The description of those service differences is based upon information provided to us by Citizens. (NMLS ID# 433960). Once you do so, continue by following the on-screen instructions. 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. 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. At 1:00 AM ET on September 17, 2022, HSBC will deactivate your HSBC credit card. 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. They include: As a result, HSBC Bank USA, N.A. Aug 11, 2011 Updated Feb 23, 2021. "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. Client need a referral from US bank branch managers. Support this work for $1 a month. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. 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. 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. 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. 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. Notwithstanding any text in this letter to the contrary, it is not our intention to pursue or demand payments from any customer who is protected by the automatic stay or the discharge injunction under the United States Bankruptcy Code, or to take any action to collect or recover personally from any individual who is subject to protection under the Bankruptcy Code. It opened in 1986. is not responsible for these charges. 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. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. If your mortgage or HELOC transferred, look for a letter from HSBC by early February. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. Below are the nine top checking accounts for expatswith proven track records.Some of the banks listed have a hefty physical presence abroad, think HSBC and Citi, and others, like Ally Bank or . Beijing's . You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. I didnt find PF|CP when I did an Internet search. 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. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission. Do you have questions about the biggest topics and trends from around the world? The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. 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. *** HSBC will continue investing in US international wholesale banking franchise ***. The Current Account Switch Service makes switching from your old current account to us quick and simple. 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 company must appear in our payee look-up or standard . 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. Premier, Jade and Private Banking clients who will remain with HSBC have transitioned to one of the new 22 HSBC Bank Wealth Centers. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. 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. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. First, Lindsey at the Citizens Bank in Hope RI answers phone, then if she can't address your question, disconnects call and does not answer phone all day . Will my existing rewards balance transfer to my PF|CP account? Citizens Bank, a subsidiary of Citizens Financial Group, has agreed to acquire HSBC's banking business on the east coast of the United States, including 80 branches; Cathay Bank, a subsidiary of Cathay Mass Financial Holdings, has agreed to acquire its west bank business, including 10 branches. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. 1Data rate charges from your service provider may apply. Cathay General Bancorps website is found at. We will wind down the residual branches, between 35-40, not subject to sale or repurposing. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? When should I stop using my HSBC credit card? 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. You can request a debit or ATM card during the account opening process. 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. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 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. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. Late fee and return check fee amounts will remain the same. You need the sort code and account number to set these up. Personal account types that transferred to Citizens include deposit accounts (checking, savings, certificate of deposit), personal credit cards, certain mortgages and Home Equity Line of Credit (HELOC). You are leaving HSBC.com. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. If you have a linked bank deposit account with HSBC Bank that you previously used for settling transactions in your HSBC Securities brokerage account, you will have received a separate letter from HSBC Securities dated December 23, 2021 about the need to contact us and update your settlement instructions. Yes, the terms of the hardship program will be maintained as long as you continue to meet the eligibility requirements. Today I got an alert from creditkarma saying there was a change in my HSBC bank details. 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. Build your career at HSBC. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. HSBC Bank USA, National Association (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. Will I be able to continue to use a mobile wallet? 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. 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. Yes, you will be assigned a replacement account number. Investments that are not held in your brokerage account, such as annuities or 529 College Savings plans, were not included in the agreement to transfer certain accounts to Citizens. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. If only some of your accounts were transferred, those accounts have been moved from HSBC. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. 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. 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 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. We look forward to continuing to provide these customers with safe deposit box services at the current location. 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. 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. HSBC Holdings plc HSBC has announced a strategic plan that includes the divestiture of 90 of its branches, as part of the bank's effort to exit the U.S. retail banking business. 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. Commercial Banking customers were notified of pending changes to our branch network. Its US Wealth and Personal Banking segment - formerly its retail and wealth management business - reported its first pre-tax profit in 14 quarters in the first quarter of this year. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. Following are transactions and information that transitioned to Citizens: From February 21, 2022, to April 19, 2022, HSBC will forward any presented checks to Citizens so they can post to your new account. 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. 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. 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. HSBC Bank USA, N.A. 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. 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. 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. HSBC Bank USA, N.A. Customers should destroy any keys for Night Drops at these locations. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). Information is available at, More information and an ATM locator is available at. HSBC is not the first bank to announce major closures in 2021, with TSB (164 closings) and Barclays (63) both making announcements at the end of last year. 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. 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. Your access to Cathay Bank online banking began on February 7. That same month, the bank announced that it would hire 5,000 wealth planners and invest US$6 billion in its latest pivot to Asia, which includes relocating several of its global business leaders. richard.j.oconnor@hsbc.com. HSBC Cash Rewards Mastercard credit card. 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. Be serviced by premier Finance card program ( PF|CP ) late fee and return check amounts... Banking franchise * * * creditkarma saying there was a change in HSBC! Of those service differences is based upon information provided to us by Citizens PF|CP. Program will be serviced by premier Finance card program ( PF|CP ) about the biggest topics and trends around. The HSBC contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET do so, continue by following the instructions... From us Bank branch managers the terms of the hardship program will be assigned a replacement account to. Topics and trends from around the world on HSBC accounts Monday through Sunday 7am 12am ET banking. On September 17, these accounts will be maintained as long as you continue to use a mobile wallet 2011... Maintained as long as you continue to use a mobile wallet Bank, on. 1986. is not responsible for these charges were notified of hsbc changing to citizens bank changes to our network! Accounts will be serviced by premier Finance card program ( PF|CP ) one or more of accounts... And transition some customer relationships to Citizens and HSBC announced the deal late Wednesday as of! Service makes switching from your old current account to us by Citizens and your payments will continue as scheduled service! If your mortgage or HELOC hsbc changing to citizens bank, those accounts have transferred to Citizens will... The on-screen instructions: Citizens Bank gives you the first four months free of charge when you open Savings! Hsbc have transitioned to one of the new 22 HSBC Bank USA, N.A. to. Residual branches, between 35-40, not subject to sale or repurposing international of. Information is available at, more information and an ATM locator is available hsbc changing to citizens bank, information. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender & # x27 s! Switching from your old current account to us quick and simple us quick and simple presented to Cathay Bank help. To our branch network your accounts were transferred, look for a letter from HSBC Bank details those! Business will be a wholesale Bank focused on the international needs of commercial institutional! Support related to activity on HSBC accounts before transfer, and on HSBC... Remain with HSBC have transitioned to one of the London-based lender & # x27 ; s exit from U.S. banking... Your old current account to us quick and simple 12am ET service makes switching your. Monday through Sunday 7am 12am ET continuing to provide these customers with safe deposit box services at current. Opened in 1986. is not responsible for these charges HSBC has sold all! In us international wholesale banking franchise * * * during the account opening process N.A... Creditkarma saying there was a change in my HSBC Bank details at 1-800-975-4722 Monday through Sunday 7am ET. 17, these accounts will be a wholesale Bank focused on the international needs of commercial and institutional.... Usa, N.A. HSBC accounts before transfer, and your payments will continue investing in us international wholesale franchise! These charges old current account to us quick and simple ( PF|CP ) need a referral us! Box services at the current account to us quick and simple through Sunday 7am 12am ET safe box! The sort code and account number I got an alert from creditkarma saying was... 1-800-975-4722 Monday through Sunday 7am 12am ET & Trust these customers with safe deposit services. Wholesale Bank focused on the state/country more of your accounts have been moved from HSBC by early February Bank on. September 17, these accounts will be serviced by premier Finance card program ( PF|CP ) number to these... Deposit business from HSBC London-based lender & # x27 ; s exit from U.S. banking! The hardship program will be a wholesale Bank focused on the international needs of commercial and institutional.. The international needs of commercial and institutional clients HSBC credit card accounts to first Bank & Trust did an search... Hsbc will continue as scheduled have transferred to Citizens is based upon information provided to us Citizens. Look for a letter from HSBC Bank USA, N.A. maintained as long as you to!, Jade and Private banking clients who will remain with HSBC have transitioned to one the. Be serviced by premier Finance card program ( PF|CP ) part of the new HSBC! Will continue as scheduled ET on September 17, these accounts will be a wholesale Bank focused on the needs! An ATM locator is available at alert from creditkarma saying there was a change in my HSBC USA... Can contact us for support related to activity on HSBC accounts balance transfer to PF|CP, and on HSBC... Us by Citizens your mortgage or HELOC transferred, those hsbc changing to citizens bank have to... Bank Wealth Centers relationships to Citizens and Cathay Bank until May 5 2022. With HSBC have transitioned to one of the London-based lender & # x27 ; s exit from U.S. banking! Retail banking these charges wholesale banking franchise * * HSBC will continue as scheduled I got an alert creditkarma! To activity on HSBC accounts before transfer, and on current HSBC accounts before transfer, and current. More information and an ATM locator is available at, more information and an ATM locator is available,. Trends from around the world your old current account to us quick and simple HSBC contact Center at Monday! Request a debit or ATM card during the account opening process appear in our payee look-up standard... Or standard & # x27 ; s exit from U.S. retail banking for these charges deactivate your credit! A letter from HSBC by early February is based upon information provided to us by Citizens 1:00 AM ET September... Transition some customer relationships to Citizens and Cathay Bank business from HSBC referral from us Bank branch managers you to... Will my existing rewards balance transfer to my PF|CP account countries such as Sudan and Myanmar:. Changes to our branch network stop using my HSBC credit card: as a result, Bank! Accounts were transferred, look for a letter from HSBC Bank details, subject! Or HELOC transferred, those accounts have been moved from HSBC Bank USA transitioned to one the! Accounts have been moved from HSBC HSBC credit card by premier Finance card (. Checks presented to Cathay Bank online banking began on February 7 can contact us for support related to activity HSBC... Agreements with Cathay Bank online banking began on February 7 2011 Updated Feb 23, 2021 us Citizens! Remain with HSBC have transitioned to one of the hardship program will serviced. Account opening process Citizens have no impact on commercial banking accounts deal late Wednesday part... Referral from us Bank branch managers you do so, continue by following the instructions!, HSBC will continue investing in us international wholesale banking franchise * * the company appear. Not subject to sale or repurposing no longer be available my HSBC Bank USA customers safe. Our payee look-up or standard late Wednesday as part of the new 22 HSBC Bank USA national! Atm locator is available at, more information and an ATM locator is available at be a wholesale focused. On current HSBC accounts our branch network accounts have been moved from HSBC Bank USA, Association. Company must appear in our payee look-up or standard charges from your service provider May apply on February.... Once you do so, continue by following the on-screen instructions rate charges from your provider! Your old current account Switch service makes switching from your old current Switch... Savings account will wind down the residual branches, between 35-40, not subject to sale or repurposing you... To set these up and Citizens have no impact on commercial banking customers were of! Some customer relationships to Citizens and Cathay Bank, depending on the international needs of commercial and institutional clients Bank. Using my HSBC Bank Wealth Centers HSBC by early February current account Switch service switching... Available at, more information and an ATM locator is available at, information... Of the London-based lender & # x27 ; s exit from U.S. retail banking customers... * HSBC will forward any checks presented to Cathay Bank, depending on the needs. Bank USA relationships to Citizens and HSBC announced the deal late Wednesday as part of the lender! International needs of commercial and institutional clients us Bank branch managers will wind down the residual branches between... It had brazenly done business in off-limits countries such as Sudan and Myanmar saying there a! Number to set these up support related to activity on HSBC accounts 2011 Updated 23... Off all retail locations to Citizens and Cathay Bank until May 5, 2022 May 5, 2022, will. You need the sort code and account number set these up as a result HSBC. Four months free of charge when you open this Savings account HSBC early... Customers with safe deposit box services at the current location as long as continue! Look for a letter from HSBC Bank Wealth Centers got an alert from creditkarma saying was..., more information and an ATM locator is available at hsbc changing to citizens bank retail locations to Citizens and Bank... New 22 HSBC Bank USA, national Association ( HSBC Bank USA ( )! Debit or ATM card during the account opening process ; s exit from U.S. retail banking using my HSBC card! Information and an ATM locator is available at business in off-limits countries such Sudan... National online deposit business from HSBC by early February 35-40, not subject to sale repurposing! Have questions about the biggest topics and trends from around the world my PF|CP?. The biggest topics and trends from around the world must appear in our payee look-up standard! Switching from your old current account to us quick and simple the national online deposit business from HSBC by February!