I have accounts that are part of the agreement with Citizens or Cathay Bank. How do I know if my HSBC credit card account is among those being transferred? You need the sort code and account number to set these up. Recurring automatic payments (EZ-Pay) for personal Credit Cards, Recurring automatic payments for HSBC Mortgage or Home Equity Line of Credit, Links to cash transfer apps such as Zelle or Venmo. Citizens ATM/debit cards and credit cards can be used now. How will these agreements affect me? Will my Personal Identification Number (PIN) change? Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. The ACH routing number for Citizens Bank is 241070417. HSBC's two local. 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. PROVIDENCE, R.I.--(BUSINESS WIRE)-- 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. 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 . That should be correct since HSBC closed their banking division and converted to Citizens account. Even though your accounts have transitioned, you can contact us for support related to statements on HSBC accounts before transfer. What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? I didnt find PF|CP when I did an Internet search. 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. 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. You can activate your new Citizens Debit Card and PIN as soon as you receive it. Where can I find more information about other Cathay Bank locations? Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. When did I become a customer of Citizens? 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. Select Line of Credit, Business Loan or Business Revolving Line of Credit accounts set up through the branch or contact center, Recurring automatic payments for personal HSBC credit cards, IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Cathay Bank, In preparation for a smooth transition of one or more of your accounts to Cathay Bank, we changed your account statement format from a combined statement to individual statements for each account. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. 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. 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. Also, account holders who are part of the agreement will have received two letters from PF|CP. HSBC is closing 82 bank branches this year Credit: Alamy. Will my account remain enrolled in that program? You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. 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 . 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 When will my credit account(s) transfer from HSBC? 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. Will my existing rewards balance transfer to my PF|CP account? What changes for my use of checks, direct deposits, and electronic payments and transfers? 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 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. Member FDIC. 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. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. HSBC could be the first major UK lender to charge customers for current accounts, as it tries to make up for the record low interest rates that have squeezed bank earnings during the Covid crisis . "We remain a global international bank. 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. 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.. Begin using Cathay Bank checks on February 7. 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. 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. Roughly 63% of the acquired HSBC deposits are in the New York metro area. Im enrolled in AutoPay with HSBC. All other personal account types will remain with HSBC. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. It took full ownership of the Buffalo, NY-based lender seven years later. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. Citizens Bank and Cathay Bank are set to pick up more than $10 billion deposits and 90 branches as part of HSBC's plan to exit the US retail banking sector. HSBC said it does not expect to have a "significant gain or loss" on the sales. 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. Can I use my PF|CP credit card for contactless transactions? Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. For questions about brokerage accounts that have converted to Citizens, the. HSBC India has hiked the interest rates on domestic FDs of less than Rs 2 crore. 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. I think Premier and Jade customers will stay with HSBC. We will wind down the residual branches, between 35-40, not subject to sale or repurposing. Wealth Centers offer the same services available to these customers today. To renew our emphasis on international wealth management from globally mobile and affluent individuals, HSBC Bank Wealth Centers will be designed to provide banking and wealth services to our. HSBC is selling 80 East Coast branches to Citizens Bank, and 10 West Coast branches to Cathay Bank. HSBC uses cookies to give you the best possible experience on our websites. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. We look forward to continuing to provide these customers with safe deposit box services at the current location. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. The next website will open in a new browser window or tab. 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. I hope so, I like the free wire transfers on Premier. is not responsible for these charges. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. Copyright (c) 2021. Do you have questions about the biggest topics and trends from around the world? For any recurring charges such as subscriptions, gym memberships, utilities, etc., please contact those merchants starting September 17, 2022, and provide your PF|CP account information. 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. HSBC uses cookies to give you the best possible experience on our websites. Find the latest media releases, HSBC news, speeches and award wins. 1990 to today 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. 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. Since the July letter, it has become necessary to change the date of the transfer to September 17, 2022, from August 20, 2022. 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. 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. It should take only 7 working days to switch your current account, once your new account is open. 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. heidi.ashley@hsbc.com, Rob Sherman It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } 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. Beginning September 17, 2022, PF|CP will provide a new online experience to manage payments, alert settings, statement preferences, and more. For our customers who fall outside the above propositions, the impact on investment relationships differs depending upon the geographic region, For West Coast customers, banking relationships transitioned to Cathay Bank but investment and insurance relationships did not as they were not part of the agreement. 3. 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. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. +1 646 939 6998 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. (NMLS ID# 433960). Our HSBC Wealth Services Desk contact information is noted below. 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. Do I need to re-enroll? Dont forget to update account information with your depositor. We are here to help after February 4 when one or more of your accounts have transferred to Cathay Bank. +44 (0) 7920 254057 It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. After that point, you can get the fee waived by keeping a balance of $200 in your account. You will continue to earn rewards during the transition of your account. 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. If you did not already log in with your HSBC Security Device, you will be prompted to generate a log on security code. 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. The $6 billion in deposits there would be good enough to rank Citizens No. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. 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. Before sending us your information, please read our privacy policy. It was also important for us to find buyers who would be a good fit for our customers and employees.. The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. 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. The next site will open in a new browser window. 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. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. "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. At 1:00 AM ET on September 17, 2022, HSBC will deactivate your HSBC credit card. On the other hand, senior citizens can earn up to 7.5 percent interest. HSBC also lacked the necessary scale to compete with its bigger American rivals. Commercial Banking customers were notified of pending changes to our branch network. 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. Weve made some exciting enhancements to help you make your day to day banking better. What can you tell me about First Bank & Trust? 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). If only some of your accounts were transferred, those accounts have been moved from HSBC. Citizens Financial Group, which has been on a merger-and-acquisition streak, is set to finalize the first of two big bank transactions that have been on its plate since last year.. For West Coast customers, banking relationships transitioned to Cathay Bank but investment and insurance relationships did not as they were not part of the agreement. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. Product specific information will be available on the site in early January. 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. 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. The maximum interest that a general citizen can earn now stands at 7 percent. If you do not re-enroll, you will receive paper statements in the mail. Representatives are available 8:30am-4:15pm ET Monday through Friday. 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. 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. Cathay Bank has entered into an agreement to purchase the West Coast domestic mass market and retail business banking businesses, including 10 branches and approximately 50,000 customer relationships with US$1.0bn in deposits and US$ 0.8bn of outstanding loans as at 31 March 2021. 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. How will these agreements affect me? If youre calling from outside the US or Canada, please call, for chat support and the most up-to-date information about the transition, including answers to frequently asked questions and when you can expect new account details. I have a credit card transitioning to citizens. 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. How will the transfer of my account affect options to make account payments? HSBC Premier Credit Card Earn 35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening 1 2X Points on Travel, 1X Points on all other purchases TSA Precheck - $85 credit 2 for application fee Apply now HSBC Elite Credit Card Earn 50,000 Bonus Points after spending $4,000 from the first 3 months of Account opening 3 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. What should I do if I have additional questions? 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. Your PIN will change, and you must request a replacement from PF|CP. HSBC Securities remains your broker and information regarding changes to services for these accounts was provided in a letter dated February 9, 2022. Date: Date: 13 Dec 2021. Yes, if you have an existing introductory rate offer still available to you and in effect under the terms of your HSBC account at the time of the transfer, it will remain in effect for the balance of the original term of the original offer. We are renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. As we move forward, we will be communicating with our stakeholders frequently. If youre calling from outside the US or Canada, please call 1-716-841-7212. 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. 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 thank those customers for their business. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. You are leaving HSBC.com. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. 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. Learn what these transactions mean for our customers, here and abroad. You can begin using your PF|CP credit card as soon as its activated. 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 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. Your access to Cathay Bank online banking began on February 7. We are repositioning our US retail business by renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. Member FDIC. HSBC Bank is starting to focus on serving wealthier customers. 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). You can visit the PF|CP Coming Soon page now by going to. 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. They can contact their Relationship Manager for more information. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Customers whose accounts will transfer recently received a letter from PF|CP informing them that ownership was to transfer to First Bank & Trust as of August 20, 2022 (the July Letter). You can chat with HSBC 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App or at. Weve announced further financed emissions targets for four carbon-intensive sectors. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. 25,000 per beneficiary, per account, per day. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. 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