Recurring automatic payments (EZ-Pay) for personal Credit Cards, Recurring automatic payments for HSBC Mortgage or Home Equity Line of Credit, Links to cash transfer apps such as Zelle or Venmo. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. Note: HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content. HSBC Cash Rewards Mastercard credit card. The description of those service differences is based upon information provided to us by Citizens. Starting February 7. Will my HSBC relationship manager change? Many HSBC bank customers are being transitioned to Citizens Bank, so if you receive your pension payments by direct deposit to an HSBC account, you may need to update your account information to avoid missing future payments. HSBC said it would retain a small network of about 20 to 25 brick-and-mortar locations, which will be repurposed into wealth centres to service affluent and high-net-worth international customers. heidi.ashley@hsbc.com, Rob Sherman Note: A small number of customers may have received updates following notice of the transition to Citizens if there was an operational issue or other circumstance that would keep Citizens from accepting the account or a particular securities position within the account. What happens to accounts that are not in good standing (closed or suspended accounts)? HSBC Bank USA, N.A. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. ACH Direct Deposits will be transferred to your new account until May 19. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } HSBC Global Money Account is a prepaid, multi-currency account available on our the HSBC Mobile Banking App for customers who maintain an HSBC consumer deposit account. Before sending us your information, please read our privacy policy. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement credit card with a replacement account number, which you should receive by early September. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. Securities and Insurance Products are: NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, https://www.businesswire.com/news/home/20210526006133/en/. Citizens Bank and Cathay Bank, subsidiaries of Citizens Financial Group and Cathay General Corp., have agreed to buy HSBC's businesses on the east and west coasts, respectively. ET. HSBC is slimming down its physical locations in the U.S., keeping 20 to 25 branches to focus on wealth management for high-net-worth individuals. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. See our Cookie Policy. Weve announced further financed emissions targets for four carbon-intensive sectors. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. Customers should destroy any keys for Night Drops at these locations. Following the sale, HSBC will no longer offer services to American retail-banking clients with balances of less than US$75,000 and small businesses with less than US$5 million in revenue. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. Theyll be there to serve your financial needs, working with you to make connections to the right resources here in the U.S. and around the world. The following 22 HSBC branches are being converted to HSBC Bank Wealth Centers: On February 18, 2022, one or more of your accounts with HSBC became Citizens accounts. HSBC has 16 branches on Long Island. Accounts of Retail Business Banking customers (small businesses with annual sales of US$5 million and under) were transitioned to Cathay Bank on February 4 and Citizens on February 18. What day to day and online banking options are available? You can chat with HSBC 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App or at. HBUS will exit its domestic mass market retail banking business and retail business banking (collectively the Business) through a number of divestitures, and wind-down of the residual branch network. Cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. The changes described will be effective March 14, 2022. For questions about HSBC Securities (USA) Inc. accounts, including IRA brokerage accounts, call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. At HSBC Private Bank, we put our clients at the centre of everything we do. Citizens Bank has entered into an agreement to purchase the East Coast domestic mass market and retail business banking businesses as well as the online bank portfolio, including 80 branches and approximately 800,000 customer relationships with c. US$9.2bn in deposits and US$2.2bn of outstanding loans as at 31 March 2021. Note: HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. The next site will open in a new browser window. If you are enrolled in a program that offers rewards, and your account is open and in good standing: You can redeem existing rewards with HSBC until 3:30 PM ET, September 15, 2022, at, After 12:00 PM ET, September 19, 2022, you can begin redeeming rewards at. After 12:00 PM ET, September 17, 2022, you can re-enroll at. 2023. The branches to be acquired will operate as HSBC branches until closing and will be re-branded as Citizens branches immediately upon closing of the transaction. is not responsible for these charges. HSBC Bank is starting to focus on serving wealthier customers. Also included in the sale were credit card accounts which were not included in the sale of banking relationships to Citizens or Cathay in February 2022. We appreciate you taking the time to give us feedback. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. Will my Personal Identification Number (PIN) change? Will I have access to historical statements in PF|CP online banking when my account is transferred? In February 2020, we set out a plan to shift our business strategy in the United States to maximize the connection between our clients and our world-class international network. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. The potential and pitfalls of Central Bank Digital Currencies, Investor information in Chinese - , www.about.us.hsbc.com/investor-relations/hsbc-usa, Read the full media release: HSBC exits US mass market retail banking, Shanghai Administration for Industry & Commerce, Exiting 90 branches out of a current branch network of 148 branches, HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres, Remaining branches, between 35-40, will be wound down, Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k), Exiting all retail business banking customers (small businesses with turnover of US$5m and under). Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. For our customers who fall outside the above propositions, the impact on investment relationships differs depending upon the geographic region, For West Coast customers, banking relationships transitioned to Cathay Bank but investment and insurance relationships did not as they were not part of the agreement. What can you tell me about HSBC Bank Wealth Centers? The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. Certain closed and suspended accounts will transfer to PF|CP effective September 17, 2022. In addition, the $7 billion net deposit position provides us significant long-term funding flexibility in support of our attractive loan growth opportunities., We are excited to welcome the HSBC employees and customers to Citizens, said Brendan Coughlin, Citizens Head of Consumer Banking. Beijing's . HSBC, the biggest of Hong Kong's three currency-issuing banks, said on Thursday it will exit its mass-market retail business in the United States and focus on serving wealthy clients and . After that point, you can get the fee waived by keeping a balance of $200 in your account. The bank said in February that it was exploring "organic and inorganic options" for its US retail bank and was in negotiations regarding a potential sale of its French business as part of a broader shift of capital from underperforming businesses in Europe and the US to Asia, where it makes the bulk of its revenue. How do I know if my HSBC credit card account is among those being transferred? Cash back on . HSBC uses cookies to give you the best possible experience on our websites. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. These locations are a core part of our wealth strategy: To focus on what we do best connecting our customers to a world of opportunity and bringing cross-border business and investment to the United States. Cathay General Bancorps website is found at. You are leaving HSBC.com. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). The $6 billion in deposits there would be good enough to rank Citizens No. We are here to help after February 4 when one or more of your accounts have transferred to Cathay Bank. Citizens Financial Group, Inc. to Acquire HSBC East Coast Branches and National Online Deposit Business Acquisition includes 80 HSBC branches in New York City Metro, Mid-Atlantic/Washington. What should I do if I have additional questions? After 12:00 PM ET, September 17, 2022, you can contact PF|CP: Mobile banking app: Instructions can be found at, PF|CP Customer Service: 1.833.456.8700 (available 24/7); outside the US or Canada, you can call 1.516.576.8625, Payment mailing address: PF|CP, PO Box 650726, Dallas, TX 75265-0726. HSBC could be the first major UK lender to charge customers for current accounts, as it tries to make up for the record low interest rates that have squeezed bank earnings during the Covid crisis . HSBC is selling 80 East Coast branches to Citizens Bank, and 10 West Coast branches to Cathay Bank. 0. Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Business banking relationships also transferred to Citizens. Do you have questions about the biggest topics and trends from around the world? When will I receive my replacement PF|CP credit card? Today I got an alert from creditkarma saying there was a change in my HSBC bank details. ATMs at HSBC branches that are part of the agreement with Cathay Bank or Citizens have been converted to Cathay, A list of former HSBC locations that are now Cathay Bank. To renew our emphasis on international wealth management from globally mobile and affluent individuals, HSBC Bank Wealth Centers will be designed to provide banking and wealth services to our. on Feb 18. Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. HSBC announced earlier this year that it was exploring strategic options with respect to its US retail franchise, including organic and inorganic options to improve the profitability of its US retail business. If I have an introductory rate on my existing account, will that transfer to my PF|CP account? British bank HSBC Holdings PLC announced Wednesday that it will sell most of its retail locations across the U.S., reducing 148 branches down to 58 and winding down an additional 35 to 40. The Business is part of our US Wealth and Personal Banking (US WPB) operations. . You will continue to earn rewards during the transition of your account. Camera-in device required to be able to utilize HSBC Mobile . For now, HSBC continues to service the transferring accounts. For West Coast customers, banking relationships transitioned to Cathay Bank but investment and insurance relationships did not as they were not part of the agreement. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. Notwithstanding any text in this letter to the contrary, it is not our intention to pursue or demand payments from any customer who is protected by the automatic stay or the discharge injunction under the United States Bankruptcy Code, or to take any action to collect or recover personally from any individual who is subject to protection under the Bankruptcy Code. Following are transactions and information that transitioned to Citizens: From February 21, 2022, to April 19, 2022, HSBC will forward any presented checks to Citizens so they can post to your new account. If you have accounts transitioned to Citizens and live outside the United States, HSBC sent an email about some differences in access and servicing as a Citizens customer. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, or target. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. HSBC Premier Credit Card Earn 35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening 1 2X Points on Travel, 1X Points on all other purchases TSA Precheck - $85 credit 2 for application fee Apply now HSBC Elite Credit Card Earn 50,000 Bonus Points after spending $4,000 from the first 3 months of Account opening 3 Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. As of February 1st Standard Chartered Bank in HK and London, is now trading these FX Derivatives, with full accountability, insurance wraps and market acceptance and this is the tip of the iceberg. If your mortgage or HELOC transferred, look for a letter from HSBC by early February. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. Member FDIC. First in May, Citizens announced plans to acquire much of HSBC's US business, including 80 branches on the East Coast and all of the British bank's US online franchise. Further, the. How will these agreements affect me? Build your career at HSBC. First Bank & Trust is a family- and employee-owned South Dakota state bank, member FDIC, with 22 locations in 17 communities in South Dakota and Minnesota. If there's anything we need you to do, we will contact you directly. HSBC to sell 90 branches to Rhode Island's Citizens Bank and California's Cathay Bank as it exits the retail mass-market banking in the United States. This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. Your access to Cathay Bank online banking began on February 7. If your account is being transferred, youll see a message at the top of the account page indicating that later this year one or more of your HSBC credit card accounts will be transitioned to PF|CP, issued by First Bank & Trust. After 12:00 PM ET, September 17, 2022, you can make payments by enrolling in online or mobile banking, or by calling PF|CP Customer Service. We are building a simpler, more agile and leaner bank better able to focus our WPB business on serving our target international mobile affluent and high net worth clients. The bank said in May it was on track to hire 1,000 of those roles this year. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? HSBC Bank revised FD rates 2022. Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. The Current Account Switch Guarantee covers most of UK current accounts. Please contact that financial services provider and provide your PF|CP account information. And if you haven't already, it's easy to enroll in Citizens Bank Online. 1990 to today If you did not already log in with your HSBC Security Device, you will be prompted to generate a log on security code. HSBC Holdings Plc exited its U.S. domestic mass market retail banking business, agreeing to sell 90 branches, as Europe's biggest lender looks to focus on wealthy clients and steer billions of . Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This communication contains forward-looking statements that is, statements related to future, not past, events. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. Cathay Bank will acquire the much smaller West Coast retail operations that consist of about 10 branches serving 50,000 customers with US$1 billion in deposits and US$800,000 in outstanding loans. You can chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App1 or at, After 12:00 PM ET, September 17, 2022, please visit. It was also important for us to find buyers who would be a good fit for our customers and employees.. PF|CP describes itself and the Program as follows: The Premier Finance Card Program (PF|CP) is a credit card program provider sponsored by First Bank & Trust, which is one of the leading consumer credit card issuers. Next up, Investors Bancorp . Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. Weve increased transaction limits for our Premier, Jade and Private Bank clients for: Mobile Check Deposit up to $25,000 daily and $50,000 monthly, ATM withdrawal and Point of Sale up to $5,000 and $15,000 respectively. Can I use my PF|CP credit card for contactless transactions? Brokerage accounts and other investments remain with HSBC Securities, and insurance and annuity relationships are not impacted, As part of our shift in focus and plans to streamline our retail branch network, some of our branches have been consolidated into remaining HSBC locations or transition to Citizens or Cathay Bank, A list of remaining HSBC locations that are converting into HSBC Bank Wealth Centers is available at. ET. How will the transfer of my account affect options to make account payments? "We remain a global international bank. HSBC is closing 82 bank branches this year Credit: Alamy. **The company must appear in our payee look-up or standard . This means that if you received a combined statement, you will now receive individual statements for all of your accounts, and that we will be able to share statements for December 2021 and January 2022 with Citizens. What changes for my ATM/debit and credit cards? It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. Learn what these transactions mean for our customers, here and abroad. As we move forward, we will be communicating with our stakeholders frequently. How will these agreements affect business accounts? Please be aware that the external site policies, or those of another HSBC group website, may differ from this website's terms and conditions and privacy policy. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. 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