HSBC Savings Bank (Philippines), Inc. 2018 Annual Report

In compliance with BSP Circular 956 Subsection X190.6 Posting and submission of Annual Report we are publishing HSBC Savings Bank's 2018 Annual Report for public viewing.

Important Update on Auto Debit Arrangement for HSBC Credit Cards

Please be advised that, starting May 20, 2019 onward, for HSBC Credit Cards enrolled under the Auto Debit Arrangement (ADA), the enrolled HSBC bank account will be debited by 6PM on the day of your due date (instead of early morning on the due date). Kindly ensure that your account has available* funds by this time to avoid any possible late fees or finance charges on your account. 

If you wish to enrol your account under the Auto Debit Arrangement (ADA), kindly coordinate with your branch of account.

*Available funds mean unencumbered and cleared funds

Important Update on Credit Card Terms and Conditions

Please be advised on the following Credit Card Terms and Conditions changes, effective June 6, 2019:

  • Changes on Finance Charge computation
Under Section #14:  Calculation of Finance and Other Charges
Current New

Finance charges, at HSBC’s prevailing rate, will be levied using the average daily balance method upon your opening balance and all new transactions within the statement period accrued from the transaction date until the end of the current statement period

 

The finance charges, at HSBC’s prevailing rate, will be imposed using the average daily balance method upon your unpaid outstanding balance as of statement cut-off date, excluding new retail transactions made in the current billing cycle, accrued from the statement cut-off date until the outstanding balance and applicable interest are fully paid. 


For fees*, charges and pre-terminated instalments, finance charges will be imposed using the average daily balance method upon the fee/charge/pre-terminated instalment amount accrued from transaction date until the fee/charge/pre-terminated instalment is fully paid.


For cash advance transactions, finance charges, at HSBC’s prevailing rate, will be imposed using the average daily balance upon your transaction from the transaction date until the transaction is fully paid.

Any amount unpaid as of the Payment Due Date shall be deemed payable on the next Payment Due Date unless YOU opt to re-avail of YOUR credit line for the next billing cycle by paying an amount less than the Total Due but not less than the Minimum Amount Due.

*Excluding service fee for foreign currency transactions for Visa credit cards.

Under Section #14:  Calculation of Finance and Other Charges
Current

Finance charges, at HSBC’s prevailing rate, will be levied using the average daily balance method upon your opening balance and all new transactions within the statement period accrued from the transaction date until the end of the current statement period

 

New

The finance charges, at HSBC’s prevailing rate, will be imposed using the average daily balance method upon your unpaid outstanding balance as of statement cut-off date, excluding new retail transactions made in the current billing cycle, accrued from the statement cut-off date until the outstanding balance and applicable interest are fully paid. 


For fees*, charges and pre-terminated instalments, finance charges will be imposed using the average daily balance method upon the fee/charge/pre-terminated instalment amount accrued from transaction date until the fee/charge/pre-terminated instalment is fully paid.


For cash advance transactions, finance charges, at HSBC’s prevailing rate, will be imposed using the average daily balance upon your transaction from the transaction date until the transaction is fully paid.

Any amount unpaid as of the Payment Due Date shall be deemed payable on the next Payment Due Date unless YOU opt to re-avail of YOUR credit line for the next billing cycle by paying an amount less than the Total Due but not less than the Minimum Amount Due.

*Excluding service fee for foreign currency transactions for Visa credit cards.

  • Updated the clause on application of credit card payments to indicate the order in which payments will be applied to an account
    Under Section #13: Card Payment, Delinquency and Default

YOUR payments shall be applied to the account in the order of Installment, Cash Advance and Other Retail Transactions:

Billed Finance Charge

Billed Cash Advance Fee

Billed Late Fee

Billed Membership Fee

Billed Overlimit Fee

Billed Handling Fee

Billed Non-sufficient Fund Fee (ie. Returned Cheque Fee)

Billed Card Insurance Premium

Billed Principal

Should there be any excess payment after all billed balances have been settled, the excess payment will be applied to your unbilled balances as they are posted on your account, following the same order.

  • Updated the wording on the assignment of due date, if it falls on a weekend or a regular national holiday
    Under Section #12: Monthly Statement and Payment of Charges

 

You may refer to the updated Credit Card Terms and Conditions (effective June 6, 2019) and Credit Card Fees and Charges Table.

Important Update on EUR-denominated Fund Transfers

Starting 11 February 2019, all EUR-denominated fund transfers to be sent to HSBC Savings Bank accounts should use SWIFT code HBPHPHMM.

This change is because fund transfers in EUR denomination will be routed to our new correspondent bank, HSBC France (instead of HSBC UK).

If you are expecting to receive EUR-denominated remittances into your HSBC Savings Bank accounts, please inform the sender to use SWIFT code HBPHPHMM to ensure you receive your payments.

If you will be sending money from your account, there will be no change in the way you currently experience fund transfers, whether it’s via HSBC online banking, mobile banking, or your branch of account.

For more information on fund transfers, including cut-off and processing times, click here.

Bank services and charges update

Select Services and Charges have been updated. All other fees and charges remain the same.
 
Service Current Fee Updated Fees
Effective October 1, 2018
Outward Overseas Telegraphic Transfer
(Over the Counter)
USD 28 USD 20 (for Premier) and 
USD 25 (for Advance)
Outward Overseas Telegraphic Transfer
(Online Banking)
USD 25 USD 15
Outward Local Payment
Real Time Gross Settlement (RTGS)
PHP 1,350 PHP 600
Outward Local Payment
Philippine Domestic Dollar Transfer System (PDDTS)
USD 30 USD 15
Inward Local Payment
USD for credit to Philippine Peso or other currency account
PHP 100 Free
Select Services and Charges have been updated. All other fees and charges remain the same.
 
Service Outward Overseas Telegraphic Transfer
(Over the Counter)
Current Fee USD 28
Updated Fees
Effective October 1, 2018
USD 20 (for Premier) and 
USD 25 (for Advance)
Service Outward Overseas Telegraphic Transfer
(Online Banking)
Current Fee USD 25
Updated Fees
Effective October 1, 2018
USD 15
Service Outward Local Payment
Real Time Gross Settlement (RTGS)
Current Fee PHP 1,350
Updated Fees
Effective October 1, 2018
PHP 600
Service Outward Local Payment
Philippine Domestic Dollar Transfer System (PDDTS)
Current Fee USD 30
Updated Fees
Effective October 1, 2018
USD 15
Service Inward Local Payment
USD for credit to Philippine Peso or other currency account
Current Fee PHP 100
Updated Fees
Effective October 1, 2018
Free
Select Services and Charges have been updated. All other fees and charges remain the same.
 

Service

Current Fee

Updated Fees
Effective December 1, 2018

Outward Local Payment
(Over the Counter)

USD 3

USD 10

Overseas Tracer Fee/Cable Charges

PHP 450

PHP 500

Select Services and Charges have been updated. All other fees and charges remain the same.
 

Service

Outward Local Payment
(Over the Counter)

Current Fee

USD 3

Updated Fees
Effective December 1, 2018

USD 10

Service

Overseas Tracer Fee/Cable Charges

Current Fee

PHP 450

Updated Fees
Effective December 1, 2018

PHP 500

Posted September 28, 2018.

Important Update on Swift Codes for Incoming Payments

We would like to remind you to use the correct Swift codes for your incoming remittance payments to be credited to your HSBC accounts:

 

HSBC Philippines Swift Code: HSBCPHMM

HSBC Savings Bank Swift Code: HBPHPHMM

From October 1, 2018, we will no longer accept incoming payments with incorrect Swift codes.


Posted on September 10, 2018

T&C Update to include ITF Management

HSBC Bank Product Information

 

We would like to share with you some updates to the HSBC General Terms & Conditions for Products and Services. Kindly note the following:

 

In-Trust-For (ITF) Accounts

 

The minor in whose name the ITF account/s are held is considered as the customer and the owner of the account.

Parents and guardians who exercise control over the account of minors, 9 years old and below such as ITF accounts are not considered customers but as connected parties.

Parents and guardians administering accounts on behalf of minors as ITF accounts agree to explain to the minor the use and operation of the Account/s.

The ownership of the minor shall not be adversely affected by the death of the parent/guardian.

When minor reaches the age of 10, as per bank policy, the parent/guardian agree to inform the bank and convert the account to a regular account.

The updated Bank Terms & Conditions will take effect 60 days from date of this notice. 

 

Please be advised that amendments will be required for those with existing ITF accounts. A separate communication regarding this will be sent to affected clients soon after.

 

Posted on September 4, 2018

Important update on cheque payments

Please be advised that check payments made to your HSBC Credit Card or Personal Loan account at accredited payment centers will be posted to your account within 2-3 banking days after payment. This is provided that check clears, as confirmed by the payment center. 

Posted July 11, 2018

Important update on the way dates on cheques must be written

Please be informed that starting July 1, 2018, we will accept deposit of cheque only if the dates use the following format.

Date formats
 
Format Example
Fully written November 03, 2018 or 03 November 2018
Abbreviated Month (First three letters)
Nov 3, 2018 or 03 Nov 2018
Shortened 03 Nov 18

Acceptable Numeric formats (MMDDYYYY)

Example of 15 May 2018

  • 051518
  • 05/15/2018
  • 05/15/18
  • 05-15-2018
  • 05-15-18
  • 05.15.2018
  • 05.15.18
Date formats
 
Format Fully written
Example November 03, 2018 or 03 November 2018
Format Abbreviated Month (First three letters)
Example Nov 3, 2018 or 03 Nov 2018
Format Shortened
Example 03 Nov 18
Format

Acceptable Numeric formats (MMDDYYYY)

Example of 15 May 2018

Example
  • 051518
  • 05/15/2018
  • 05/15/18
  • 05-15-2018
  • 05-15-18
  • 05.15.2018
  • 05.15.18

Check proceeds may be delayed or returned if the above formats are not used correctly.

Source: Philippine Clearing House Corporation Memo Circular 3436.

Posted May 15, 2018

Important update on handling of returned cheques

From September 24, 2018, we will no longer call customers to advise if a check deposited to their savings or checking account has been returned. This is due to the faster clearing times following the new Philippine Clearing House Corporation (PCHC) check clearing system, where funds are available by 10:00AM the next banking day.

There are a number of ways that can help to find out the status of check deposits or account balances:

  • Review your account balance and transaction activity via this website
  • Download the mobile banking application
  • Access your balance via any HSBC ATM


Posted July 18, 2018

For inquiries or complaints, please call HSBC's Customer Services at +63(2) 85-800 from Metro Manila, 
+1-800-1-888-8555 PLDT domestic toll-free, +63(2) 976-8000 from overseas, (country code) + 800-100-85-800 international toll-free for selected countries, or send an email to hsbc@hsbc.com.ph. If you want to find out more about HSBC's customer feedback procedures, please visit hsbc.com.ph/feedback.

The Hongkong and Shanghai Banking Corporation Limited is an entity regulated by the Bangko Sentral ng Pilipinas (Bangko Sentral). You may also contact the Bangko Sentral Financial Consumer Protection Department at 
(02) 708-7087 or consumeraffairs@bsp.gov.ph.

Note: Do not provide your account or credit card numbers or disclose any other confidential information or banking instructions through email.