Best Buy and HSBC, who originate and issue the Best Buy Credit Card, might have failed to honor the terms of "Account Shield," a protection plan for credit card holders that protects the cardholder should he be injured or the merchandise purchased on the card damaged.
This is an investigation and potential class action lawsuit against Best Buy and HSBC Bank Nevada, N.A.
It is alleged that some customers shopping at Best Buy are offered a Best Buy and Household Bank ® Credit Card, which is issued by HSBC Bank Nevada, N.A.
When consumers apply for a Best Buy credit card, they may be offered "Account Shield," which is a program designed to provide customers with a variety of debt cancellation protections in the event the policy holder becomes disabled or unable to make their credit card payments for other reasons. Account Shield may also provide replacement coverage for items purchased under the Account Shield plan in the event of accidental loss or damage.
Some customers have complained that Best Buy and HSBC Bank Nevada, N.A., refuse to cancel, modify, or otherwise alter their debt as outlined in the agreement, even when their situation appears to meet the criteria reflected in the agreement.
Name (Stock Symbol)
HSBC Holdings plc (HCS)
HSBC Holdings plc, together with its subsidiaries, provides various banking and financial services worldwide.
HSBC Finance Corporation
HSBC Finance Corporation, formerly Household International, Inc. It is a financial services firm with a focus on consumer lending in the US.
Best Buy (BBY)
Best Buy owns and operates a chain of retail consumer electronics stores.
HSBC Bank Nevada, N.A.
HSBC Bank Nevada, N.A. is a credit card bank and a subsidiary of HSBC FInance Corporation. HSBC Bank Nevada, N.A issues credit cards.
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