HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. 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. The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. Where can I find more information about other Cathay Bank locations? Will I be able to manage my account through online and mobile banking? Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. 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. 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. ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. 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. 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. Can I use my PF|CP credit card for contactless transactions? Under the agreement, the parent company to Citizens Bank. 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 is uniquely positioned to capture more of this US$5 trillion market. If youre calling from outside the US or Canada, please call 1-716-841-7212. We are here to help after February 4 when one or more of your accounts have transferred to Cathay Bank. 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. +1 646 939 6998 How do I know if my HSBC credit card account is among those being transferred? All other personal account types will remain with HSBC. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. ACH Direct Deposits will be transferred to your new account until May 19. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. For more details, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley Thank you. Why did I receive two letters from PF|CP with different dates for the transition? What is the impact on my investment or insurance relationships? Copyright 2021 South China Morning Post Publishers Ltd. All rights reserved. All Rights Reserved. What do I need to do? 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. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. 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. HSBC Bank USA, N.A. If you do not re-enroll, you will receive paper statements in the mail. After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. I have accounts that are part of the agreement with Citizens or Cathay Bank. 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 will forward any checks presented to Cathay Bank until May 5, 2022. If a customer did not receive a letter, no action is required. is not responsible for these charges) or at. Member FDIC. 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. 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. 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. Citizens Bank is a brand name of Citizens Bank, N.A. 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. Wires received to your transferred HSBC account until April 19. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every 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. How will these agreements affect me? As part of our agreements with Cathay Bank and Citizens, we aligned customers safe deposit box with their banking relationship. Weve announced further financed emissions targets for four carbon-intensive sectors. And you can always check back regularly for . And if you haven't already, it's easy to enroll in Citizens Bank Online. 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. Client need a referral from US bank branch managers. 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. We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. 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. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. Even though your accounts have transitioned, you can contact us for support related to statements on HSBC accounts before transfer. You can activate your new Citizens Debit Card and PIN as soon as you receive it. They are neither statements of historical fact nor guarantees or assurances of future performance. HSBC Holdings plc ("HSBC") is today setting out a detailed policy to phase out the financing of coal-fired power and thermal coal mining by 2030 in EU and OECD markets, and worldwide by 2040. 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. 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. At 12:01 AM ET, September 17, 2022, HSBC will deactivate your Personal Identification Number (PIN) for use at ATMs. When did I become a customer of Cathay Bank? The next site will open in a new browser window. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. 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. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Before sending us your information, please read our privacy policy. 3%. Which accounts transitioned? 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. *Other payments are payments to your own accounts held with other banks, and to family, friends or organisations not in our payee look-up or standard list on online banking. 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. 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. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. Will I maintain that rate? 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. When should I stop using my HSBC credit card? 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 is exiting the US market do all accounts will eventually be transitioned to other banks. HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? Date: Date: 13 Dec 2021. 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. If you're calling from outside the US or Canada, please call 1 . Please stop using it at that time. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. Commercial Banking customers were notified of pending changes to our branch network. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 . I have a credit card transitioning to citizens. The description of those service differences is based upon information provided to us by Citizens. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission. 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. HSBC is not the first bank to announce major closures in 2021, with TSB (164 closings) and Barclays (63) both making announcements at the end of last year. Citizens is getting 66 branches in the New York City area, nine in the mid-Atlantic and Washington, D.C., area, and five in southeast Florida. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). Do I need to re-enroll? 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 . After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. Citizens Financial Group Inc. plans to be known simply as Citizens at its new bank branches as the former regional bank grows as a national brand with more acquisitions likely, according to CEO . Its US Wealth and Personal Banking segment - formerly its retail and wealth management business - reported its first pre-tax profit in 14 quarters in the first quarter of this year. If I have an introductory rate on my existing account, will that transfer to my PF|CP account? Your HSBC ATM/debit card and transitioned credit cards are deactivated. 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. HSBC Bank revised FD rates 2022. You can visit the PF|CP Coming Soon page now by going to. 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. Under Quinn, HSBC has improved the profitability of its American operations. PROVIDENCE, R.I.-- ( BUSINESS WIRE )--Citizens Financial Group, Inc. (NYSE: CFG or "Citizens") today announced the closing of its previously announced acquisition of 80 East Coast branches and. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? 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. South China Morning Post Publishers Ltd. All rights reserved. I hope so, I like the free wire transfers on Premier. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. 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. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. And any payments sent to your old account will be automatically redirected to your new one. You can chat with HSBC 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App or at. 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. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. Yes, you will be assigned a replacement account number. 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. Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** I am currently in a protected APR under the Servicemembers Civil Relief Act. 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. Also, account holders who are part of the agreement will have received two letters from PF|CP. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. ACH Direct Deposits will be transferred to your new account until May 5. HSBC said 81 of the affected branches are within one mile of a Post Office, where customers can carry out day-to-day transactions. On the other hand, senior citizens can earn up to 7.5 percent interest. See our Cookie Policy. PROVIDENCE, R.I., February 22, 2022--Citizens Financial Group, Inc. (NYSE: CFG or "Citizens") today announced the closing of its previously announced acquisition of 80 East Coast branches and the . Noel Quinn, Group Chief Executive of HSBC, said: We are pleased to announce the sale of the domestic mass market of our US retail banking business. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. Has the availability of HSBC ATMs changed? 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. The transactions are expected to close by the first-quarter of next year and HSBC said it expects to incur US$100,000 of pre-tax costs in connection with the sales. Yes, your PF|CP credit card will still allow you to tap and go at participating merchants. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. 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. Im enrolled in AutoPay with HSBC. 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. If your mortgage or HELOC transferred, look for a letter from HSBC by early February. Where will HSBC Bank Wealth Centers be located? Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $4 Billion in total assets. 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. The program aims to provide customers with premium service and experience. 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. Learn what these transactions mean for our customers, here and abroad. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. 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. As we move forward, we will be communicating with our stakeholders frequently. Some investors argued last year that the lender should leave the US entirely after the bank found itself embroiled in rising Sino-US tensions, particularly after its top executive in Asia publicly supported a controversial national security law enacted by Beijing for Hong Kong last year. 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 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. Premier, Jade and Private Banking clients who will remain with HSBC have transitioned to one of the new 22 HSBC Bank Wealth Centers. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. 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 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. If you did not already log in with your HSBC Security Device, you will be prompted to generate a log on security code. 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. 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. (HBUS) will reposition its US Wealth and Personal Banking business to focus on the banking and wealth management needs of globally connected affluent and high net worth clients. Yes, the terms of the hardship program will be maintained as long as you continue to meet the eligibility requirements. Just 10 days after agreeing to sell its upstate New York branches, HSBC Holdings Plc agreed Wednesday to unload the bulk of . robert.a.sherman@us.hsbc.com, Richard OConnor 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. The changes described will be effective March 14, 2022. You can request a debit or ATM card during the account opening process. 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. "There is a role for an international bank, particularly one that is capable of bridging the East and the West.". 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. Will my existing rewards balance transfer to my PF|CP account? HSBC Cash Rewards Mastercard credit card. HSBC said it does not expect to have a "significant gain or loss" on the sales. Camera-in device required to be able to utilize HSBC Mobile . When can I activate and start using my PF|CP credit card? The London-based bank said it would sell its banking operations for the mass market and small businesses on the East Coast to Citizens Bank, part of Citizens Financial Group, and sell its West Coast retail operations to California's Cathay Bank. 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). The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. Your APR will remain the same unless you were being charged a penalty APR, in which case such APR will be reduced to your applicable non-penalty APR. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. HSBC uses cookies to give you the best possible experience on our websites. In February 2022, Citizens Bank took HSBC's US operations on the East Coast, and Cathay Bank took over on the West Coast.. Will replacement cards be issued to the co-applicant and authorized user(s)? At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. Should you have immediate questions, please reach out to your HSBC Relationship Manager. Feel free to call us if there are any questions. 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. Before sending us your information, please read our privacy policy. 25 in market share in the nation's largest. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. Your access to Cathay Bank online banking began on February 7. 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. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. Business banking relationships also transferred to Citizens. They can contact their Relationship Manager for more information. I have a safe deposit box at an HSBC branch. 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. If your account is open and in good standing as of August 21, 2022, a replacement card will be issued to all applicants and any authorized user(s) on the account. 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. Information about the HSBC Bank Wealth Centers is available at. And services include a full range of banking, lending, savings, wealth management and small business.. Be a wholesale Bank focused on the international needs of commercial and institutional clients using... Our service to Premier, Jade and Private banking clients who will remain HSBC! A role for an international Bank, N.A can open a new browser window contact Center 1-800-975-4722. 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