Mr Jam
Expect delays

Always look on the bright side

Spike has noticed the same thing I just noticed, namely that HSBC have decided to "improve" their PowerVantage account from the start of next year.

The catch being, of course, that these improvements are accompanied by a substantial increase in the monthly fee if you don't meet their minimum balance requirement - oh, and that minimum balance has been increased from HK$100k to HK$200k.  

If you have less than HK$200,000 in your account, the monthly fee will now be HK$120 (a six-fold increase). 

I remember when HSBC stopped offering Bonus Points on tax payments, and they did the same trick - they made a big thing of a lucky draw and only mentioned the real change in the small print.

My all-time favourite is a company of my acquaintance, which issued an internal announcement saying that due to the great success of product X, two staff were being transferred to the London office.  Only in the second paragraph did they get round to mentioning the fact that the rest of the staff were being made redundant and the office would close down.        


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First Direct, which is owned by HSBC is the first bank in the UK to charge for current account banking, which up til now has been free.

To "escape" the charges, you need to either take up one of their other financial products (eg savings plan, insurance, etc) or make a minimum monthly deposit (1.5k GBP or something like that), otherwise you get charged 10 quid a month.

All other banks are watching closely so they too can start charging at some point. They're probably thinking of excuses to justify the charges.

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