Closing an HSBC Direct (Advance) Account

Continuing my recent string of account closings as part of my grand plan to simplify my savings account setup, I just closed my HSBC Direct Advance account. Doing so was easy, and did not require a phone call.

If you want to close your account online, all you have to do is log in and look for the BankMail option. Send them a secure message with the following information:

  1. That you want to close the account (naturally).
  2. Your reason for closing (I cited that the interest rate was too low and that I could get better rates elsewhere).
  3. How you want them to disburse your remaining balance to you, if any (such as a cashier’s check or wire transfer).

In my case, I ended up closing both a savings and a checking account, and I transferred my entire balance out via ACH before I submitted the closing requests. I did not receive any confirmation message, but when I logged into HSBC the next day, I saw this:

HSBC accounts unavailable

The “Account Unavailable” notice was enough to tell me that HSBC was out of my life. 🙂 To be clear, I had no qualms with my HSBC accounts, other than the ubiquitous interest rate sucking issue that currently plagues most other banks. Shedding unused accounts is increasing the simplicity of my financial life, and that’s music to my ears.

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2 thoughts on “Closing an HSBC Direct (Advance) Account

  1. I wish that closing a BB&T Bank Account was so simple.

    In the past three years, I’ve had numerous banks that I’ve rate chased to stay above 4%. I’ve opened these accounts online and closed them online with no problems.

    Recently, I figured I’d get some of my U.S. Taxpayer TARP money back myself by chasing these $100-$225 account opening bonus deals (I.e. Bank of America, Chase, BB&T, etc) and then close the accounts after meeting the minimum qualifications and receiving my TARP payment on behalf of an American Taxpayer.

    But, I have this BB&T bank account that I chased for a $100 bonus on that I can’t close online or on the phone. They insist that I go to a branch to close – this is after transferring all of the money out and leaving it at a $0.00 balance. They even told me that after some time, I’d be charge a $5 a month fee for inactivity on the account and would end up owing them money!

    These bankers, I can’t figure them out?
    Were they too smart for law school or too dumb to make it to law school?
    he only one I can figure the banker and lawyer are smarter than, is the used car salesman!!!

    • I’ve run into a similar situation before in which a bank wouldn’t let me close the account online or over the phone. Their reasoning was that they needed my signature to actually close the account. So, I mailed them a letter with a big, fat signature on it. Lo and behold, they honored my request and closed it.

      It’s worth a shot, Bill. Good luck!

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