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. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. 1990 to today 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. The bank said in May it was on track to hire 1,000 of those roles this year. Late fee and return check fee amounts will remain the same. Deposit products in the U.S. offered by HSBC Bank USA, N.A. Weve made some exciting enhancements to help you make your day to day banking better. 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. 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. After 12:00 PM ET, September 17, 2022, you can re-enroll at. Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** If youre calling from outside the US or Canada, please call 1-716-841-7212. ATMs are available at HSBC Wealth Centers. Data rate charges from your service provider may apply. Next up, Investors Bancorp . Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). 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. The action itself of an account transfer does not impact your credit score. 25 in market share in the nation's largest. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. HSBC said 81 of the affected branches are within one mile of a Post Office, where customers can carry out day-to-day transactions. The deal comes with $9 billion in deposits and $2.2. 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. Amazon Shop with Points will no longer be available. At 12:01 AM ET, September 17, 2022, HSBC will deactivate your Personal Identification Number (PIN) for use at ATMs. Our continued presence in the US is key to our international network and an important contributor to our growth plans. Before sending us your information, please read our privacy policy. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. 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. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) Information is available at, More information and an ATM locator is available at. ET. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. HSBC Private Bank seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. 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. 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. And you can always check back regularly for . 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. The changes described will be effective March 14, 2022. It also plans to wind down around 35 . Customers should destroy any keys for Night Drops at these locations. Photo: Georgina Lee. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. That deal will. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. HSBC is uniquely positioned to capture more of this US$5 trillion market. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. On average, bank transactions have . The Current Account Switch Guarantee covers most of UK current accounts. is not responsible for these charges) or at. 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. 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. Will I be able to continue to use a mobile wallet? (NMLS ID# 433960). After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. 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. There are no new promotional rate offers, or any extensions of time for any existing introductory or promotional rate offers, being made at this time. 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). All Rights Reserved. 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. Also, account holders who are part of the agreement will have received two letters from PF|CP. 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. 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. Insurance and annuity relationships are not impacted by the transactions. +1 646 939 6998 Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. For more details, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley Member FDIC. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. If you received an email requesting that you re-enroll in AutoPay and you did not, your AutoPay will still transfer to PF|CP upon transfer but you may need to re-enroll at later date. I am currently enrolled in a hardship program. Read the latest views from HSBC experts and analysis from our economists. I am currently in a protected APR under the Servicemembers Civil Relief Act. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. 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. HSBC and PF|CP are working together closely to make this transition as easy as possible. We are building a simpler, more agile and leaner bank better able to focus our WPB business on serving our target international mobile affluent and high net worth clients. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. Citizens ATM/debit cards and credit cards can be used now. ATMs at HSBC branches that are part of the agreement with Cathay Bank or Citizens have been converted to Cathay, A list of former HSBC locations that are now Cathay Bank. 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 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. All other personal account types will remain with HSBC. 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. It should take only 7 working days to switch your current account, once your new account is open. We look forward to continuing to provide these customers with safe deposit box services at the current location. Which accounts transitioned? We are here to help after February 4 when one or more of your accounts have transferred to Cathay Bank. 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. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. Will my HSBC relationship manager change? 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 Member FDIC. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. Support this work for $1 a month. If a customer did not receive a letter, no action is required. 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. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? When should I stop using my HSBC credit card? PF|CP describes itself and the Program as follows: The Premier Finance Card Program (PF|CP) is a credit card program provider sponsored by First Bank & Trust, which is one of the leading consumer credit card issuers. 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. Product specific information will be available on the site in early January. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. You will continue to receive monthly billing statements from PF|CP until your balance is paid in full. HSBC is selling 80 East Coast branches to Citizens Bank, and 10 West Coast branches to Cathay Bank. . (HSBC) has sold a number of credit card accounts to First Bank & Trust. HSBC CEO Noel Quinn Photo: AFP/HSBC alt=HSBC CEO Noel Quinn Photo: AFP/HSBC. Build your career at HSBC. Truly insane that there has been zero communication from the bank. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Which HSBC credit cards are part of the sale? 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. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. 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 . I hope so, I like the free wire transfers on Premier. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. ACH Direct Deposits will be transferred to your new account until May 5. We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. 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.. Date: Date: 13 Dec 2021. 3. As we move forward, we will be communicating with our stakeholders frequently. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. Where can I find more information about other Citizens locations? South China Morning Post Publishers Ltd. All rights reserved. In February 2022, Citizens Bank took HSBC's US operations on the East Coast, and Cathay Bank took over on the West Coast.. 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. HSBC Bank revised FD rates 2022. Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. 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. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. Will my existing rewards balance transfer to my PF|CP account? 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. 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. 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. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. Begin using Citizens checks on February 19. is not responsible for these charges. 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. 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. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Under the agreement, the parent company to Citizens Bank. Will replacement cards be issued to the co-applicant and authorized user(s)? Do you have questions about the biggest topics and trends from around the world? You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. 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. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. 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. This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. 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 . 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. At 31 March 2021, US WPB had loans and advances to customers of US$23.8bn, customer accounts of US$47.8bn and risk weighted assets of US$15.7bn the Business to be exited represents approximately 13%, 21% and 11% of these balances respectively. 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). HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. Citizens Bank is a brand name of Citizens Bank, N.A. Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. They can contact their Relationship Manager for more information. "The US plays a large role in HSBC's Asia growth strategy, particularly in support of our ambitions to become the leading wealth manager in Asia," said Greg Hingston, HSBC's Asia Pacific regional head of wealth and personal 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. Client need a referral from US bank branch managers. 2022 HSBC Bank USA, N.A. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. 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. Since the July letter, it has become necessary to change the date of the transfer to September 17, 2022, from August 20, 2022. Representatives are available 8:30am-4:15pm ET Monday through Friday. The bank told investors earlier this year that it was planning to "step up" its. I live outside the United States. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. How will these agreements affect me? How will the transfer of my account affect options to make account payments? 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. Original review: Dec. 29, 2022. How will my business access Night Drop services? If there's anything we need you to do, we will contact you directly. 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. 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. 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. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. This will cause all of your accounts in the same profile to become joint accounts. The maximum interest that a general citizen can earn now stands at 7 percent. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. 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. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. 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. Where will HSBC Bank Wealth Centers be located? 3. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. 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. "Our refreshed strategy in the US will allow us to better serve the needs of our international wealth clients, who continue to consider the US for international education, property, investment diversification, career and family mobility and business expansion, among others. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. And generate an internal rate of return of approximately 20 percent your service provider May apply are responsible these... Or HELOC transferred, HSBC will convert to Citizens or Cathay Bank and Citizens no. You directly a wholesale Bank focused on the site in early January portfolio of 6.6 million by 21.... 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