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View Diary: Thank you, NYPD (68 comments)

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  •  as someone who also has $$ in HSBC can I ask... (4+ / 0-)
    Recommended by:
    white blitz, ladybug53, kurt, Sychotic1

    why they 'sold' your acct?  I am not really understanding what it means for a bank you put your money in to sell your money to another bank without your agreement.

    Like you I started with a local bank... bank of greater NY but that bank got sold and the next one got rolled into another bank and eventually the bank became HSBC but my account never moved.... all that happened is the name of the bank kept changing.  

    Is this something new with HSBC?   is this something I need to watch out for too?  

    "Orwell was an optimist"

    by KnotIookin on Tue May 22, 2012 at 02:22:37 PM PDT

    •  I technically started with HSBC (5+ / 0-)

      Marine Midland was the name HSBC had before it was HSBC, but it was really just a name change (I believe the logo even stayed the same).

      I will probably know more later this week, but I think I can piece together the pieces. HSBC sold some of their branches, which held some of their accounts (mine included). A lot of people whose banks were held in these accounts don't actually bank in the locations where these branches are, as a result there were lots of requests to stay with HSBC, close accounts, etc.

      It was "more than anticipated," which probably means (this next part becomes speculation) First Niagara wasn't getting what they felt was their money's worth or something or maybe even a mild bank run(?). Again, I hope to know more later this week.

    •  HSBC sold its retail banking business upstate (3+ / 0-)
      Recommended by:
      ladybug53, kurt, Sychotic1

      They were huge in the Buffalo and Rochester markets, where they took over the former Marine Midland (and before that, at least in Rochester, Genesee Valley Trust Company.)

      It wasn't really a good fit with their international focus, so the retail branches were sold, mostly to First Niagara but some to other operators where antitrust concerns got in the way.

      It appears that the diarist must have had an account that was "home" to an HSBC branch upstate that was being sold, rather than to a local HSBC branch in NYC that was being retained, and so the account went to First Niagara instead of staying within HSBC...

      Intended to be a factual statement.

      by ipsos on Tue May 22, 2012 at 04:53:19 PM PDT

      [ Parent ]

      •  And then, First Niagara sold some HSBC branches (2+ / 0-)
        Recommended by:
        ladybug53, Sychotic1

        to Key Bank, because of over lap or non-interest in those markets.  First Niagara has an aggressive growth strategy.
        They are now a very big "regional bank".  

        If love could have saved you, you would have lived forever.

        by weck on Tue May 22, 2012 at 06:26:28 PM PDT

        [ Parent ]

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