A strong, internationally connected US business is an important part of HSBCs value proposition, and we are excited to be focusing the US business in areas of competitive strength. Client need a referral from US bank branch managers. Roughly 63% of the acquired HSBC deposits are in the New York metro area. 07/28/2021. We thank those customers for their business. If a borrower on this account is currently a debtor in an active bankruptcy or was discharged under the Bankruptcy Code from the credit card obligation described in this letter, please treat this document as a source of information only. HSBC Bank USA, N.A. 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. 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). After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat Published May 27, 2021 Dan Ennis Senior Editor Matt Cardy/Getty via Getty Images Dive Brief: HSBC agreed Wednesday to sell 80 of its 148 U.S. branches to Providence, Rhode Island-based Citizens Bank, and 10 West Coast branches to Los Angeles-based Cathay Bank. Weve entered into an agreement with Royal Bank of Canada. Do I need to re-enroll? Where will HSBC Bank Wealth Centers be located? QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. ACH Direct Deposits will be transferred to your new account until May 5. 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. In 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. on Feb 18. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). They can contact their Relationship Manager for more information. On the other hand, senior citizens can earn up to 7.5 percent interest. It will wind down the remaining 35 to 40 branches. You can activate your new Cathay Bank ATM/debit card now. Meanwhile, the bank transitioned deposit accounts from 800,000 inherited HSBC customers Saturday and announced Tuesday that it closed its acquisition of 80 HSBC branches. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. HSBC Bank USA, N.A. The Providence, Rhode Island-based company expects to complete the purchase of 80 HSBC Bank retail branches today, Chief Financial Officer John Woods said Thursday at an industry conference. Member FDIC. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. 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 you have already opened your consumer deposit account (s) with HSBC, you can chat with us now to order a card. You can request a debit or ATM card during the account opening process. The deal gives Citizens a much bigger presence in the important New York market, where it will be in the top 25 retail banks, according to the Philadelphia Business Journal. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. Citizens is getting the banking business at a discount: it's paying a 2% premium on the $9 billion in deposits when most acquirers pay up to 6%, Coughlin said. And any payments sent to your old account will be automatically redirected to your new one. What is the impact on my investment or insurance relationships? 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. I hope so, I like the free wire transfers on Premier. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. Start Here Why Citizens Banking that stands and grows with you Financial solutions for your stage of life and beyond Checking Credit Card Home Loans Wealth Management As we move forward, we will be communicating with our stakeholders frequently. 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. 25,000 per beneficiary, per account, per day. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. 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. 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. Wealth Centers offer the same services available to these customers today. At 31 March 2021, US WPB had loans and advances to customers of US$23.8bn, customer accounts of US$47.8bn and risk weighted assets of US$15.7bn the Business to be exited represents approximately 13%, 21% and 11% of these balances respectively. At 1:00 AM ET on September 17, 2022, HSBC will deactivate your HSBC credit card. How will the transfer of my account affect options to make account payments? Yes, your PF|CP credit card will still allow you to tap and go at participating merchants. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Will my Personal Identification Number (PIN) change? What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? HSBC and PF|CP are working together closely to make this transition as easy as possible. HSBC is uniquely positioned to capture more of this US$5 trillion market. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. 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. The changes described will be effective March 14, 2022. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. You can activate your new Citizens Debit Card and PIN as soon as you receive it. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? 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. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. Late fee and return check fee amounts will remain the same. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. 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. Limit. 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. 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. Will my existing rewards balance transfer to my PF|CP account? Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. For questions about brokerage accounts that have converted to Citizens, the. That same month, the bank announced that it would hire 5,000 wealth planners and invest US$6 billion in its latest pivot to Asia, which includes relocating several of its global business leaders. If you are enrolled in paperless statements with HSBC, you will need to re-enroll for this service with PF|CP. HSBC is closing 82 bank branches this year Credit: Alamy. Wires received to your transferred HSBC account until April 19. 0. Our HSBC Wealth Services Desk contact information is noted below. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement account number with your replacement credit card, which you should receive by early September. The Current Account Switch Service makes switching from your old current account to us quick and simple. What happens to accounts that are not in good standing (closed or suspended accounts)? On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. A formal US Securities and Exchange Commission filing under Form 8-K will be made available on the HSBC investor relations website at www.about.us.hsbc.com/investor-relations/hsbc-usa. 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. Which HSBC credit cards are part of the sale? 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. The next site will open in a new browser window. HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every Has the availability of HSBC ATMs changed? What day to day and online banking options are available? Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. HSBC is betting on rising affluence in Asia, particularly in the Greater Bay Area, and sees scaling back its US operations as another step in that greater focus on wealth. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. 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. Redemption options if your account is open and in good standing will be modified as follows: Direct Deposit into an HSBC checking/savings account will no longer be available. Where can I find more information about other Cathay Bank locations? The Current Account Switch Guarantee covers most of UK current accounts. Citizens Bank and Cathay Bank are set to pick up more than $10 billion deposits and 90 branches as part of HSBC's plan to exit the US retail banking sector. Which accounts transitioned? Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. Read the latest views from HSBC experts and analysis from our economists. It complements our existing franchise and helps advance our digital-first national expansion strategy, giving us a strong foundation to drive further growth and gain scale. Yes, you will be assigned a replacement account number. After 12:00 PM ET, September 17, 2022, you can re-enroll at. Will I maintain that rate? Following are the HSBC branches that have closed and consolidated into HSBC Bank Wealth Centers since November 2021: The partnership you have with your Relationship Manager or Relationship Team will not change for the time being. If youre calling from outside the US or Canada, please call 1-716-841-7212. Why did HSBC sell some retail credit card(s)? Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. Cash back on . 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