Do I need a bank with a real building I can go to?

January 6, 2022 1:11 PM

I am being "fired" from my checking and savings accounts at HSBC. Apparently they let go of a certain part of their business. My accounts are being automatically transferred to Citizens Bank. I live in Manhattan, NYC, and the closest branch of Citizens Bank to my house seems to be Yonkers, Westchester.

If I get cash from an ATM, I have to pay a $3 fee, because there are no Citizens Bank branches in New York City at all.

While I rarely went to HSBC in person in recent years-- I'm able to deposit my checks by taking pictures of them via the "app" -- I kind of liked being able to pop into my branch when something was amiss. Should I forego the automatic transfer to Citizens and start everything up again with e.g. Citibank? This would involve manually transferring ALL my bill payments that are paid automatically by HSBC, my social security check that is deposited to HSBC, my health insurance payments, utilities, mortgage, EVERYTHING.

Is it worth it? Or should I allow this Citizens thing to just do its thing (and who knows if these transfers will even go smoothly)

posted by DMelanogaster to Work & Money (6 answers total)

Do not do Citizens do not go to Chase/Citibank and go directly to Schwab Checking. Since you live in NYC you can actually go to some brick and mortar facilities (brokers, but they let you do some banking). All ATMs are free, no fees anytime.
posted by sandmanwv at 1:14 PM on January 6, 2022 [16 favorites]

I have hardly ever needed to go to a physical branch but when I did it was because of some other hurry and hassle, so I’d plan on switching.
posted by clew at 1:14 PM on January 6, 2022

My credit union lets me do all of that, and I can use ATMs (for free) all over the country.
posted by cyndigo at 1:19 PM on January 6, 2022 [6 favorites]

Best answer: Citizens Bank is buying a portion of HSBC. It looks like all the HSBC branches in Manhattan will convert to Citizens Bank branches after February 17th. If you want to stay with Citizens they will do all the transferring for you. That's how it worked years ago when my Rockland County based HSBC account was sold to First Niagara (and when HSBC bought Marine Midland years earlier, and when Key Bank bought First Niagara a couple of years ago). I've had the same account numbers through all four banks.
posted by plastic_animals at 1:27 PM on January 6, 2022 [6 favorites]

Response by poster: OMG plastic_animals, I'm SO GLAD I asked this question!!!!! I had no idea the PHYSICAL BUILDINGS were converting too!!! this is great news. Saving me so much hassle!!!!!
posted by DMelanogaster at 1:33 PM on January 6, 2022 [6 favorites]

FWIW, I recently switched to Alliant Credit Union, and they have a 2.5% cash back card, refunds on all ATM fees ($20/month of any ATM) and I haven't missed the branch once. They also got rid of most fees, no overdraft fees or anything like that. Recommended to give it a shot!
posted by bbqturtle at 1:37 PM on January 6, 2022 [4 favorites]