25 in market share in the nation's largest. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. 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. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. Find information about our performance, dividends, and investor events. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Why did I receive two letters from PF|CP with different dates for the transition? 3. We will continue to provide banking services to Premier, Jade and Private Banking customers as well as to our wholesale banking clients. HSBC's two local. 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. HSBC and PF|CP are working together closely to make this transition as easy as possible. Once you do so, continue by following the on-screen instructions. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. Citizens ATM/debit cards and credit cards can be used now. Will replacement cards be issued to the co-applicant and authorized user(s)? Until September 17, 2022, please contact HSBC. HSBC Bank is starting to focus on serving wealthier customers. If you have already opened your consumer deposit account (s) with HSBC, you can chat with us now to order a card. 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. Aug 11, 2011 Updated Feb 23, 2021. The description of those service differences is based upon information provided to us by Citizens. Before sending us your information, please read our privacy policy. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. Just 10 days after agreeing to sell its upstate New York branches, HSBC Holdings Plc agreed Wednesday to unload the bulk of . 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. 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. What can you tell me about First Bank & Trust? You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. Additionally, the transactions have no impact on the investment relationships for our qualifying Premier customers, our Jade customers or our Private Banking customers. 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. 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. on Feb 18. 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. Will I be able to manage my account through online and mobile banking? We are here to help after February 18 when one or more of your accounts have transferred to Citizens. 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. "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. 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. 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. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. 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. 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. 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. You can visit the PF|CP Coming Soon page now by going to. 3%. When did I become a customer of Cathay Bank? 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. 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. You can begin using your PF|CP credit card as soon as its activated. 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. What can you tell me about HSBC Bank Wealth Centers? is not responsible for these charges) or at. HSBC Bank USA, N.A. 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. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. Cathay General Bancorps website is found at. 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 next site will open in a new browser window. 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. If there's anything we need you to do, we will contact you directly. 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. 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. What is the impact on my investment or insurance relationships? 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. 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 balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. I have accounts that are part of the agreement with Citizens or Cathay Bank. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. The deal comes with $9 billion in deposits and $2.2. HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? 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. At HSBC Private Bank, we put our clients at the centre of everything we do. How will these agreements affect me? HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. ", Cathay Bank's branch in Hong Kong on May 27. 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.. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. Citizens Bank and Cathay Bank, subsidiaries of Citizens Financial Group and Cathay General Corp., have agreed to buy HSBC's businesses on the east and west coasts, respectively. We caution you, therefore, against relying on any of these forward-looking statements. 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. I have a credit card transitioning to citizens. The updated policy will support the transition towards a net zero future by 2050 or sooner. I didnt find PF|CP when I did an Internet search. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? Late fee and return check fee amounts will remain the same. 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. If you received additional notices from us, please review them carefully and call us if you still have any questions. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. Your HSBC ATM/debit card and transitioned credit cards are deactivated. Will I be charged foreign transaction fees on my PF|CP account? Will my HSBC relationship manager change? 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. 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. 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.. I think Premier and Jade customers will stay with HSBC. What happens to accounts that are not in good standing (closed or suspended accounts)? In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc. HSBC Holdings plc, the parent company of HSBC, is headquartered in London. 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. 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. We look forward to serving these new customers and showing them all that Citizens can do for them.. 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. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. 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. Your PIN will change, and you must request a replacement from PF|CP. Which HSBC credit cards are part of the sale? 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. Feb 23, 2022 10:26AM EST. Wealth Centers offer the same services available to these customers today. Business banking relationships also transferred to Citizens. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Will this transfer effect my credit bureau FICO score? When should I stop using my HSBC credit card? All Rights Reserved. When will my credit account(s) transfer from HSBC? (NMLS ID# 433960). Investments that are not held in your brokerage account, such as annuities or 529 College Savings plans, were not included in the agreement to transfer certain accounts to Citizens. If youre calling from outside the US or Canada, please call 1-716-841-7212. Our HSBC Wealth Services Desk contact information is noted below. 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