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HSBC: the not-so local bank?
HSBC has reportedly said that it is hoping to concentrate its business on high-earning customers.
October 6, 2009 4:14 by Aarti Nagraj
“Before, you could open an account regardless, even with an income of AED3,000,” she said. “Now clients with a monthly salary of around AED18,000 only get a personal account with an ATM card and access to Internet banking.”
Srikantan tells Kipp that the bank does change its eligibility criteria from time to time.
“For personal loans, credit cards and auto loans, HSBC has increased its salary cut-off to AED20,000 per month,” he says. “These measures will help to ensure that customers receive loans that they can afford to repay at a time of considerable uncertainty around the world.”
A call to the HSBC call center confirmed that customers earning below AED20,000 can still open accounts, and will also have access to facilities such as ATM card, cheque book, phone and Internet banking services.
The HSBC representative added that a person earning less than AED10,000 would have to maintain a minimum balance of AED5,000, failing which he or she will be fined AED100 per month.
Do you think HSBC is justified in supporting its richer customers? Or do you find its practices unfair?
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