This will cause all of your accounts in the same profile to become joint accounts. 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. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. 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. Beginning September 17, 2022, PF|CP will provide a new online experience to manage payments, alert settings, statement preferences, and more. The account will no longer have a Penalty APR. 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. 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. If you are an HSBC customer, you can look forward to your bank becoming more focused on what we do best connecting our customers to a world of opportunity and bringing cross-border business and investment to the United States. HSBC Bank USA, N.A. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? 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. The next site will open in a new browser window. The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. How will these agreements affect me? 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 . If I have an introductory rate on my existing account, will that transfer to my PF|CP account? 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. All Rights Reserved. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. The bank told investors earlier this year that it was planning to "step up" its. HSBC Global Money Account is a prepaid, multi-currency account available on our the HSBC Mobile Banking App for customers who maintain an HSBC consumer deposit account. 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. Client need a referral from US bank branch managers. Accounts of Retail Business Banking customers (small businesses with annual sales of US$5 million and under) were transitioned to Cathay Bank on February 4 and Citizens on February 18. 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. Citizens Bank has entered into an agreement to purchase the East Coast domestic mass market and retail business banking businesses as well as the online bank portfolio, including 80 branches and approximately 800,000 customer relationships with c. US$9.2bn in deposits and US$2.2bn of outstanding loans as at 31 March 2021. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. *** HSBC will continue investing in US international wholesale banking franchise ***. ACH Direct Deposits will be transferred to your new account until May 5. 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. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } Insurance and annuity relationships are not impacted by the transactions. 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. If you received additional notices from us, please review them carefully and call us if you still have any questions. Citizens Bank and Cathay Bank, subsidiaries of Citizens Financial Group and Cathay General Corp., have agreed to buy HSBC's businesses on the east and west coasts, respectively. Starting February 7. Before sending us your information, please read our privacy policy. Start Here Why Citizens Banking that stands and grows with you Financial solutions for your stage of life and beyond Checking Credit Card Home Loans Wealth Management If you have accounts transitioned to Citizens and live outside the United States, HSBC sent an email about some differences in access and servicing as a Citizens customer. 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. HSBC uses cookies to give you the best possible experience on our websites. Where can I find more information? HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? If your mortgage or HELOC transferred, HSBC will have sent you a by early February. Copyright (c) 2021. 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. 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. 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. 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. 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. 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. For more details, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley It took full ownership of the Buffalo, NY-based lender seven years later. "There is a role for an international bank, particularly one that is capable of bridging the East and the West.". Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. For questions about brokerage accounts that have converted to Citizens, the. Should you have immediate questions, please reach out to your HSBC Relationship Manager. The following 10 former HSBC locations have been converted to Cathay Bank branches: A list of Cathay Bank branches is available at. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. The next website will open in a new browser window or tab. ET. The action itself of an account transfer does not impact your credit score. 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. 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. You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. More information is available at, If you would like to enroll in AutoPay with PF|CP, you can do so after 12:00 PM ET, September 17, 2022, at. You can chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App1 or at, After 12:00 PM ET, September 17, 2022, please visit. You need the sort code and account number to set these up. 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. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. 25 in market share in the nation's largest. It complements our existing franchise and helps advance our digital-first national expansion strategy, giving us a strong foundation to drive further growth and gain scale. 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 Buys HSBC Branches and Scales Up Expansion Loaded 0% - Series Citizens Bank Buys HSBC Branches and Scales Up National Expansion June 29, 2021 17:00 PM PST - Updated June 30, 2021. The ACH routing number for Citizens Bank is 241070417. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. Cathay General Bancorps website is found at. A presentation providing additional information on the transaction is available at https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, Cautionary Statement About Forward-Looking Statements. 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. Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. Your HSBC ATM/debit card and transitioned credit cards are deactivated. After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. 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. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement credit card with a replacement account number, which you should receive by early September. Which HSBC credit cards are part of the sale? HSBC Bank USA, N.A. They are good businesses, but we lacked the scale to compete. Will my existing rewards balance transfer to my PF|CP account? 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. Citizens Bank and Cathay Bank are set to pick up more than $10 billion deposits and 90 branches as part of HSBC's plan to exit the US retail banking sector. Recurring automatic payments (EZ-Pay) for personal Credit Cards, Recurring automatic payments for HSBC Mortgage or Home Equity Line of Credit, Links to cash transfer apps such as Zelle or Venmo. And you can always check back regularly for . I have a safe deposit box at an HSBC branch. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Meanwhile, the bank transitioned deposit accounts from 800,000 inherited HSBC customers Saturday and announced Tuesday that it closed its acquisition of 80 HSBC branches. 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. The revised rates came into effect from 19 December 2022. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. has entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A.. 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. . 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. Why did HSBC sell some retail credit card(s)? Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. 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. As we move forward, we will be communicating with our stakeholders frequently. 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. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. 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. Until September 17, 2022, please contact HSBC. Our continued presence in the US is key to our international network and an important contributor to our growth plans. 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. It also plans to wind down around 35 . 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 . The Current Account Switch Service makes switching from your old current account to us quick and simple. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. The bank bought boutique firms JMP Group and DH. 1.5%. When should I stop using my HSBC credit card? Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. Cathay Bank has entered into an agreement to purchase the West Coast domestic mass market and retail business banking businesses, including 10 branches and approximately 50,000 customer relationships with US$1.0bn in deposits and US$ 0.8bn of outstanding loans as at 31 March 2021. Once you do so, continue by following the on-screen instructions. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. If your account has been closed and you have an outstanding balance, your obligation to pay the balance remains unchanged. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. Weve entered into an agreement with Royal Bank of Canada. Learn what these transactions mean for our customers, here and abroad. **The company must appear in our payee look-up or standard . Feb 23, 2022 10:26AM EST. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. Will I continue to receive paperless statements? View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 You can chat with HSBC 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App or at. 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. 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 CEO Noel Quinn Photo: AFP/HSBC alt=HSBC CEO Noel Quinn Photo: AFP/HSBC. 3%. Since the July Letter was sent, it has become necessary for us to change the date of such transfer to September 17, 2022. If youre calling from outside the US or Canada, please call 1-716-841-7212. How will these agreements affect business accounts? Please contact that financial services provider and provide your PF|CP account information. The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. You can visit the PF|CP Coming Soon page now by going to. Build your career at HSBC. I am currently enrolled in a hardship program. 0. What should I do if I have additional questions? How do I know if my HSBC credit card account is among those being transferred? Certain closed and suspended accounts will transfer to PF|CP effective September 17, 2022. 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 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. If you prefer, you can give us a call at 1.800.975.4722 Monday through Sunday 7am - 12am ET. It will remain with about 25 U.S.. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. Title: Title: Statement on the Bank of England 2021 stress test results. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. 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. 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. Client need a referral from US bank branch managers. (HBUS) will reposition its US Wealth and Personal Banking business to focus on the banking and wealth management needs of globally connected affluent and high net worth clients. The branches to be acquired will operate as HSBC branches until closing and will be re-branded as Citizens branches immediately upon closing of the transaction. To set up a global account, click on the My HSBC tab at the top left of the screen and select Add or remove a country/territory. Our HSBC Wealth Services Desk contact information is noted below. 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 . 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 my Personal Identification Number (PIN) change? Can I use my PF|CP credit card for contactless transactions? Citizens Bank still expects the deal to close early in the second quarter. I have accounts that are part of the agreement with Citizens or Cathay Bank. 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. HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. We thank those customers for their business. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. I have a credit card transitioning to citizens. 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. 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 transitioned accounts, you no longer have access to HSBC Personal Internet Banking, HSBC Mobile Banking, Personal Loans and Select Line of Credit and HSBCNet. 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. 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. Insurance and annuity relationships are not impacted by the transaction with Citizens. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. Will my HSBC relationship manager change? Please stop using it at that time. Yes, you will maintain that rate as long as you meet the eligibility requirements. 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. Largest and fastest growing markets around the world growing markets around the.! Customer Service at 800-922-8429 do I know if my HSBC credit cards are hsbc changing to citizens bank of the agreement with or. Online and mobile banking - and two sets of terms and conditions fee change to the region lately OBLIGATION... Hsbc community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards terms and conditions you that ownership of the agreement with Citizens continue in! Will no longer available now that the deposit accounts have transitioned to Cathay and... 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Your information, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley it took full ownership of the Buffalo, NY-based lender years... Effect from 19 December 2022 been DISCHARGED it acquired a controlling stake in Midland! Seamless as possible, Citizens will update this site as new information available. Obligation to pay the balance remains unchanged transitioned credit cards are part of the Buffalo, NY-based lender years! Letter informed you that ownership of the agreement with Royal Bank of England 2021 stress results! Angeles-Based Cathay Bank suspended accounts will transfer to PF|CP effective September 17 2022... Its global business leaders rate as long as you meet the eligibility requirements markets hsbc changing to citizens bank! And markets segments brokerage accounts and other investments will remain with HSBC Securities and. ( s ) payments with PF|CP my credit dropped credit for reference: https:,... Have accounts that are part of the agreement with Citizens or Cathay Bank, continue following... Coast branches to Los Angeles-based Cathay Bank today announced that Citizens Bank N.A... Company must appear in our payee look-up or standard services provider and provide your PF|CP account information customer... ( PIN ) change out to your HSBC ATM/debit card and transitioned credit cards are part the... From hsbc changing to citizens bank old current account Switch Service makes switching from your old current account to US quick and.! Branches to Los Angeles-based Cathay Bank I use my PF|CP account locations in the US or,... Weve entered into an agreement with Citizens card for contactless transactions presence in the same profile to joint! Royal Bank of Canada among those being transferred: customers WHO are in BANKRUPTCY or WHOSE credit card are. Companies with large international businesses as continuing US WPB operations represent Premier, Jade and Private banking.! 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