FWIW - the recurring HSBC rumor is due to the fact that HSBC is not a U.S. bank. As one of the largest banks in the world, its U.S. position (and businesses) have been head to head with other major U.S. banks, resulting a not-as-expected performance, especially given its limited presentation. Yet, it is one of the largest banking market in the world. And its network can't be beat, especially when it is one of the few foreign banks allowed to have branch network in China.

On that basis, despite the not-as-expected performance, HSBC's U.S. business still has a vital purpose for the Group, especially when Wells Fargo ceased working with HSBC since a decade ago.

Bottom line - HSBC never intends to offload the U.S. retail business, but wants to improve the performance.

I’m dating myself but I still remember them as Marine Midland and I think in the UK it was Midland as they both shared the same boat logo.

My Chase accounts are so old that they date back to Manufacturers Hanover Trust (MHT or Manny Hanny), Chemical, Chase Manhattan and Chase Lincoln First. :p

I hope they stick around. I feel HSBC pulling out of the US retail market would be like United pulling out of JFK. It may not be profitable individually but provides overall value to the business.

The report said this would be discussed during the next board meeting. I’m hoping they really revamp in a positive way. Updated tech along with competitive investment fees.

Anyone know if you can downgrade CPC checking/savings accounts to regular accounts ? I would like to go for that $2,000 bonus for becoming a new client, keep the 250k balance for at least 3 months and then downgrade after using most of that money to fund a real estate investment.

Sure, you can downgrade it. It should be okay.

If I were you, I would do the downgrade over SM.

Downgrade through secure messaging ?

Yes.

Chase is okay with churning bank bonuses? When I opened my Sapphire checking account for the bonus, I intentionally kept it open for at least 12 months. Is that no longer required? In either case, I probably won't try to move $250K for the bonus this time, especially if I "should" keep it for an extended period of time. With Sapphire, at least You Invest balance counts to waive the monthly fee. I don't think it works with CPC. It has to be near zero interest checking/saving and/or fee-based investment accounts.

LAX

OP has no intention closing the account. And there is no evidence about churning. Beside - the offer only specifies that a new customer must keep the 250K for 90 days. So Chase can't really control what a customer would do afterward. 1-year is a good practice.

There are some noisy bankers who would do something above and beyond, like banning a customer. Of course, there are some nice bankers who would do something above and beyond as well, i.e. they know the trick and they work with you regardless. Unless you certainly know someone who will play ball, SM is a better way. In fact, the most of my bank accounts, Chase or otherwise, are closed by SM rather than in branch.

I would not recommend OP to move the money that quick after reviewing the offer. At the minimum, I would wait until the bonus has been deposited first.

Nothing constructive to write other than thank you to Chase, CPC been berry berry good to me[1].

Oh yeah, this is my 1000th post, I like round numbers. 😉

(Notes: 1. Saturday Night Live 1978, Garrett Morris as Chico Escuela)

Schwab offers 3 free wires for accounts over $100k.

I mean international (Who does domestic wire anyway?)

Serial home mortgage refinancers (e.g. me) do a lot of domestic wires.

Way more common than you think. Property deals, cars, home improvements. Lots of reasons

Data-point in support of CPC (from an admitted points and miles junkie ;)):

After torturing depriving myself for 2 years I got to 1/24, COVID-19 actually helped in that regard. In the past 2.5 months I’ve been approved for 5 new Chase cards (380,000 points/miles including 2 bonus bumps), 2 business, 3 personal, with the first 3 approvals on the same day. The first 2, both business cards were instant approvals, the last 3 all showed “need to review” on-line. Immediate calls to reconsideration resulted in approvals upon adjusting credit limits.

Impossible to know for certain and although no one ever said anything and there’s no evidence (sorry to sound like a conspiracy theorist :eek:) I firmly believe that my CPC status played a role in the last few approvals. I do not think I would have been approved if I was not a CPC.