Even supposing the transition will probably be in large part controlled internally through RBC, present HSBC consumers may have questions on what’s arising within the subsequent two months. On this article, we’ll stroll you thru what to anticipate. 

What’s going to occur to HSBC Canada consumers? 

Throughout the transition, maximum adjustments will probably be computerized, so HSBC consumers can proceed to financial institution as they most often would. Shoppers will have to glance within the mail for a product and products and services information, known as Welcome to RBC, and stay it round throughout the transition because it accommodates reference data and hyperlinks. Beneath we’ve defined what is predicted to occur with HSBC accounts, loans and investments. 

Non-public banking

What’s taking place: RBC will determine appropriate financial institution accounts for HSBC consumers according to the options in their present accounts and can ship new RBC debit playing cards within the mail. Shoppers with out an HSBC chequing or financial savings account will obtain an RBC consumer card quantity. Be expecting to obtain your playing cards or consumer card quantity through the tip of February 2024. 

What to do: Proceed to make use of your HSBC card till the transition to RBC is whole. Within the period in-between, use your new RBC card or consumer quantity to join RBC on-line banking or the RBC app. You’ll turn on your debit card on-line. This may occasionally make sure that you’ve gotten get entry to in your RBC accounts as soon as the transition is whole.

Be aware: Your ancient account data will migrate to RBC however you’ll additionally obtain it from HSBC to have it readily available. For more info, discuss with Segment 2 of your welcome bundle.

Bank cards 

What’s taking place: As with your individual financial institution accounts, RBC will determine which RBC bank cards to provide you with according to the options of your present HSBC bank cards, and the financial institution will mail them to you through the tip of March 2024. Your own credit score limits and balances would be the similar as they have been with HSBC. Any insurance coverage coverages and products and services you had thru HSBC, on the other hand, will come to an finish and get replaced with the ones presented through RBC, if acceptable. 

What to do: Turn on your bank cards on-line immediately, but additionally raise your HSBC playing cards till your RBC playing cards are in a position to make use of. In finding out extra about bank cards in Segment 5 of the welcome information or through visiting RBC’s site. 

Mortgages and different loans

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