USBC USA has reached an agreement to sell 80 Eastern US branches and most online accounts to Citizens Bank, and 10 Western branches to Cathay Bank.
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When: 2022 Source: transactions close between Dec 31, 2021 and March 30, 2022, pending regulatory approval.
HSBC USA is not selling all accounts: The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers, except Premier accounts with balances below $75,000 may be sold. Source: Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k)
Any news on the fate of the rewards program after the sale? I've been saving them for future travel, but am now wondering if I should redeem the rewards program points for cash, so as to salvage a terrible return (or none) after the sale is final. My account is on the east coast, so I'm interested in Citizens Bank's plans for the rewards program.