Best Buy & Geek Squad Policies

[jb2817]

I paid off the balance on my BB/HSBC card on the 1st of Feb. It's now the 8th and my available credit STILL does not reflect my payment. I spoke w/HSBC and got their usual BS response that it could take 14 days!!!!!!! to post as available because my bank could reverse it. I know this is crap because the cutoff time for reversing an EFT is 4 days besides the money is already gone from my account if the funds weren't there my bank wouldn't have released them. I see all these messages from BB from 2 years ago or more that they take their cust complaints seriously and will revisit their relationship with HSBC. Well how many complaints is it going to take Best Buy???? I noticed today that the BB CHASE credit card is ending but not HSBC?!?!?!  To top it off the HSBC rep told me that if I needed to make a purchase I could have the store rep contact HSBC and they would authorize the charge, what the !! If they can do that then just release the darn payment.

[Ryan-BBY Community Connector]

Hello jb2817 -

Melissa from our Social Media team, will be reaching out to you regarding your concern. Thank you for your continued patience!

[CrystalWoW Valued Expert]

That is their policy. It typically takes right at 14 days and to be honest, that is their stated policy so that is what occurs. Best Buy doesn't back the card, hsbc does and they set their policies for payment releases.

[jb2817]

If Best Buy continues to use HSBC then they back this BS by proxy.

[CrystalWoW Valued Expert]

k... I have never used a major credit card that DIDN'T have a payoff hold... Ever. Are they supposed to start up their own credit card company and loan from the register? My bank credit card even has a payoff hold on the amount and any payment over around 500ish-800ish unless I pay it from the same bank's checking account.

[jb2817]

I have no problem with a hold but 14 days is beyond rediculous, the FEDWIRE ( the ACH ) has a cutoff of 4 days!!! I have cards that make your credit avail with 2 days max. If BB continues to use HSBC then they don't give a sh!t about their customers.

[Bob_A]

Crystal said:  

" I have never used a major credit card that DIDN'T have a payoff hold... Ever."

                                   ______________________________________

I don't know what bank Credit Cards you have, with those unusually inconvenient restrictions.  

However, I have Visa and Master Charge Credit Cards that are issued by Citibank, Chase, Bank of America, and Wells Fargo. Every one of those banks gives me either instantaneous or overnight credit for any Online payments that I make from a Wells Fargo checking account. The individual payment amounts that I have made have routinely been in the thousands of dollars. I have never, ever, had a hold placed on any of my Online payments, or telephone payments.  

In fact, the Only time that I have ever even heard of a hold being placed on an Online payment. Has been from reading the many complaints that have been posted in these forums about the 14 day holds that HSBC reportedly imposes.  

I don't know how to explain the tremendous difference in our experiences in this matter. Which sure is peculiar. 

[CrystalWoW Valued Expert]

Capital one and us bank and of course hsbc. If I make a payment that is either the minimum payment or a small payoff, there is no hold. If I make a large payoff as in over 500 or so, it puts at least a 7 day hold for capital one and for usbank, it normally takes anywhere from 10-14 days but is typically higher, like 1000 or more payment/payoff. My usbank card also holds ANY payment for around 3-5 days, even if i paid a dollar. This is avoided when i pay it with my usbank checking account and has always been instantaneous but I don't use that account much so it is inconvenient. I also had a somewhat long hold when I paid off my bank of america card as I was waiting for it to go to full available limit so i could cancel it awhile back and it took almost 3 weeks though it was a decently large sum and was a fairly new account. Last but not least, this isn't a credit card but every time i have paid off a loan through my bank such as an auto loan, there is a 7-10 day hold on the last payment before it actually reduces the amount owed or "posts". My main point is, these are their policies. They are well within their right to make them as such. Just like best buy is allowed to make return policies and abide by them and do business with whomever they choose. if you don't like what a specific credit card company does, use your own credit card or better yet, pay cash. By doing business with a company or using a companies credit card you are agreeing to abide by their policies. If you don't want to, don't use them.

[APR28]

I have credit cards from Chase, Citibank, Capital One and Discover.

I have made payments in excess of $2000 at times from my small credit union online bill pay and my payments have posted in one day and credit was instantly available.

Maybe I'm missing something here but isn't HSBC known for being a bad credit bank? Most clients tend to be bad credit people? I'm guessing they will be a little more predatory with customer unfriendly policies because of the risk they have.

[jb2817]

Not sure if HSBC only deals with high risk customers, my rating is in the 7's. I am just surprised at the "whatever just deal with it attitude of BB and these so called valued experts who respond to their customers questions/complaints. Just about every response from them is a typical boiler plate answer. "please understand that best buy doesn't have anything to do with HSBC and their policies, blah blah blah ad nauseum" They meaning Best Buy just don't care.