- 1. Does HSBC Direct provide a passbook?
- 2. Does HSBC Direct Savings Account provide bill payment services such as card bill payment and utility bill payment?
- 3. Can I use my HSBC Direct Savings Account to arrange automatic transfers to other bank accounts?
- 4. Does the HSBC Direct Savings Account have an overdraft facility or deposit backed loan option?
- 5. Is the HSBC Direct Savings Account insured by KDIC?
- 6. Is there a minimum balance requirement to open a HSBC Direct Savings Account or to obtain the APY for the interest period?
- 7. How is interest calculated on my HSBC Direct Savings Account?
- 8. How do I close my HSBC Direct Savings Account?
- 9. If I close my HSBC Direct Savings Account before the 28th of the month, let’s say the 15th, how will interests be calculated?
- 10. Are SMS text messaging services offered free of charge?
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 Does HSBC Direct provide a passbook?- Sorry, because HSBC Direct Savings Account is a direct banking product, we do not provide you with a passbook. But you can check and manage your account whenever you want via the HSBC Direct website. We also send you a certificate of balance upon your request, and you can request the certificate of balance at HSBC Branch as well with KRW 2,000 service fee.
- Does HSBC Direct Savings Account provide bill payment services such as card bill payment and utility bill payment?
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HSBC Direct provides Cash Management Services (CMS) to make your bill payment and fund collection arrangements more easy and convenient. With CMS, customers will be able to assign their HSBC Direct Savings Account as a payroll account, credit card bill payment account or fund pooling account. They may also use their HSBC Direct Savings Account as a reimbursement account for health care bills and taxes. Bellow is a list of some of the functions that you will be able to enjoy with our Cash Management Services.
- Assign your HSBC Direct Savings Account as a payroll/bonus account
- Assign your HSBC Direct Savings Account as a credit card bill payment account
- Assign your HSBC Direct Savings Account as an account to pay mobile phone bills, insurance premiums, donations and tuition fees automatically
- Assign your HSBC Direct Savings Account to pay interests on HSBC loan products
- Assign your HSBC Direct Savings Account as a reimbursement account
- To set up automatic payment and collection arrangements with institutions which accept HSBC Direct Savings Account as a payment account
Please contact respective institutions beforehand to make sure they provide Cash Management Services to HSBC Direct.
- Can I use my HSBC Direct Savings Account to arrange automatic transfers to other bank accounts?
- Yes, you can set up automatic transfers from your HSBC Direct Savings Account to other bank accounts.
But the transfer amount should be available in your HSBC Direct Savings Account prior to 8:00 a.m. on the designated transfer date in order for automatic transfer to occur.
If the designated transfer date falls on a holiday, transaction will occur on the next business day.
- Automatic transfers may not be possible if the relevant deposit account is a virtual account or the account has a limit on possible transfer hours.
- In this case, you can use real-time transaction service after checking with the relevant financial institution.
- Does the HSBC Direct Savings Account have an overdraft facility or deposit backed loan option?
- At present we do not provide HSBC Direct Overdraft and Deposit Backed Loan service. For further information on our products and services, please refer to our website.
- Is the HSBC Direct Savings Account insured by KDIC?
- Yes, the Korea Deposit Insurance Corporation (KDIC) provides insurance on deposits in HSBC Direct Savings Account up to KRW 50 million per depositor.
- Is there a minimum balance requirement to open an HSBC Direct Savings Account or to obtain the per annum interest rate?
- No minimum balance is required to open an HSBC Direct Savings Account.
- How is interest calculated on my HSBC Direct Savings Account?
- At the 28th day of every month, the interest that you have accrued gets added to the total account value and is used as the basis to calculate next month’s interest. Interest is paid from the date the first deposit is made into your HSBC Direct Savings Account (or previous settlement date) to the day immediately preceding the settlement date or payment date and multiplied by the ending balance of each day.
- How do I close my HSBC Direct Savings Account?
- In order to close your HSBC Direct Savings Account, you will need to complete a face-to-face Personal Identity Verification with one of our HSBC Direct Banking Specialist by making an appointment via our Call Center or by visiting your nearest HSBC Branch. Your account closing request will be processed on the same day if you visit the HSBC Branch during business hours (Monday to Friday 9:00AM ~ 4:00PM).
- If I close my HSBC Direct Savings Account before the 28th of the month, let’s say the 15th, how will interests be calculated?
- Interests will be calculated on the day you close your HSBC Direct Savings Account.
- Are SMS text messaging services offered free of charge?
- Yes. It is free of charge.
HSBC Direct provides you with free SMS services on transaction above KRW1,000,000 and interest above KRW1,000 (after tax). If you want SMS services for small transactions, please contact the HSBC Direct Call Center at 1544-3311.
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