Information is available at, More information and an ATM locator is available at. Our continued presence in the US is key to our international network and an important contributor to our growth plans. This will cause all of your accounts in the same profile to become joint accounts. The ACH routing number for Citizens Bank is 241070417. 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 . PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Where can I find more information about other Citizens locations? The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. HSBC said 81 of the affected branches are within one mile of a Post Office, where customers can carry out day-to-day transactions. HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). 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. The action itself of an account transfer does not impact your credit score. Will I maintain that rate? HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. "The US plays a large role in HSBC's Asia growth strategy, particularly in support of our ambitions to become the leading wealth manager in Asia," said Greg Hingston, HSBC's Asia Pacific regional head of wealth and personal banking. The deal comes with $9 billion in deposits and $2.2. Cathay General Bancorps website is found at. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. The account will no longer have a Penalty APR. It will wind down the remaining 35 to 40 branches. 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. The . +44 (0) 7909 873681 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. What is the impact on my investment or insurance relationships? 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. 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. The revised rates came into effect from 19 December 2022. 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. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. When did I become a customer of Citizens? The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. 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. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Beginning 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. . Member FDIC. on Feb 18. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. I have a safe deposit box at an HSBC branch. HSBC Bank USA, N.A. HSBC is closing 82 bank branches this year Credit: Alamy. 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. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. 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. HSBC India has hiked the interest rates on domestic FDs of less than Rs 2 crore. is not responsible for these charges) or at. Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. Do you have questions about the biggest topics and trends from around the world? And any payments sent to your old account will be automatically redirected to your new one. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 What can you tell me about HSBC Bank Wealth Centers? They are neither statements of historical fact nor guarantees or assurances of future performance. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. When will my credit account(s) transfer from HSBC? HSBC Bank USA, National Association (HSBC Bank USA, N.A.) The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. What day to day and online banking options are available? Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. At 1:00 AM ET on September 17, 2022, HSBC will deactivate your HSBC credit card. Which accounts transitioned? 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 Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. It also plans to wind down around 35 . 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. Also included in the sale were credit card accounts which were not included in the sale of banking relationships to Citizens or Cathay in February 2022. Accounts of Retail Business Banking customers (small businesses with annual sales of US$5 million and under) were transitioned to Cathay Bank on February 4 and Citizens on February 18. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } HSBC Bank revised FD rates 2022. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. (HSBC) has sold a number of credit card accounts to First Bank & Trust. 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 . 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. A presentation providing additional information on the transaction is available at https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, Cautionary Statement About Forward-Looking Statements. If there's anything we need you to do, we will contact you directly. HSBC Securities remains your broker and information regarding changes to services for these accounts was provided in a letter dated February 9, 2022. Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. 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 has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. First Bank & Trust's experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale. As part of the service, we'll transfer all your payment mandates (like Direct Debits and your salary) over to your new HSBC account. Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. Cash back on . 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. Where can I find more information? How will these agreements affect business accounts? is not responsible for these charges. 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. 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. 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. 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. I am currently enrolled in a hardship program. Will my Personal Identification Number (PIN) change? 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 following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. What changes for my ATM/debit and credit cards? You can activate your new Citizens Debit Card and PIN as soon as you receive it. Please stop using it at that time. It complements our existing franchise and helps advance our digital-first national expansion strategy, giving us a strong foundation to drive further growth and gain scale. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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. 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. 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. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. ACH Direct Deposits will be transferred to your new account until May 5. You will continue to receive monthly billing statements from PF|CP until your balance is paid in full. PF|CP describes itself and the Program as follows: The Premier Finance Card Program (PF|CP) is a credit card program provider sponsored by First Bank & Trust, which is one of the leading consumer credit card issuers. HSBC has 16 branches on Long Island. If you are enrolled in paperless statements with HSBC, you will need to re-enroll for this service with PF|CP. 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 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. Citizens Bank is a brand name of Citizens Bank, N.A. (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. Until September 17, 2022, please contact HSBC. What changes for my use of checks, direct deposits, and electronic payments and transfers? 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