Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? 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. 1Data rate charges from your service provider may apply. HSBC Cash Rewards Mastercard credit card. The changes described will be effective March 14, 2022. We expect US$0.1bn of pre-tax costs to be incurred in connection with these transactions after which HSBC does not expect to generate a significant gain or loss. It opened in 1986. is not responsible for these charges. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). 0. We appreciate you taking the time to give us feedback. It will wind down the remaining 35 to 40 branches. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. Weve entered into an agreement with Royal Bank of Canada. Client need a referral from US bank branch managers. Starting February 7. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. South China Morning Post Publishers Ltd. All rights reserved. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. Photo: Georgina Lee. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). The description of those service differences is based upon information provided to us by Citizens. If you are located in the United States or Canada and you wish to proceed with adding a joint account holder to a checking or savings account, you may do so by calling 1.800.975.4722. When will my credit account(s) transfer from HSBC? HSBC Branches Transitioning to Citizens | Citizens Resource Center Home Transition Status New Citizens Branches View all 1,000+ Citizens branches The following HSBC locations are now Citizens Locations with a * offer safe deposit box services New York New Jersey Pennsylvania Washington, DC Maryland Virginia Florida So for questions about these changes as well as details about services available through Citizens, please contact Citizens directly: visit, Questions about the transition status of specific HSBC checking and savings accounts can be directed to HSBC: chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App or at, Your access to Citizens Online and Mobile Banking access began February 22. Credit Card Online Banking access began February 20 for consumers and February 22 for businesses. The following 80 HSBC locations have been converted to Citizens branches: A list of 1,000+ Citizen branches is available at, Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Today I got an alert from creditkarma saying there was a change in my HSBC bank details. HSBC Bank USA, N.A. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. 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 D.C. and Southeast Florida with approximately $9.0 billion in deposits and $2.2 billion in loans You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. Yes, your PF|CP credit card will still allow you to tap and go at participating merchants. Under Quinn, HSBC has improved the profitability of its American operations. HSBC Securities remains your broker and information regarding changes to services for these accounts was provided in a letter dated February 9, 2022. 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. Will my account remain enrolled in that program? We are here to help after February 18 when one or more of your accounts have transferred to Citizens. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } Feb 23, 2022 10:26AM EST. 3. A presentation providing additional information on the transaction is available at https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, Cautionary Statement About Forward-Looking Statements. ACH Direct Deposits will be transferred to your new account until May 5. You can begin using your PF|CP credit card as soon as its activated. After the transfer, PF|CP will service your account and provide a new online experience for you to manage payments, alert settings, statement preferences, and more. Below are the nine top checking accounts for expatswith proven track records.Some of the banks listed have a hefty physical presence abroad, think HSBC and Citi, and others, like Ally Bank or . What do I need to do? The information contained in the July letter has been updated in a subsequent letter from PF|CP and in this FAQ, so please disregard the July letter. Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. Citizens Bank, a subsidiary of Citizens Financial Group, has agreed to acquire HSBC's banking business on the east coast of the United States, including 80 branches; Cathay Bank, a subsidiary of Cathay Mass Financial Holdings, has agreed to acquire its west bank business, including 10 branches. How will my business access Night Drop services? ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. I am currently enrolled in a hardship program. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. Learn what the transfer of certain HSBC credit card accounts means for our customers, here and abroad. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. 1.5%. We are repositioning our US retail business by renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. 2023. HSBC's two local. First, Lindsey at the Citizens Bank in Hope RI answers phone, then if she can't address your question, disconnects call and does not answer phone all day . 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. 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. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. It took full ownership of the Buffalo, NY-based lender seven years later. Your HSBC ATM/debit card and transitioned credit cards are deactivated. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. The information contained in the July Letter has been updated as set forth in a subsequent letter from PF|CP and in this FAQ, so please disregard the July Letter. HSBC Bank is starting to focus on serving wealthier customers. We will wind down the residual branches, between 35-40, not subject to sale or repurposing. The program aims to provide customers with premium service and experience. Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. Your customizable and curated collection of the best in trusted news plus coverage of sports, entertainment, money, weather, travel, health and lifestyle, combined with Outlook/Hotmail, Facebook . on Feb 18. Why did HSBC sell some retail credit card(s)? *** HSBC will continue investing in US international wholesale banking franchise ***. "Our continued presence in the US is key to our international network and an important contributor to our growth plans.". Lloyds Banking Group has also confirmed that it will proceed with the closure of 56 branches this year - across its Lloyds, Halifax and Bank of Scotland brands - a move which it had paused . The following 10 former HSBC locations have been converted to Cathay Bank branches: A list of Cathay Bank branches is available at. When can I activate and start using my PF|CP credit card? 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. 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. The risk weighted assets (on a PRA basis) associated with the announced transactions were c.US$1.8bn at 31 March 2021 and no material impact is expected on the Groups CET1 ratio. We caution you, therefore, against relying on any of these forward-looking statements. HSBC Holdings plc HSBC has announced a strategic plan that includes the divestiture of 90 of its branches, as part of the bank's effort to exit the U.S. retail banking business. HSBC Bank USA, N.A. 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. If a customer did not receive a letter, no action is required. Will my PF|CP account have an annual fee? ET. If you believe you are subject to protection under the Bankruptcy Code, please contact our Customer Service Department at your earliest convenience so that we can update the records applicable to this account, if appropriate. There are no new promotional rate offers, or any extensions of time for any existing introductory or promotional rate offers, being made at this time. Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. We are renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. Our HSBC Wealth Services Desk contact information is noted below. Aug 11, 2011 Updated Feb 23, 2021. 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. Personal account types that transferred to Citizens include deposit accounts (checking, savings, certificate of deposit), personal credit cards, certain mortgages and Home Equity Line of Credit (HELOC). On the other hand, senior citizens can earn up to 7.5 percent interest. HSBC is selling its East Coast branches to Citizens and its West Coast branches to Cathay Bank as part of its exit from most of its U.S. banking operations. +44 (0) 7920 254057 Weve made some exciting enhancements to help you make your day to day banking better. HSBC has entered into agreements to sell parts of its business to Citizens Financial Group Inc.'s Citizens Bank and Cathay General Bancorp's Cathay Bank. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. In preparation for a smooth transition of one or more of your accounts to Citizens, we changed your account statement format from a combined statement to individual statements for each account. 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. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. And any payments sent to your old account will be automatically redirected to your new one. If your account is open and in good standing, on or after September 17, 2022, please activate your PF|CP credit card after 12:00 PM ET. Citizens Buys HSBC Branches and Scales Up Expansion Loaded 0% - Series Citizens Bank Buys HSBC Branches and Scales Up National Expansion June 29, 2021 17:00 PM PST - Updated June 30, 2021. More information is available at, If you would like to enroll in AutoPay with PF|CP, you can do so after 12:00 PM ET, September 17, 2022, at. Copyright (c) 2021. HSBC employees hit by the restructuring will transfer to Citizens Bank or Cathay Bank, or else transition to new roles within HSBC, according to a person familiar with the British bank's plans. Citizens Financial will add $9.2 billion in deposits and $2.2 billion in outstanding loans once the deal closes in the first quarter of 2022. When did I become a customer of Citizens? Under the agreement, Citizens will acquire approximately $9.0 billion in deposits and approximately $2.2 billion in loans for a 2.0 percent premium paid on deposits at closing. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. What day to day and online banking options are available? It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. Citizens ATM/debit cards and credit cards can be used now. The next website will open in a new browser window or tab. 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. In February 2022, HSBC Bank USA, N.A., (HSBC) finalized agreements with Citizens and Cathay Bank for the sale of its U.S. mass market retail banking businesses. Product specific information will be available on the site in early January. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. 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. 2023. Late fee and return check fee amounts will remain the same. +1 646 939 6998 Date: Date: 13 Dec 2021. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. Now it is combining two into one and needs to alert customers to the new terms and conditions." Your PIN will change, and you must request a replacement from PF|CP. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. Citizens Financial Group, Inc. CFG closed the acquisition of 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A., N.A. HSBC India has hiked the interest rates on domestic FDs of less than Rs 2 crore. HSBC's US retail banking business struggled to be profitable in recent years as interest rates fell to historic lows, affecting the ability of banks to make money on traditional lending and other products tied to rates. The account will no longer have a Penalty APR. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) Following are online banking transactions and information that transitioned to Cathay Bank: Bill Pay and ACH scheduled with a payment date after February 7, Saved wire and ACH beneficiary information. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. Where will HSBC Bank Wealth Centers be located? After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. After that point, you can get the fee waived by keeping a balance of $200 in your account. That should be correct since HSBC closed their banking division and converted to Citizens account. HSBC and PF|CP are working together closely to make this transition as easy as possible. With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. 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