HSBC Bank USA, N.A. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. 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. It was also important for us to find buyers who would be a good fit for our customers and employees.. All Rights Reserved. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. I have a safe deposit box at an HSBC branch. 1990 to today Member FDIC. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. 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. PROVIDENCE, R.I.--(BUSINESS WIRE)-- If you are enrolled in a program that offers rewards and your account is open and in good standing: Your earn rate will remain the same or will improve, depending upon the program in which you are enrolled. 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. Your PIN will change, and you must request a replacement from PF|CP. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. 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. 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. When should I stop using my HSBC credit card? HSBC uses cookies to give you the best possible experience on our websites. Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. Quinn has previously argued that the US remains a necessary market for its aspirations as an international bank, but needed to be smaller and more focused. Thank you. What changes for my ATM/debit and credit cards? HSBC Bank USA, N.A. You can activate your new Cathay Bank ATM/debit card now. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. If you are enrolled in paperless statements with HSBC, you will need to re-enroll for this service with PF|CP. Where can I find more information? South China Morning Post Publishers Ltd. All rights reserved. richard.j.oconnor@hsbc.com. 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. HSBC Bank USA, N.A. I live outside the United States. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. 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. Which accounts transitioned? 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. 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. The transactions are expected to close by the first-quarter of next year and HSBC said it expects to incur US$100,000 of pre-tax costs in connection with the sales. is not responsible for these charges) or at. The deals are expected to close in the first quarter of 2022. Do I need to re-enroll? Truly insane that there has been zero communication from the bank. Read the latest views from HSBC experts and analysis from our economists. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. In preparation for a smooth transition of one or more of your accounts to Citizens, we changed your account statement format from a combined statement to individual statements for each account. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Cathay General Bancorps website is found at. 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. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. Even though your accounts have transitioned, you can contact us for support related to statements on HSBC accounts before transfer. HSBC Premier Credit Card Earn 35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening 1 2X Points on Travel, 1X Points on all other purchases TSA Precheck - $85 credit 2 for application fee Apply now HSBC Elite Credit Card Earn 50,000 Bonus Points after spending $4,000 from the first 3 months of Account opening 3 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. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. 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. HSBC said it does not expect to have a "significant gain or loss" on the sales. 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. On average, bank transactions have . Top Rewards Rates. ET. After 12:00 PM ET, September 17, 2022, you can re-enroll at. Will I be able to continue to use a mobile wallet? Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. 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. HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every 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. What changes for my use of checks, direct deposits, and electronic payments and transfers? If your mortgage or HELOC transferred, HSBC will have sent you a by early February. Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. The revised rates came into effect from 19 December 2022. HSBC is uniquely positioned to capture more of this US$5 trillion market. 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 . Where will HSBC Bank Wealth Centers be located? Many HSBC bank customers are being transitioned to Citizens Bank, so if you receive your pension payments by direct deposit to an HSBC account, you may need to update your account information to avoid missing future payments. HSBC Bank USA, N.A. Weve made some exciting enhancements to help you make your day to day banking better. 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. Amazon Shop with Points will no longer be available. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. You can begin using your PF|CP credit card as soon as its activated. The next website will open in a new browser window or tab. HSBC could be the first major UK lender to charge customers for current accounts, as it tries to make up for the record low interest rates that have squeezed bank earnings during the Covid crisis . 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. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. We will wind down the residual branches, between 35-40, not subject to sale or repurposing. Your access to Cathay Bank online banking began on February 7. 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. 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 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. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. 2022 HSBC Bank USA, N.A. Cash back on . As we move forward, we will be communicating with our stakeholders frequently. PF|CP has mailed letters to these accounts, notifying of the change. 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. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. If you do not re-enroll, you will receive paper statements in the mail. 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 Date: Date: 13 Dec 2021. The deal comes with $9 billion in deposits and $2.2. I hope so, I like the free wire transfers on Premier. 1.5%. The bank bought boutique firms JMP Group and DH. 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. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. If a customer did not receive a letter, no action is required. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. Will my existing rewards balance transfer to my PF|CP account? We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. They are good businesses, but we lacked the scale to compete. ET. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. HBUS will exit its domestic mass market retail banking business and retail business banking (collectively the Business) through a number of divestitures, and wind-down of the residual branch network. No, your PF|CP account will not charge this fee. Copyright (c) 2021. Until September 17, 2022, please contact 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 Member FDIC. 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. HSBC Bank is starting to focus on serving wealthier customers. 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. Will I have access to historical statements in PF|CP online banking when my account is transferred? The building's construction required 27,000 tonnes of structural steel, one million square feet of cladding and up to 4,500 workers on site 24 hours a day. +1 646 939 6998 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. Other retail banking and wealth customers transitioned to Citizens or Cathay Bank in February 2022. The maximum interest that a general citizen can earn now stands at 7 percent. Certain closed and suspended accounts will transfer to PF|CP effective September 17, 2022. The account will no longer have a Penalty APR. You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. How will these agreements affect me? HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. 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. Begin using Cathay Bank checks on February 7. The $6 billion in deposits there would be good enough to rank Citizens No. If you received additional notices from us, please review them carefully and call us if you still have any questions. In February 2022, HSBC Bank USA, N.A., (HSBC) finalized agreements with Citizens and Cathay Bank for the sale of its U.S. mass market retail banking businesses. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. Which HSBC locations transitioned to Citizens? 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. 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.. 07/28/2021. 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. What day to day and online banking options are available? Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. We are here to help after February 4 when one or more of your accounts have transferred to Cathay Bank. Find the latest media releases, HSBC news, speeches and award wins. 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 Citizens contact center can be reached at. 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. 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. 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). Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. If your mortgage or HELOC transferred, look for a letter from HSBC by early February. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. 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. Late fee and return check fee amounts will remain the same. Learn what these transactions mean for our customers, here and abroad. Camera-in device required to be able to utilize HSBC Mobile . Will I continue to receive paperless statements? Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. 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. 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