Two months ago, I had to close my bank account with Bank of America and it took me more than two hours. I spent much of the time waiting. I had to speak to three different representatives before I could get the word to withdraw my money. Then the bank teller still needs authorization and I had to wait again until the manager confirms it ok. I went around in circles many times. Also, the lines in Bank of America are very long and move very slowly (at least in my branch).
My experience with HSBC has been the complete opposite. When I went to deposit checks in HSBC, I had little waiting time and the bank tellers were very friendly. Sometimes I forget to fill out a deposit slip and they would do it for me. I don’t need to wait long to speak to someone, and they have a lot of managers around.
I know the Bank of America (BAC) stock has been doing well, but I hesistate to make a long term investment knowing how terrible their customer service is. Instead, I want to invest in HSBC’s stock (HBC) for long term. Recently, HSBC released an article reporting 15% increase in profit for the first half of 2006.