Complaint / review text:
I have been consistently sending HSBC $1,000 a month above my scheduled payment to be applied to principal. They will not take it by check because their system merely puts me 4 months ahead in payments. I resorted to phone payments and they still mess it up. On one occasion, they applied it all to interest. Several other times they omitted taking my actual payment out. This is occurring when I am making the payment by phone and explicitly telling them how I want it applied. I made the fatal mistake of making my March payment and directing them to take $10,200 out of my checking account electronically to go specifically to principal, hoping that the account would be within a few hundred dollars of being paid off. They informed me that they could not withdraw that amount in one transaction and split it ($5,000 and $5,200). They never applied the $5,200, but did withdraw it from my account.
My bank has had to fax them verification twice. They went so far as requiring that my bank send my checking account history for the last month to make sure my check did not bounce. I reluctantly did this. As of tonight, the research department allegedly needs to see my bank account history through this month as well. I am livid. We are contacting our attorney general and an attorney. Enough is enough. Our original loan was sold to HSBC and it has been nothing but a nightmare. It is obvious that they are stonewalling me in an attempt to get as much interest out of the account as possible.