【HSBC】HSBC Branches to Charge $5 Fee per Check Deposit at Counter Starting May – See Which Customers Are Exempt!

HSBC
Notice of Changes to Banking Service Fees for Retail Banking Customers

Starting May 1, 2023, for Personal Comprehensive Financial Accounts/Personal Customers and HSBC One customers without minimum deposit requirements, a fee of HKD 5 will be charged for each check deposited at branch counters.

Currently (until March 16, 2026), HSBC waives fees for depositing up to 15 checks at branch counters for these accounts. For deposits exceeding 15 checks, an additional HKD 1 per check is charged.

A HSBC spokesperson responded to inquiries, stating that the latest fee adjustment aims to encourage customers to use other free self-service channels such as the “Drop & Go” machines, mobile applications, and check deposit boxes, thereby better serving different customer needs and enhancing the service experience. “After considering various factors, we believe this adjustment is within an acceptable market level.” The spokesperson also noted that customers under 18, aged 65 or above, recipients of social security assistance, government disability allowances, or with physical or visual disabilities, can deposit checks at branches without charges.

Contents

• HSBC Retail Banking and Wealth Management (Hong Kong) issued a notice to customers (screenshot):
• HSBC Premier customers depositing more than 15 checks at counters will have fees waived
• Customers under 18 or aged 65 or above can deposit checks at branches without charges
• Depositing foreign currency cash exceeding a specified amount in one day will incur a fee
• Updating passbooks at branches from May 1 will incur a HKD 50 fee

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HSBC Retail Banking and Wealth Management (Hong Kong) issued a notice to customers (screenshot):

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HSBC Premier customers depositing more than 15 checks at counters will have fees waived

For HSBC Premier Wealth Management with a total wealth of at least HKD 1 million, HSBC Premier Wealth Management Prestige with at least HKD 7.8 million, and HSBC Global Private Banking clients with at least USD 2 million (about HKD 15.6 million), the current arrangement of waiving fees for depositing up to 15 checks at branch counters and charging HKD 1 per additional check will be changed from May 1, 2023, to waive fees regardless of the number of checks deposited.

Customers under 18 or aged 65 or above can deposit checks at branches without charges

Customers depositing checks via “Drop & Go” machines or other non-branch channels will not be charged. Customers under 18, aged 65 or above, senior cardholders, recipients of social security assistance, government disability allowances, or with physical or visual disabilities can be exempt from fees. If the check amount is less than HKD 5 or equivalent currency, the fee may be waived. For local checks in USD or RMB deposited into corresponding foreign currency or RMB accounts, the fee will be deducted from those accounts.

Depositing foreign currency cash exceeding a specified amount in one day will incur a fee

Currently, all customers can deposit foreign currency cash at HSBC without charge. However, from May 1, 2023, if the total daily deposit amount exceeds the specified limit per account, HSBC will charge 0.25% of the total deposit amount for that day. For example, HSBC One customers depositing more than AUD 3,000, JPY 300,000, or USD 5,000 in a single day will be charged 0.25% of the deposit amount.

Updating passbooks at branches from May 1 will incur a HKD 50 fee

For passbook updates (“red book”) at branches, customers with “HSBC Personal Comprehensive Financial Accounts” or HSBC One accounts will be charged HKD 50 from May 1 if the passbook is updated at a branch (excluding transactions printed via the Net Back Item during the period). HSBC Premier Wealth Management, HSBC Premier Wealth Management Prestige, and HSBC Global Private Banking customers are exempt from this fee. Replacing with a new passbook remains free.

Source: HSBC Retail Banking and Wealth Management (Hong Kong)