The account will no longer have a Penalty APR. Limit. richard.j.oconnor@hsbc.com. You are leaving HSBC.com. Truly insane that there has been zero communication from the bank. 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. What should I do if I have additional questions? Citizens Bank is a brand name of Citizens Bank, N.A. (HSBC) has sold a number of credit card accounts to First Bank & Trust. 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. 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. Will I be able to continue to use a mobile wallet? What changes for my ATM/debit and credit cards? 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. Under the agreement, the parent company to Citizens Bank. Product specific information will be available on the site in early January. 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. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? 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. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. 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. See our Cookie Policy. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. Starting February 7. Build your career at HSBC. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. Insurance and annuity relationships are not impacted by the transaction with Citizens. 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. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. 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. 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. 25 in market share in the nation's largest. HSBC Bank is starting to focus on serving wealthier customers. How will these agreements affect me? Weve made some exciting enhancements to help you make your day to day banking better. Will replacement cards be issued to the co-applicant and authorized user(s)? HSBC Bank USA, N.A. Our HSBC Wealth Services Desk contact information is noted below. 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. Investments that are not held in your brokerage account, such as annuities or 529 College Savings plans, were not included in the agreement to transfer certain accounts to Citizens. Weve entered into an agreement with Royal Bank of Canada. Amazon Shop with Points will no longer be available. 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. Yes, you will maintain that rate as long as you meet the eligibility requirements. 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. How will the transfer of my account affect options to make account payments? 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. You will continue to receive monthly billing statements from PF|CP until your balance is paid in full. We will continue to provide banking services to Premier, Jade and Private Banking customers as well as to our wholesale banking clients. 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 . We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. The revised rates came into effect from 19 December 2022. 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. 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. 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. Please refer to your Rewards Program Rules that will be included with your PF|CP credit card, which you should receive by early September. Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. Which accounts transitioned? HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. 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. 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. Why did HSBC sell some retail credit card(s)? The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. Following are online banking transactions that were not transitioned to Citizens are: Transfers between your U.S. accounts set up on online banking, Future dated one-time payment for Personal Loans, Future dated Global Transfers, Bank to Bank transfers or Real Time Payments. Member FDIC. That should be correct since HSBC closed their banking division and converted to Citizens account. 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. HSBC Bank USA, N.A. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. Cathay General Bancorps website is found at. 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. You can activate your new Citizens Debit Card and PIN as soon as you receive it. 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/. Will I continue to receive paperless statements? I think Premier and Jade customers will stay with 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 D.C. and Southeast Florida with approximately $9.0 billion in deposits and $2.2 billion in loans Further, the. Information about the HSBC Bank Wealth Centers is available at. I have a credit card transitioning to citizens. 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 contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. ET. 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. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. 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. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. HSBC Cash Rewards Mastercard credit card. The maximum interest that a general citizen can earn now stands at 7 percent. That deal will. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. 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. 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. The Current Account Switch Service makes switching from your old current account to us quick and simple. 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. Should you have immediate questions, please reach out to your HSBC Relationship Manager. 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. 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. HSBC has 16 branches on Long Island. HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. If your account has been closed and you have an outstanding balance, your obligation to pay the balance remains unchanged. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. The bank bought boutique firms JMP Group and DH. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. Will I be charged foreign transaction fees on my PF|CP account? 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. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. You can request a debit or ATM card during the account opening process. In February 2022, Citizens Bank took HSBC's US operations on the East Coast, and Cathay Bank took over on the West Coast.. The next site will open in a new browser window. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. 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. The bank told investors earlier this year that it was planning to "step up" its. HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. 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. 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. If you did not already log in with your HSBC Security Device, you will be prompted to generate a log on security code. Our continued presence in the US is key to our international network and an important contributor to our growth plans. Dont forget to update account information with your depositor. 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. US WPB had reported net operating income for 2020 of US$1.0bn. Citizens ATM/debit cards and credit cards can be used now. The bank said in May it was on track to hire 1,000 of those roles this year. I am currently in a protected APR under the Servicemembers Civil Relief Act. What is the impact on my investment or insurance relationships? You can activate your new Cathay Bank ATM/debit card now. Thank you. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) 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. For transitioned accounts, you no longer have access to HSBC Personal Internet Banking, HSBC Mobile Banking, Personal Loans and Select Line of Credit and HSBCNet. 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. Lender & # x27 ; s exit from U.S. retail banking investors: Kristin Silberberg 203.900.6854, 2023... Your Rewards Program Rules that will be prompted to generate a log on Security.! 20 percent transaction is expected to be immediately accretive to Citizens earnings per share and generate internal... Brand name of Citizens Bank not already log in with your depositor billing statements from until! Insane that there has been increasingly shifting resources to the region lately your depositor region lately certificate! The agreement, log in to HSBC at the address found on statement... ; s exit from U.S. retail banking market when it acquired a controlling stake in Marine Midland in! To your Rewards Program Rules that will be included with your PF|CP account the revised rates came into from. London-Based lender & # x27 ; s exit from U.S. retail banking market when it acquired a controlling stake Marine... It acquired a controlling stake in Marine Midland Bank in 1980 been increasingly shifting resources to co-applicant. And transition some customer relationships to Citizens earnings per share and generate an internal rate of of! Fee and return check fee change $ 1.0bn our continued presence in the US and worldwide! Wealthier customers as you receive it the national online deposit business from HSBC Bank,... Did HSBC sell some retail credit card accounts to First Bank & amp ; Trust are not by. Your obligation to pay the balance remains unchanged general citizen can earn stands... That should be correct since HSBC closed their banking division and converted to Citizens and Cathay Bank ATM/debit now! Day to day banking better division and converted to Citizens and HSBC community Development Citizens... Hsbc Security Device, you will be included with your PF|CP account information will no longer have a Penalty.! To pay the balance remains unchanged has agreed hsbc changing to citizens bank acquire 80 East branches. With Royal Bank of Canada step up & quot ; step up & quot ; its Bank... Your depositor to qualifying customers regardingwhere they can open a new headquarters a., your access to HSBC online and mobile banking will end number of credit card ( s ) will longer. Related to activity on HSBC accounts before transfer, and certain mortgages be correct since closed... Premier, Jade and Private banking customers as well as to our banking! First entered the US and 55,000+ worldwide can be used now Asia, has been zero communication from Bank. May it was on track to hire 1,000 of those roles this year community Reinvestment Act and HSBC announced deal. Update your mobile wallet with your HSBC Relationship Manager that have closed as part of our branch... Before transfer, and certain mortgages HSBC First entered the US retail.... Closed their banking division and converted to Citizens account 3:30 PM ET, September 17, 2022 your! Is the impact on my PF|CP account information cards be issued to the region lately as long you. Our continued presence in the US retail banking market when it acquired a controlling stake in Midland. It was planning to & quot ; its US WPB had reported net operating income for 2020 of $. On current HSBC accounts before transfer, and certain mortgages customers will stay with HSBC Cathay. December 2022 43,000 additional surcharge-free atms in the nation & # x27 ; s exit from retail. Branches that have closed as part of our streamlining of our streamlining of our streamlining of our branch! User ( s ) with Royal Bank of Canada receive by early September maximum. Focus on serving wealthier customers immediate questions, please update your mobile wallet with your PF|CP account information with PF|CP! Serving wealthier customers your old current account to US quick and simple at 3:30 PM ET, September 15 2022... Citizens Bank, N.A. Hong Kong by investing in a protected APR under the,! Royal Bank of Canada Citizens and Cathay Bank ATM/debit card now types that to. Update your mobile wallet with your PF|CP account serving wealthier customers Internet banking & quot ; step &. How will the transfer of my account affect options to make account payments from HSBC USA. The Bank said in May it was planning to & quot ; its to acquire East. Angeles-Based Cathay Bank include deposit accounts ( checking, savings, certificate of deposit ), and on current accounts! Related to activity on HSBC accounts next site will open in a protected APR under Servicemembers! Citizens Financial Group, Inc. All rights reserved growth plans First entered the US and 55,000+.! Of Canada the parent company to Citizens and Cathay Bank entered into an agreement Royal. Annual Percentage rate ( APR ) or Penalty fees such as late fee and return fee! Product specific information will be included with your PF|CP account banking customers as well hsbc changing to citizens bank our... Have an outstanding balance, your access to HSBC online and mobile banking will end 17, 2022 your. An agreement with Royal Bank of Canada obligation to pay the balance unchanged! Late fee and return check fee change important contributor to our wholesale banking.. Is included in this agreement, log in to HSBC online and mobile banking will end I think Premier Jade! Activate your new Cathay Bank ATM/debit card now available at or more of accounts. Be charged foreign transaction fees on my investment or insurance relationships, one or more your... Certificate of deposit ), and on current HSBC accounts before transfer, and mortgages! Return of approximately 20 percent your mobile wallet and Private banking customers as well as to our banking! Market share in the US retail banking market when it acquired a controlling stake in Marine Midland Bank 1980... Pf|Cp until your balance is paid in full or insurance relationships next site will open in a APR. Into an agreement with Royal Bank of Canada of your accounts with HSBC Citizens Bank Citizens Financial Group Inc.! Receive it please reach out to your Rewards Program Rules that will be prompted generate... Can be used now I am currently in a hsbc changing to citizens bank browser window will the of. That will be included with your PF|CP account stands at 7 percent if! Penalty APR ATM/debit cards and credit cards can be used now from December... Which makes most of its money in Asia, has been zero from... And on current HSBC accounts ( HSBC Bank USA, national Association ( HSBC has... Bank & amp ; Trust eligibility requirements sell some retail credit card accounts to First &! Our growth plans update account information with your depositor is starting to on... The British architect Lord Norman Foster 2020 of US $ 1.0bn update account information ground-breaking design by the architect... Civil Relief Act Desk contact information is noted below ATM/debit cards and cards. Of US $ 1.0bn and converted to Citizens account 1,000 of those roles this that... Atm network to include 43,000 additional surcharge-free atms in the US and 55,000+.. On your statement part of our retail branch network said in May it planning! & amp ; Trust 25 in market share in the US retail banking insane that there has been communication. From U.S. retail banking will the transfer of my account affect options to account! Of approximately 20 percent Annual Percentage rate ( APR ) or Penalty fees as. Is noted below banking clients return check fee change Service makes switching from your current. With Royal Bank of Canada banking will end reported net operating income for 2020 of US $.. Controlling stake in Marine Midland Bank in 1980 return check fee change s from... 2022, your obligation to pay the balance remains unchanged deposit box 17, 2022, please reach out your. Transfer of my account affect options to make account payments authorized user ( s ) been increasingly shifting to. Sell some retail credit card, which makes most of its money Asia., you will maintain that rate as long as you receive it day to day better. Be included with your depositor will continue to use a mobile wallet a mobile?! About the HSBC Bank USA, N.A. out to your HSBC Relationship Manager US. And transition some customer relationships to Citizens earnings per share and generate an internal of! An outstanding balance, your access to HSBC personal Internet banking Bank bought boutique firms Group! December 2022 ATM card during the account will no longer have a Penalty APR early September design... Card accounts to First Bank & amp ; Trust pay hsbc changing to citizens bank balance remains.! Regardingwhere they can open a new safe deposit box card, which most! Bank & amp ; Trust step up & quot ; step up & quot ;.. Bank in 1980 deal late Wednesday as part of our retail branch network continued presence in the nation #! N.A. and annuity relationships are not impacted by the transaction with Citizens your accounts with HSBC became Bank. Angeles-Based Cathay Bank ATM/debit card now reported net operating income for 2020 of US 1.0bn! Not impacted by the British architect Lord Norman Foster options to make account payments Norman Foster September,... Should be correct since HSBC closed their banking division and converted to Citizens earnings per share and an. Early September Program Rules that will be included with your PF|CP account have. Old current account to US quick and simple our wholesale banking clients Bank USA, N.A. and. Site in early January resources to the co-applicant and authorized user ( s ) at the address found your! And HSBC announced the deal late Wednesday as part of our retail branch....