Best Buy & Geek Squad Policies

[Pip]

Hello, all!

I would like to share my experiences with any of you who happen to be considering a Best Buy/HSBC credit card.

I made several purchases using my new card, and then sent in a payment for the full balance using HSBC's website.  It was an electronic payment, and I made it on 4/27.  The funds were removed from my bank account on 4/28.

4 days later, when I checked the website to make sure that the payment had been applied, I discovered that although the payment transaction had been logged, HSBC had put a hold on my account for one dollar less than the payment amount.  I called their customer service line to ask about it, and was told that my payment would be held until May 8th!  That means that my money will be locked in limbo for the better part of two weeks.  Since my available credit was not updated, the upshot is that I am deprived of my money for that time, and HSBC gets to draw interest on it.

I was told that it was probably because I am a new customer, and that it's an industry-wide practice.  That turned out to be false information, because a little research on the 'net has turned up quite a few instances of long-time cardholders suddenly having 14-day holds put on their payments, with no warning of a policy change.  Some of them have even been charged late fees because of it.  This is something that HSBC has cooked up for reasons about which I could only speculate.

I am very careful with my money and my credit these days, and so having to wait weeks for my payments to be applied is completely unacceptable.  Let me be clear--I have had only good experiences with Best Buy.  But the company needs to be a little more careful about its business partners, because HSBC is going to damage Best Buy's reputation with seedy, senseless behavior like this.

Just a word to the wise ... 

[Sassums]

I have seen this as well, with a normal Best Buy card, I can't remember why exactly, but my story is a bit different.

I made a payment, which cleared on the car, however, it still stated I was over my limit, and I could not use my card.

I called and they stated the card would be locked for 14 days until they verified with the bank that I was actually paying them with real funds.

Not sure why it took so long, but it did, and in the end it was okay.

[techy101]

Credit Card companies have turned into the scum of the retail world, practices like this are sickening, and will hopefully change when the new rules take effect in 2010.

BUT, they are governed by rules. They can not change thing without notice. The stupid side to this is what they define as notice. There are many little tricks to get around things, but the information IS provided to you. 

Did you read (and understand) your credit card agreement cover to cover before signing it? This will have either been noted in there, or in one of those little envelopes you get with updated terms that most people just throw out. If it is in there though, they don't have to spell it out clearly, so it may very well say something like they reserve the right to administer a waiting period on payments for funds verification or some other nonsense like that. 

It stinks, and many people have been caught by these sneaky practices, and they're likely to only get worse until the new rules take effect next year. 

But as I have said in a few other posts, it is our, the consumer's, responsibility to read and understand everything before we sign our name. The sales people are under no obligation to explain all of the terms and conditions, and they are working in the best interest of the store, not in your best interest. Plus, it can be fun to annoy the sales staff by sitting there for half an hour reading everything. It never ceases to amaze me how often they tell me that no one has ever done that, and then try to convince me that it's not needed. 

While the credit card companies have these terrible, shoddy, and soon to be illegal business practices, the blame ultimately lies on our shoulders for not knowing exactly what we're signing. They make it hard by having novel-length CC agreements and so much legalize it's almost impossible to understand. But if you do not fully understand the contract you are signing, it's worth the money for an hour of time with some legal council to go over it with you. If you hire them, they are working in your best interest, not the stores.

People get mad at me for saying this, and say that I am just defending the CC companies or BB. Neither is true. I find the CC practices to be despicable, and the employees poor understanding of the CC they sell to be poor business practice. My point is simply that it is no one else's responsibility to make sure we understand the contracts, or to decide if the contracts benefits will outweigh it's risks. If we put our names on it, it becomes problem, and our responsibility.  

Unfortunately, no one has your back like you do.

[Elizabeth-BBY Community Supervisor]

Hi Pip,

I've asked Sarah, one of our Community Connectors, to review and respond to your concerns.  You should hear from her within the next few business days.

Thanks for posting!

[josiahlo]

I've had my BestBuy Mastercard for about 2 months now and I'm having the same issue.  My first payment for a $100 went through immediately and showed up in my available credit but both of my larger payments they've held for 14 days exactly.   They told me in a email that its to make sure the money is actually available in my bank account.  I know this is not true because it clears from my bank in 3 days at most (verified this online and on the phone through my bank).  So for a minimum of 10 days HSBC has my money because its been removed from my bank account.  

This is my personal opinion, and in no way reflects Best Buy, or Best Buy as a company

[Sarah-BBY Retired: Community Connector]

Hi Pip,

I am very sorry to hear of your dissatisfaction over your Reward Zone MasterCard.  It appears you are aware that HSBC is a separate company from Best Buy® whereby they provide credit card services to our customers.  However, Best Buy® strives to offer our customers the highest level of customer service possible, and we expect the same from those companies with which we have special working relationships.  Therefore, I will make sure this information is reviewed for future quality purposes. 

Additionally, when researching the matter I was advised that the bank has payment holds for a number of reasons to avoid risk.  However, I also obtained some information I think will be very helpful for you!  Please refer to the private message I have also sent you for more information.  You can check your private messages by first logging into the forum with your username and password, and then clicking on the envelope in the upper right-hand corner of the page.

 

Thank you and have a great day!
Sarah

Community Connector

Best Buy® Corporate

[josiahlo]

Just an update--I found out if the payment is $100 or less that it goes through immediately.  I've tried this three times and every time its gone through the same day or the next day.  No one from HSBC customer service told me this but just happened by accident when I made another payment for $100 and noticed it went through immediately.    I'll just have to spread my payments out heh

This is my personal opinion, and in no way reflects Best Buy, or Best Buy as a company