HSBC No Monthly Fee Small Business Banking with HSBC Business Direct HSBC Business Direct Small Business Banking
get this dealthis offer is expired
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
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View allRBC Small Business eAccount
Designed with e-savvy small businesses in mind, this account is ideal if you prefer to bank through self-serve, electronic channels2 such as RBC Online Banking and RBC Royal Bank ATMs.
Unlimited electronic transactions, when you choose to bank at RBC Royal Bank ATMs, Online, or using your mobile device.
No monthly fee, no minimum balance required
Service and support 24/7 from dedicated small business advisors
RBC Website with eAccount information
1. The No Monthly Fee part will not be affected.
2.There is a slight change in per item fees http://www.hsbc.ca/1/PA_1_083Q9FJ08A002 ... e-fees.pdf
3. I have a concern about online banking.
The current HSBC Bussines Direct OLB offer looks like this (from pg 3 of http://www.hsbc.ca/1/PA_1_083Q9FJ08A002 ... ges_en.pdf ):
Business Internet Banking Basic Service is included (value of $30 per month) featuring:
Account Balance
Transaction History
Bill Payments
Transfer Between Accounts
Access to Cheque Image and Stop Cheque (see additional fee information below)
Plus:
Optional free upgrade to Full Service (value of $60 per month) to provide access to wire transfers
However the commercial service fees look like this (from pg 3 of http://www.hsbc.ca/1/PA_1_083Q9FJ08A002 ... s_en.pdf):
Business Internet Banking
With Business Internet Banking, you can access your
accounts online. You can also issue financial instructions,
such as wire transfers and bill payments.
Select the online service bundle that is right for you:
• Monthly fee for Inquiry-Only Service ................ $15.00
• Monthly fee for Basic Service .......................... $30.00
• Monthly fee for Full Service .............................. $60.00
So either we end up keeping Online Banking but loose ability of online wires....or we end up having to shell btw $15-60/month for OLB
4. The only other aspect affected would be EFT for anyone using the feature which currently looks like this (pg 3 in http://www.hsbc.ca/1/PA_1_083Q9FJ08A002 ... s_en.pdf):
Electronic Funds Transfer
HSBC Business Direct includes the option for an Electronic Funds Transfer solution7with the set up
fee (value $150) and EFT monthly fee (value $55 per month) waived.
Other standard EFT service fees will apply.
Likely a $55/month if you use EFT after Jan 1, 2013
If the online banking part can be figured out without a fee....the rest of the acct is more or less intact ....
I just got a letter with my HSBC business direct statement saying that effective Jan 1 2013, any HSBC Business Direct account with special pricing arrangements for banking fees and charges will be charged "HSBC's standard fees and charges as disclosed in our Business Service Charges / Statement of Closurure". Upon entering the link provided at www.hsbc.ca/commericalservicecharges website it does not show anything but direct to the main page .
So does this mean that the business direct account is going to charge monthly service fees at $22.50 like their Business Advantages?
Even tho RBC offers $0 monthly fee.
I think their services are actually more expensive? especially with no web-based wire capabilities.
Which means I will probably have to visit the branch (pay service fee) with wiring fees on top of it. Not to mention its not too convenient.
Man.. this sucks. I think i might be forced to sign up with HSBC Business Vantage in this case @ $22.50 per month.
Just curious.... are bank expenses (like the $22.50/month fee) deductible?
Thanks
Credits:
-Direct Deposits to the Acct (Payroll, EFT, EMT, electronic transfer from another RBC acct, electronic transfer from another bank with the option like ING): Free
-Cheque Deposits at ATM: $0.20/chq deposited
-Cheque Deposits at Branch: $3.50 per visit + 0.20/chq deposited
-Cash Deposits at ATM: $2.15 per every $1000 deposited
-Cash Deposits at Branch: $3.50 per visit + $5 per every $1000 deposited
Debits:
-Direct Debits (Withdrawals at ATM, POS Purchases, Preauthorized Payments, Online Bill Payments, Electronic Transfers from this acct to another RBC acct): Free
-Debits to pay Employee/Vendor Acct at other FI: See http://www.rbcroyalbank.com/business/on ... ndors.html
-Cheques written on Acct: $1.50/chq
-Withdrawals at branch: $1.50/withdrawal
No Web-Based Wire capabilities for the Business Accts.
That said ... it's probably your next best bet if you don't have the HSBC Business Direct Acct already...
Does that mean that If I ever want to go with HSBC business, it will have to go with their business vantage account, which is $22.50 per month?
Otherwise, I would have to go with royalbank, if i want something similar as the old hsbc directbusiness account?
thanks
Oh man.. i hope i am not too late to setup an account. I hope to go with HSBC.
Even tho techfox suggested that royalbank seems to offer something similar as well.
EDIT: I google'ed and found the following link:
https://www.hsbc.ca/1/2/zh_en/business/ ... s-accounts
It seems like it still exist, but doesnt show if you go hsbc.ca directly?
(that page is not a cache page neither, and its a live site... so i dont know whats going on, why they hiding it etc.)
Hi Jason,
1. When I signed up it did take me about 2 weeks to be fully set up. I don't know about now. I had a friend recently apply and he got refused. So maybe aximrocks is right and they have discontinued the account?
2. Yes, I currently have a CAD and a USD business direct accounts. They're separate accounts holding the respective currencies.
3. I don't know I have a CAD credit card with them but don't know if they have a USD one too.
They have 2 pretty good ones (free) and $6/month.
http://www.rbcroyalbank.com/business/ac ... count.html
http://www.rbcroyalbank.com/business/ac ... count.html
How long does the entire process usually take? from registration online till i have my account setup?
I was reading your previous post and it seems to take around 2 weeks? (but thats was when business direct first got started).
Any idea if its faster nowadays?
2. Does HSBC business direct account holds different currencies? Most of my incoming wires are USD.
3. does HSBC offers any USD credit card? I know TD Canada offers boarderless plan + USD credit card. I didnt looked into HSBC much,
but of course, I would prefer to have all my business banking in one place if possible (not like that TD USD credit card offers any benefits anyways).
Thanks again
Sorry I don't check the forums often enough or I would've answered faster (I've had a business direct account now for a little over 2 years, so I'm very familiar with it and I've been an avid supporter of it here on the forums as it really is a great match for my case).
You are correct on the wire fees. You have fees for both incoming and outgoing wire transactions. How much would depend on where it is coming from I think (country and bank).
Same with outgoing.
Transactions between HSBC Canada banks are usually free, incoming and outgoing. It costs me $10 to do a wire internationally to any other HSBC branch, never had one incoming so I don't know that. The fee is different if you're doing wire transfer between your account and another bank within Canada, and the fee is also different for wire transfers internationally (that are not destined to a HSBC account worldwide).
There is no fees applied to paying bills. Those are free.
So.. is HSBC direct still the best option in general?
I looked into their 'charges' pdf and it costs $15 to receive incoming WIRE (from another country & bank). is there any way to get around that?
Also, I read a couple of posts above about 'charges' for getting money out.
Does this apply to paying bills (such as internet fees, credit cards (from another bank) as well?)
Thanks
I was able to link this account with my manulife bank account, to use as a savings vehicle, since interest is 1.5%. I was not charged any transfer fee.
Nopes. There's no mimimum balance.
This is correct and only incurred if you use the actual teller to deposit the cheque. However, you are entitled to 25 free cheque deposit per month via the ATM.
It is really $5 per transaction. But why go to the branch? There's an ATM right at the entrance of every branch!
My branch is usually extremely busy at the counter anyway so I'm super happy just dealing with the ATM.
I'm starting my 3rd year with this account and I'm very happy.
wow $5 per transaction.
Compare that to the free account in branch and online with BMO ?(if you park $4000 there)
Is it really $5 per transaction?
I just applied for this account yesterday (over the phone) as I'm just starting a consulting business.
My credit is above average/excellent, my sales will be less than $1M and yet they declined me.
I asked why, but the response was the front line just gets a yes / no answer and the underwriters
"reserve the right to keep it to themselves"
Anyway the BMO chequing account for small businesses waive teh $10 fee if you keep $4K or more in
the account, so I will go with that.
Disappointed though.
Thanks ... will definitely give them a call.
So the acct. number is split like XXXXXX-XXX on the MICR encoding for your cheques too (my acct. opening paperwork shows a 6 digit number... whereas my first statement does indeed show xxxxxx-001 (with 001 appended at the end of the acct #).
Mine is nine digits, on the cheque. If you look at your Business Direct statement, your account number should be in the form of 880-XXXXXX-XXX.
HSBC told me to append "10" in front of the "880" to give me a transit number of "10880". The last nine digits of the account number (on the statement) is my account number for the cheque, including all of the leading zeros.
HSBC's institution code is "016", and the branch address for the cheque is the "Gilmore Way" address printed on the statement.
Transit: 10880
Institution: 016
Account: XXXXXX-XXX (9 digits)
In any case, you may want to double-check with the HSBC call centre before you order the ASAP cheques.
What other things have people done in terms of getting cheques?
I am thinking a Direct Debit/Deposit form plus this http://www.hsbc.ca/1/2/en/business/busi ... -standards will work but from what I notice my account number is only 6 (not 7 digits)...
I was told by Ally that their accounts aren't for business use, but I don't see how they would know. I would've assumed that using Ally or ING to transfer money from HSBC would require EFT; are you not incurring EFT charges from HSBC?
ING has a business savings account, so I would think you'd be able to use them with this account.
Guess if ING does not work, I also have Canadian Tire bank but if both don't work then I guess it isn't much use for me.
Not a big deal anyway since I only pay GST once a year so mailing a cheque is fine.
However, I was able to create an external account link with my Ally Personal Savings that only required online test deposit verification. Since then I have been depositing and withdrawing HSBC funds through my Ally account for Free.
I tried the same with ING but was declined due to the fact business to personal account links aren't allowed.
Is there a way to transfer money to this account without a fee? Or can I set up one of my savings accounts (ING) to transfer money to here?