'30 Day Service Pledge'

Do I have to subscribe to the ‘30-Day Service Pledge’ programme?

No separate subscription is required. Customer purchase eligible banking and insurance products will be entitled for this offer automatically.

What products / services are covered under the ‘30-Day Service Pledge’ programme and what fees and charges are applicable for the refund?

Is there any quota on claim for fee refund / waiver under ‘30-Day Service Pledge’ programme?

No. There is no limitation on the number of request for fee refund / waiver under the ‘30-Day Service Pledge’ programme. However, the bank reserves the right to reject the request when there is abuse claim of fee refund / waiver or it is not legitimate.

Who will be eligible for the 60-Day Service Pledge?

Customers who have reached the age of 65 and above on the date of product purchase or service application (‘senior customers’) are eligible for the additional 30-day period, which means they can submit the refund / waiver request within 60 days of successful purchase of eligible products.

Remarks: 

• For Life insurance, customer mentioned above refers to ‘Life Insured’ of the policy.
• ‘Additional 30-day refund’ is not applicable to Personal Instalment Loan.

If I apply the product in joint account and I am 65 and above, yet the other account holder is below 65, which refund period would be applicable to my refund / waiver request? And who is eligible to apply for this refund / waiver request?

The 60 day refund / waiver period will be applicable in this case. The request can be submitted via either joint account holder, except for both-to-sign joint account which would require both parties to submit the request.

How do I count the 30 or 60 days for submitting refund / waiver request?

These 30 or 60 days refer to 30 or 60 calendar days respectively upon the purchase of eligible banking and insurance products.

Remarks:

• For Personal Instalment Loan, it is 30 calendar days from initial loan drawdown.
• For Insurance, it is 30 calendar days from the policy delivery date or the delivery of a notice informing the customer about the availability of the policy and the expiry date of the Cooling-off Period, whichever is the earlier.

What channels can I submit the fee refund / waiver request?

Customer can submit his / her refund / waiver request at our branch.

When will I receive the refund upon submitting the refund / waiver request?

The refund / waiver of specified fees or premium will be made within 30 days from receipt of the refund / waiver request by HSBC or collection of the relevant fees or premium, whichever is later.

I have received promotional offer for the purchase of an eligible product / service and subsequently request to cancel the purchase and apply for refund / waiver under the Programme, do I have to return the promotional offers to HSBC?

Yes. In this case, customers shall return the promotional offers to HSBC unused and in good condition. 

I have FundMax account, can I also raise refund request under this ‘30-Day Service Pledge’ programme?

Unit Trusts subscribed through the FundMax account is not eligible under this ‘30-Day Service Pledge’ programme because FundMax account is charged with a monthly account fee which is calculated based on the average holding balance of all funds in the account instead of individual fund holding. Also, initial charge and switching fee are waived for subscription or switching using the FundMax account.

When can I get my fee refund?

The fee refund will be made within 30 days from receipt of the request by the Bank or collection of the relevant fees or premium, whichever is later.

Remarks:

For Securities Margin Trading Service Account, the safe custody fee is due and payable on a monthly basis by 1st of the following month. If customer closes the account and raises the claim request before a payment due date (before 12 noon of the last day of the month), that coming safe custody fee would be arranged in way of a waiver, i.e. no safe custody fee has been collected prior to the claim request, then the fee refund will be zero under this circumstance. If safe customer fee has been collected prior to the claim request, then the collected fee will be arranged in a way of a refund.

Regarding Stocks Monthly Investment Plan & Unit Trust Monthly Investment Plan, can I ask for a fee refund / waiver for my ‘one-off top-up contribution’ under the ‘30-Day Service Pledge’?

You may ask for a fee refund / waiver for your regular or ‘one-off top-up contribution’ for the first time upon plan setup. Any subsequent top-up contributions, either one-off or regular, are not considered as setup of new plan and hence not eligible for a fee refund / waiver.

I have setup several Stocks Monthly Investment Plans, can I choose to terminate only one of the plans and request for fee refund under ‘30-Day Service Pledge’ programme?

Yes. You can choose to terminate only one or some of the plans and request for fee refund.

How can I know the exact amount of fee to be refunded / waived concerning unit trusts?

The initial subscription fee or administration fee, whichever applicable, is stated in the contract notes issued for your subscription of unit trusts / funds. If the currency of the fee is not the same as the denomination of the settlement account as specified for receiving the refund, the fee refund amount will be converted into the denomination currency of the settlement account at the prevailing exchange rate as determined by the Bank.

If I incur any exchange rate loss from the service charges being converted into fund currencies during purchase / sales or denomination of the settlement account during the refund, will these losses be covered as well?

No, these exchange rate losses are not covered under this ‘30-Day Service Pledge’ programme.

Can I cancel the policy within the ‘30-Day Service Pledge’ period for any reason?

You can cancel your insurance policy within 30 days (for general customers aged below 65 on insurance application date) or 60 days (for senior customers aged 65 or above on the insurance application date) from the policy delivery date or the delivery of a notice informing customer about the availability of the policy and the expiry date of the Cooling-off Period.

How long and in what form will I receive my premium back? 

Traditional life insurance products shall take no longer than 4 business days after submission of request while investment-linked products will take around 8 business days after request submission. HSBC Life (International) Limited will credit the premiums back to customer's HSBC account or HSBC credit card account. If neither account is provided, HSBC Life (International) Limited will send cheque to customers.

If handling fee has been charged to my loan upon loan drawdown, can I get any refund if I repay the loan within 30 days after loan drawdown?

The Bank will waive the early repayment fee, but the handling fee (if any) charged to your loan upon loan drawdown would not be refunded.

I have just redrawn my Personal Instalment Loan, shall I be entitled to the early redemption fee waiver if I repay the loan within 30 days after redrawing?

No, the ‘30-Day Service Pledge’ programme is applicable to new Personal Instalment Loan applications only. Loan redraw from existing Personal Instalment Loan is not applicable.

What benefit does the mortgage offer ‘30-Day Service Pledge’ programme provide?

If eligible customers fully prepay the HighAdvance Mortgage with our bank within 30 days from the date of drawdown, the full prepayment administration fee will be waived.  Other fees and charges will continue to be paid by customers as usual. 

Will other fees and charges be waived by HSBC?

No.
Customers shall repay to HSBC the following as stated in the terms and conditions of the related facility letter:

Other fees and charges that are for account of the customers (including but without limitation to Mortgage Insurance Premium collected by HSBC and paid to HKMC Insurance Limited, or all reasonable costs and expenses such as legal fees) will not be refunded or waived by HSBC. For details, please contact any HSBC branch.