Starting February 7. 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. 3. Member FDIC. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. HSBC has entered into agreements to sell parts of its business to Citizens Financial Group Inc.'s Citizens Bank and Cathay General Bancorp's Cathay Bank. richard.j.oconnor@hsbc.com. You are leaving HSBC.com. 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. Amazon Shop with Points will no longer be available. Will I be able to continue to use a mobile wallet? It took full ownership of the Buffalo, NY-based lender seven years later. Your PIN will change, and you must request a replacement from PF|CP. HSBC Private Bank seeks to be the leading international private bank for business owners and their families. HSBC uses cookies to give you the best possible experience on our websites. 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. Under the agreement, the parent company to Citizens Bank. It will wind down the remaining 35 to 40 branches. 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. Copyright 2021 South China Morning Post Publishers Ltd. All rights reserved. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. 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. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. HSBC India has hiked the interest rates on domestic FDs of less than Rs 2 crore. 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). With Online Banking and the Mobile app, you can: Deposit checks using the mobile app ; View your account balance ; Reset your password ; Transfer funds between accounts ; Change your phone number; Stop payments; Re-order checks; Order/view statements HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. They are neither statements of historical fact nor guarantees or assurances of future performance. Your access to Cathay Bank online banking began on February 7. 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. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. 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. Cash back on . 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. The next website will open in a new browser window or tab. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. I think Premier and Jade customers will stay with HSBC. How will my business access Night Drop services? 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. 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 uniquely positioned to capture more of this US$5 trillion market. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement account number with your replacement credit card, which you should receive by early September. 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. Following are transactions and information that transitioned to Citizens: From February 21, 2022, to April 19, 2022, HSBC will forward any presented checks to Citizens so they can post to your new account. 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, a subsidiary of Citizens Financial Group, has agreed to acquire HSBC's banking business on the east coast of the United States, including 80 branches; Cathay Bank, a subsidiary of Cathay Mass Financial Holdings, has agreed to acquire its west bank business, including 10 branches. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. 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. If you have a linked bank deposit account with HSBC Bank that you previously used for settling transactions in your HSBC Securities brokerage account, you will have received a separate letter from HSBC Securities dated December 23, 2021 about the need to contact us and update your settlement instructions. Next up, Investors Bancorp . +44 (0) 7920 254057 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. 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. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. What do I need to do? Aug 11, 2011 Updated Feb 23, 2021. If youre calling from outside the US or Canada, please call 1-716-841-7212. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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. The bank bought boutique firms JMP Group and DH. Once you do so, continue by following the on-screen instructions. 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. 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 Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. 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. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. In February 2020, we set out a plan to shift our business strategy in the United States to maximize the connection between our clients and our world-class international network. 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. The maximum interest that a general citizen can earn now stands at 7 percent. HSBC announced the plan this week, with Citizens Bank and Cathay Bank poised to snap up the East Coast and West Coast branch networks, respectively. This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. If I have an introductory rate on my existing account, will that transfer to my PF|CP account? Thank you. Theyll be there to serve your financial needs, working with you to make connections to the right resources here in the U.S. and around the world. The following 80 HSBC locations have been converted to Citizens branches: A list of 1,000+ Citizen branches is available at, Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. 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 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. At HSBC Private Bank, we put our clients at the centre of everything we do. Citizens Financial Group, which has been on a merger-and-acquisition streak, is set to finalize the first of two big bank transactions that have been on its plate since last year.. 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. 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. 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. 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. What is the impact on my investment or insurance relationships? You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. Representatives are available 8:30am-4:15pm ET Monday through Friday. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. HSBC Bank USA, N.A. HSBC's US retail banking business struggled to be profitable in recent years as interest rates fell to historic lows, affecting the ability of banks to make money on traditional lending and other products tied to rates. The 80 branch purchase includes 66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/Washington D.C. area, and 5 locations in Southeast Florida. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. When will my credit account(s) transfer from HSBC? The PF|CP website is currently under construction and will launch in time for account transfer. HSBC's two local. You can activate your new Cathay Bank ATM/debit card now. US WPB had reported net operating income for 2020 of US$1.0bn. 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. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). When did I become a customer of Citizens? heidi.ashley@hsbc.com, Rob Sherman I have accounts that are part of the agreement with Citizens or Cathay Bank. Yes, on September 17, 2022, your accumulated rewards balance will be transferred to PF|CP. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. 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. 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. If you do not re-enroll, you will receive paper statements in the mail. The next website will open in a new browser window or tab. This next chapter of HSBCs presence in the US will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world.. The account will no longer have a Penalty APR. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. 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