According to HSBC, you have four options for closing a credit card, checking account or savings account with them. You can call, chat online, mail or visit one of their online branches. If you cancel with a human, you might be offered bonuses to stay with the bank or resolve any problems you have that are causing you to close your account.
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Call the Bank
HSBC offers several different types of accounts. You can initiate the HSBC close account process by calling the bank. This is a quick option if you have your card-related information handy. Depending on what type of account you're closing, this might include your card number, mailing address, phone number, PIN, security question, last check amount, last transaction amount and Social Security number. You won't need all of this information, but it's a good idea to have as much available, just in case.
Banks with bonus offers often have their customer service reps try to keep you as a customer, reading a variety of promotional offers. If you aren't interested in keeping the account open, let the customer service representative know so you don't have to listen to her pitch.
Visit a Branch
If you have an HSBC bank location near you, you will probably be able to walk in without an appointment and cancel your account. Bring a government-issued photo ID, account PIN, your debit or credit card, checkbook or a bank statement to make things quicker. You might be able to cancel using just your photo ID and giving the bank rep your Social Security number (he'll be able to look up your account if you give your name, address and phone number associated with the account).
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Do an Online Chat
If you want to cancel an HSBC account after hours or don't want to wait on hold over the phone, visit the HSBC Customer Service page and initiate a chat by clicking the Chat Now button. HSBC states that this is the fastest way to close your account. Have your account information ready to give to the customer service representative.
Cancel by Mail
You can cancel by mail, using the address provided in the "Billing Inquiries" area on your account billing statement. Provide as much information as possible. To make sure your letter gets through, consider sending the letter by certified mail and ask for a receipt. If you don't want to include your Social Security or account PIN number in the letter, you can ask the bank to contact you by phone if they need that information.
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Don’t Damage Your Credit
If you're closing an HSBC credit card account, you can lower your credit score in three ways. First, the longer you have credit products, like a credit card, the more you improve your score. Closing an HSBC account you've had for more than a few years can hurt your score. Second, your debt-to-credit ratio makes up 30 percent of your FICO score, the main score used by most lenders to determine if they'll give you credit, how much they'll give you and at what interest rate.
If you cancel a card, you lose that amount of credit available, immediately increasing your debt as a percentage of your available remaining credit. When you close your account, you also lose the opportunity to make small charges and make an on-time payment each month. On-time payments are the biggest factor in raising and maintaining your credit score.