Notes » May 2009

And Auto-Deduct It, Too

Just when I thought HSBC was hard pressed to surpass the heights of its greed, the bank recycled an old tactic to squeeze its customers dry.

It's now paying a deposit rate of 0.001% per annum, just as it did in the first half of 2004. As the local rag pointed out, Hong Kongers would need HK$2 million (US$256,410) in the bank just to generate enough interest to buy a $20 cup of coffee.

And not a good cup of coffee at that. I predict that before too long the bank will figure out a way to charge interest when people deposit money. In addition to the handling charge.

I bet it's trying to find a way to tack on a service charge each time I criticise it.

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