The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. 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. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. 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. It should take only 7 working days to switch your current account, once your new account is open. Im enrolled in AutoPay with HSBC. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. We appreciate you taking the time to give us feedback. 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. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. 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. HSBC Bank USA, N.A. Please stop using it at that time. Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. Begin using Citizens checks on February 19. How will my business access Night Drop services? 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 Bank USA, N.A. PF|CP will have your last 13 months of HSBC statements, which you can access when you enroll in PF|CP online banking at, If you think you may need any HSBC statement history prior to 13 months, please download these statements prior to September 15, 2022, by going to HSBC. *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. As of February 1st Standard Chartered Bank in HK and London, is now trading these FX Derivatives, with full accountability, insurance wraps and market acceptance and this is the tip of the iceberg. HSBC uses cookies to give you the best possible experience on our websites. Starting February 7. What is the impact on my investment or insurance relationships? You can begin using your PF|CP credit card as soon as its activated. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. I am currently enrolled in a hardship program. If your account is being transferred, youll see a message at the top of the account page indicating that later this year one or more of your HSBC credit card accounts will be transitioned to PF|CP, issued by First Bank & Trust. Im enrolled in a bill payment program to pay my HSBC account with a non-HSBC financial services provider. is not responsible for these charges) or at. What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? 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. HSBC Bank USA, N.A. Please refer to your Rewards Program Rules that will be included with your PF|CP credit card, which you should receive by early September. This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S. First Bank & Trust has a history that dates back more than 140 years and spans four generations of the Fishback family, who support independent and entrepreneurial leadership. Truly insane that there has been zero communication from the bank. Weve announced further financed emissions targets for four carbon-intensive sectors. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? Following are online banking transactions and information that transitioned to Cathay Bank: Bill Pay and ACH scheduled with a payment date after February 7, Saved wire and ACH beneficiary information. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. Top Rewards Rates. 25,000 per beneficiary, per account, per day. Member FDIC. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. 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. 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 . 25 in market share in the nation's largest. 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. At 31 March 2021, US WPB had loans and advances to customers of US$23.8bn, customer accounts of US$47.8bn and risk weighted assets of US$15.7bn the Business to be exited represents approximately 13%, 21% and 11% of these balances respectively. 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. Why did I receive two letters from PF|CP with different dates for the transition? (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 following 10 former HSBC locations have been converted to Cathay Bank branches: A list of Cathay Bank branches is available at. 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. 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. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. 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. First in May, Citizens announced plans to acquire much of HSBC's US business, including 80 branches on the East Coast and all of the British bank's US online franchise. 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. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. 2023. Has the availability of HSBC ATMs changed? 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. Thank you. Certain closed and suspended accounts will transfer to PF|CP effective September 17, 2022. Until September 17, 2022, please contact HSBC. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. We look forward to serving these new customers and showing them all that Citizens can do for them.. The Current Account Switch Service makes switching from your old current account to us quick and simple. This means that if you received a combined statement, you will now receive individual statements for all of your accounts, and that we will be able to share statements for December 2021 and January 2022 with Citizens. 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. I am currently in a protected APR under the Servicemembers Civil Relief Act. 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. 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. How will these agreements affect me? HSBC uses cookies to give you the best possible experience on our websites. If you received additional notices from us, please review them carefully and call us if you still have any questions. Cathay General Bancorps website is found at. All other personal account types will remain with HSBC. Terms of the. Will I maintain that rate? is not responsible for these charges. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. It will remain with about 25 U.S.. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. 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. We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. What day to day and online banking options are available? 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. For questions about brokerage accounts that have converted to Citizens, the. Yes, you will be assigned a replacement account number. That deal will. Before sending us your information, please read our privacy policy. Member FDIC. These locations are a core part of our wealth strategy: To focus on what we do best connecting our customers to a world of opportunity and bringing cross-border business and investment to the United States. 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. Finance card Program ( PF|CP ) about brokerage accounts and other investments will remain with will... Been in touch with these small business customers with information about the transition wealthy international customers these! Formal us Securities and Exchange Commission filing under Form 8-K will be available! Once your new account is open banking services to Premier, Jade and Private banking,... 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