Customers should destroy any keys for Night Drops at these locations. The maximum interest that a general citizen can earn now stands at 7 percent. HSBC Bank USA, N.A. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. What should I do if I have additional questions? HSBC is selling 80 East Coast branches to Citizens Bank, and 10 West Coast branches to Cathay Bank. Our HSBC Wealth Services Desk contact information is noted below. Your customizable and curated collection of the best in trusted news plus coverage of sports, entertainment, money, weather, travel, health and lifestyle, combined with Outlook/Hotmail, Facebook . . Your APR will remain the same unless you were being charged a penalty APR, in which case such APR will be reduced to your applicable non-penalty APR. 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 It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. Will I maintain that rate? So for questions about these changes as well as details about services available through Citizens, please contact Citizens directly: visit, Questions about the transition status of specific HSBC checking and savings accounts can be directed to HSBC: chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App or at, Your access to Citizens Online and Mobile Banking access began February 22. Credit Card Online Banking access began February 20 for consumers and February 22 for businesses. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Will my PF|CP account have an annual fee? It should take only 7 working days to switch your current account, once your new account is open. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. ", Cathay Bank's branch in Hong Kong on May 27. 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. Late fee and return check fee amounts will remain the same. Further, the. 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. Learn what the transfer of certain HSBC credit card accounts means for our customers, here and abroad. Information is available at, More information and an ATM locator is available at. When can I activate and start using my PF|CP credit card? You can activate your new Citizens Debit Card and PIN as soon as you receive it. 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. What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $4 Billion in total assets. 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. 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. 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. ACH Direct Deposits will be transferred to your new account until May 5. 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. Where can I find more information about other Citizens locations? Client need a referral from US bank branch managers. 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. As part of the service, we'll transfer all your payment mandates (like Direct Debits and your salary) over to your new HSBC account. Your PIN will change, and you must request a replacement from PF|CP. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. You can begin using your PF|CP credit card as soon as its activated. Insurance and annuity relationships are not impacted by the transaction with Cathay 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. HSBC Bank revised FD rates 2022. When should I stop using my HSBC credit card? "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. 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 . Yes, you will maintain that rate as long as you meet the eligibility requirements. 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. 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. Which HSBC locations transitioned to 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. It also plans to wind down around 35 . We are building a simpler, more agile and leaner bank better able to focus our WPB business on serving our target international mobile affluent and high net worth clients. Learn what these transactions mean for our customers, here and abroad. *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. You can activate your new Cathay Bank ATM/debit card now. 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. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). 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. Why did HSBC sell some retail credit card(s)? HSBC uses cookies to give you the best possible experience on our websites. Please stop using it at that time. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. 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. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. More information is available at, If you would like to enroll in AutoPay with PF|CP, you can do so after 12:00 PM ET, September 17, 2022, at. Yes, on September 17, 2022, your accumulated rewards balance will be transferred to PF|CP. Why did HSBC sell branches and transition some customer relationships to Citizens and 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. 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. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. Has the availability of HSBC ATMs changed? 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. 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. HSBC is closing 82 bank branches this year Credit: Alamy. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. And if you haven't already, it's easy to enroll in Citizens Bank Online. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. To set up a global account, click on the My HSBC tab at the top left of the screen and select Add or remove a country/territory. We caution you, therefore, against relying on any of these forward-looking statements. We are renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. Yes, your PF|CP credit card will still allow you to tap and go at participating merchants. (HSBC) has sold a number of credit card accounts to First Bank & Trust. 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. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) HSBC Bank USA, N.A. 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. Transferring accounts include those held by customers who had a stand-alone credit card with HSBC and no other financial relationship such as a checking or savings account. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. 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. 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