Originally Posted by garykung
(Post 33481272)
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. |
Originally Posted by pilot007
(Post 33481279)
What about Palo Alto? Likely to keep it?
Palo Alto isn't attractive for HSBC. But Stanford University is (the students are not wealthy, but their parents are). And Stanford is a world-known institution like HSBC. I would say unknown (especially without internal data). |
Originally Posted by garykung
(Post 33481410)
Forgot about Palo Alto. (List updated as well.)
Palo Alto isn't attractive for HSBC. But Stanford University is (the students are not wealthy, but their parents are). And Stanford is a world-known institution like HSBC. I would say unknown (especially without internal data). |
Originally Posted by pilot007
(Post 33481423)
Palo Alto is my branch. Haven’t received anything in the mail about them closing yet. Palo Alto is a lot more than just Stanford. Tech / Facebook / VC / biotech / medicine. All concentrated nearby along with some of the wealthiest zip codes in the country.
HSBC's intent is clear - to dump almost everyone except the wealthy. HSBC does not care if you are making 200k/yr or have a nice property (mortgaged or not). What HSBC cares is at least 75k hard cash (or securities) in the bank. Beside as a racist way to put this, setting aside HSBC's background, HSBC is more like an Asian bank more than an European bank. Tech / Facebook / VC / biotech / medicine near Palo Alto dominates with White than Asian. And many of them are young. They would rather choose banks like Chase, Charles Schwab, and even Capital One (360), but not HSBC. In fact, for most people, they don't need a reason to choose Chase. But many have their own reasons to choose HSBC. On the other hand, Stanford is attractive because of the wealthy parents worldwide. So even the children can't maintain 75k, their parents can, maybe more. |
Originally Posted by garykung
(Post 33481457)
What HSBC cares is at least 75k hard cash (or securities) in the bank.
[...] On the other hand, Stanford is attractive because of the wealthy parents worldwide. So even the children can't maintain 75k, their parents can, maybe more. |
Originally Posted by JHake10
(Post 33482817)
I wonder if HSBC will change the requirements for opening a Premier account. I opened my account based on direct deposit and I will stay with HSBC based on everything they told me. However, as you mention having 5k/mo in direct deposit doesn't mean you're wealthy. I always assumed HSBC thought these were the folks they wanted to start a relationship with early on and hopefully it would turn into something more.
Having 5k/mo in direct deposit doesn't mean you're wealthy, but only high income only. High income does not necessary mean revenue for banks. I don't believe HSBC will do anything for now, given this would be pushing more customers away. But I believe that once the separation is complete, HSBC Premier will no longer allow direct deposit or mortgage as qualifier. But old accounts will be grandfathered. |
It seems like they're trying to turn themselves like a pseudo-First Republic bank, but instead of rich techies, we have affluent Asians? Seems like an interesting value proposition, but ditto on the execution :D
|
Originally Posted by bl540611
(Post 33487286)
It seems like they're trying to turn themselves like a pseudo-First Republic bank, but instead of rich techies, we have affluent Asians? Seems like an interesting value proposition, but ditto on the execution :D
|
Originally Posted by garykung
(Post 33488171)
HSBC did mention previously that it is focusing on the Asian market. And even worse - HSBC dumped HSBC France for just 1 euro. So yes - if you believe HSBC is racist in favor of Asian, you get that part right.
|
Originally Posted by garykung
(Post 33352113)
Here is my guess:
Keep - Montgomery(Confirmed Keep)/Millbrae/Fremont(Confirmed Closed)/Mountain View/Cupertino(Confirmed Closed)/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 Other than Montgomery/Fremont/Cupertino, the rest of the SF Bay Area will be closed or converted to Cathay Bank branches. |
Hmm, got the HSBC Premier Card and Premier checking I got about a year ago and think it's not worth keeping either with the changes. What's the best way to liquidate points?
Option 1: Not a fan of BA/Iberia Avios programs but I have enough to top off my partner's account for some upcoming awards, but do names of the account being transferred to have to match? Option 2: Redeem for travel on HSBC - do you get a 25% bonus if you book through their portal or is it totally not worth it? Option 3: Pay for rewards - do you get a 25% bonus if you redeem for a travel purchase or is it still 1:1? Option 4: Gift cards/amazon points redemptions - seems these are 1:1 and probably the easiest, but I guess there's better value... or is there really not? |
Originally Posted by Khabibul35
(Post 33713526)
Hmm, got the HSBC Premier Card and Premier checking I got about a year ago and think it's not worth keeping either with the changes. What's the best way to liquidate points?
|
Originally Posted by garykung
(Post 33714217)
You should wait and see. For now, it is still an unknown how HSBC will deal with credit cards - sold to Cathay/Citizen or keep. Try to find out if you are the group of customers who will stay or leave first.
|
Originally Posted by Khabibul35
(Post 33728707)
Wouldn't it be safer to liquidate rewards first either way?
It seems that whether HSBC's decision to keep or sold all of your accounts is based on the your checking account exclusively. In my POV, your account should not be affected, i.e. you should be able to stay with HSBC. Hence, there is no point doing anything.
Originally Posted by Khabibul35
(Post 33728707)
And then keep/chuck the card based on what happens?
|
I have the HSBC World Elite card which I'm considering canceling. With the latest update you need to book through the portal to get any type of credit back. However, it's my only non AMEX card currently. I guess I can apply for the World card. If only HSBC can support a PC.
|
All times are GMT -6. The time now is 2:12 am. |
This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.