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HSBC leaving US.

KatSoDak
Frequent Contributor

Re: HSBC Mastercard question


@Curious_George2 wrote:

@bostonterrier 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.

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Message 41 of 57
zerofire
Established Contributor

Re: HSBC Mastercard question

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.

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Message 42 of 57
M_Smart007
Epic Contributor

Re: HSBC Mastercard question


@KatSoDak wrote:

@Curious_George2 wrote:

@bostonterrier 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.

Message 43 of 57
coldfusion
Community Leader
Super Contributor

Re: HSBC Mastercard question

 

This morning's Informed Delivery email shows a letter coming "IMPORTANT INFORMATION FROM HSBC AND CITIZENS"



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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 44 of 57
coldfusion
Community Leader
Super Contributor

Re: HSBC Mastercard question

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. 



(10/2021)
FICO 8 (EX) 804 (TU) 830 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 45 of 57
sjt
Senior Contributor

Re: HSBC Mastercard question


@KatSoDak wrote:

@Curious_George2 wrote:

@bostonterrier 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.


Cathy outsources their credit cards (I think its FNB Omaha) so chances are they will either remain with HSBC or be sold to Citizens.
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Message 46 of 57
Cory88
Regular Contributor

HSBC Exit US

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?

Message 47 of 57
rooeez
Regular Contributor

Re: HSBC Exit US

There is discussion about it here: https://ficoforums.myfico.com/t5/Credit-in-the-News/HSBC-leaving-US/td-p/6262032 


| TCL = $280,050 | TU FICO 8: 784 | EX FICO 8: 801| EQ FICO 8: 786|
Message 48 of 57
Cory88
Regular Contributor

Re: HSBC Exit US

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?

Message 49 of 57
M_Smart007
Epic Contributor

Re: HSBC Exit US

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?

 

Message 50 of 57
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