The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. I am currently enrolled in a hardship program. Limit. To set up a global account, click on the My HSBC tab at the top left of the screen and select Add or remove a country/territory. Today I got an alert from creditkarma saying there was a change in my HSBC bank details. "Our refreshed strategy in the US will allow us to better serve the needs of our international wealth clients, who continue to consider the US for international education, property, investment diversification, career and family mobility and business expansion, among others. 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. 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. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. 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. Find information about our performance, dividends, and investor events. What do I need to do? Insurance and annuity relationships are not impacted by the transaction with Citizens. Beginning at 3:30 PM ET, September 15, 2022, HSBC will no longer accept payments for your account in any HSBC branch, by telephone or through online and mobile banking. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. On average, bank transactions have . has entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A.. Member FDIC. See our Cookie Policy. (NMLS ID# 433960). The next website will open in a new browser window or tab. Please be aware that the external site policies, or those of another HSBC Group website, may differ from our website terms and conditions and privacy policy. Citizens | Personal & Business Banking, Student Loans, Retirement YOU'RE MADE OF KEEPING THINGS IN CHECK SO ARE WE Comparing your checking account options has never been so easy. 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. 0. 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. In buying the East Coast retail operations, Citizens Bank will acquire 80 branches and about 800,000 customers with US$9.2 billion in deposits and US$2.2 billion in outstanding loans. Build your career at HSBC. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. We will wind down the residual branches, between 35-40, not subject to sale or repurposing. 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. Yes, if you have an existing introductory rate offer still available to you and in effect under the terms of your HSBC account at the time of the transfer, it will remain in effect for the balance of the original term of the original offer. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. South China Morning Post Publishers Ltd. All rights reserved. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. You can visit the PF|CP Coming Soon page now by going to. I hope so, I like the free wire transfers on Premier. You are leaving HSBC.com. Citizens Bank still expects the deal to close early in the second quarter. Following are transactions and information that did not transition to Citizens: One-time future dated payments set up through the branch or contact center with a payment date after February 17 to personal Credit Cards, Select Line of Credit or Personal Loan accounts. *** HSBC will continue investing in US international wholesale banking franchise ***. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). Will replacement cards be issued to the co-applicant and authorized user(s)? 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. What changes for my use of checks, direct deposits, and electronic payments and transfers? But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. Dont forget to update account information with your depositor. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. 3. Will my HSBC relationship manager change? Will I be able to continue to use a mobile wallet? HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. The $6 billion in deposits there would be good enough to rank Citizens No. What should I do if I have additional questions? on Feb 18. ET. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc. HSBC Holdings plc, the parent company of HSBC, is headquartered in London. If you are enrolled in a program that offers rewards and your account is open and in good standing: Your earn rate will remain the same or will improve, depending upon the program in which you are enrolled. 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. If you prefer, you can give us a call at 1.800.975.4722 Monday through Sunday 7am - 12am ET. 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. 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. 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. How do I redeem rewards during the transition of my account? Product specific information will be available on the site in early January. I have a safe deposit box at an HSBC branch. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. Please stop using it at that time. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. is not responsible for these charges. 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. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. 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. They are good businesses, but we lacked the scale to compete. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. HSBC Bank USA, N.A. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. 1Data rate charges from your service provider may apply. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. How will these agreements affect me? Roughly 63% of the acquired HSBC deposits are in the New York metro area. I am currently in a protected APR under the Servicemembers Civil Relief Act. 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. HSBC Bank USA, N.A. When will my credit account(s) transfer from HSBC? HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. Member FDIC. 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. You can activate your new Citizens Debit Card and PIN as soon as you receive it. 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. For East Coast and online customers, certain brokerage accounts that are included in the agreement with Citizens transferred to Citizens Securities on or about February 18, 2022. 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. 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 . You can activate your new Cathay Bank ATM/debit card now. The revised rates came into effect from 19 December 2022. That deal will. 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. When will I receive my replacement PF|CP credit card? Customers whose accounts will transfer recently received a letter from PF|CP informing them that ownership was to transfer to First Bank & Trust as of August 20, 2022 (the July Letter). 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. Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. Weve entered into an agreement with Royal Bank of Canada. And if you haven't already, it's easy to enroll in Citizens Bank Online. 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. Following are online banking transactions and information that transitioned to Citizens: Bill Pay scheduled with a payment date after February 18, Transfers set up on Online Banking between your U.S. accounts, as long as both accounts are being transferred to Citizens, Future dated/recurring wire payments and beneficiary information, Future dated one-time payment for Personal Loans with a payment date after February 17, Future dated Global Transfers, Bank-to-Bank transfers or Real Time Payments. Which HSBC locations transitioned to Cathay Bank? Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. 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. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) robert.a.sherman@us.hsbc.com, Richard OConnor Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. Begin using Cathay Bank checks on February 7. Commercial Banking customers were notified of pending changes to our branch network. 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. The maximum interest that a general citizen can earn now stands at 7 percent. Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. If youre calling from outside the US or Canada, please call 1-716-841-7212. 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. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. 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. 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. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. 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. Aug 11, 2011 Updated Feb 23, 2021. Feb 23, 2022 10:26AM EST. Citizens ATM/debit cards and credit cards can be used now. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. 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. Applicants need to activate their service membership within 12 months of account opening. Where will HSBC Bank Wealth Centers be located? 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. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. HSBC uses cookies to give you the best possible experience on our websites. What should I do if I have additional questions? HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. When did I become a customer of Cathay Bank? . 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. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. Reoccurring merchant auto-pay ACH debits until May 5, Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts, Wires received to your transferred HSBC account until April 7, One-time future dated payments to Personal Loan. 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