HSBC USA closing.

Old Aug 20th 2021, 9:29 pm
  #1  
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Default HSBC USA closing.

A while ago, HSBC announced that they were closing down retail operations in the USA. I know that in terms of expat banking they are a bit 'marmite' but in the course of my work I got to know their VP of Expat banking and some senior members of his team.
They have all left HSBC and are now working at City National Bank - based in Los Angeles but backed by Royal Bank of Canada.
I've looked at their expat banking services and it looks like a good option - accounts can be opened prior to leaving home country/upon arrival, no ssn needed to open account, unsecured credit card..
https://www.cnb.com/personal-banking...l-banking.html
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Old Aug 20th 2021, 9:39 pm
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Default Re: HSBC USA closing.

As I'm HSBC premier they told me I'm staying with HSBC, but it's already served it's purpose. They gave me a great Credit Card before I even left the UK and kickstarted my Credit Score. When it starts to degrade I'll think about moving to another bank.
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Old Aug 20th 2021, 9:59 pm
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Default Re: HSBC USA closing.

Looking at their monthly fees, yep can tell its RBC owned,

I actually liked RBC in Canada, would still be with them if they hadn't closed my account and told me they no longer wanted me as a customer.
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Old Aug 20th 2021, 10:41 pm
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Default Re: HSBC USA closing.

I'm HSBC Premier and I think they are keeping a small operations base to handle Premier, Jade and Private Bank accounts. Not sure if that means they'll maintain a few physical branches or not.
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Old Aug 21st 2021, 1:37 am
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Default Re: HSBC USA closing.

I have been premier with them for years.. used them since midland bank in the UK. I posted about them closing a few months ago, as soon as I saw the news I diversified to Goldman, TD Bank (for local branch / ATM) and Ally bank for all the online stuff, they have much much higher limits for online check deposits. I only have a handful of HSBC US accounts left so I guess it’s time me to clear out the remaining balances..
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Old Aug 21st 2021, 2:33 pm
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Default Re: HSBC USA closing.

As I'm Premier, I'm gonna keep my account open for now just to see what happens It's funny how low the requirements are for it here in terms of salary. This has reminded me to call my adviser chap and ask him what to expect.
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