Grades are also broken down by the financial products offered be each institution. HSBC is rated "C" in Mortgages, "A-" in Debt Collection, "D" in Credit Reporting, and "C+" in Credit Cards. Click on any of the financial products to see how HSBC compares.
HSBC has received 4,589 consumer complaints since December, 2011 – more than 99% of other banks.
Of those complaints, 98.9% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' HSBC meets the 60-day response deadline more frequently than 52.2% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 22.7% of customers dispute HSBC's response to complaints — worse than 69.7% of other companies.
Most of HSBC's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."
HSBC is primarily a commercial bank with no specific specialization. HSBC is based in Mc Lean, Virginia and is the 11th largest FDIC insured bank in America.
Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.
However, even after adjusting for bank size and number of customers, HSBC receives far more complaints than most other banks. HSBC recieves more complaints per customer than 99% of other banks – customers are significantly more likely to file complaints than customers of most other banks.
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Mortgage||Other mortgage||Loan modification,collection,foreclosure||893|
|2||Mortgage||Conventional fixed mortgage||Loan modification,collection,foreclosure||474|
|3||Mortgage||Other mortgage||Loan servicing, payments, escrow account||440|
|4||Mortgage||Conventional fixed mortgage||Loan servicing, payments, escrow account||393|
|5||Bank account or service||Checking account||Account opening, closing, or management||245|
|6||Mortgage||Conventional adjustable mortgage (ARM)||Loan modification,collection,foreclosure||194|
|7||Mortgage||Home equity loan or line of credit||Loan servicing, payments, escrow account||145|
|9||Mortgage||Conventional adjustable mortgage (ARM)||Loan servicing, payments, escrow account||97|
|10||Bank account or service||Checking account||Deposits and withdrawals||82|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||4,092||4,046 (98.9%)||953 (23.3%)|
|2||Closed without relief||367||364 (99.2%)||92 (25.1%)|
|3||Closed||367||363 (98.9%)||83 (22.6%)|
|4||Closed with monetary relief||171||168 (98.2%)||12 (7%)|
|5||Closed with relief||60||59 (98.3%)||9 (15%)|
|6||Closed with non-monetary relief||42||42 (100%)||9 (21.4%)|
|7||In progress||23||23 (100%)||0 (0%)|