HSBC Step Up Promo

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arctician

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Thanks. I am an existing customer hence PIB is activated previously. I am referring to the roadshow promo where there is a 90 days lock-in period. As i placed my fund earlier(eg. 1st jun) before the registration date (8th jun). hence this is a grey area where the locked in start 1st or 8th.

if you recv the taka vouchers, 90d lock in period start from the day you signed the document e.g. 8th june, not the 1st day of month you deposit the funds.
 

Strongandhappy

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Hmm... HSBC launch another roadshow one week later.... they have done it before, I suspect the 5-7 jul roadshow did not meet their quota.

Anyway, bcos of the 90day requirements, it is not optimal to open a new premier nor topup an existing account for this mid-month roadshow.


Topping up existing account also got to full fill the 90 days?
The top up rewards for this mid cycle seem to be better? S$150 voucher as compared to last one.
Can any gurus here advise me as I do plan to top up, should I top up now or wait for the next month roadshow.
 

pinpinpin

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if you recv the taka vouchers, 90d lock in period start from the day you signed the document e.g. 8th june, not the 1st day of month you deposit the funds.

Then if u sign the document to get the voucher for new sign up presenting the Cheque, the cheque clears later. Which is the 90 days?

Document signed date or cheque cleared day?
 

arctician

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Then if u sign the document to get the voucher for new sign up presenting the Cheque, the cheque clears later. Which is the 90 days?

Document signed date or cheque cleared day?

usually is document signed date.
 

tmkedmw

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Yes, 90days even for topup to existing.
U sign the form then collect voucher.

Extra $30 taka voucher (150 instead of 120) is not enough to offset the "loss" of interest.
If I am u, I won't go for this mid July.

Topping up existing account also got to full fill the 90 days?
The top up rewards for this mid cycle seem to be better? S$150 voucher as compared to last one.
Can any gurus here advise me as I do plan to top up, should I top up now or wait for the next month roadshow.
 

oceanicmanta

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the T&C in the roadshow form is not clear. The relevant clauses are :

a) "an existing customer must during the Promo period ... place a minimum of $X using fresh funds ... "

this seems to mean that your cheque or FAST shld be done during roadshow period. It's HSBC's discretion whether earlier crediting of funds is eligible so best to get black & white.

b) "the bank may levy an admin charge .... if the Min Fresh Funds not maintained ... for at least 90 consecutive calendar days from the date that the funds are credited into the account"
 

vddgnd

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Then if u sign the document to get the voucher for new sign up presenting the Cheque, the cheque clears later. Which is the 90 days?

Document signed date or cheque cleared day?
You have 2 agreements here. Although it run concurrently, but you need to be clear about the tnc. Your welcome reward tnc stated to maintain that fund for at least 90 consecutive days from the date the acc is funded.
I can't remember clearly about the tnc in roadshow gift. Surely you don't want to lose your welcome reward by earlier withdrawal.
 

tmkedmw

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My interpretation is this:

(a) and (b) is not mutually exclusive.

(a) and (b) together means that your topup funds must be in the 5-7 July roadshow promo period.

Branch to branch maybe inconsistent in their interpretation. Ultimately, Tnc prevail bcos that's what u signed.

the T&C in the roadshow form is not clear. The relevant clauses are :

a) "an existing customer must during the Promo period ... place a minimum of $X using fresh funds ... "

this seems to mean that your cheque or FAST shld be done during roadshow period. It's HSBC's discretion whether earlier crediting of funds is eligible so best to get black & white.

b) "the bank may levy an admin charge .... if the Min Fresh Funds not maintained ... for at least 90 consecutive calendar days from the date that the funds are credited into the account"
 

vsvs24

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Hmm... HSBC launch another roadshow one week later.... they have done it before, I suspect the 5-7 jul roadshow did not meet their quota.

Anyway, bcos of the 90day requirements, it is not optimal to open a new premier nor topup an existing account for this mid-month roadshow.

Probably better FD rates, better SSB rates and the increase debit spend to $800 has made HSBC step up less attractive. And honestly, this account quite tiring to maintain if want to optimise.
 

mrcullen

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Day of fund deposit + 90 days from the CSO. Reckon it is worthwhile for other to call in and check too. There are cases where CSOs give conflicting answers.

b) "the bank may levy an admin charge .... if the Min Fresh Funds not maintained ... for at least 90 consecutive calendar days from the date that the funds are credited into the account"


pls share ... thanks :)
 

tmkedmw

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Roadshow reward taken literally means u do the deposit during roadshow which is 5-7 July. Strictly speaking, there is no roadshow reward if it is outside this period as the roadshow period is defined.

For those who are in this situation, I would suggest that don't stop at CSO, different one can give u different interpretation.

Ask for CSO to confirm with product management and arrange for call back when they have the answer.

Do phrase your question to accurately reflect the situation.
 

oceanicmanta

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Day of fund deposit + 90 days from the CSO. Reckon it is worthwhile for other to call in and check too. There are cases where CSOs give conflicting answers.

b) "the bank may levy an admin charge .... if the Min Fresh Funds not maintained ... for at least 90 consecutive calendar days from the date that the funds are credited into the account"

I guess it's fair for those who use cheque during roadshow that the 90 day starts when cheque is presented, rather than when cheque is cleared.
 

chopra

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if u remit to HSBC Premier or DBS Treasures accounts in HK, the inward fee will be waived by HSBC HK & DBS Treasures ... as stated in their Schedule of Fees

Agent/Correspondence Bank fee cannot be waived ... I estimate around USD 15

any update on e bank fee?
 
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