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OSSINING, N.Y. With the imminent sale of 195 HSBC branches, including the Ossining branch, to First Niagara, HSBC customers who opened their accounts in branches about to be sold have the next five months or so to decide if they want to convert to First Niagara or to switch their funds to an HSBC branch that is remaining open.
"If everything is the same, the accounting, everything, and the only different thing is the name (of the bank), then I don't care," said HSBC customer Dolly Jacob as she exited the Ossining branch location. "I don't care about international locations because I don't go there any way."
HSBC announced on July 31 that it expects to close the deal on the sale of 195 branches to First Niagara in early 2012. Branches to be sold include four in Westchester in Ossining, Mt. Kisco, Yorktown and Bedford Hills; six in Fairfield County, Conn.; two in Putnam County; nine in Rockland County and the rest in upstate New York.
"If customers do nothing, they will transfer seamlessly to First Niagara on completion of the deal early next year," said Neil Brazil, a public relations officer for HSBC.
However, customers may choose to stay with HSBC instead of converting, especially if they have business or personal interests in countries outside the US.
"HSBC is extremely well positioned to assist people or businesses that are internationally connected. Wherever people are traveling or moving for work, we're pretty much there," Brazil said. "First Niagara is very much a regional player, and with the acquisition, they'll be a big regional player in the northeast."
To stay with HSBC, customers should move their accounts to an HSBC branch that is not closing. In Westchester, HSBC branches that will remain open include the ones in Greenburgh, White Plains, Bronxville, Mamaroneck, New Rochelle, Scarsdale, Rye and Yonkers. All New York City branches will also remain open.
"As a customer you have a choice. If you want your account to be transferred to another HSBC branch, that's absolutely fine. We're working closely with First Niagara to make the transition seamless and trouble free," Brazil said.
HSBC Premier customers who have opened up more than one account at different HSBC branch locations may also want to consider that a First Niagara account will not be linked to HSBC accounts, possibly impacting the minimum balance required to be a Premier customer.
"There are too many changes because Wachovia bought First Union a couple of years ago, and now Wells Fargo bought Wachovia," said Juan Fernandez as he entered the HSBC in Ossining to do a banking errand. "I don't know what they're doing. The economy is not good. I think the best thing to do is to pay all my bills and to live with cash."
John Vargo of Verplanck seemed less troubled by the transition.
"One way or another, I don't mind," he said. "Everything is changing. I accept change."
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