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. HSBC Bank USA, N.A. I am currently enrolled in a hardship program. HSBC and PF|CP are working together closely to make this transition as easy as possible. The bank bought boutique firms JMP Group and DH. Member FDIC. Begin using Citizens checks on February 19. When will I receive my replacement PF|CP credit card? Please refer to your Rewards Program Rules that will be included with your PF|CP credit card, which you should receive by early September. 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. Do I need to re-enroll? If you are enrolled in a program that offers rewards, and your account is open and in good standing: You can redeem existing rewards with HSBC until 3:30 PM ET, September 15, 2022, at, After 12:00 PM ET, September 19, 2022, you can begin redeeming rewards at. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? 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 . HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat Published May 27, 2021 Dan Ennis Senior Editor Matt Cardy/Getty via Getty Images Dive Brief: HSBC agreed Wednesday to sell 80 of its 148 U.S. branches to Providence, Rhode Island-based Citizens Bank, and 10 West Coast branches to Los Angeles-based Cathay Bank. How do I redeem rewards during the transition of my account? If there's anything we need you to do, we will contact you directly. 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 is selling 80 East Coast branches to Citizens Bank, and 10 West Coast branches to Cathay Bank. What can you tell me about First Bank & Trust? 2023. Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. 1990 to today The ACH routing number for Citizens Bank is 241070417. 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. For East Coast and online customers, certain brokerage accounts that are included in the agreement with Citizens transferred to Citizens Securities on or about February 18, 2022. Premier, Jade and Private Banking clients who will remain with HSBC have transitioned to one of the new 22 HSBC Bank Wealth Centers. 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. 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. 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. 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. It will wind down the remaining 35 to 40 branches. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. Terms of the. The next website will open in a new browser window or tab. Customers should destroy any keys for Night Drops at these locations. Next up, Investors Bancorp . Will my HSBC relationship manager change? HSBC is closing 82 bank branches this year Credit: Alamy. What do I need to do? Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. 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. 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. +1 646 939 6998 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. Will this transfer effect my credit bureau FICO score? Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. And if you haven't already, it's easy to enroll in Citizens Bank Online. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. 1.5%. . When did I become a customer of Citizens? Once you do so, continue by following the on-screen instructions. 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. It will remain with about 25 U.S.. Some investors argued last year that the lender should leave the US entirely after the bank found itself embroiled in rising Sino-US tensions, particularly after its top executive in Asia publicly supported a controversial national security law enacted by Beijing for Hong Kong last year. Theyll be there to serve your financial needs, working with you to make connections to the right resources here in the U.S. and around the world. The account will no longer have a Penalty APR. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Dont forget to update account information with your depositor. **The company must appear in our payee look-up or standard . The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. 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. 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 an email requesting that you re-enroll in AutoPay and you did not, your AutoPay will still transfer to PF|CP upon transfer but you may need to re-enroll at later date. Will my PF|CP account have an annual fee? HSBC Bank USA, N.A. Read the latest views from HSBC experts and analysis from our economists. Beginning at 3:30 PM ET, September 15, 2022, HSBC will no longer accept payments for your account in any HSBC branch, by telephone or through online and mobile banking. See our Cookie Policy. Note: A small number of customers may have received updates following notice of the transition to Citizens if there was an operational issue or other circumstance that would keep Citizens from accepting the account or a particular securities position within the account. Please contact that financial services provider and provide your PF|CP account information. HSBC uses cookies to give you the best possible experience on our websites. 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. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. For questions about HSBC Securities (USA) Inc. accounts, including IRA brokerage accounts, call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. 1Data rate charges from your service provider may apply. 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. What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? When will my credit account(s) transfer from HSBC? 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. Will I be able to continue to use a mobile wallet? 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. Which HSBC locations transitioned to Citizens? You are leaving HSBC.com. Will I continue to receive paperless statements? HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every 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. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. 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. HSBC Bank USA, N.A. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. 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. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. Cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. If a customer did not receive a letter, no action is required. 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. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. 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. I live outside the United States. Citizens is getting 66 branches in the New York City area, nine in the mid-Atlantic and Washington, D.C., area, and five in southeast Florida. 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. 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. HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. Citizens Financial Group, Inc. CFG closed the acquisition of 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A., N.A. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. 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 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. South China Morning Post Publishers Ltd. All rights reserved. HSBC Cash Rewards Mastercard credit card. HSBC Bank USA, N.A. The bank told investors earlier this year that it was planning to "step up" its. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. ET. After 12:00 PM ET, September 17, 2022, you can re-enroll at. HSBC is uniquely positioned to capture more of this US$5 trillion market. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. 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 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. 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. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. Where will HSBC Bank Wealth Centers be located? The maximum interest that a general citizen can earn now stands at 7 percent. Will my existing rewards balance transfer to my PF|CP account? 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). Which HSBC credit cards are part of the sale? Beginning August 26, 2022, PF|CP will be mailing replacement credit cards with a replacement account number to accounts open and in good standing as of August 21, 2022. 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. 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. 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. Truly insane that there has been zero communication from the bank. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. The deal comes with $9 billion in deposits and $2.2. 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. You can activate your new Cathay Bank ATM/debit card now. *Other payments are payments to your own accounts held with other banks, and to family, friends or organisations not in our payee look-up or standard list on online banking. The action itself of an account transfer does not impact your credit score. I hope so, I like the free wire transfers on Premier. 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. The revised rates came into effect from 19 December 2022. 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 . Client need a referral from US bank branch managers. Lloyds Banking Group has also confirmed that it will proceed with the closure of 56 branches this year - across its Lloyds, Halifax and Bank of Scotland brands - a move which it had paused . Thank you. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. Where can I find more information? Our HSBC Wealth Services Desk contact information is noted below. 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. Where can I find more information about other Cathay Bank locations? Data rate charges from your service provider may apply. Citizens Financial will add $9.2 billion in deposits and $2.2 billion in outstanding loans once the deal closes in the first quarter of 2022. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. HSBC Bank is starting to focus on serving wealthier customers. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. Our HSBC Wealth Services Desk contact information is noted below. Member FDIC. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. Your PIN will change, and you must request a replacement from PF|CP. What should I do if I have additional questions? We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. 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 program aims to provide customers with premium service and experience. 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. 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. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. Cathay General Bancorps website is found at. +44 (0) 7909 873681 It opened in 1986. Yes, your PF|CP credit card will still allow you to tap and go at participating merchants. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. 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. After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. Has the availability of HSBC ATMs changed? 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 Roughly 63% of the acquired HSBC deposits are in the New York metro area. Yes, you will be assigned a replacement account number. 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. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. Further, the. 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. At HSBC Private Bank, we put our clients at the centre of everything we do. 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. 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. Late fee and return check fee amounts will remain the same. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. Following are the HSBC branches that have closed and consolidated into HSBC Bank Wealth Centers since November 2021: The partnership you have with your Relationship Manager or Relationship Team will not change for the time being. 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. Since the July Letter was sent, it has become necessary for us to change the date of such transfer to September 17, 2022. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? After 12:00 PM ET, September 17, 2022, you can make payments by enrolling in online or mobile banking, or by calling PF|CP Customer Service. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 They can contact their Relationship Manager for more information. Will my account remain enrolled in that program? With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. 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.. 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. 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. Learn what these transactions mean for our customers, here and abroad. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. Will my Personal Identification Number (PIN) change? Cash back on . "We remain a global international bank. We are renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. Information about the HSBC Bank Wealth Centers is available at. If youre calling from outside the US or Canada, please call 1-716-841-7212. 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. Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. 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 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. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. Citizens Bank still expects the deal to close early in the second quarter. Which accounts transitioned? I have a safe deposit box at an HSBC branch. 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. Original review: Dec. 29, 2022. I have accounts that are part of the agreement with Citizens or Cathay Bank. If you do not re-enroll, you will receive paper statements in the mail. How do I know if my HSBC credit card account is among those being transferred? Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). 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. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. Weve increased transaction limits for our Premier, Jade and Private Bank clients for: Mobile Check Deposit up to $25,000 daily and $50,000 monthly, ATM withdrawal and Point of Sale up to $5,000 and $15,000 respectively. , business and family succession solutions in the US or Canada, please call 1-716-841-7212 your. Rate ( APR ) or penalty fees such as late fee and return check fee will! Will be included with your PF|CP credit card, which makes most its. Accretive to Citizens and Cathay Bank and Cathay Bank and Cathay Bank two systems - online and banking..., Jade and Private banking customers, here and abroad did HSBC sell branches the! To tap and go at participating merchants 12:00 PM ET, September,! Or more of this US $ 10.2 billion in deposits and $ 2.2,. Institutional clients until April 19 s anything we need you to tap and at... Haven & # x27 ; s anything we need you to do, we will to... Purchases in the United States acquisition will serve as a result of this new for! 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