RBC’s takeover of HSBC: What will happen to HSBC Canada customers?

Though the transition shall be largely managed internally by RBC, present HSBC prospects might need questions on what’s arising within the subsequent two months. On this article, we’ll stroll you thru what to anticipate. 

What is going to occur to HSBC Canada prospects? 

Through the transition, most adjustments shall be computerized, so HSBC prospects can proceed to financial institution as they usually would. Prospects ought to look within the mail for a product and companies information, known as Welcome to RBC, and maintain it round through the transition because it accommodates reference data and hyperlinks. Beneath we’ve outlined what is predicted to occur with HSBC accounts, loans and investments. 

Private banking

What’s taking place: RBC will establish appropriate financial institution accounts for HSBC prospects based mostly on the options of their present accounts and can ship new RBC debit playing cards within the mail. Prospects with out an HSBC chequing or financial savings account will obtain an RBC shopper card quantity. Anticipate to obtain your playing cards or shopper card quantity by the top of February 2024. 

What to do: Proceed to make use of your HSBC card till the transition to RBC is full. Within the meantime, use your new RBC card or shopper quantity to enroll in RBC on-line banking or the RBC app. You’ll be able to activate your debit card on-line. This may guarantee that you’ve got entry to your RBC accounts as soon as the transition is full.

Be aware: Your historic account data will migrate to RBC however you can even obtain it from HSBC to have it available. For extra data, check with Part 2 of your welcome bundle.

Bank cards 

What’s taking place: As along with your private financial institution accounts, RBC will establish which RBC bank cards to give you based mostly on the options of your present HSBC bank cards, and the financial institution will mail them to you by the top of March 2024. Your private credit score limits and balances would be the similar as they have been with HSBC. Any insurance coverage coverages and companies you had by way of HSBC, nevertheless, will come to an finish and get replaced with these supplied by RBC, if relevant. 

What to do: Activate your bank cards on-line instantly, but additionally carry your HSBC playing cards till your RBC playing cards are prepared to make use of. Discover out extra about bank cards in Part 5 of the welcome information or by visiting RBC’s web site. 

Mortgages and different loans

What’s taking place: All HSBC lending merchandise, together with strains of credit score, loans and mortgages will migrate to RBC on the finish of March 2024. The phrases of your mortgage settlement, together with the rate of interest, time period, cost quantity and frequency, amortization, portability and pre-payment privileges will stay the identical till your present time period ends.