I would like to express dissatisfaction with the way certain banking systems in Hong Kong are unable to verify a bank cheque issued by a United States-based bank.
I recently presented a cheque to HSBC for deposit. It was not a personal cheque but one issued by the Bank of New York complete with its bank signature stamp.
The HSBC teller, however, informed me that the cheque would take four weeks to clear.
As a former bank teller myself I understand that the cheque was over the limit for the bank to purchase and therefore make the funds immediately available.
But I also understand that the technology in the industry exists so that fund availability from a bank-issued cheque can be verified over the phone, if not on a 24-hour basis, at the very least during the issuing bank's office hours.
But to take four weeks to send the cheque by 'snail' mail, only to have the issuing bank then wire the funds back to Hong Kong is absolutely absurd. This is what I call poor customer service. As HSBC extends its reach globally it should not forget 'the little people'.