See if this bank has the options you’re looking for.
What is HSBC?
HSBC Bank USA, founded in 1850 as Marine Midland Bank, is now a subsidiary of the UK-based HSBC. Marine Midland was purchased by The Hongkong and Shanghai Banking Corporation in 1980, then rebranded in 1998 as HSBC Bank.
Today, the company has over 3,900 offices in 67 countries, and serves 38 million customers through its four global channels of retail banking, commercial banking, global banking markets and global private banking.
In the US, HSBC has over 230 branch locations and is headquartered in New York City.
What is HSBC known for?
HSBC is one of the world’s largest financial services organizations, but only serves US customers who live in California, Connecticut, Delaware, Washington D.C., Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington.
HSBC is known for its hefty range of personal banking and finance products, including: checking accounts, savings accounts, CDs, credit cards, lines of credit and home loans.
What products does HSBC offer?
HSBC offers a wide selection of traditional banking services.
Loans and credit
Safeguard your future with HSBC’s life insurance or long-term care insurance options.
- Life insurance
- Long-term care insurance
Investing and retirement
Grow your money with clever investments using HSBC’s investment solutions.
- Mutual funds
- Investment services
- Investing for education
Contact an HSBC investment advisor for expert guidance on your investment decisions.
Grow your business and manage your working capital with HSBC’s business banking options.
- SBA loans
- Merchant services
- Payroll services
- Global banking
- Global liquidity and cash management
- Global trade and receivables finance
- Trade insurance
- Employee benefits
- Corporate wealth management
HSBC in the news
Accused of manipulating foreign exchange markets
In a recent string of misconduct allegations, HSBC now faces a court order from a British judge to hand over records requested by UK-based currency investment company, ECU Group.
ECU suspects HSBC traders of “front running” — a form of manipulating the forex market using advanced knowledge of pending orders from bank clients or brokerage firms.
This isn’t the first time the bank has been charged with such allegations. In 2016, two of HSBC’s top forex traders were accused of “front running” client trades.
The case is yet to be settled, so if you plan on investing in the forex market using HSBC, make sure you follow up on the developments of these allegations as they unfold.
Bottom line: Can you trust HSBC?
Despite accusations of trading misconduct, HSBC has a wealth of financial products and services for personal, business and investment purposes. HSBC’s international status and long history allow it to provide the resources and amenities of a well-established financial institution.
Common questions about HSBC
Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.