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HSBC

No Monthly Fee Small Business Banking with HSBC Business Direct

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HSBC Business Direct Small Business Banking
If you're a small business looking for a good banking solution, HSBC has emerged with a very strong offering called HSBC Business Direct. According to HSBC, it provides "all the services and transactions a typical small business needs to manage its day-to-day banking". Here's an overview:
  • No monthly fee
  • Unlimited free Business Internet Banking, ATM and Business Telephone Banking, including free transfers, bill payments and electronic deposits and withdrawals
  • 20 free cheques deposited per month
  • Write up to 20 cheques free per month
  • 24/7 automated assistance from the HSBC Business Centre
  • Access by phone to Business Direct Relationship Managers
  • Free Business Internet Banking upgrade to international wire capability
Cheques written after the free 20, activities at branches, and currency deposits can still incur fees (more details can be found on the HSBC Business Direct FAQ page), but the core features of this offering are impressive. For applicable small business, this is a pretty hot offer!
Source: Source: iceage via the Entrepreneurship & Small Business Forum

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  • AVATAR
    • petieboy
    • Surprised more people didn't comment on this.

      Free online/ATM banking if you have < 20 transactions per month:

      HSBC Business Direct offers you all the services and transactions a typical small business needs to manage its day-to-day banking, including:

      • No monthly fee
      • Unlimited free Business Internet Banking, ATM1and Business Telephone Banking, including free transfers, bill payments and electronic deposits and withdrawals
      • 20 free cheques deposited per month
      • Write up to 20 cheques free per month
      • 24/7 automated assistance from the HSBC Business Centre2
      • Access by phone to highly trained Business Direct Relationship Managers who can help you achieve your business goals
      • Free Business Internet Banking upgrade to international wire capability3

      • Transaction fees:

      • For each cheque after 20 written per statement cycle: $0.85/US$0.85 (for US dollar accounts)
      • Activities performed at a branch: $2.50/ US $2.50 (for US dollar accounts) per visit, plus applicable transaction fees
      • Bill Payments made at a branch: $2.50 /US $2.50 per payment
      • Standard wire transfer fees apply

      • Deposit Content Fees:

      • Currency deposits, per $1,000: $2.50/US $2.50 (for US dollar accounts)
      • Coin deposits, per $100 (rolled or loose): $2.50/US$2.50 (for US dollar accounts)
      • For each cheque on deposit after 20 per statement cycle : $0.18/US$0.18 (for US dollar accounts)
      Perhaps not as good as Buduchnist but certainly competitive for a major banking institution.

      To be eligible for the account your business must have annual sales of less than $1 million.

      More info
  • AVATAR
    • iceage
    • anybody has experience with their new service?
  • AVATAR
    • Fp1
    • anybody has experience with their new service?
      Interested in learning about people's experiences.
  • AVATAR
    • Right on time
    • Just received their checking account bonus gift for opening a business checking account, not bad....... not sure they still offering this now, you have to have a HSBC MasterCard BusinessCard Card and enroll in Rewards program .....
  • AVATAR
  • AVATAR
    • jyeung
    • HSBC has done a damn good job with this package. It's probably the most competitive out there in currently among major banks.

      - Jason
  • AVATAR
    • iceage
    • i opened a td business account, maybe i will open a biz account with hsbc later.
  • AVATAR
    • torlou
    • My wife is signing up for this account literally as I type this message. I will follow up with greater details when she is finished.

      Thanks OP for the post.
  • AVATAR
    • M08006899
    • i opened a td business account, maybe i will open a biz account with hsbc later.
      • No monthly fee

      They did specify fees (nil) per month, the included transaction limits and overage charges.
  • AVATAR
    • iceage
    • as long as you have certain balances on your account, td also waives monthly fees.
  • AVATAR
    • nitinsood
    • as long as you have certain balances on your account, td also waives monthly fees.
      Minimum balance requirement is at least 8K/month for their lowest pricing tier. The minimum goes up as you look at more transactions/month (pricier tiers). The minumums are the same for both USD and CAD business accounts.
  • AVATAR
    • iceage
    • Minimum balance requirement is at least 8K/month for their lowest pricing tier. The minimum goes up as you look at more transactions/month (pricier tiers). The minumums are the same for both USD and CAD business accounts.
      may switch canadian dollar checking account to hsbc later, dependent on the feedback from you guys
  • AVATAR
    • atish
    • Based on my low transactions and the fees involved, I am going to switch from TD to hsbc, will post my experience soon
  • AVATAR
    • bfr
    • A little late to the thread, but this is awesome news for business banking in Canada. Does anyone know if you can pay payroll and corporate income tax through this online, and if so, for free?

      It annoys me incredibly that every time I make such a payment on cibc it's $2.
  • AVATAR
    • Islington
    • A little late to the thread, but this is awesome news for business banking in Canada. Does anyone know if you can pay payroll and corporate income tax through this online, and if so, for free?
      Yes, although you'll still have to pay similar fees: $25 for the initial setup, plus $2 per payment (although no debit fees on the chequing account) or $2.75 per month in maintenance fees (if you make no payments that month).

      Look here for more details.
  • AVATAR
    • smokescreen15
    • Since completing the application for a Business Direct Account in December I am still waiting on the branch to contact me.

      The delay is getting a bit ridiculous. Speaking with their small business reps on the phone (who I call twice a week) it appears there's a huge backlog.

      I guess alot of people are looking to take advantage of this great offer.
  • AVATAR
    • sunnyd71
    • Since completing the application for a Business Direct Account in December I am still waiting on the branch to contact me.

      The delay is getting a bit ridiculous. Speaking with their small business reps on the phone (who I call twice a week) it appears there's a huge backlog.

      I guess alot of people are looking to take advantage of this great offer.
      Took a long time for me as well. The reason was actually because of confusion and a red flag being lifted on my account due to my HSBC Business Banking Rep and myself having the same First, Middle and Last Name. That was good for a laugh.
  • AVATAR
    • smokescreen15
    • Took a long time for me as well. The reason was actually because of confusion and a red flag being lifted on my account due to my HSBC Business Banking Rep and myself having the same First, Middle and Last Name. That was good for a laugh.
      What are the odds of that? lol are you distant cousins?
  • AVATAR
    • CanRulez
    • Any other feedback from others out there on the HSBC Direct account?

      I'm also looking for a cheap (free if possible) business account so this would work well, provided there are no hidden fees...

      Thanks!
  • AVATAR
    • brute33
    • got a call from the local hsbc branch. i made an appt this friday to open my account. I will let everyone know how it goes.
  • AVATAR
  • AVATAR
    • smokescreen15
    • Finally got my Internet Banking package in the mail today. Setup and good to go....fingers crossed that I'm finally done.

      So the time between initial app, signing documents, setting up Debit Card and having the account opened?

      52 Days....

      Thats disappointing, but with the money saved its worth it.
  • AVATAR
    • jackie_sean
    • could anyone shed some light and explain why is this type of account such a big deal, and how does it differ from other banks ?
      thanks.
  • AVATAR
    • Sean_A
    • could anyone shed some light and explain why is this type of account such a big deal, and how does it differ from other banks ?
      thanks.

      Because it doesn't have any monthly payments. All other banks charge you a monthly fee to keep your money.
  • AVATAR
    • smartAdmin
    • Wow - this is exactly what I was looking for.
      Anyone else have experience with this offer?

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