just to clarify, do you have any other HSBC accounts abroad and linked via global view or have a joint account with someone who is premier or above? If I recall correctly, advance customers were able to open international accounts and once you have a joint account someone who is a higher tier, you are considered a higher tier even if the your personal accounts state otherwise; even though they say they’re selling all advance accounts, it doesn’t make sense partially truncating a clients’ accounts so there may be exemptions.

What I posted was originally from a Canadian Premier client relayed from their RM and it was also reconfirmed by a family members Jade RM in Canada

Anyhow, you can verify the outcome and status of your account via the live chat feature on the app

Not exactly. I am the POA of a fully funded US Premier account. FWIW - that account has done some weird things to my account previously. That could be the reason why I got that email. But whether the account would be sold is still an unknown for me.

Thanks but no thank. I have been on the constant communication last week with those people, which many of them had no clue what they have been doing.

I have a premier account and qualify on direct deposit and received the wording “We’re working hard to be a better bank for you and HSBC will continue to be your trusted financial services partner”. I don’t have any other HSBC accounts outside the US. So the email thing may not add up. However, my relationship manager did not my account wasn’t moving. Lots of contradictory information.

Perhaps it is simply incomplete information. HSBC may have reviewed Premier accounts with balances below $75,000, and decided which to sell and which to retain based on criteria that they choose not to publish. That said, I don't see a compelling case to bank at HSBC USA unless you need accounts in other countries.

I am using their Premier Relationship Savings which is 0.4%, have two credit cards (one being my first ever), and have multiple accounts so maybe I made some unpublished criteria. We’ll see.

My wife is from the Philippines so we were hoping to set up a local account there with HSBC. It would make moving money around easier (albeit not at the best rates).

Chatted HSBC again just to ask if my account will be moved or not. Again the agent said I'll be staying with HSBC. Maybe I should start believing them? :confused:

No. As a matter of fact - I have completely given up on trusting HSBC on this issue. I have prepared for the worst, which including "re-preparing" my City Priority account for usage, cancel the HSBC accounts (I am not moving to either institutions). At the same time - I would like to see how long will my HSBC Premier last (if promptly upgraded today).

I'm starting to think this falls into one of two camps.

1. The press release notes HSBC will exit "certain Premier banking customers (those with balances below US$75k)". So that can be straightforward to mean folks qualifying only on direct deposit are cut. This seems to be the consensus here.
2. After several chat conversations and talking to my relationship manager they all said having 75K is one way to qualify for Premier and I qualify on direct deposit and therefore my account isn't moving. If that is true then that would lead me to believe HSBC is cutting accounts who don't meet any Premier qualifications but choose to pay the monthly service fee instead. I'm not sure how many of these accounts are out there. There are similar reports in this reddit thread with folks saying they don't have 75k in deposits but have been told they aren't moving.

Seems like all we can do is wait and see.

I just got a call from my Premier Relationship Manager reassuring me that nothing will change on my accounts (which I had assumed) and that he will remain my PRM. He mentioned there will be a consolidation of branches and wasn't sure which of the ones in the Bay Area would survive. Not an issue for me, since I haven't set foot in a US branch for several years.

I asked about credit cards and he said ALL credit cards are being kept by HSBC, even if the attached bank account is being sold to Citizens or Cathay. He said the purchasing banks did not want to take on the CCs. That doesn't seem to entirely jive with what others have been told, so who knows.

That is actually not difficult to "guesstimate". Here is my guess:

Keep - Montgomery/Millbrae/Fremont/Mountain View/Cupertino/San Jose Saratoga

Most likely sold/closed - SF Chinatown/Daly City/San Bruno (Confirmed Closed)/San Mateo/Oakland/Concord/Warm Spring/Vallco Parkway/Santa Clara/DT San Jose

Unknown - Folsom/Irving/Milpitas/Palo Alto

My logic is branches within small geographical areas are the most vulnerable. The branches in "Keep" have the highest chance of having large number of Premier customers. Also - a Cathay branch can't exist nearby.

I was in the San Bruno branch a few weeks ago and one of the staff members mentioned since San Bruno is new HSBC has a 10 year lease and they may keep that location. However, they are still finalizing everything.

Branches that can't be close can still be sold to Cathay. Beside - IIRC, HSBC's approach would be either San Bruno or Millbrae. So it is entirely up to HSBC.

I read that HSBC currently has 148 branches in the US and that they will sell 90 of them. They also plan to close another 35-40 branches, leaving between 18-23 branches in the US.

If that's true, I don't see more than a few branches remaining in the Bay Area. My guess is one in SF financial district, maybe one on the Peninsula, and one in the South Bay.

According to my PRM, the plan is to beef up their online platform (which is sorely needed) to take on most of the banking transactions and transform the branches away from traditional bank branches into wealth centers focused on investments rather than day-to-day banking activities.

I got a letter today noting my branch, San Bruno, would be closing as of Nov 5 at noon and I can continued to be serviced out of the Montgomery branch.

What’s odd is I opened my account online and go to San Bruno or Daly City if I need anything. Wonder what will happen to Daly City.

My guess is not for nothing.

When I generate the list above, I have taken many considerations. The reason why San Bruno branch has to be closed is the residents' wealth nearby are rich on paper only. HSBC wants customers with actual wealth.

Daly City has a potential to be sold if not closed.