The Current Account Switch Service makes switching from your old current account to us quick and simple. Which HSBC credit cards are part of the sale? HSBC Bank USA, N.A. 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 first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. They can contact their Relationship Manager for more information. 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. The next website will open in a new browser window or tab. "The US plays a large role in HSBC's Asia growth strategy, particularly in support of our ambitions to become the leading wealth manager in Asia," said Greg Hingston, HSBC's Asia Pacific regional head of wealth and personal banking. 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 analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. 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. Learn what these transactions mean for our customers, here and abroad. 1Data rate charges from your service provider may apply. When did I become a customer of Citizens? 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. Yes, the terms of the hardship program will be maintained as long as you continue to meet the eligibility requirements. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. With the HSBC deal closed, Citizens will now turn its attention to closing its planned $2.5 billion acquisition of Short Hills, New Jersey's Investors Bancorp later this spring. 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. Yes, you will be assigned a replacement account number. 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. 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 When will my credit account(s) transfer from HSBC? Select Line of Credit, Business Loan or Business Revolving Line of Credit accounts set up through the branch or contact center, Recurring automatic payments for personal HSBC credit cards, IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Cathay Bank, In preparation for a smooth transition of one or more of your accounts to Cathay Bank, we changed your account statement format from a combined statement to individual statements for each account. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. Has the availability of HSBC ATMs changed? Customers who are affected by this re-alignment received a letter explaining that they needed to visit their HSBC branch and retrieve the contents of their safe deposit boxes to retrieve the contents within 60 days of our first notice. I live outside the United States. How will these agreements affect me? Product specific information will be available on the site in early January. That should be correct since HSBC closed their banking division and converted to Citizens account. 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 They are good businesses, but we lacked the scale to compete. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. HSBC remains focused and committed to our Commercial Banking customers including the Business Banking segment (businesses with an annual turnover of more than US$5 million). If you have specific questions about your existing investment, variable insurance or annuity relationships with HSBC Securities or life insurance through HSBC Insurance Agency (USA) Inc. speak with your Financial Consultant, if one is assigned to you, or call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. PROVIDENCE, R.I.--(BUSINESS WIRE)-- After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. Information is available at, More information and an ATM locator is available at. Will I maintain that rate? 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 . Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** US WPB had reported net operating income for 2020 of US$1.0bn. 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. This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S. Please contact that financial services provider and provide your PF|CP account information. HSBC has 16 branches on Long Island. Insurance and annuity relationships are not impacted by the transactions. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. You can activate your new Cathay Bank ATM/debit card now. At 12:01 AM ET, September 17, 2022, HSBC will deactivate your Personal Identification Number (PIN) for use at ATMs. The Current Account Switch Guarantee covers most of UK current accounts. If only some of your accounts were transferred, those accounts have been moved from HSBC. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. How do I redeem rewards during the transition of my account? Original review: Dec. 29, 2022. Under the agreement, the parent company to Citizens Bank. 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. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. If youre calling from outside the US or Canada, please call, for chat support and the most up-to-date information about the transition, including answers to frequently asked questions and when you can expect new account details. 3. We are renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. ACH Direct Deposits will be transferred to your new account until May 5. The bank said in May it was on track to hire 1,000 of those roles this year. 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. 2022 HSBC Bank USA, N.A. 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 . 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. HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres to serve our core international customer base of c.300k affluent and high net worth customers (out of a historical base of c.1.4m). Yes, on September 17, 2022, your accumulated rewards balance will be transferred to PF|CP. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. This transaction provides us with an attractive entry into the important New York City Metro, Washington D.C. and Southeast Florida markets, said Chairman and CEO Bruce Van Saun. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. Will I have access to historical statements in PF|CP online banking when my account is transferred? Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. Aug 11, 2011 Updated Feb 23, 2021. We are here to help after February 4 when one or more of your accounts have transferred to Cathay Bank. Yes, you will maintain that rate as long as you meet the eligibility requirements. First Bank & Trust's experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale. 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 . Which HSBC locations transitioned to Cathay Bank? 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. Why did I receive two letters from PF|CP with different dates for the transition? The deals are expected to close in the first quarter of 2022. PF|CP has mailed letters to these accounts, notifying of the change. *** HSBC will continue investing in US international wholesale banking franchise ***. Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. All Rights Reserved. Thank you. on Feb 18. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. Do you have questions about the biggest topics and trends from around the world? 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 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 . Once you do so, continue by following the on-screen instructions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. 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. Will my HSBC relationship manager change? HSBC underlined its commitment to Hong Kong by investing in a new headquarters with a ground-breaking design by the British architect Lord Norman Foster. Title: Title: Statement on the Bank of England 2021 stress test results. It will remain with about 25 U.S.. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. South China Morning Post Publishers Ltd. All rights reserved. And any payments sent to your old account will be automatically redirected to your new one. Support this work for $1 a month. Limit. In February 2022, Citizens Bank took HSBC's US operations on the East Coast, and Cathay Bank took over on the West Coast.. Will this transfer effect my credit bureau FICO score? HSBC is selling 80 East Coast branches to Citizens Bank, and 10 West Coast branches to Cathay Bank. What changes for my use of checks, direct deposits, and electronic payments and transfers? "We remain a global international bank. 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