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@Curious_George2 wrote:
@Anonymous wrote:The representative that I spoke with last week said that the credit card accounts will be sold and transferred.
Citizens Bank (RI) is getting the majority of HSBC accounts, with west coast hsbc accts going to Cathay bank.
West coaster here, with just one of HSBC's cards and no other relationship or special status with them. I haven't received any correspondence regarding the transition, but based on this thread I assumed my card is slated to be sold to Cathay. I just chatted to ask what would happen to my (modest) accrued rewards when my account is sold. The agent told me my account will be staying with HSBC. Could be a misinformed CSR. Only way to know for sure will be to let it play out.
I'm middle of U.S. During a chat with HSBC CSR I was also told my card, my only product with this bank, would be staying with HSBC.
My understanding is that there is three possibilities. First if you are a high value client with over 75k in deposits in total they will keep you after they leave as part of the remaining wealth management portfolio. Secondly if your accounts have a branch assigned on the west coast and are under 75k you will be thrown to Cathay Bank. Lastly if you are under 75k and have a branch assigned on the east coast or have no branch assigned because you opened your accounts online you will get thrown to Citizens Bank. I believe the CC portfolio will be split as well but most of it will go to Citizens Bank. I will say that when it happens I am going to be laughing like a hyena since I have two Citizens branches down the street. Also I would not trust the CSR's.
@KatSoDak wrote:
@Curious_George2 wrote:
@Anonymous wrote:The representative that I spoke with last week said that the credit card accounts will be sold and transferred.
Citizens Bank (RI) is getting the majority of HSBC accounts, with west coast hsbc accts going to Cathay bank.
West coaster here, with just one of HSBC's cards and no other relationship or special status with them. I haven't received any correspondence regarding the transition, but based on this thread I assumed my card is slated to be sold to Cathay. I just chatted to ask what would happen to my (modest) accrued rewards when my account is sold. The agent told me my account will be staying with HSBC. Could be a misinformed CSR. Only way to know for sure will be to let it play out.
I'm middle of U.S. During a chat with HSBC CSR I was also told my card, my only product with this bank, would be staying with HSBC.
I am on the West Coast, was told by a CSR that both my CC's and Premier Savings account would be staying with HSBC.
This morning's Informed Delivery email shows a letter coming "IMPORTANT INFORMATION FROM HSBC AND CITIZENS"
There is a generic URL for those being migrated to Citizens Bank, https://www.citizensbank.com/HSBC
The mailer also listed these milestones:
December - Citizens will send important Change in Terms information to personal credit card and line of credit customers.
January - Citizens will sent Welcome Packages with everything you need to know about your account(s).
February - Acquisition is expected to close, and your HSBC accounts will become Citizens accounts.
Cathy outsources their credit cards (I think its FNB Omaha) so chances are they will either remain with HSBC or be sold to Citizens.
@KatSoDak wrote:
@Curious_George2 wrote:
@Anonymous wrote:The representative that I spoke with last week said that the credit card accounts will be sold and transferred.
Citizens Bank (RI) is getting the majority of HSBC accounts, with west coast hsbc accts going to Cathay bank.
West coaster here, with just one of HSBC's cards and no other relationship or special status with them. I haven't received any correspondence regarding the transition, but based on this thread I assumed my card is slated to be sold to Cathay. I just chatted to ask what would happen to my (modest) accrued rewards when my account is sold. The agent told me my account will be staying with HSBC. Could be a misinformed CSR. Only way to know for sure will be to let it play out.
I'm middle of U.S. During a chat with HSBC CSR I was also told my card, my only product with this bank, would be staying with HSBC.
Anyone gotten any info on HSBC exiting the US yet? I have called and asked HSBC and they said no info yet but expected to be done in Jan 2022, seams strange we be this close and no new info. BB&T and Suntrust took some time and seams strange they do it so fast and nothing new. Has anyone else gotten any info yet?
There is discussion about it here: https://ficoforums.myfico.com/t5/Credit-in-the-News/HSBC-leaving-US/td-p/6262032
I was told that only deposit accounts will go to Citizens bank (I'm east cost), Credit Cards will stay will HSBC. I also have a Select Credit LOC that no one seams to know what is going to happen to that account. Does anyone else have a Select Credit LOC and have gotten any into on it?
HSBC / Citizens Bank update:
Got a notice via snail mail today. Can disregard what the former HSBC rep had told Me.
Accounts WILL be going over to Citizens (I even called to confirm it.)
Per the letter;
"We are pleased to tell you that Citizens will be your new financial partner beginning in early 2022"
I asked if Citizens would retain the old account history, CSR sounded very confident that they would.
I bet that after Citizens takes over that my old HSBC accounts will now report to TU ..(as HSBC did not report them there)
I wonder how Citizens Bank is with CLI's? .. SP or HP? and are they as generous with them as FNBO?