CDIC member HSBC Bank Canada is now part of Royal Bank of Canada

OTTAWA – March 29, 2024 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 29, 2024, the following CDIC member institutions have amalgamated: HSBC Bank Canada (HBCA), HSBC Trust Company Canada (HTCC), HSBC Mortgage Corporation Canada (HMCC) and Royal Bank of Canada (RBC).

Upon the amalgamation of these entities, deposits held within HBCA, HTCC and HMCC have migrated to RBC.

While CDIC will be removing the three HSBC entities from the list of members and deposit insurance calculator on the website, insured deposits that a client has at any HSBC entity and RBC entity before the amalgamation continue to be insured separately, up to $100,000 per depositor per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.

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COIN said
Anybody closely following the HSBC/RBC merger? I'm getting almost daily updates. I'll wait till the "dust settles" before switching over to the "new" merged HSBC. Don't want to do things piecemeal.  

HSBC was our main bank, so of course I am following.

By now all the balances have been transferred to RBC VIP. That includes chequing account, savings accounts in various currencies and investment account.

With HSBC I had a credit line linked to my chequing account, which acted as an effective overdraft protection. RBC assigned a different number to the credit line, so I was concerned that I no longer have overdraft protection. However RBC confirmed that for the former HSBC clients only, this link will be maintained.

RBC’s credit card offerings are useless, I won’t use them, so thats a downgrade.

So far seems OK. I just need to confirm that transfers from my RBC business account to personal account are not limited to $2K. Will likely try RBC out for a year, but probably move after that. Unless they impress.

They have several "info" links and explaination links, none of which allow cookies to be actually managed. Most of them loop back to the original "accept all cookies" box, where none of the options can be reached at all!

Has anyone figured out a route to their cookie settings? I can find lists of cookies but no way to toggle them off. I note that one of the notes says that even with selectable cookies disabled, they will continue to gather the information and use it for analytics and targeting.

Schmucks.

InterestThis said
Actually, every other bank changed the address instantly on their website so paying Canada Post $63 - $100 for an address change is not worth it anymore. It used to be a more reasonable cost, but these days most people don't receive much mail.  

Perfect example of being 'penny wise and pound foolish'. There are almost always situations where a change of address can be missed, e.g. professional license renewal, auto registration, etc. Granted I will agree there is much less of it these days when most everything is digital.

I moved more than a dozen times in my career and was always glad to pay for CP's change of address forwarding service. There was almost always an instance or two of something important that got missed in the transition.

I just cancelled the HSBC account, as the RBC account is not a good one. And if a person opened their own new RBC HISA account they would get 3 months at 5.5%, but with this transition you get jack-squat.

https://www.rbcroyalbank.com/a.....vings.html

InterestThis said
But turns out HSBC had sent RBC everyone's details 2 months ago, so RBC only got their old address. So they have been sending the new card, statements, and personal details to the person's old address, which is very risky, as that kind of mail just ends up in the lobby. This could lead to an ID theft attempt, etc.   

Not germane to HSBC specifically but IF your friend had done the proper thing and paid for a Canada Post change of address (and thus a re-direct to new address) for a period of time, e.g. 6-12 months, no CP mail would end up at the old address in the first place.

Regardless its best to pull everything from the accounts.
RBC is a good investment, but not not for this.
Should just cancel the account, who needs it?

I’ve been with HSBC (and predecessors) since 1994. Excellent experience. Never an issue.

Been with RBC since December 2023. Business account. Ludicrously incompetent.

For example, I attended an appointment so that ID and everything was provided in person. The RBC lady had a bit of trouble setting everything up but eventually it worked. Or so she said. Gave a card, helped to log in. All worked.

Except, when the payment was made, RBC rejected it. Because “my identity wasn’t verified so the account wasn’t operational.” After a phone call and 20 minutes of chatting, they corrected the set up and payments started going through. But I still got charged for the failed transfer.

And then they sent me two bank cards in my name as part of the transfer from HSBC. Another phone call to figure out which account I should use. “That never happened before”. just one of several glitches, and the move hasnt even gone through yet.

No way I am staying with RBC. Truly awful. Worse than civil service.

Do not trust HSBC with any critical details as they leave the market. Would not leave a cent in it.

My normal 1.85% interest also appeared correctly.