3%. If you prefer, you can give us a call at 1.800.975.4722 Monday through Sunday 7am - 12am ET. Why did HSBC sell some retail credit card(s)? What can you tell me about First Bank & Trust? We continue to provide banking services including credit cards to wholesale banking (commercial and institutional) clients, and as part of the Premier, Jade and Private Banking propositions. 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. Please stop using it at that time. The London-based bank said it would sell its banking operations for the mass market and small businesses on the East Coast to Citizens Bank, part of Citizens Financial Group, and sell its West Coast retail operations to California's Cathay Bank. When can I activate and start using my PF|CP credit card? Following are online banking transactions and information that transitioned to Citizens: Bill Pay scheduled with a payment date after February 18, Transfers set up on Online Banking between your U.S. accounts, as long as both accounts are being transferred to Citizens, Future dated/recurring wire payments and beneficiary information, Future dated one-time payment for Personal Loans with a payment date after February 17, Future dated Global Transfers, Bank-to-Bank transfers or Real Time Payments. Feb 23, 2022 10:26AM EST. 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 can request a debit or ATM card during the account opening process. HSBC also lacked the necessary scale to compete with its bigger American rivals. First Bank & Trust's experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. 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 . How do I redeem rewards during the transition of my account? 25 in market share in the nation's largest. The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. Wires received to your transferred HSBC account until April 19. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. 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. 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. The . 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. I hope so, I like the free wire transfers on Premier. HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). The revised rates came into effect from 19 December 2022. Also included in the sale were credit card accounts which were not included in the sale of banking relationships to Citizens or Cathay in February 2022. 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. After 12:00 PM ET, September 17, 2022, you can re-enroll at. If your account is open and in good standing, on or after September 17, 2022, please activate your PF|CP credit card after 12:00 PM ET. 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. If your account has been closed and you have an outstanding balance, your obligation to pay the balance remains unchanged. I live outside the United States. 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.. 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. ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. 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). 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. Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. 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. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. Insurance and annuity relationships are not impacted by the transactions. +44 (0) 7920 254057 Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. Yes, your PF|CP credit card will still allow you to tap and go at participating merchants. The description of those service differences is based upon information provided to us by Citizens. 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. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. Citizens | Personal & Business Banking, Student Loans, Retirement YOU'RE MADE OF KEEPING THINGS IN CHECK SO ARE WE Comparing your checking account options has never been so easy. 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 is uniquely positioned to capture more of this US$5 trillion market. 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. Your HSBC ATM/debit card and transitioned credit cards are deactivated. 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 . 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. 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 HSBC Bank USA, N.A. 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. PROVIDENCE, R.I.--(BUSINESS WIRE)-- Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. 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. Will I be able to manage my account through online and mobile banking? 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. All Rights Reserved. 1Data rate charges from your service provider may apply. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. 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. Your PIN will change, and you must request a replacement from PF|CP. The deal comes with $9 billion in deposits and $2.2. Which HSBC locations transitioned to Citizens? Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. Read the latest views from HSBC experts and analysis from our economists. 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. 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 uses cookies to give you the best possible experience on our websites. HSBC Bank USA, N.A. And if you haven't already, it's easy to enroll in Citizens Bank Online. Where will HSBC Bank Wealth Centers be located? After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. They are neither statements of historical fact nor guarantees or assurances of future performance. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. Citizens is getting the banking business at a discount: it's paying a 2% premium on the $9 billion in deposits when most acquirers pay up to 6%, Coughlin said. What should I do if I have additional questions? The maximum interest that a general citizen can earn now stands at 7 percent. Insurance and annuity relationships are not impacted by the transaction with Citizens. 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. ATMs are available at HSBC Wealth Centers. Which HSBC credit cards are part of the sale? 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. Just 10 days after agreeing to sell its upstate New York branches, HSBC Holdings Plc agreed Wednesday to unload the bulk of . 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 international companies there as part of the 156-year-old lender's latest revamp under CEO Noel Quinn. . Where can I find more information about other Citizens locations? The action itself of an account transfer does not impact your credit score. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. 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). 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. 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. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. HSBC Cash Rewards Mastercard credit card. It should take only 7 working days to switch your current account, once your new account is open. Will this transfer effect my credit bureau FICO score? Cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. 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. We thank those customers for their business. Endless possibilities, diverse outlooks. 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. Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $4 Billion in total assets. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. 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. The updated policy will support the transition towards a net zero future by 2050 or sooner. Original review: Dec. 29, 2022. Starting February 7. In 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. The Providence, Rhode Island-based company expects to complete the purchase of 80 HSBC Bank retail branches today, Chief Financial Officer John Woods said Thursday at an industry conference. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. We look forward to serving these new customers and showing them all that Citizens can do for them.. Find the latest media releases, HSBC news, speeches and award wins. HSBC Commercial Banking customers who utilized Night Drop have been notified and can contact their Relationship Manager or branch team to learn about steps to take to continue Night Drops. 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. 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 At 12:01 AM ET, September 17, 2022, HSBC will deactivate your Personal Identification Number (PIN) for use at ATMs. 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. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. The next site will open in a new browser window. 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. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. See our Cookie Policy. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. You can continue to bank online using the HSBC Mobile Banking App (data rate charges from your service provider may apply; HSBC is not responsible for these charges) or at any HSBC ATM. 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. At HSBC Private Bank, we put our clients at the centre of everything we do. 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. 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. 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. Will I continue to receive paperless statements? 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. Deposit products in the U.S. offered by HSBC Bank USA, N.A. Title: Title: Statement on the Bank of England 2021 stress test results. HSBC Bank USA, N.A. After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. 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. What changes for my ATM/debit and credit cards? Will my Personal Identification Number (PIN) change? 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. Will I maintain that rate? We will wind down the residual branches, between 35-40, not subject to sale or repurposing. You will continue to earn rewards during the transition of your account. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. US WPB had reported net operating income for 2020 of US$1.0bn. Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. For now, HSBC continues to service the transferring accounts. When will I receive my replacement PF|CP credit card? The $6 billion in deposits there would be good enough to rank Citizens No. Will my existing rewards balance transfer to my PF|CP account? robert.a.sherman@us.hsbc.com, Richard OConnor HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. 0. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. It was also important for us to find buyers who would be a good fit for our customers and employees.. Please refer to your Rewards Program Rules that will be included with your PF|CP credit card, which you should receive by early September. 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. HSBC, Europe's largest bank, had just been caught allowing a network of drug kingpins, including the notorious Joaqun "El Chapo" Guzmn, to launder more than $880 million through its accounts. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. Your access to Cathay Bank online banking began on February 7. HSBC Bank is starting to focus on serving wealthier customers. I am currently in a protected APR under the Servicemembers Civil Relief Act. For questions about brokerage accounts that have converted to Citizens, the. Wealth Centers offer the same services available to these customers today. 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.. When should I stop using my HSBC credit card? If a customer did not receive a letter, no action is required. 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. It opened in 1986. 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. 25,000 per beneficiary, per account, per day. "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. Late fee and return check fee amounts will remain the same. HSBC is selling its East Coast branches to Citizens and its West Coast branches to Cathay Bank as part of its exit from most of its U.S. banking operations. 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 following 10 former HSBC locations have been converted to Cathay Bank branches: A list of Cathay Bank branches is available at. It also plans to wind down around 35 . For more details, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley The PF|CP website is currently under construction and will launch in time for account transfer. How will these agreements affect business accounts? 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. 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. Will my HSBC relationship manager change? Where can I find more information? Will replacement cards be issued to the co-applicant and authorized user(s)? Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. (HSBC) has sold a number of credit card accounts to First Bank & Trust. If your account is open and in good standing as of August 21, 2022, a replacement card will be issued to all applicants and any authorized user(s) on the account. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) HSBC announced earlier this year that it was exploring strategic options with respect to its US retail franchise, including organic and inorganic options to improve the profitability of its US retail business. 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. How will these agreements affect me? 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. The changes described will be effective March 14, 2022. What is the impact on my investment or insurance relationships? 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. Dont forget to update account information with your depositor. Should you have immediate questions, please reach out to your HSBC Relationship Manager. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. Member FDIC. 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. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. Yes, the terms of the hardship program will be maintained as long as you continue to meet the eligibility requirements. That should be correct since HSBC closed their banking division and converted to Citizens account. Our HSBC Wealth Services Desk contact information is noted below. 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. Yes, you will maintain that rate as long as you meet the eligibility requirements. 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. On average, bank transactions have . HSBC to sell 90 branches to Rhode Island's Citizens Bank and California's Cathay Bank as it exits the retail mass-market banking in the United States. HSBC Bank revised FD rates 2022. ", Cathay Bank's branch in Hong Kong on May 27. Under the agreement, the parent company to Citizens Bank. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? 1.5%. 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. It took full ownership of the Buffalo, NY-based lender seven years later. 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 Your PIN will change, and you must request a replacement from PF|CP you meet the eligibility requirements bureau! Announced transactions are expected to close by the transactions No action is required Buffalo NY-based! Us by Citizens 8-K will be included with your depositor available at https hsbc changing to citizens bank... Can enroll in Citizens Bank online banking began on February 7 credit card, which you should receive by September... First Bank & amp ; Trust and wealthy international customers in the US 55,000+... 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