Addendum to HSBC Consumer Savings Terms & Charges Disclosure Effective June 11, 2018

Transcription

1 Addendum to HSBC Consumer Savings Terms & Charges Disclosure Effective June 11, 2018 This disclosure applies to the Bank's consumer savings Terms & Charges Disclosure(s). The sections below are now amended to read as follows: Additional Rate Information Section - The Compounding Period and the Interest is Credited sections in the following Terms & Charges Disclosure are changed from Quarterly to. HSBC Everyday Savings ADDITIONAL RATE Method Used to Compute Interest Compounding Period Interest is Credited Daily Balance This method applies a daily periodic rate to the principal in the account each day. Maintenance Fee Section In the Maintenance Fee section in the following Terms & Charges Disclosure(s), the Transaction Fee(s) is replaced with Excess Withdrawal Fee. In addition, all references to monthly cycle are replaced with calendar month. HSBC Premier Savings, HSBC Advance Savings, HSBC Promotional Premier Savings MONTHLY MAINTENANCE FEE Maintenance Fee $0 Excess Withdrawal Fee $0 HSBC Everyday Savings MONTHLY MAINTENANCE FEE Maintenance Fee $5 Excess Withdrawal Fee $.75 If your Average Ledger Balance in a given calendar month is less than $500. For purposes of this disclosure, the month for qualifying deposit accounts is the calendar month prior to the assessment of the Maintenance Fee. A calendar month is defined as the period of duration from the first date of one month to the last date of the same month, and thus can be 28 (29 during a leap year), 30, or 31 days long. For example, the duration from January 1 to January 31. The Maintenance Fee will be assessed on the Business Day following the first Friday of the next calendar month unless New Year's Day falls on a Friday, then the assessment is delayed by one week. You will not be assessed a Maintenance Fee for the calendar month in which you opened your account. For each withdrawal over 3 when the Average Ledger Balance in a given calendar month is less than $1,000. Other Miscellaneous Service Fees Section The Other Miscellaneous Service Fees section in the following Terms & Charges Disclosure(s) is revised to reflect: For HSBC Premier Savings and HSBC Promotional Premier Savings, footnote 7 is added to Funds (Wire) Transfer-In and Cashier s Check DFT (Commission USD) fee descriptions and reads 7 For owners of HSBC Premier checking products in the U.S., there is no charge. For owners of HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $12 and the fee for Cashier s Check DFT (Commission USD) is Page 1 of 3 Rev. 04/21/2018

2 $10. If you do not own HSBC Premier checking products in the U.S., or an HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $15 and the fee for Cashier s Check DFT (Commission USD) is $12. For HSBC Advance Savings, footnote 6 is added to the Funds (Wire) Transfer-In fee description. In addition, the footnote is revised to read 6 For owners of HSBC Premier checking products in the U.S., there is no charge. If you do not own HSBC Premier checking products in the U.S., or an HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $15 and the fee for Cashier s Check DFT (Commission USD) is $12. For HSBC Everyday Savings, footnote 6 is added to the Funds (Wire) Transfer-In fee description. In addition, the footnote is revised to read: 6 For owners of HSBC Premier checking products in the U.S., there is no charge. For owners of HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $12 and the fee for Cashier s Check DFT (Commission USD) is $10. HSBC Premier Savings, HSBC Promotional Premier Savings SERVICE FEES Funds (Wire) Transfer-In 7 $0 Per incoming transfer. Cashier s Check DFT (Commission USD) 7 $0 For each U.S. Dollar Draft or Cashier s Check purchased in U.S. dollars. 7 For owners of HSBC Premier checking products in the U.S., there is no charge. For owners of HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $12 and the fee for Cashier s Check DFT (Commission USD) is $10. If you do not own HSBC Premier checking products in the U.S., or an HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $15 and the fee for Cashier s Check DFT (Commission USD) is $12. HSBC Advance Savings SERVICE FEES Funds (Wire) Transfer-In 6 $12 Per incoming transfer. 6 For owners of HSBC Premier checking products in the U.S., there is no charge. If you do not own HSBC Premier checking products in the U.S., or an HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $15 and the fee for Cashier s Check DFT (Commission USD) is $12. HSBC Everyday Savings SERVICE FEES Funds (Wire) Transfer-In 6 $15 Per incoming transfer. 6 For owners of HSBC Premier checking products in the U.S., there is no charge. For owners of HSBC Advance checking product in the U.S., the fee for Funds (Wire) Transfer-In is $12 and the fee for Cashier s Check DFT (Commission USD) is $10. How Interest and APY Work Section The How Interest and APY Work section in the following Terms & Charges Disclosure(s) is revised to clarify that you will receive any accrued interest when you close your account. HSBC Premier Savings, HSBC Advance Savings, HSBC Everyday Savings, HSBC Promotional Premier Savings HOW INTEREST AND APY WORK Accrued Interest Interest begins to accrue on the business day you deposit noncash items (e.g., checks). If you close your account before interest is credited, you will receive the accrued interest. Page 2 of 3 Rev. 04/21/2018

3 How Deposit and Withdrawals Work Section - The How Deposit and Withdrawals Work section in the following Terms & Charges Disclosure(s) is revised to clarify the order in which transactions are posted and when your deposits are available. HSBC Premier Savings, HSBC Promotional Premier Savings HOW DEPOSITS AND WITHDRAWALS WORK The Order in Which Deposits and Withdrawals Are Processed When Your Deposits Are Available (Funds Availability 6 ) We post transactions to your account throughout the day in the order that we receive them. We subtract the amount of any deposit not currently available (refer to the Funds Availability section for more information) and subtract holds from your bank/ledger balance to determine your available balance. Cash deposit with teller or at ATM: Same calendar day the Bank receives the Funds transfers between HSBC Bank USA, N.A. accounts in the same name and Global Transfers: Same calendar day the Bank receives the Electronic Direct Deposit/Wire Transfer: Same Business Day the Bank receives the Check deposit with teller or at ATM: - The first $200 from a deposit of one or more non HSBC checks will always be made available on the first Business Day after the day of your The remainder of your deposit will be available no later than the second Business Day after the day of your - In some situations, we may notify you after your deposit is made that your funds will generally be available by the sixth Business Day after the day of your A Business Day is every day except Saturday, Sunday and Federal holidays. 6 For complete details, please consult the Rules For Consumer Deposit Accounts which includes the Funds Availability Policy and Transaction Processing Times. HSBC Advance Savings, HSBC Everyday Savings HOW DEPOSITS AND WITHDRAWALS WORK The Order in Which Deposits and Withdrawals Are Processed When Your Deposits Are Available (Funds Availability 7 ) We post transactions to your account throughout the day in the order that we receive them. We subtract the amount of any deposit not currently available (refer to the Funds Availability section for more information) and subtract holds from your bank/ledger balance to determine your available balance. Cash deposit with teller or at ATM: Same calendar day the Bank receives the Funds transfers between HSBC Bank USA, N.A. accounts in the same name and Global Transfers: Same calendar day the Bank receives the Electronic Direct Deposit/Wire Transfer: Same Business Day the Bank receives the Check deposit with teller or at ATM: - The first $200 from a deposit of one or more non HSBC checks will always be made available on the first Business Day after the day of your The remainder of your deposit will be available no later than the second Business Day after the day of your - In some situations, we may notify you after your deposit is made that your funds will generally be available by the sixth Business Day after the day of your A Business Day is every day except Saturday, Sunday and Federal holidays. 7 For complete details, please consult the Rules For Consumer Deposit Accounts which includes the Funds Availability Policy and Transaction Processing Times. All other information within your Terms & Charges Disclosure, including any prior amendments, remains in effect. Page 3 of 3 Rev. 04/21/2018

4 It s important that you understand exactly how your HSBC Premier Savings account works. We ve created this summary to explain the fees and some key terms of your account. ELIGIBILITY This account is available only to customers with an HSBC Premier checking account in the United States. Please refer to the HSBC Premier checking Terms & Charges Disclosure for eligibility requirements. If customer no longer maintains an HSBC Premier checking account, the Bank reserves the right, with advance notice, to convert the HSBC Premier Savings account to an HSBC Advance Savings or an HSBC Everyday Savings account as applicable, and it will be subject to the appropriate Terms & Charges Disclosure. RATE (For more details, see HOW INTEREST AND APY WORK section) Minimum Balance to Obtain APY Interest Rate Annual Percentage Yield (APY) $250,000 or more.15%.15% $100,000 or more but less than $250,000.15%.15% $25,000 or more but less than $100,000.10%.10% Less than $25,000.01%.01% ADDITIONAL RATE Method Used to Compute Interest Compounding Period Interest is Credited Daily Balance This method applies a daily periodic rate to the principal in the account each day. MONTHLY MAINTENANCE FEE ACCOUNT FUNDING Maintenance Fee $0 Transaction Fee(s) $0 Minimum Deposit to Open $0 When account opened by a Bank representative. Minimum Deposit to Open Online Maximum Daily Online Limit $0 Including computer self-serve account openings in a branch. $350,000 Maximum Account Balance $2,000,000 Maximum when funding the account or making additional daily deposits/ withdrawals with an electronic transfer to or from another financial institution. The Bank reserves the right, with notice, to transfer to any other HSBC deposit account you have, the amount of any transaction, excluding interest that causes your HSBC Premier Savings account(s) to exceed an aggregate balance of $2,000,000. The Bank, in its sole discretion, also reserves the right to return such amounts to you in an official cashier s check. Page 1 of 4

5 AUTOMATED TELLER MACHINE (ATM) AND ELECTRONIC FUND TRANSFER (EFT) FACILITY CHARGES 2 U.S. HSBC ATM Fees 3 $0 Other ATM Fees 3 $0 Currency Conversion on Foreign Transactions 4 Varies For using an HSBC Bank USA, N.A. ATM to complete any transaction in the U.S. For each withdrawal, balance inquiry or transfer using a non-hsbc ATM. (You may also be charged additional fees by the ATM operator or network used including a fee by another HSBC entity operating ATMs outside the U.S.) When transacting in a foreign country, even in U.S. dollars, a conversion rate will be applied to determine the transaction amount on the posting date which may be different from your transaction date. Foreign Transaction Fee 5 0% The percentage of the transaction amount after conversion to U.S. dollars. STATEMENT SERVICES ACCOUNT RELATED FEES SERVICE FEES Statements Quarterly A record of your transactions is mailed or made available periodically. Copy of Item or Statement $0 For each item or statement. Statement Reconstruction $40 Per hour plus copy fees. A total reconstruction provides copies of all checks and/or statements for one or more statements. Interested Party Statement $0 For each statement sent to a third party at the customer s request. Account Closing $25 If your account is closed within 180 days of opening. Balance Verification Letter $20 $5 For each original letter provided verifying your deposit account(s) with us. For each additional copy. Chargeback $10 For each check or other item that you deposit that is returned to us unpaid. Legal Papers $100 Reconcilement $50 Canadian Check Processed $2 Each Domestic Collection $25 Funds (Wire) Transfer-In $0 Per incoming transfer. Funds (Wire) Transfer-Out Domestic and International Cashier s Check DFT (Commission USD) Protest Letter $20 For each court order, restraining notice, levy or other legal paper that requires us to put a hold on your account or to pay out money from your account to someone else. Per hour if you cannot balance your statement and do not bring it to our attention before you received your next statement, we may charge you an hourly fee to locate the error. For collection of a check drawn against a U.S. institution instead of depositing it to your HSBC account, or when you authorize another institution to close your HSBC account. The fee is $15 if your account was opened and maintained by a branch in the State of California, Washington or Oregon. For applicable transfer fees, please refer to the Pre-Payment and Receipt Disclosures received at the time of your wire transaction. $0 For each U.S. Dollar Draft or Cashier s Check purchased in U.S. dollars. Each. This fee is waived if your account was opened and maintained by a branch in the State of California. Special Statement $6 For each request generated outside the normal statement cycle. Page 2 of 4

6 HOW INTEREST AND APY WORK Interest Rate Changes Annual Percentage Yield Accrued Interest Balance Computation Your interest rate and APY may change. We may change the interest rate, solely at our discretion, at any time. Is based on principal and interest left on deposit for a full 365 day year with interest compounded at the same interest rate. Withdrawal of interest will result in a lower Annual Percentage Yield than stated. Interest begins to accrue on the business day you deposit noncash items (e.g., checks). If you close your account before interest is credited, you will not receive the accrued interest. The Daily Balance method applies a daily periodic rate to the principal in the account each day. HOW DEPOSITS AND WITHDRAWALS WORK The Order in Which Deposits and Withdrawals Are Processed When Your Deposits Are Available (Funds Availability 6 ) Generally for savings accounts, at the end of the Business Day we will complete the following to determine your end of day bank/ledger balance: Start with the bank/ledger balance in your account. Add deposits and credits to your account. Subtract account withdrawals performed at the branch and transaction amounts that were authorized based on your available balance at the time you performed the transaction. Transactions will post in lowest to highest dollar amount. Transactions include ATM withdrawals and online transactions. Subtract all other items in lowest to highest dollar amount. Subtract fees. After completing the steps above to determine your end of day bank/ledger balance, we subtract the amount of any deposit not currently available (refer to the Funds Availability section for more information) and subtract holds from the end of day bank/ledger balance to determine your available balance. Cash deposit with teller or at ATM: Same calendar day the Bank receives the Funds transfers between HSBC Bank USA, N.A. accounts in the same name: Same calendar day the Bank receives the Electronic direct deposit/wire transfer: Same Business Day the Bank receives the Check deposit with teller or at ATM: - The first $200 from a deposit of one or more non HSBC checks will always be made available on the first Business Day after the day of your The remainder of your deposit will be available no later than the second Business Day after the day of your - In some situations, we may notify you after your deposit is made that your funds will generally be available by the sixth Business Day after the day of your A Business Day is every day except Saturday, Sunday and Federal holidays. Page 3 of 4

7 1 BANK RULES This document is part of the Rules For Consumer Deposit Accounts (the Rules ). In case of inconsistency between this document and the Rules, this document governs all inconsistencies except for those in HOW DEPOSITS AND WITHDRAWALS WORK which shall be governed by the Rules. 2 Cards referenced are issued by HSBC Bank USA, National Association ( HSBC Bank USA, N.A. ). 3 Electronic Fund Transfer (EFT) Facility Service Charges apply to your account when using your Debit Mastercard card or ATM card. Mastercard and the Mastercard brand mark are registered trademarks of Mastercard International Incorporated. 4 Currency Conversion on Foreign Transactions If you effect a transaction on your HSBC Bank Consumer Checking or Savings account at an EFT facility with your Debit Mastercard card or ATM card in a currency other than U.S. dollars or effect a transaction in U.S. dollars outside the United States, Mastercard International Incorporated ( Card Association ) will convert the transaction into a U.S. dollar amount. A currency conversion will occur even if the transaction is made in U.S. dollars. Card Association will act in accordance with the operating regulations or foreign currency conversion procedures then in effect. Currently the currency conversion rate used to determine the transaction amount in U.S. dollars for such transactions is either a government-mandated rate or a wholesale rate determined by Card Association for the processing cycle in which the transaction is processed. The currency conversion rate used by Card Association on the processing date may differ from the rate that would have been used on the transaction date or cardholder statement posting date. 5 Foreign Transaction Fee* If you effect a transaction on your HSBC Bank Consumer Checking or Savings account at an EFT facility with your Debit Mastercard card or ATM card outside the United States, the transaction amount is further increased by a percentage established from time to time by us. *This Foreign Transaction Fee does not apply to transactions using your Jade by HSBC Premier World Debit Mastercard card or HSBC Premier World Debit Mastercard card. 6 For complete details, please consult the Rules For Consumer Deposit Accounts which includes the Funds Availability Policy. WANT MORE INFO? SEE THE RULES FOR CONSUMER DEPOSIT ACCOUNTS Page 4 of 4