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Thread: HSBC and Chase bank
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08-08-2009, 06:08 PM #1Web Hosting Master
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HSBC and Chase bank
Which one is bigger in the US? I'm contemplating on which one to open a checking account with. What are your thoughts?
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08-08-2009, 06:44 PM #2Marketing Maestro
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Not sure about in the US, but the HSBC is a mighty large and probably one of the safest banks to be with at the moment.
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08-08-2009, 07:35 PM #3Web Hosting Master
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HSBC because it was created by a fellow Scotsman! Biggest bank in the world now.
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08-08-2009, 08:13 PM #4Web Hosting Master
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Hong Kong Shanghai Banking Corporation founded in Scotland? I think that's just where they're headquartered.
Chase has a much larger presence in the USA. You'll be hard pressed to find an area without a nearby Chase branch. They were thin on the west coast but after the WaMu acquisition they have a very strong presence nationwide.
Most of HSBC's business in the United States was done through direct mailings (unsecured loans through Beneficial and Household, both of which have shut down), credit card mailings, and online banking. Their retail and ATM locations are virtually non-existent outside of the metro areas.
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08-08-2009, 09:05 PM #5Web Hosting Master
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It was founded by a man called Thomas Sutherland who was Scottish and created the bank with a "sound Scottish banking principles."
JPMorgans who owns Chase have two scotsmen in their board as well, Mr. Tony Blair (yes ex PM of the UK) and Michael Forsyth.
The major banking industry was orignally created by a man called Adam Smith (Scottish!)
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08-10-2009, 01:32 PM #6Web Hosting Master
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08-10-2009, 09:19 PM #7Grand Nagus
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JPMorgan Chase Bank is bigger.
http://www.allbanks.org/top_banks.html
http://www.thefinancebuff.com/2009/0...ed-states.html
http://www.moneymorning.com/2009/02/18/us-banks/
Bigger isn't always better. This applies to web hosting and banking alike. For example I have banking accounts with a large nationwide bank and a small local credit union.
Nationwide banks are all about convenience, convenience, and more convenience. They have a network of 50,000+ ATM's, branches in almost every state, 24/7 telephone banking, thousands of employees, call centers scattered around the globe. Congratulations! You're customer #32,476,549 and I hope you love paying high fees.
Local banks and credit unions aren't as convenient. They usually belong to an ATM alliance/network which gives you access to quite a few local and regional ATM's. They don't offer 24/7 phone banking, unless your ATM/debit card is lost or stolen. However you receive better customer service, lower or no fees, lower APR % on loans, higher yield on savings/CD rates.
Both banks are insured by the U.S. government, so I know my money is safe.
My local credit union is where I choose to do most of my banking. With direct deposit + internet banking, I rarely ever step foot into a branch.
Here's how you should choose a bank:
1) Ask friends, family, co-workers, and neighbors who they bank with and what do they think of their bank?
2) What's more important to you, convenience of a larger bank or better customer service and lower fees of a smaller local bank?
3) Do you have any other accounts with JPMorgan Chase or HSBC? Some people prefer to have multiple accounts with the same bank. Both are fine banks if you're dead set on choosing one of those banks. Which has more ATMs and branches near where you live or work?
Hope that helpsWhat's your budget?
Seriously, what's your budget?
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08-10-2009, 09:28 PM #8Junior Guru Wannabe
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Chase is definitely bigger where i am (in the U.S.)
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08-11-2009, 07:29 AM #9Web Hosting Master
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I dunno which is the biggest, but I do kind of want to point out that the size of a bank doesn't necessarily go hand in hand with the stability of the bank.
I personally use the US's largest Credit Union, Navy Federal Credit Union (NFCU). It's the BEST! I will never use anything but a Credit Union for the rest of my life.I'm part of the Chicago Breast Cancer 3 Day!
Because Everyone Deserves a Lifetime.
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12-22-2009, 04:55 AM #10Disabled
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I like Chase, but I may be a bit biased..
- Chase
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12-22-2009, 05:40 AM #11Web Hosting Master
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Ranked in terms of assets and deposits, I believe that Chase is the largest bank in the US. HSBC does not have a significant retail banking presence in the US.
If you are looking at opening a checking account at a large banking institution in the US, you probably want to look at Chase, Bank of America, CitiBank or Wells Fargo. Those are the 4 largest banks in the US. Those 4 banks hold roughly 40% of all deposits in FDIC insured accounts at US banks.Last edited by Rob T; 12-22-2009 at 05:44 AM.
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12-22-2009, 11:30 AM #12Retired Moderator
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I love my HSBC card. I got rid of all my other cards because none of them can even get close to the intrest rate I pay with HSBC. Chase has to have been one of my worst experiences next to Capital One. I wouldnt touch either of them with a 10ft pole now.
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12-22-2009, 11:34 AM #13Private Citizen
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I'm not a fan of giant monster mega banks. However I have Bank of America, Chase, Frost Bank (Texas), HSBC and two Federal Credit Union accounts. Then non checking/savings related accounts from Capital One, Citi Bank and I think that's about it. I've had better luck and better rates on loans from smaller FCU's and smaller banks that are generally in just one or two states. That being said, the smaller Federal Credit Union's online tools usually suck. Frost Bank is currently my personal favorite here in Texas. They have good online tools and great personal service.
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12-22-2009, 11:40 AM #14Retired Moderator
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Chase has some pretty nifty credit cards. Don't know too much about HSBC, but if you have Chase branches around you probably won't go wrong with them. Open accounts at both and see which one you like better.
Alex
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12-22-2009, 11:42 AM #15Private Citizen
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HSBC has high yield online savings accounts, that's the only account I have with them. With that account they include free (zero cost) transfers in and out.
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12-22-2009, 12:19 PM #16Web Hosting Master
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If you think Chase is bad, HSBC makes them look like a toothless taco bell dog. HSBC is vicious. I have a friend who has been in his mortgage for over 10 years, never a late payment. He lost his job and got behind a couple of months. His mortgage is via HSBC (Beneficial I think) and they are horrible. He called some of ther mortgage help companies to negotitate with HSBC and they all turn him down. They say HSBC refuses to negotiate lower payments or any deals. You either pay up, or they foreclose. No other choices.
At least Chase is willing to negotiate if you get in a financial bind. I know this may not affect you now, but it could later down the road. Put simply, I'd hate to have a bad check with HSBC...
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12-22-2009, 03:48 PM #17Aspiring Evangelist
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Chase Bank. They treat me very well.
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12-22-2009, 04:00 PM #18Web Hosting Master
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Ouch. HSBC is pretty bad - my dad has an account with them, well HAD, and in the past 2 years or so, someone was able to get money out of his account easily. They didn't even want to investigate the issue or provide any info on how they did it.
I have accounts with Chase and Capital One. They are both pretty good, my dad moved on to Capital One and he finds it to be much more secure because if you want to withdraw money or deposit a lot of it, they ask for photo ID and they take down all info for all transactions (at the branch we go to at least) - far safer. Chase is good too. Parents have Loan through them, pretty understanding and they want to work with you.
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12-22-2009, 04:17 PM #19Private Citizen
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Is the home worth more than what he owes? If so, that's why. In a situation like his, they take the path of least risk. i.e. if you always pay on time, or pay extra on your mortgage. You are way more likely to lose your home than if you are late all the time and owe a boatload of money to the bank.
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