HSBC Has Sold Me Out
Personal Finance
I just received notice in the mail today that my home loan is being sold to Countrywide by my current lender HSBC. I’m a little disappointed because I have my checking, savings, and home loan through HSBC so it was nice to be able to manage it through one site and easily transfer funds between accounts.
Also because I had more than $15,000 in accounts at HSBC I was eligable for the Interest Checking Plus account fee free, which gave me some nice little perks over the standard free checking like free wallet checks, free cashiers checks/money orders, 50% discount on a safe deposit box (that I haven’t taken advantage of), and 0.25% APY on my balance (hey, better than nothing). I’m not exactly sure how this is going to be affected but my guess is I’m going to lose this once my loan is transfered as I do not have $15k in my savings account there. Will have to call to verify.
Nothing I can do I suppose. At least Countrywide is in Yodlee.
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I think there is something that you can do. Since this was their doing and not yours I would at least call them on it. Many times your account manager will have leeway with your service package…provided you are a good customer.
I say it is at least worth a call. Let us know how it turns out.
I agree with Tyler. If you are in good standing on your mortgage, you will be able to get out of it. If they sold your loan because the risk exceeded their tolerance because your credit sunk, that’s a different story.
I would call your bank and if you don’t get a good answer, escalate to their Regional or Divisional General Manager and bypass the branch manager. ( I work with HSBC Consumer Lending quite a bit )
Thanks for the advice guys, I’ve been burried at work so haven’t had an hour to dedicate to calling. Hopefully will be able to tomorrow. The mortgage is brand new, I haven’t even made my first payment on the loan yet so I don’t see how I couldn’t be in good standing, and the only thing that would have brought my credit down was the mortgage.
This is a tough one… Mortgages get sold all the time — in fact, there are very few banks around that service mortgages anymore. What most do is originate the loan, pocket some profit there, and then unload them to a different servicer. In fact, I’d be willing that HSBC does this with almost every mortgage they write, and I’d be further willing to bet that this was disclosed somewhere in your mortgage paperwork (they usually give a percent breakdown of how many are transferred). That being said, you’ve now lost some benefits. I would complain, and if the ‘regular’ customer service channels don’t work, call their executive offices and tell them that you’re having problems that the regular CSRs can’t solve — ask to speak to a higher level of customer service.
Yes I definetly knew there was a possibility they would sell it, I’m not disputing their ability to do so (though the possibility to do so was listed at 0-25% and I was told that it was very unlikely they would do so). I posted an update in a seperate post that I have mailed their banking department so hope to get a response back soon, otherwise I will escalate the issue.