This is a bank rooted in the 1980s. They are mired in red tape in the guise of customer security. However it is just to make it more difficult for the customers. Would you believe that they still require signatures in the 21st century? They are the only bank which requires a lot of personal information (i.e. country of birth) which Australian banks do not require. If you refuse to answer on privacy grounds, you wont be able do anything (even for a change of one of your details). The staff are incredibly inflexible, unhelpful and rude.
The most important thing, in my humble opinion, is the ability to rely on your card when in a tough situation. When overseas in March, our Prime Minister told all Australians travelling overseas to return home. Our card could not be authenticated to book our return flight.
This is a bank like I have never dealt with before. They never return calls, they never return emails they never seem to know what you have asked or what you want to achieve. They are supreme at ducking and diving. The only time I have had response is when I got AFCA involved and even then they ignored AFCA. Do not go with HSBC it is less than desirable, it will ruin your life, destroy any spare time you have as you will be dealing with all the myriad of problems that HSBC banking will cause you and if your a person that pays close attention to charges, changes and the bank upholding their contracts you will be spending all available time as I have to correct them with no success. 4 years of hell on earth.
Went to close my account today in person due to the balance of my account being in excess of online closure limits but more importantly because I found another bank with a much better interest rate. Was treated like a pariah, they wouldn't accept my uploaded drivers license, which is a service provided by the Australian Government and is accepted by anyone and everyone else. Have never had a problem before. In this pandemic environment and current technology, they still wanted the hard card so they could handle it and possibly infect me which meant I had to go home and back again so they could do so. The account I had did not pay my account the quoted interest rate, they had a million excuses, they talk like robots, couldn't give any reasonable explanations to any of my questions, don't know what they are talking about and this included branch staff members and online customer service. They quoted incorrect fees versus what they actually charged me, yes they charge you to take your money out. I could go on and on but in short, I have had many accounts with many different banks, HSBC is without a doubt the worst. Highly recommend you go elsewhere.
I researched to find the best rate with a bank that I felt I could trust. HSBC were the best option for me. They provide me with updates, statements and reminders via email and text message. I have the flexibility to pay off additional amounts and reduce the term of the loan.
Well we have mortgage from HSBC and that is why we went with them. Prices are reasonable, yet not the best on the market and you will hardly ever hear from them unless there is a change in Product policy or you make a claim. They are very kind when you get in touch and try to help, not always successfully but you have to give them credit for trying.
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