The description of those service differences is based upon information provided to us by Citizens. HSBC is uniquely positioned to capture more of this US$5 trillion market. Uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the failure to consummate this transaction or to make or take any filing or other action required to consummate any such transaction on a timely matter or at all. 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. The deal comes with $9 billion in deposits and $2.2. This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. You are leaving HSBC.com. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. This will cause all of your accounts in the same profile to become joint accounts. HSBC Bank USA, N.A. The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. Citizens Bank still expects the deal to close early in the second quarter. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Weve made some exciting enhancements to help you make your day to day banking better. Original review: Dec. 29, 2022. 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. 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. Aug 11, 2011 Updated Feb 23, 2021. Camera-in device required to be able to utilize HSBC Mobile . 25 in market share in the nation's largest. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). 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. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. On the other hand, senior citizens can earn up to 7.5 percent interest. 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. If your account is open and in good standing, after 12:00 PM ET, September 17, 2022, in order to obtain a replacement PIN, you must enroll in online or mobile banking, or by calling PF|CP Customer Service. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. 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. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? 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. 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. 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. 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 . The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. heidi.ashley@hsbc.com, Rob Sherman Find the latest media releases, HSBC news, speeches and award wins. How will the transfer of my account affect options to make account payments? On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. If a customer did not receive a letter, no action is required. 1990 to today PROVIDENCE, R.I.--(BUSINESS WIRE)-- For any recurring charges such as subscriptions, gym memberships, utilities, etc., please contact those merchants starting September 17, 2022, and provide your PF|CP account information. Our continued presence in the US is key to our international network and an important contributor to our growth plans. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. HSBC Bank USA, N.A. For questions about HSBC Securities (USA) Inc. accounts, including IRA brokerage accounts, call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. All Rights Reserved. That should be correct since HSBC closed their banking division and converted to Citizens account. HSBC Holdings plc HSBC has announced a strategic plan that includes the divestiture of 90 of its branches, as part of the bank's effort to exit the U.S. retail banking business. HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. What do I need to do? 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). 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. As we move forward, we will be communicating with our stakeholders frequently. After the transfer, PF|CP will service your account and provide a new online experience for you to manage payments, alert settings, statement preferences, and more. All other personal account types will remain with HSBC. 3. It also plans to wind down around 35 . Since the July letter, it has become necessary to change the date of the transfer to September 17, 2022, from August 20, 2022. Before sending us your information, please read our privacy policy. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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. 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. 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. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. 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. 3%. Dont forget to update account information with your depositor. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). 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. 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. "We remain a global international bank. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. 3. The Current Account Switch Guarantee covers most of UK current 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. 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. Weve entered into an agreement with Royal Bank of Canada. **The company must appear in our payee look-up or standard . 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. Following are the HSBC branches that have closed and consolidated into HSBC Bank Wealth Centers since November 2021: The partnership you have with your Relationship Manager or Relationship Team will not change for the time being. 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. Cash back on . 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