We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. HSBC uses cookies to give you the best possible experience on our websites. Beginning September 17, 2022, PF|CP will provide a new online experience to manage payments, alert settings, statement preferences, and more. 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 are enrolled in paperless statements with HSBC, you will need to re-enroll for this service with PF|CP. The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. 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. Dont forget to update account information with your depositor. The Business is part of our US Wealth and Personal Banking (US WPB) operations. Under Quinn, HSBC has improved the profitability of its American operations. 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. Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. Support this work for $1 a month. Aug 11, 2011 Updated Feb 23, 2021. Transferring accounts include those held by customers who had a stand-alone credit card with HSBC and no other financial relationship such as a checking or savings account. If there's anything we need you to do, we will contact you directly. 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. 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. (HSBC) has sold a number of credit card accounts to First Bank & Trust. They are good businesses, but we lacked the scale to compete. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. Our continued presence in the US is key to our international network and an important contributor to our growth plans. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. Feel free to call us if there are any questions. The ACH number and your bank account number are used by banks and transfer apps like Zelle or Cash App to identify the exact account payments should be taken from and sent to. Insurance and annuity relationships are not impacted by the transactions. Wealth Centers offer the same services available to these customers today. Will I be charged foreign transaction fees on my PF|CP account? 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. What is the impact on my investment or insurance relationships? Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. HSBC announced earlier this year that it was exploring strategic options with respect to its US retail franchise, including organic and inorganic options to improve the profitability of its US retail business. 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. Please refer to your Rewards Program Rules that will be included with your PF|CP credit card, which you should receive by early September. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } 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. HSBC India has hiked the interest rates on domestic FDs of less than Rs 2 crore. Wires received to your transferred HSBC account until April 19. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. You can request a debit or ATM card during the account opening process. Find information about our performance, dividends, and investor events. It took full ownership of the Buffalo, NY-based lender seven years later. Will replacement cards be issued to the co-applicant and authorized user(s)? 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. 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 international companies there as part of the 156-year-old lender's latest revamp under CEO Noel Quinn. All other personal account types will remain with HSBC. 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 will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. 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. Business banking relationships also transferred to Citizens. Will I have access to historical statements in PF|CP online banking when my account is transferred? "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. 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. 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 . HSBC Bank USA, N.A. HSBC said it does not expect to have a "significant gain or loss" on the sales. HSBC's two local. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This communication contains forward-looking statements that is, statements related to future, not past, events. 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. 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. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. Client need a referral from US bank branch managers. 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 . 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. 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). 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. Please stop using it at that time. Beijing's . It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. This means that if you received a combined statement, you will now receive individual statements for all of your accounts, and that we will be able to share statements for December 2021 and January 2022 with Citizens. It will remain with about 25 U.S.. 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. 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. 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. 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. All Rights Reserved. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? Photo: Georgina Lee. 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. Further, the. 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 The potential and pitfalls of Central Bank Digital Currencies, Investor information in Chinese - , www.about.us.hsbc.com/investor-relations/hsbc-usa, Read the full media release: HSBC exits US mass market retail banking, Shanghai Administration for Industry & Commerce, Exiting 90 branches out of a current branch network of 148 branches, HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres, Remaining branches, between 35-40, will be wound down, Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k), Exiting all retail business banking customers (small businesses with turnover of US$5m and under). 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. Weve increased transaction limits for our Premier, Jade and Private Bank clients for: Mobile Check Deposit up to $25,000 daily and $50,000 monthly, ATM withdrawal and Point of Sale up to $5,000 and $15,000 respectively. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. For now, HSBC continues to service the transferring accounts. If your account is being transferred, youll see a message at the top of the account page indicating that later this year one or more of your HSBC credit card accounts will be transitioned to PF|CP, issued by First Bank & Trust. 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. First Bank & Trust has a history that dates back more than 140 years and spans four generations of the Fishback family, who support independent and entrepreneurial leadership. I live outside the United States. 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. You can also chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App, Monday through Sunday 7am 12am ET. Where can I find more information? 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. HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. Why did HSBC sell some retail credit card(s)? I have a credit card transitioning to citizens. Until September 17, 2022, please contact HSBC. If the contents were not retrieved, the box was opened in the presence of a Notary Public and an HSBC Bank officer, and the contents inventoried, removed, and safely stored for two years. 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. 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. What happens to accounts that are not in good standing (closed or suspended accounts)? 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. heidi.ashley@hsbc.com, Rob Sherman Customers with questions about the status of their safe deposit boxes can visit their HSBC branch, or chat with us 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App (data rate charges from your service provider may apply; HSBC Bank USA, N.A. HSBC Bank USA, N.A. Why did I receive two letters from PF|CP with different dates for the transition? 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. 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. It also plans to wind down around 35 . After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. Member FDIC. Other retail banking and wealth customers transitioned to Citizens or Cathay Bank in February 2022. What changes for my ATM/debit and credit cards? You can visit the PF|CP Coming Soon page now by going to. If you do not re-enroll, you will receive paper statements in the mail. 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. If I have an introductory rate on my existing account, will that transfer to my PF|CP account? Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. That deal will. We continue to provide banking services including credit cards to wholesale banking (commercial and institutional) clients, and as part of the Premier, Jade and Private Banking propositions. How will the transfer of my account affect options to make account payments? 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 also lacked the necessary scale to compete with its bigger American rivals. The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. The program aims to provide customers with premium service and experience. Beginning August 26, 2022, PF|CP will be mailing replacement credit cards with a replacement account number to accounts open and in good standing as of August 21, 2022. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. Truly insane that there has been zero communication from the bank. If you are enrolled in a mobile wallet, just before transition, after 3:30 PM ET, September 15, 2022, you will no longer be able to access your HSBC credit card in that manner. ET. It opened in 1986. robert.a.sherman@us.hsbc.com, Richard OConnor We will continue to provide banking services to Premier, Jade and Private Banking customers as well as to our wholesale banking clients. 25 in market share in the nation's largest. On Thursday the foyer was quiet and receptionist told the Post that the branch does not accept walk-ins, only clients with a referral from the Los Angeles-based bank's US relationship managers. HSBC Bank USA, N.A. If you prefer, you can give us a call at 1.800.975.4722 Monday through Sunday 7am - 12am ET. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. 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). You will continue to receive monthly billing statements from PF|CP until your balance is paid in full. 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. 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.. 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. The ACH routing number for Citizens Bank is 241070417. Small business customers who are part of the agreement with Cathay Bank or Citizens can contact Cathay Bank or Citizens to inquire about this service moving forward. Build your career at HSBC. 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. 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. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. Securities and Insurance Products are: NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, https://www.businesswire.com/news/home/20210526006133/en/. *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. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. 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. Original review: Dec. 29, 2022. Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. ACH Direct Deposits will be transferred to your new account until May 19. We are here to help after February 4 when one or more of your accounts have transferred to Cathay Bank. Will my existing rewards balance transfer to my PF|CP account? You are leaving HSBC.com. 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 . Note: A small number of customers may have received updates following notice of the transition to Citizens if there was an operational issue or other circumstance that would keep Citizens from accepting the account or a particular securities position within the account. 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. 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. Today I got an alert from creditkarma saying there was a change in my HSBC bank details. 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. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. 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. And you can always check back regularly for . We look forward to serving these new customers and showing them all that Citizens can do for them.. 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. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. 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 . 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. 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. As part of the service, we'll transfer all your payment mandates (like Direct Debits and your salary) over to your new HSBC account. Learn what these transactions mean for our customers, here and abroad. And if you haven't already, it's easy to enroll in Citizens Bank Online. Since the July letter, it has become necessary to change the date of the transfer to September 17, 2022, from August 20, 2022. Which HSBC credit cards are part of the sale? Top Rewards Rates. And any payments sent to your old account will be automatically redirected to your new one. Data rate charges from your service provider may apply. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. Your PIN will change, and you must request a replacement from PF|CP. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. What can you tell me about First Bank & Trust? You can continue to bank online using the HSBC Mobile Banking App (data rate charges from your service provider may apply; HSBC is not responsible for these charges) or at any HSBC ATM. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) Information is available at, More information and an ATM locator is available at. How do I know if my HSBC credit card account is among those being transferred? Which HSBC locations transitioned to Cathay Bank? 1.5%. 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 did I become a customer of Citizens? Will I be able to continue to use a mobile wallet? Will I continue to receive paperless statements? When should I stop using my HSBC credit card? 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. . Yes, you will maintain that rate as long as you meet the eligibility requirements. Customers should destroy any keys for Night Drops at these locations. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. 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. 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. Cathay General Bancorps website is found at. 2023. 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. Certain closed and suspended accounts will transfer to PF|CP effective September 17, 2022. I didnt find PF|CP when I did an Internet search. At 1:00 AM ET on September 17, 2022, HSBC will deactivate your HSBC credit card. This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. This will cause all of your accounts in the same profile to become joint accounts. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. Where can I find more information about other Cathay Bank locations? 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. This Savings account WPB ) operations not expect to have a `` significant or. Took full ownership of the sale card ( s ) be materially different from those expressed our. Happens to accounts that are not impacted by the transactions 12am ET saying there was a change my... 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