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. At 12:01 AM ET, September 17, 2022, HSBC will deactivate your Personal Identification Number (PIN) for use at ATMs. 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. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. Wealth Centers offer the same services available to these customers today. Your PIN will change, and you must request a replacement from PF|CP. The deals are expected to close in the first quarter of 2022. The bank bought boutique firms JMP Group and DH. The next site will open in a new browser window. PF|CP has mailed letters to these accounts, notifying of the change. You can visit the PF|CP Coming Soon page now by going to. 25,000 per beneficiary, per account, per day. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } 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. Member FDIC. Once you do so, continue by following the on-screen instructions. We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. 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. 2023. 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. You can begin using your PF|CP credit card as soon as its activated. HSBC Bank USA, N.A. 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. Weve entered into an agreement with Royal Bank of Canada. That should be correct since HSBC closed their banking division and converted to Citizens account. HSBC also lacked the necessary scale to compete with its bigger American rivals. All other personal account types will remain with HSBC. Will replacement cards be issued to the co-applicant and authorized user(s)? 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. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. Our HSBC Wealth Services Desk contact information is noted below. Should you have immediate questions, please reach out to your HSBC Relationship Manager. I am currently enrolled in a hardship program. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. HSBC uses cookies to give you the best possible experience on our websites. HSBC, Europe's largest bank, had just been caught allowing a network of drug kingpins, including the notorious Joaqun "El Chapo" Guzmn, to launder more than $880 million through its accounts. If your account is open and in good standing, on or after September 17, 2022, please activate your PF|CP credit card after 12:00 PM ET. Will my PF|CP account have an annual fee? 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. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. 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. What do I need to do? It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. 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. 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. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. HSBC is betting on rising affluence in Asia, particularly in the Greater Bay Area, and sees scaling back its US operations as another step in that greater focus on wealth. 1Data rate charges from your service provider may apply. The next website will open in a new browser window or tab. Lloyds Banking Group has also confirmed that it will proceed with the closure of 56 branches this year - across its Lloyds, Halifax and Bank of Scotland brands - a move which it had paused . With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. 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. Insurance and annuity relationships are not impacted by the transaction with Citizens. 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. The Current Account Switch Service makes switching from your old current account to us quick and simple. You can request a debit or ATM card during the account opening process. HSBC is selling 80 East Coast branches to Citizens Bank, and 10 West Coast branches to Cathay Bank. HSBC is uniquely positioned to capture more of this US$5 trillion market. 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. 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. What changes for my ATM/debit and credit cards? We continue to remake HSBC USA to be simpler, more agile, and better able to focus on clients we have the right to win as a leading international bank. Beijing's . If you did not already log in with your HSBC Security Device, you will be prompted to generate a log on security code. heidi.ashley@hsbc.com, Rob Sherman 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. 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. It was also important for us to find buyers who would be a good fit for our customers and employees.. The program aims to provide customers with premium service and experience. HSBC is closing 82 bank branches this year Credit: Alamy. At HSBC Private Bank, we put our clients at the centre of everything we do. 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. The changes described will be effective March 14, 2022. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. Can I use my PF|CP credit card for contactless transactions? 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. Amazon Shop with Points will no longer be available. Copyright (c) 2021. Limit. Top Rewards Rates. "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. 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 . 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. If there's anything we need you to do, we will contact you directly. 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. 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. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. What is the impact on my investment or insurance relationships? Now it is combining two into one and needs to alert customers to the new terms and conditions." 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. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? HSBC Holdings Plc exited its U.S. domestic mass market retail banking business, agreeing to sell 90 branches, as Europe's biggest lender looks to focus on wealthy clients and steer billions of . And if you haven't already, it's easy to enroll in Citizens Bank Online. Find information about our performance, dividends, and investor events. Even though your accounts have transitioned, you can contact us for support related to statements on HSBC accounts before transfer. After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. 2023. Quinn has previously argued that the US remains a necessary market for its aspirations as an international bank, but needed to be smaller and more focused. 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. Support this work for $1 a month. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. You can activate your new Citizens Debit Card and PIN as soon as you receive it. Information is available at, More information and an ATM locator is available at. 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. Will my existing rewards balance transfer to my PF|CP account? You will continue to earn rewards during the transition of your account. 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. Where can I find more information about other Citizens locations? Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. HSBC and PF|CP are working together closely to make this transition as easy as possible. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). 1Data rate charges from your service provider may apply. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. 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. 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