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April 09, 2008
Bank Negara, HSBC and Citibank
I was just getting ready to write an article about a delay caused by either HSBC and/or Citibank and how had the feeling that they steal my investment (I am purposefully using strong language here!)
My mother in Germany is getting old. Now, with 83 years of age, her savings run low. Her health is not the best, and her pension is very little. So last month, she asked me if I could send some money over to her. Since building up a business is cost-intensive, my on hand cash is limited, and as such, I told her that I am dissolving an investment made overseas quite a while ago. While this investment returns sucks as it went through a couple of recessions.
Still, what to do!
So I initiated the process. Initially it went fast, out of the overseas bank and supposedly to HSBC in Malaysia. Then, the procedures started.
We called HSBC in Malaysia and they said that there was a nothing. HSBC mentioned, they only received a payment confirmation, but not the money. They asked for some reference number.
I went back to my investment house. They checked. According to them, the money went out, to Citibank in the US first. Going back to HSBC in Malaysia, they asked us for more numbers and stated that some information given to them was wrong or delayed by Citibank. Our investment house checked with their investigation department who checked with Citibank. Citibank stated that they were waiting for HSBC's action.
Nothing happened anymore. We contacted HSBC's outsourcing center every day and they said they would inquire. Sometimes they called us back. When we wanted to speak to the manager, the person on the phone blocked. Stating, it was not possible. She said she would ask him to call us back. He never did!
We got very worried, because, hey, a bank can lose money in the current US Sub-Prime crisis, and simply write it off. I cannot!!!
Just now we called HSBC again. We were told that we would need to go back to our investment advisor and ask them to re-send the investment. The transaction advise from last month was nil and void. Imagine that!! Imagine, your investment disappears!!!!
When we, again, wanted to speak to the manager, it was not possible. My wife then told her that she is going to inform Bank Negara. To get Bank Negara involved somehow always works wonders.
Suddenly, just like magic or under the spell of panic, the HSBC person called back. Stating, that suddenly, the money has arrived.
Can you believe THAT? What a great story, and what kind of branding does this do to HSBC and their reputation. I liked HSBC before. However, somehow, their style of operation and customer orientation and assistance just caused me to feel very strange about them. To me, a The World's Local Bank was just getting trashed in my mind.
And my wife is still determined to make the complain with Bank Negara!
Posted by Andreas at April 9, 2008 11:13 AM
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