Mar 27 2010

How to Close an HSBC Advance Online Savings Account

Posted by Simon Zhen in Banking
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Although HSBC Direct (which is now dubbed HSBC Advance) has never treated me bad, my plan to simplify, automate, and consolidate my finances has led me to close my HSBC Direct Advance online savings account. It was actually easier than expected and went smoothly – taking only a few minutes of my time.

Steps to Closing Your Account

Download any past account statements. It is always a good idea to keep a record of the financial transactions should you need it later – because you won’t have access to them after the account is closed.
Retrieve or transfer any remaining funds. A financial account is never officially closed if there is still an existing balance. You most likely have a checking account linked to the online savings account. Initiate a transfer to your checking account.

Note: HSBC Advance has a $10 transfer limit. Since I had so little in the account (most of my money is in my ING Direct account), I moved money to HSBC Advance so that I could meet the transfer limit.

Another option is to have them send you a check for the remaining balance (when requested in the next step).
Send your request via the BankMail feature. On the left panel when you log in, you’ll find “BankMail”. Select “Other” as your message subject. Simply write:

I would like to close this account. (Please send me my remaining balance in a check – if needed.) Please send me confirmation when account closure is complete. Thank you.

No need to give a reason – they don’t need one nor will they ask for one.
Wait for a letter in the mail. If you’ve signed up for electronic statements, then the account closure verification letter would come in the form of snail mail. It’ll state “CLOSED” in the white space under all the numbers.

I’ve got nothing bad to say about HSBC Advance. It was a quick and simple process – as opposed to the many horror stories I heard about others trying to close their bank accounts.