post by J295 »

Thanks for posting.

I understand the hassle factor, but I'm sitting here thinking I could get the two new titleist wedges I took out on demo yesterday and have a meal out for "free". :--)
madbrain
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Re: HSBC Bank- Easy $350 bonus

Post by madbrain »

patrick wrote:I successfully opened one of these accounts, but I did it at the HSBC branch instead of online. I went in to open the account on 9/10. I wasn't able to actually log in to the online banking until 9/14 (and multiple phone calls) but after that there was no problem. Online bill payments from the account to a credit card were posted to the credit card on 9/16 -- the account was fully usable in less than a week.
Thanks for the data point. I guess it is the only application process which is broken, then. There seems to be one branch located about 10 miles from my home. Only one in a 25 mile radius. Not open on saturdays, and only 9 to 4pm weekdays. I think my husband can go in person for his account to collect his $350 :).
FB01
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Re: HSBC Bank- Easy $350 bonus

Post by FB01 »

Any idea..how much should be the direct deposit...I can do a direct deposit from my other Checking out but not sure what amount they are looking at?
Thanks, | FB
Ron Ronnerson
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Re: HSBC Bank- Easy $350 bonus

Post by Ron Ronnerson »

Does anyone know if there is a limit of one bonus per household or can both spouses apply for separate accounts and each get a $350 bonus?
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munemaker
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Re: HSBC Bank- Easy $350 bonus

Post by munemaker »

Ron Ronnerson wrote:Does anyone know if there is a limit of one bonus per household or can both spouses apply for separate accounts and each get a $350 bonus?
I have done 5 of these bank deals and in all cases my wife and I each opened our own account and received our own bonus. I wouldn't expect HSBC would be any different.
Ron Ronnerson
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Re: HSBC Bank- Easy $350 bonus

Post by Ron Ronnerson »

munemaker wrote:
Ron Ronnerson wrote:Does anyone know if there is a limit of one bonus per household or can both spouses apply for separate accounts and each get a $350 bonus?
I have done 5 of these bank deals and in all cases my wife and I each opened our own account and received our own bonus. I wouldn't expect HSBC would be any different.
Great! Thanks for the info.
michaeljc70
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Re: HSBC Bank- Easy $350 bonus

Post by michaeljc70 »

Though I do credit card rewards offers, I am debating if this is worth it.

Would a transfer from Vanguard be considered a "direct deposit"?
patrick
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Re: HSBC Bank- Easy $350 bonus

Post by patrick »

michaeljc70 wrote:Though I do credit card rewards offers, I am debating if this is worth it.

Would a transfer from Vanguard be considered a "direct deposit"?
Looking at the long long thread about this on doctorofcredit (http://www.doctorofcredit.com/hsbc-350- ... unt-bonus/) I see both a specific reference to the terms which suggest that it doesn't count as well as a general suggestion that it might count anyway. It may be easier to just do the bill pays instead -- the requirements are specified as either/or so you don't need to do both.
SRenaeP
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Re: HSBC Bank- Easy $350 bonus

Post by SRenaeP »

Here's another data point. I applied online maybe two weeks ago. After 3-4 days, I got an email requesting I call them to provide an additional info. I did and they requested a copy of my driver's license. I provided it through their secure online messaging system. I haven't heard anything from them since then. I haven't bothered to check if the initial deposit has been withdrawn from my bank account.

-Steph
Ron Ronnerson
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Re: HSBC Bank- Easy $350 bonus

Post by Ron Ronnerson »

There is a branch fairly close to where I work so I went in person to apply there today for this offer. Overall, the process took about an hour. I dealt with the bank manager and she asked me a lot of questions such as how long I'd lived at my address, aliases, mother's maiden name, SSN, whether I had accounts in other countries, and then she photocopied two forms of ID. Most of the meeting consisted of her pitching various financial products to me such as credit cards and financial management services and she tried a few times to get me to sign me up for the higher-tier checking accounts that require greater deposits.

She was nice about the whole thing and not too pushy, even though she didn't exactly seem thrilled that I rejected everything except for the most basic checking account. She wrote down my online username on a piece of paper (which I get to change once I log in the first time) and said they will text me my password in a couple of days. She also said to expect information in the mail from them in the next 5-7 days. So it would seem that establishing an account in person has both its advantages (fast turn around to set up the account and verify information) and disadvantages (at least in my case, had to spend an hour in their office listening to a sales pitch).

She asked if I was planning to use bill pays or direct deposit to earn the bonus. I told her I would do bill pays. She said that in that case I should keep a minimum of $1500 in the account to avoid the $15 monthly fee. Once I have online account access, I'm planning to use the bill pay to make small credit card payments two times a month for three months to earn the bonus. She said the bonus would appear about two months after the requirements have been met so it would be about 6 months from now. She said there is a $25 fee if the account is closed within 6 months. I deposited $2500 into the account so earning $350 of interest for 6 months is pretty good. After receiving the bonus and once the 6 months is up, I plan to close the account.

I do consider opening new accounts as a form of work because there is time and hassle involved. I used up one hour today and I figure setting up bill pay and closing the account will take one to two hours more. To me, $350 is worth that much time.
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sunny_socal
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Re: HSBC Bank- Easy $350 bonus

Post by sunny_socal »

Is there a credit pull?

EDIT: Looks like 'soft' pull per online reviews.
madbrain
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Re: HSBC Bank- Easy $350 bonus

Post by madbrain »

mkikeda wrote:I applied online and finally received an e-mail that the account was being opened; that took 18 days (calendar days, not business days). Funds were withdrawn from my old bank account to fund the new HSBC account on Day 19. At the two week mark, I had heard nothing, similar to other posters. Based on my experience, those of you still waiting should not make a negative inference (or burn up valuable time on the phone). I assume that no news is good news in this case.
I am at 19 days and still no e-mail. My last call resulted in a transfer, long hold times, and ultimately disconnection.
I have spent more than 2 hours on hold with them and the account is still not opened. Logging in to retrieve the existing application shows it is pending. Funds have not been taken from the funding account. This has got to be the most incompetent online bank I have ever seen.
I would certainly not call their process "easy".
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sunny_socal
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Re: HSBC Bank- Easy $350 bonus

Post by sunny_socal »

Wow, I'm going to hold off until there are some success stories. Even the doctorofcredit feedback is poor on this particular offer :|
Topic Author
protagonist
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Re: HSBC Bank- Easy $350 bonus

Post by protagonist »

Judging from the above, I will just wait it out. I already put in the time with the long online application. If it is accepted, great. If not I will cut bait. No more time or energy invested in this one.
Matt48Ritchie
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Matt48Ritchie »

I applied on Friday (9/23) and have "already" verified the trial deposits and have been contacted about verifying my identity. The process seems to be moving faster than others have reported. I imagine they're past the initial rush of applications so the processing time shouldn't be as long.
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sunny_socal
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Re: HSBC Bank- Easy (???) $350 bonus

Post by sunny_socal »

Good to hear. This offer will be open for a while so there's no rush for the rest of us. Keep us posted! :wink:
madbrain
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Re: HSBC Bank- Easy (???) $350 bonus

Post by madbrain »

Matt48Ritchie wrote:I applied on Friday (9/23) and have "already" verified the trial deposits and have been contacted about verifying my identity. The process seems to be moving faster than others have reported. I imagine they're past the initial rush of applications so the processing time shouldn't be as long.
I had my trial deposits verified before you applied, FYI - by manually logging in to the web site to retrieve the application. But still have not been contacted to verify my identity.

Edit: spent 16 more minutes on the phone today (most of it on hold) - now they are telling me that it will be 5-7 more business days to actually open the account ! The CSR told me they are still way behind the rush of applications due to the $350 promotion. If the 7 business days holds, it will be more than one month to open the account. Unbelievable.

CSR said if I went in person into the branch, it would only take 2 days. But then I would have to fill out all the paperwork again, and then cancel the online application. Basically, all the time spent so far would be completely wasted. If you have an HSBC branch near you, I would recommend you don't bother with the online application.
madbrain
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Re: HSBC Bank- Easy (???) $350 bonus

Post by madbrain »

madbrain wrote: Edit: spent 16 more minutes on the phone today (most of it on hold) - now they are telling me that it will be 5-7 more business days to actually open the account ! The CSR told me they are still way behind the rush of applications due to the $350 promotion. If the 7 business days holds, it will be more than one month to open the account. Unbelievable.
Well, what do you know, I got 3 emails friday finally that my HSBC account has finally been opened . And the funds have been taken from the originating account.

My husband went in person the same afternoon and opened the account - much less trouble.

Now let's see if they will pay us our respective $350 . It will take 3 months of fulfilling requirements (2 bill pays or direct deposit) and then another 8 weeks after that to receive the bonus. Will report again in 5 months.
Ron Ronnerson
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Ron Ronnerson »

Here's my update (thought it might be useful to those considering this offer):

I opened a checking account with HSBC on Sept. 26th. It took an hour of time. The bank manager that helped me said that my password would be sent via text in two days. She said that she could see my temporary username and gave that to me after setting up the account. The text containing the password never came. I did receive a debit card in the mail on October 4th. However, there was a message saying that it can't be activated until the PIN is received and that will be sent separately in a few days. In a separate envelope from HSBC, also received on October 4th, I received my temporary password. It said my username would be sent separately. However, since the bank manager had given that to me already, I decided to log on today. If I'd had to wait longer to gain access to the account, I would've been fine with it as I'm not in any hurry since the bonus doesn't come for 6 months or so anyhow.

It took about an hour to go through the security questions, put the app on my phone (which apparently is useful to access all the online banking features), and set up bill pay. They require the name, zip code, and phone number of the payee. So I had to log on to different companies' websites and look at the statements to get that information. I tried to use Chase as a payee but HSBC was unable to find Chase. I had success with American Express and Pacific Gas and Electric. I set up a recurring $5 monthly bill pay to AmEx and a recurring $10 bill pay to PG&E. The payments will start later this month and I've set it up for 4 payments on each account.

The next step is to put a reminder on my calendar to verify the receipt of the $350 bonus in 6 months and then close the account. I expect they will try to persuade me to stay with them when I go to close the account and am expecting about an hour or so when I go to do that.

I consider this a form of work and not exactly easy money. However, the rate of pay is sufficient that I'm satisfied with having to jump through the hoops and have no regrets so far. If you're considering this offer, keep in mind that the $350 is taxable and will likely require a couple of hours of time. I'd also advise to go into the bank to open the account and then be patient. Don't spend time on the phone unless you really must as that will cut into the hourly rate.
Barefootgirl
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Barefootgirl »

Opened the account a month ago. Verified the trial deposits, nothing yet via snail mail or email confirming account information.

I am not going to call and waste time on the phone. I'll just keep waiting a while longer. Seems logical they should extend the time to fulfill requirements, but we'll see lol.
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
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protagonist
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Re: HSBC Bank- Easy (???) $350 bonus

Post by protagonist »

Barefootgirl wrote:Opened the account a month ago. Verified the trial deposits, nothing yet via snail mail or email confirming account information.

I am not going to call and waste time on the phone. I'll just keep waiting a while longer. Seems logical they should extend the time to fulfill requirements, but we'll see lol.
I'm still waiting.

I also tried opening a Santander business account for the $300 bonus and failed. Though I gave them my EIN and completed the paperwork, they wanted some kind of certificate from city hall proving that I was running a business. I might or might not be able to dig that up (if it exists it would date back to the 1990s), but I decided it was not worth my time.

That said I got $1700 in easy money via bank bonuses in 3 months already, so I am not complaining.
SRenaeP
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Re: HSBC Bank- Easy (???) $350 bonus

Post by SRenaeP »

I completed the online application 9/13 and finally got an email today saying the account was open and to expect password, etc. in the mail soon.

-Steph
am
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Re: HSBC Bank- Easy (???) $350 bonus

Post by am »

I applied, heard nothing for 2 weeks, than had a debit from my checking account for 2k without warning.Must have wrote that in as my initial deposit on app. Was alarmed and ready to call them. Got a few emails later in the day welcoming me. Now waiting on password to arrive in snail mail so I can get online access. Kind of a strange process.
Joel
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Joel »

Posting to follow. I may go ahead and set this up once I can pull money out of my Discover savings accounts that I grabbed a $100 bonus for each of them.
My investment policy statement: https://www.bogleheads.org/forum/viewtopic.php?t=190093
Joel
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Joel »

Well, I just went ahead and applied for an account for both myself and my wife. Let's hope the opening process is relatively smooth.
My investment policy statement: https://www.bogleheads.org/forum/viewtopic.php?t=190093
SRenaeP
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Re: HSBC Bank- Easy (???) $350 bonus

Post by SRenaeP »

I received my temporary password last night and signed up for internet banking. I will schedule the six required bill payments soon then check back in a few months to ensure I receive the bonus.

-Steph
Gufomel
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Gufomel »

Two questions:

1) If doing the direct deposit option, can you immediately transfer the DD to another bank account and still get credit for the DD towards the bonus?

2) If doing the bill pay option, can you just make 2 credit card payments per month, or does it need to be something like utilities bills?
madbrain
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Re: HSBC Bank- Easy (???) $350 bonus

Post by madbrain »

FYI, I tried to add my account to Quicken the day I got my online account registered. It didn't work - login to HSBC through Quicken with those credentials failed.

So, I sent a secure message 10 days ago inquiring about it. It went unanswered to this day.

Finally, I made a call today. After the usual long hold time, their online tech support informed me that HSBC consumer accounts are not supported with Quicken - they recently got rid of the service.

HSBC is quite unique in this fashion, accross 20+ financial institutions (I opened a lot of accounts this year for signup bonuses!), they are the only single one that doesn't support Quicken login. That will make my decision to close the account very easy, once the bonus is collected.
2Birds1Stone
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Re: HSBC Bank- Easy (???) $350 bonus

Post by 2Birds1Stone »

I opened this account a few weeks ago, funded it, and set up DD to it.

No hassle or issues.
madbrain
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Re: HSBC Bank- Easy (???) $350 bonus

Post by madbrain »

2Birds1Stone wrote:I opened this account a few weeks ago, funded it, and set up DD to it.

No hassle or issues.
Have you tried bill pay ? It just says "technical error" when I try to add a payee.
Very annoying, since bill pay is one of the ways to waive the monthly fee, and also used to qualify for the $350 bonus.
Also, I have not been able to link my HSBC checking account via ACH to any other bank from any other account.
I can initiate ACH from the HSBC side only. There seems to be a lot of problems with HSBC's IT systems.
Ron Ronnerson
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Ron Ronnerson »

madbrain wrote:
2Birds1Stone wrote:I opened this account a few weeks ago, funded it, and set up DD to it.

No hassle or issues.
Have you tried bill pay ? It just says "technical error" when I try to add a payee.
Very annoying, since bill pay is one of the ways to waive the monthly fee, and also used to qualify for the $350 bonus.
Also, I have not been able to link my HSBC checking account via ACH to any other bank from any other account.
I can initiate ACH from the HSBC side only. There seems to be a lot of problems with HSBC's IT systems.
I tried to set up Bill Pay for Chase on my HSBC account but their system wasn't able to find them. I was surprised by that considering that Chase is not exactly a small bank. I had success with American Express and PG&E. I set up small payments to each and they were processed just fine recently. The AmEx bill pay went through in a couple of days while PG&E took a day or so longer. I am using bill pay to earn the bonus rather than using the direct deposit method. I set up automatic bill pays for the next several months so shouldn't have to do anything further at this point.

My wife went into an HSBC branch this afternoon on her way home from work. She went in at 3:30 p.m. and was out of there by 4:00 p.m. (their closing time). The temporary registration ID was emailed two hours later to us. The temporary password was texted around the same time. Within two hours, we had the information necessary to set up the account online. Since I'd gone through the process myself a few weeks ago, setting her up was much faster as I was familiar with the questions they'd ask. I skipped the full account access via mobile phone this time and was logged in within 10 minutes. The deposit my wife made with the teller should show up soon. Once it does, I'll set up auto bill pay for maybe $10 each to AmEx and PG&E for the next few months.

I found things to run more efficiently the second time around. My wife did go into a different branch than I did so not sure if that was a factor as well. In any case, $700 ($350 x 2) is a pretty nice bonus, even if it takes a little bit of time and effort.
slbnoob
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Re: HSBC Bank- Easy (???) $350 bonus

Post by slbnoob »

How long does it take to receive the temporary password in the mail after getting the 3-4 emails (with temporary registration)? I got the emails last Friday. Funding money got debited out of my account on Monday. No mail yet.
Beverage
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Beverage »

It is pretty slow, I think around a week or more.

Overall I have found this to be a painful way to earn $350. I have had to wait on hold multiple times and answer the same questions about how many bank transfers I plan to do, etc.
Joel
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Joel »

I attempted to open accounts on 10/13. I'm starting to get nervous about them being open by 11/15. If they don't get open by that day, I have a feeling I won't get the bonus.
Last edited by Joel on Tue Nov 22, 2016 10:43 am, edited 1 time in total.
My investment policy statement: https://www.bogleheads.org/forum/viewtopic.php?t=190093
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protagonist
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Re: HSBC Bank- Easy (???) $350 bonus

Post by protagonist »

Follow-up on my experience:

-I filled out the onerous application on Sept. 23. After sending documents, phone calls, etc. my account was finally opened and funded on Nov. 2.

-Since then, I tried EFTs from Ally and from Chase, and neither clearly posted as "Direct Deposit" on my HSBC online statement. They did for promos at other banks. So maybe they went through as Direct Deposit, maybe not, but I don't want to rely on it.

-Today I arranged monthly bill payments through HBSC's Bill Pay of $10 each for my electric bill and my Comcast internet bill, for 3 months. That was easy through HBSC's webpage, though at first it failed because I had a javascript popup blocker on. I would thus recommend the Bill Pay option if you don't have a definite direct deposit source. Hopefully it will work smoothly.

-I am keeping $1561. in the account. $1500 to avoid monthly fees, $60 to cover 3 months of bill payments to qualify for the promo, and $1 to keep account open.

- This is my sixth bank promo in 6 months or so. It was, by far, the most difficult. I expected it to be easy. After all this, I hope I get the $350.
Jags4186
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Jags4186 »

I will just follow this up with I applied on 10/27 and it is still pending. I called on 11/11 to ask to expedite/find out if there was an issue and was told that they had "lots of applications because of the promotion, there's nothing you can do to expedite. Please be patient."

Still pending as of this morning.
SpaceCowboy
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Re: HSBC Bank- Easy (???) $350 bonus

Post by SpaceCowboy »

I went to the local branch on Friday. Was in and out in 30 minutes. Received email and text with online banking information that evening. Account opening seemed easy enough.
Jags4186
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Re: HSBC Bank- Easy (???) $350 bonus

Post by Jags4186 »

To anyone who happened to open this account...I'm STILL waiting for my bonus *sigh*
2Birds1Stone
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Re: HSBC Bank- Easy (???) $350 bonus

Post by 2Birds1Stone »

I did this and it took ~120 days for bonus to post
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protagonist
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Re: HSBC Bank- Easy (???) $350 bonus

Post by protagonist »

"Qualified customers will automatically receive a $350 welcome deposit into their new HSBC checking account approximately eight weeks after completing all offer requirements", which may have included 3 consecutive monthly deposits.

I made at least $2300 pre-tax dollars doing bank promos like this last year, but I think I will give it a rest now. Is it easy money? Yes, sort of, to varying degrees (HSBC was more hassle than I ever expected). It is certainly great return on very little invested. But when I retired my main goal was to simplify my life, and I don't really need the money, so I will settle for my paltry 1.06% in my online bank account for awhile. That is my tax-time resolution for 2017.
SRenaeP
Posts: 1155
Joined: Tue Jan 19, 2010 8:05 pm

Re: HSBC Bank- Easy (???) $350 bonus

Post by SRenaeP »

Jags4186 wrote:To anyone who happened to open this account...I'm STILL waiting for my bonus *sigh*
You may need to e-mail them. I *think* this was the account I had to e-mail to get the bonus. I received it about four months in. Now, I'm just waiting for six months to hit so I can close it.

-Steph
Jags4186
Posts: 8198
Joined: Wed Jun 18, 2014 7:12 pm

Re: HSBC Bank- Easy (???) $350 bonus

Post by Jags4186 »

SRenaeP wrote:
Jags4186 wrote:To anyone who happened to open this account...I'm STILL waiting for my bonus *sigh*
You may need to e-mail them. I *think* this was the account I had to e-mail to get the bonus. I received it about four months in. Now, I'm just waiting for six months to hit so I can close it.

-Steph
I did do a chat session and I was told that the terms only say "approximately 8 weeks" and I should "wait a little longer" because it has only been 9 weeks.

Oyyyy
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