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JonnyBravo

Retiring to the Philippines. Do I switch banks?

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Salty Dog
3 hours ago, JonnyBravo said:

This is some great info. I would have never guessed banks (including in the US) would lock a joint account if someone dies....

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That's because it's not true for the US. Just because someone said it here, it doesn't make it so.

Just Google it and you will see it's rarely true.

I had a joint account with my father when he died and there was no problems. Yes they knew he had died.

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Headshot

In the US, as long as you have a death certificate and a will naming you as a beneficiary or executor, there is no problem withdrawing money from the account of a deceased person. That doesn't mean they will just give the money to anybody, and it certainly doesn't mean they will allow wire transfers without in-person authorization. That can be a problem for Filipino wives who don't live in the US.  What happens with American heirs who are able to visit the bank is no indication for foreign wives living overseas.

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Davaoeno
10 hours ago, Salty Dog said:

Just because someone said it here, it doesn't make it so.

If you dont believe me I can give you the widows name and phone number. She is a good friend of my wife.

 

[ and as I am sure everyone realizes HSBC is about the most paranoid bank there is these days !! ]

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Salty Dog
40 minutes ago, Davaoeno said:

If you dont believe me I can give you the widows name and phone number. She is a good friend of my wife.

 

[ and as I am sure everyone realizes HSBC is about the most paranoid bank there is these days !! ]

Maybe you shouldn't just quote half of the paragraph. If you had posted it, you would see I said US...:showing-ass:

11 hours ago, Salty Dog said:

That's because it's not true for the US. Just because someone said it here, it doesn't make it so.

 

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RogerDuMond
On ‎3‎/‎5‎/‎2019 at 1:02 AM, Davaoeno said:

If you dont believe me I can give you the widows name and phone number. She is a good friend of my wife. 

 

[ and as I am sure everyone realizes HSBC is about the most paranoid bank there is these days !! ]

I have to agree with Salty. I had a joint account with my mother while she was alive and lived here and the account was not locked when she died.

As an added note, HSBC US has just changed their minimum deposit to maintain a Premier account from $100,000 to $75,000 including cash and/or any type of investment.

HSBC is continually evaluating our products, services and fees to ensure we meet the changing needs of our customers. We are writing to let you know about important changes to your HSBC Premier checking account. Effective June 3, 2019:



We're making it more flexible to be eligible for HSBC Premier. The eligibility criteria for HSBC Premier has been expanded to reflect the following:

Personal and qualifying commercial related combined deposit balance in U.S. Dollar accounts and investment balances of at least $75,000 OR;
 

Recurring direct deposits totaling at least $5,000 from a third party into an HSBC Premier checking account(s) per calendar month. Qualifying direct deposits are electronic deposits of regular periodic payments (such as salary, pension, Government Benefits or other monthly income) made into your HSBC Premier checking account per calendar month. OR;
 

HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000.


Additionally, we have reviewed our fee schedule and have taken action to reduce the amount of fees associated to Premier. Refer to the HSBC Premier checking addendum to view eliminated fees.

What do I need to do?
There is nothing for you to do. Retain this addendum to your HSBC Premier checking Terms & Charges Disclosure for reference. You will continue to enjoy world-class banking to include the following benefits:

Professional support from our Premier Relationship Managers

No ATM fees charged by HSBC U.S.1

No foreign transaction fees on purchases with your HSBC Premier Debit World Mastercard® card

International Banking Services


We're here to help
If you have any questions, our dedicated Customer Relationship Center is always available by Live Chat or BankMail, our secure message tools, through Internet Banking. If you prefer, call us at 888.662.HSBC (4722). Representatives are available 24 hours a day, 7 days a week. If you're calling from outside the United States or Canada, call 716.841.6866. As always, you can reach out directly to your Premier Relationship Manager.

Sincerely,

Alexis Kim
Head of HSBC Premier

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David_LivinginTalisay

I used to have an HSBC Account in the UK and a Premier HSBC Account in Hong Kong.

It made sense to open an Account with HSBC Philippines.  I originally qualified for a Premier Account, here also.
But two things happened since then.

1) HSBC mailed a letter to my Philippines Adress - no Message advising of such via the Internet Banking Messages, advising of this.
     Since I had not received that letter, I could not reply to it (nor was I aware of them sending any such letter.
     They repeated it 1 month later, then again,  a third time. I ended up Phoning HSBC UK via Skype OUT.  
     HSBC in the UK advised that since I never replied to any of the 3 x letters they mailed, they closed my HSBC UK Account.
     I stated why did you not send a Message via the On-Line Banking?  I asked why did they close it, when there were still funds
     in the Account.  The reply being that I could close my Account without having to state any reason.  Likewise they can close a
     Customers Account and do not have to give a reason.
     They did get around to transfering the Balance of that Closed Account in the UK to my HSBC Cebu Account'

     I went to Phil Post Talisay to find out what happened to those 3 x letters from HSBC.
     Someone went to check , and came back with a big stack of undelivered mail going back over 4 months!
     Seems the Postman had got sick and was in Hospital, but they did have any other that could not deliver the mail (nor inform us apparently).

2)  HSBC Philippines changed the 'TRB' to qualify for their Premier Account, so I was downgraded to 'Advance' Account Status.
      My HSBC Premier Hong Kong Account, also got closed (as I was no longer Resident and my salary payments stopped by 2002)!

     FYI this is the TRB currently for HSBC.ph :-

You qualify for HSBC Premier in the Philippines, if you maintain a minimum Total Relationship Balance (TRB) of PHP4,000,000, or its foreign currency equivalent. Your TRB would include your deposits and investments.

To become a customer of HSBC Advance, you must maintain a minimum Total Relationship Balance of PHP100,000 or mortgage loan of at least PHP2,000,000



 

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David_LivinginTalisay
1 hour ago, RogerDuMond said:

I have to agree with Salty. I had a joint account with my mother while she was alive and lived here and the account was not locked when she died.

As an added note, HSBC US has just changed their minimum deposit to maintain a Premier account from $100,000 to $75,000 including cash and/or any type of investment.

 

 

Interesting to compare HSBC USA lowering the TRB for Premier and HSBC PH increased it.

 I know HSBC UK increased it at certain Branches.   
The one in Sandbanks, Poole was only open to Premier Customers,   
(Must be all those Muti- Billionaires living there, did not want anything lower than Premier using the Branch 
and taking parking slots etc).

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RogerDuMond
1 hour ago, David_LivinginTalisay said:

Interesting to compare HSBC USA lowering the TRB for Premier and HSBC PH increased it.

I don't know if there is a connection, but 4,000,000 pesos is pretty close to $75,000 at current exchange rates.

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PlanB
On 4/27/2019 at 5:57 AM, David_LivinginTalisay said:

Interesting to compare HSBC USA lowering the TRB for Premier and HSBC PH increased it.

 I know HSBC UK increased it at certain Branches.   
The one in Sandbanks, Poole was only open to Premier Customers,   
(Must be all those Muti- Billionaires living there, did not want anything lower than Premier using the Branch 
and taking parking slots etc).

HSBC has a reputation for having 1000’s of compliance staff and an unyielding regulatory mindset to include even commonly denying employees accounts. Like any research on the internet it may not be nearly accurate but you do get a certain big picture about how difficult they are. A common theme seems to come up even if specifics might be off.

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SkyMan
15 hours ago, PlanB said:

HSBC has a reputation for having 1000’s of compliance staff and an unyielding regulatory mindset to include even commonly denying employees accounts. Like any research on the internet it may not be nearly accurate but you do get a certain big picture about how difficult they are. A common theme seems to come up even if specifics might be off.

I can understand a bank not allowing their employees to have accounts.  Too easy to funnel funds into your own account.

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Davaoeno
3 hours ago, SkyMan said:

I can understand a bank not allowing their employees to have accounts.  Too easy to funnel funds into your own account.

Well if they did that you would know exactly where the money went !! hehe

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SkyMan
6 minutes ago, Davaoeno said:

Well if they did that you would know exactly where the money went !! hehe

Briefly.  Then large withdrawals and they're gone.

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