Though the transition can be largely managed internally by RBC, present HSBC clients may need questions on what’s developing within the subsequent two months. On this article, we’ll stroll you thru what to anticipate.
What is going to occur to HSBC Canada clients?
In the course of the transition, most modifications can be computerized, so HSBC clients can proceed to financial institution as they usually would. Clients ought to look within the mail for a product and companies information, referred to as Welcome to RBC, and maintain it round throughout the transition because it accommodates reference data and hyperlinks. Beneath we’ve outlined what is anticipated to occur with HSBC accounts, loans and investments.
Private banking
What’s occurring: RBC will establish appropriate financial institution accounts for HSBC clients based mostly on the options of their present accounts and can ship new RBC debit playing cards within the mail. Clients with out an HSBC chequing or financial savings account will obtain an RBC consumer card quantity. Count on to obtain your playing cards or consumer 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 consumer quantity to enroll in RBC on-line banking or the RBC app. You may activate your debit card on-line. This may guarantee that you’ve entry to your RBC accounts as soon as the transition is full.
Notice: Your historic account data will migrate to RBC however it’s also possible to obtain it from HSBC to have it readily available. For extra data, discuss with Part 2 of your welcome bundle.
Bank cards
What’s occurring: As together with your private financial institution accounts, RBC will establish which RBC credit 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 had 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 straight away, but in addition carry your HSBC playing cards till your RBC playing cards are prepared to make use of. Discover out extra about credit cards in Part 5 of the welcome information or by visiting RBC’s website.
Mortgages and different loans
What’s occurring: 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, fee quantity and frequency, amortization, portability and pre-payment privileges will stay the identical till your present time period ends.
