HSBC recently announced that after careful consideration they would be initializing the shutdown of their consumer finance business in Canada because it no longer supports their bank’s growth strategy. Because of this decision HSBC will not be accepting new loan applications but will currently continue letting their customers make purchases on their retail credit cards. HSBC says they are committed to providing the same service as previously experienced during the closing days and have provided strategies to ensure their customers are able to easily make payments on their existing loans and debts.
For people looking to make retail credit card payments much won’t change. You will still be able to put a payment on to the credit card from your online banking account or through an ATM or wicket as a bill payment using your credit card number as the account number.
Similarly for people who have mortgages or loans HSBC suggests setting them up as a payee using your 15 digit mortgage number as your account through online banking. Provide the 15 digit mortgage number to a wicket in order to apply a payment. Or set up a pre-authorized debit (again) by having your bank account number, institution code, and transit number.
It is always wise as a consumer to double check your account numbers, especially if you are making online payments, and call to check that the payments have been received and applied. In situations like HSBC’s current one there is an increased opportunity for people and accounts to get lost in translation so make sure to safeguard yourself, and your credit score, against human errors that are more likely to occur in a time of change like this one.
For mortgage or loan help contact: 1-888-318-0271
For retail credit card help contact: 1866-913-5849