Although the transition is basically being managed internally by RBC, current HSBC customers can have questions on what lies ahead over the following two months. In this text we’ll explain what to anticipate.
What happens to HSBC Canada customers?
During the transition, most changes will probably be automatic, allowing HSBC customers to proceed banking as usual. Customers should search for a “Welcome to RBC” product and repair guide in the e-mail and keep it available throughout the transition because it accommodates reference information and links. Below we have now outlined what’s prone to occur to HSBC accounts, loans and investments.
Retail banking
What happens: RBC identifies suitable bank accounts for HSBC customers based on the characteristics of their checking accounts and mails recent RBC debit cards. Customers without an HSBC checking or savings account will receive an RBC customer card number. You will probably receive your cards or customer card number by the tip of February 2024.
What to do: Continue using your HSBC card until the transition to RBC is complete. In the meantime, log in to RBC online banking or the RBC app along with your recent RBC card or customer number. You can activate your debit card online. This will ensure you’ve got access to your RBC accounts once the transition is complete.
Note: Your historical account information will probably be migrated to RBC, but it’s also possible to download it from HSBC to have at hand. Please see section 2 of your welcome pack for further information.
Credit cards
What happens: As along with your personal bank accounts, RBC will use the characteristics of your current HSBC bank cards to find out which RBC bank cards to give you and the bank will mail them to you by the tip of March 2024. Your personal credit limits and balances will probably be the identical as with HSBC. However, any insurance cover and services you had through HSBC will lapse and should get replaced by that offered by RBC.
What to do: Activate your bank cards online immediately, but additionally keep your HSBC cards with you until your RBC cards are ready to be used. For more details about bank cards, see Section 5 of the Welcome Guide or here RBC website.
Mortgages and other loans
What happens: All HSBC credit products, including lines of credit, loans and mortgages, will migrate to RBC at the tip of March 2024. The terms of your mortgage agreement, including rate of interest, term, payment amount and frequency, amortization, portability and prepayment privileges proceed until the tip of your current term.
