Questions & Answers for customers transferring from HSBC (Cayman) Limited to Rev.22102014
TABLE OF CONTENTS Note: This information is applicable to retail (personal) and corporate banking customers. Definitions... 4 WELCOME PACK... 5 What will my Butterfield Welcome Pack contain?... 5 When will I receive my Butterfield Welcome Pack?... 5 Where can I collect my Butterfield Welcome Pack?... 5 Checklist... 6 What do I need to do BEFORE I receive my Welcome Pack?... 6 What can I expect to happen when I collect my Welcome Pack?... 6 What do I need to do after I have my new Accounts and Cards?... 6 What do I need to do after the Transfer Date has been announced?... 6 CUSTOMER SETUP... 8 I m already a Butterfield customer. Will I receive another customer number at transfer from HSBC?. 8 I m a Premier customer at HSBC. Will I be classified as an equivalent type of customer at Butterfield?... 8 Accounts... 8 Chequing and Savings - Deposit Accounts... 8 Fixed Deposit Accounts... 8 Loan and Mortgage Accounts... 8 Debit Card... 9 Will I receive a local Debit Card as part of the Butterfield Transfer?... 9 What if I have a Butterfield Debit Card and don t need another Card?... 9 What account(s) will be linked to my Debit Card?... 9 When can I start using my new Debit Card?... 9 Credit Card... 9 Will I receive a Credit Card as part of the Butterfield Transfer?... 9 Will my HSBC Reward Points transfer to Butterfield?... 10 Information Classification: Public 2
What kind of Credit Card will I receive?... 10 What will happen to my outstanding Credit Card balance at HSBC?... 10 If I have Auto Pay at HSBC for my Credit Card, will that arrangement be automatically re-established at Butterfield?... 10 Online Banking... 10 Will I receive access to Butterfield Online as part of the Butterfield Transfer?... 10 When will my Butterfield Online account be available?... 10 Will HSBC Personal Online Banking or HSBCnet be available after the Transfer Date?... 11 Will I receive instructions for using Butterfield Online?... 11 Incoming Wire Transfers... 11 Will my incoming wire transfers be automatically rerouted from HSBC to my new Butterfield Account after the Transfer Date?... 11 When can I start receiving wire payments into my new Accounts?... 11 Outstanding Cheques drawn on your HSBC Account... 12 What will happen to the cheques I have written on my HSBC Chequing Account that haven t cleared before the Transfer Date?... 12 Replacement Cheque Book... 12 Will I automatically receive a cheque book from Butterfield if I have a Chequing Account at HSBC?. 12 Statements & Frequency... 12 Will I have access to my HSBC historical statements at Butterfield?... 12 Can I see my Butterfield statements online?... 12 Are there charges for printed statements?... 12 How often will I receive Account statements?... 12 Charges for Products and Services... 13 Will charges for products and services at Butterfield be the same as at HSBC?... 13 What Can t Be Automatically Transferred?... 13 Information Classification: Public 3
DEFINITIONS Butterfield Transfer is the transfer of the banking relationships of retail and corporate HSBC customers from HSBC Bank (Cayman) Limited to Butterfield. Transfer Date is the date on which HSBC customers (corporate and retail) transferring to Butterfield will become Butterfield customers. The Transfer Date is expected to occur in the fourth quarter of 2014 and customers will be notified in advance of this date. Butterfield Transition Team is the team of Butterfield employees dedicated to assisting with the smooth transition of HSBC (Cayman) customers to Butterfield. Local Customer is a customer who resides in the Cayman Islands Overseas Customer is a customer who resides overseas, or will be residing overseas during the communication phase. Call Centre is a direct link to a Butterfield Representative who can assist customers by offering support over the telephone. The Call Centre number is (345) 949 7055. Information Classification: Public 4
WELCOME PACK What will my Butterfield Welcome Pack contain? Your Welcome Pack will contain: A letter advising you of your new account information (Note: Mortgage, Loan and Fixed Deposit Account numbers will be sent in a second letter within 15 days of the Transfer Date) Debit and/or Credit Card(s) if you previously held these products with HSBC Butterfield Online login credentials as applicable Butterfield Online guide to assist with creating beneficiaries, bill payees, standing orders and wire transfer templates Instructions for receiving wire transfers in your Butterfield Account(s) in various currencies Customer General Instruction Form When will I receive my Butterfield Welcome Pack? Between early September to late October, the Butterfield Call Centre will contact you directly by telephone to advise when and where your Welcome Pack will be available for collection. In the event that you do not receive a call during this period, please contact our Call Centre on (345) 949 7055. Where can I collect my Butterfield Welcome Pack? Once contacted by the Butterfield Call Centre, you can collect your Welcome Pack at Butterfield House, 68 Fort Street, George Town - 5th floor. This facility is open from Monday Friday 9:00 a.m. to 5:00 p.m. Butterfield House has parking available for your convenience. The Butterfield Transition Team will be onsite to assist you with your Butterfield Online set-up and to PIN your Debit and/or Credit Cards. Team members will also be available to answer any questions you may have. Information Classification: Public 5
CHECKLIST What do I need to do BEFORE I receive my Welcome Pack? 1. If your primary address is on island, the Butterfield Call Centre will notify you directly by telephone when your Welcome Pack is ready for collection from Butterfield House. 2. If your primary address is overseas, your Welcome Pack will be sent by courier. 3. Download and store your historical HSBC account statement history as it will not be available online after the Transfer Date. 4. Review the What Can t Be Automatically Transferred section of the FAQs (page 13) to determine if there are services you use, such as standing orders, direct debit payments, payroll setup, or bill payment setup, that won t transfer automatically. 5. Print your payment transfer and template information from HSBC s personal online banking service to make it easy to set up the equivalent on Butterfield Online. You can bring these with you when you pick up your Welcome Pack and the Butterfield Transition Team can assist you with your Butterfield Online setup. 6. Use your HSBC Rewards Points as soon as possible. They are not transferable to Butterfield. What can I expect to happen when I collect my Welcome Pack? 7. Be prepared to dedicate 15-30 minutes of your time when collecting your Welcome Pack to ensure all information is correct and that you have been allocated all the HSBC-equivalent Accounts and services at Butterfield that you will require, and that you understand the next steps. 8. In particular, please verify that your new Butterfield Chequing and Savings Accounts match your HSBC Account types and currencies. Loan and Mortgage account numbers will be provided after transition. 9. Review the Welcome Pack contents and, if you have any questions, please ask a Butterfield Transition Team member for help or information. 10. The Butterfield Transition Team will assist you to PIN your Debit and/or Credit Cards. 11. Login to Butterfield Online Banking and set up your bill payees, wire templates, etc. so they are ready for use from the Transfer Date. A Butterfield representative will be on hand to assist and video tutorials are available online. 12. Set up any standing instructions that you will require from the Transfer Date. What do I need to do after I have my new Accounts and Cards? 13. Activate Debit/Credit Cards at the Butterfield ATM by requesting the Account balance. Note your balance will be $0.00 until the Transfer Date. 14. Watch the local press or visit our website (www.butterfieldgroup.com) for announcements of the Transfer Date. What do I need to do after the Transfer Date has been announced? 15. Determine if any cheques you have written on your HSBC Chequing Account are outstanding after the Transfer Date and encourage your payees to present the cheques for payment as soon as possible. Information Classification: Public 6
16. Notify anyone who sends you wire payments that your receiving payment details will be changing. You will need to provide the new payment details and the Transfer Date so the sender will know when to start using the new information. The sender will not be able to transfer funds to you at Butterfield until after the Transfer Date. 17. Notify any of the utility companies with whom you have direct debit agreements that your account information will change after the Transfer Date. You will need to provide the new payment details and the Transfer Date so they know when to start using the new information. Your new Butterfield Accounts cannot be debited until after the Transfer Date. 18. If you receive your salary payment automatically into your HSBC Account, notify your employer of your new Account number. Ensure that your employer does not transfer your salary to your new Butterfield Account before the Transfer Date. Your Account will not be activated until then, and will not be able to receive transfers until after the Transfer Date. 19. For companies that have payroll setup online at HSBC, this service will need to be re-established using Butterfield Online. After being set up in Butterfield Online, payroll services from Butterfield business accounts will be ready for use from the Transfer Date. Please note that any enquiries regarding the operation of your current banking arrangements with HSBC or the redemption of HSBC Rewards points should be directed to HSBC. Information Classification: Public 7
CUSTOMER SETUP I m already a Butterfield customer. Will I receive another customer number at transfer from HSBC? Yes. Butterfield will establish a new customer profile and Account(s) for all customers transferring from HSBC. The new profile and Accounts will be created before the Transfer Date to allow setup of online banking and production of Debit and/or Credit Cards. After the Transfer Date, when your Accounts are available for use, you may transfer the balances received from HSBC to your existing Butterfield Account(s). You may then choose to instruct Butterfield to close any or all of the new Accounts if you no longer need them. I m a Premier customer at HSBC. Will I be classified as an equivalent type customer at Butterfield? Butterfield offers Premium Banking and Private Banking to qualifying customers. However, Account and asset requirements for these services may differ from those at HSBC. Please visit our website www.butterfieldgroup.com for more details. If you qualify for either Premium or Private Banking offerings, a Butterfield Relationship Manager will contact you following the Transfer Date to discuss the service options available to you. ACCOUNTS Chequing and Savings - Deposit Accounts Equivalent Account types in the same currencies as you presently hold at HSBC will be created for you at Butterfield. For example, if you have a CI$ Savings Account at HSBC, you will receive a new CI$ Savings Account at Butterfield. Your new Savings and/or Chequing Account number(s) will be included in your Welcome Pack. Outstanding cheques written on your HSBC Chequing Account(s) will be rerouted to your new Butterfield Chequing Account(s) for a period of 30 days following the Transfer Date. Fixed Deposit Accounts If you have fixed deposits at HSBC, your new fixed deposit Account number(s) will be sent in a letter within 15 days of the Transfer Date and will be viewable in Butterfield Online within 15 days of the Transfer Date. Loan and Mortgage Accounts Your Loan and/or Mortgage accounts will be transferred on their existing terms and conditions and with existing interest rates and payment amounts. If you have a Loan and/or Mortgage at HSBC, your new Account number(s) will be sent in a letter within 15 days of the Transfer Date and viewable in Butterfield Online within 15 days of the Transfer Date. Information Classification: Public 8
DEBIT CARD Will I receive a local Debit Card as part of the Butterfield Transfer? If you have an HSBC local Debit Card as of 20 August 2014, Butterfield will create a new, Butterfield Visa Debit Card for you. What if I have a Butterfield Debit Card and don t need another Card? If you already have an Account and Debit Card at Butterfield and don t wish to have another Card, you can instruct Butterfield to cancel it after receipt and destroy the Card. What Account(s) will be linked to my Debit Card? Butterfield will link the same Account types and currencies to your Butterfield Debit Card as are currently linked to your HSBC Debit Card. For example, if your HSBC CI$ Savings Account is the primary Account, then your new Butterfield CI$ Savings Account will be the primary Account and all point-of-sale (POS) transactions will be authorised against that Account. If your HSBC USD Savings Account is also linked to your existing Card, your new Butterfield USD Savings Account will also be linked to your Butterfield Debit Card to allow transfers and withdrawals at ATMs. When can I start using my new Debit Card? Your Butterfield Debit Card will be included in your Welcome Pack, but will not be activated for use until after the Transfer Date. If you are on-island, you must PIN your Debit Card when you collect your Welcome Pack and test the Card at a Butterfield ATM by checking an Account balance. This will activate the Card for use after the Transfer Date. The Butterfield Transition Team will be onsite to assist you to PIN your Debit and/or Credit Cards. Team members will also be available to answer any questions you may have. If you are an overseas customer, you will receive set up instructions in your Welcome Pack. Should you have any questions about the set-up of your Debit and/or Credit Cards please contact our Call Centre on (345) 949 7055. CREDIT CARD Will I receive a Credit Card as part of the Butterfield Transfer? If you have an HSBC Credit Card on 20 August 2014, Butterfield will provide you with a Credit Card of a similar product level and the same limit as your current HSBC Credit Card. Your new Butterfield Credit Card will be included in your Welcome Pack. It will not be ready for use until after the Transfer Date. Information Classification: Public 9
Will my HSBC Reward Points transfer to Butterfield? HSBC reward points are not transferable to Butterfield. To avoid losing your points, it is recommended that you redeem them as soon as possible. What kind of Credit Card will I receive? HSBC Premier cardholders will receive a Butterfield AAdvantage Platinum MasterCard. HSBC Advance cardholders will receive a Butterfield AAdvantage Standard MasterCard. What will happen to my outstanding Credit Card balance at HSBC? Your outstanding balance as at the Transfer Date will be transferred to your new Butterfield Credit Card. If you no longer want to have a Credit Card, you may pay the outstanding balance after the Transfer Date and then instruct Butterfield to cancel the Credit Card and destroy it. If I have Auto Pay at HSBC for my Credit Card, will that arrangement be automatically re-established at Butterfield? Your Auto Payment arrangement cannot be automatically re-established for you by Butterfield. You will need to re-establish automatic payments using the Auto Pay Request form available on our website, www.butterfieldgroup.com. ONLINE BANKING Will I receive access to Butterfield Online as part of the Butterfield Transfer? If you are a HSBC Personal Internet Banking or HSBCnet user as of 20 August, 2014, Butterfield will create Butterfield Online access for you or your company. Online login credentials will be included in the Welcome Pack and you are encouraged to login to Butterfield Online and setup bill payees, wire templates, etc. before the Transfer Date. The Butterfield Transition Team will be onsite to assist you in setting up your online profile. Team members will also be available to answer any questions you may have. Large corporate customers will be contacted by Transition Team members in advance of the Transfer Date to assist with training for setting up online corporate users and associated templates. When will my Butterfield Online account be available? Once you receive your Welcome Pack you will be able to log into Butterfield Online and set up bill payees, payment templates, standing orders and perform other maintenance functions before the Transfer Date. You will able to view all your Accounts, although they will show a $0.00 balance and be frozen (not available for transaction usage) until after the Transfer Date. Following the Transfer Date, you will be able to view all your Accounts with balances and perform transactions in Butterfield Online. Information Classification: Public 10
Will HSBC Personal Online Banking or HSBCnet be available after the Transfer Date? No, there will be no access to HSBC Personal Online Banking or HSBCnet after the Transfer Date. You should plan for this and be sure to download your historical statement information (for easy post transition access), and payment set up information (e.g., wire templates, standing instructions, etc.) to assist with re-establishing these details in Butterfield Online. Will I receive instructions for using Butterfield Online? Butterfield will provide a useful self-help guide in the Welcome Pack and Butterfield Transition Team members will be available to assist with your online set up when you collect your Welcome Pack. Video tutorials are also available online at www.butterfieldgroup.com. If you are an overseas customer, you will also receive set up instructions in your Welcome Pack. Should you have any questions about Butterfield Online, please contact our Call Centre on (345) 949 7055. Large corporate banking customers will be contacted by Transition Team members in advance of the Transfer Date to assist with training for setting up online corporate users and associated templates. INCOMING WIRE TRANSFERS Will my incoming wire transfers be automatically rerouted from HSBC to my new Butterfield Account after the Transfer Date? No. Any wire payments received at HSBC after the Transfer Date will be returned to the ordering bank stating beneficiary account closed. It is very important that you notify any parties who send wires to your HSBC Account(s), to re-route future payments to your new Butterfield Account(s) after the Transfer Date. Routing details for wire transfers (in various currencies) to your Butterfield Account(s) can be found in your Welcome Pack and online on our website at: http://www.ky.butterfieldgroup.com/personal/treasury_services/pages/receiving_wire_transfers.aspx When you issue your new Butterfield Account details to senders, it is important that you include your full Butterfield Account name and number into which payments will be credited. When can I start receiving wire payments into my new accounts? Your Accounts will be frozen until after the Transfer Date and you cannot receive payments until then. It is very important that wires are not sent to your new Butterfield Account until after the Transfer Date, as they will be returned to the originating bank. Information Classification: Public 11
OUTSTANDING CHEQUES DRAWN ON YOUR HSBC ACCOUNT What will happen to the cheques I have written on my HSBC Chequing Account that haven t cleared before the Transfer Date? For the first 30 days, your outstanding cheques will be rerouted automatically to Butterfield for payment from your new Chequing Account. This arrangement will only be in place for 30 days following the Transfer Date. If you have outstanding HSBC cheques, be sure to keep funds to cover the cheques in your new Butterfield Chequing Account until the cheques have cleared. Any cheques written on your HSBC Chequing Account that do not clear within the first 30 days will be returned with a Refer to Maker note. You will have to issue a replacement cheque or make other payment arrangements with the payee. REPLACEMENT CHEQUE BOOK Will I automatically receive a cheque book from Butterfield if I have a Chequing Account at HSBC? No. Replacement cheque books will not be produced automatically but can be ordered at any Butterfield Banking Centre or through Butterfield Online after the transfer date for collection the next business day. STATEMENTS & FREQUENCY Will I have access to my HSBC historical statements at Butterfield? Yes. Copies can be requested by visiting any Butterfield Banking Centre or in writing by post after the Transfer Date. Your HSBC statements will not be available via Butterfield Online. Customers are encouraged to download and store HSBC Account statement history as it will not be available online at HSBC after the Transfer Date. Can I see my Butterfield statements online? Statements for your new Butterfield Account(s) will be available via Butterfield Online. If you choose, we can also mail your statements to you. Are there charges for printed statements? There is a charge for receiving paper statements. E-statements available through Butterfield Online are free. How often will I receive account statements? Chequing and Call Account statements are produced monthly. Savings Account statements are produced quarterly. Loan and Mortgage statements are produced annually. Information Classification: Public 12
CHARGES FOR PRODUCTS AND SERVICES Will charges for products and services at Butterfield be the same as at HSBC? No. Butterfield s Schedule of Charges will apply and some charges may differ from those at HSBC. For further information on Butterfield s products, services and associated charges, please visit: http://www.ky.butterfieldgroup.com/personal/everyday_banking/pages/schedule_of_fees.aspx WHAT CAN T BE AUTOMATICALLY TRANSFERRED? There are some banking details that Butterfield will not be able to re-create automatically for customers as part of the Butterfield Transfer. It is important for you to be aware of these and make arrangements to have these services established at Butterfield if you will require them after the Transfer Date. The services are: 1. Standing Orders You will need to recreate your HSBC standing orders. This can be done at no charge through Butterfield Online or, for a fee, by a representative in one of our Banking Centres or our Call Centre. You can issue instructions for any or all of the following as required: Transfers to other Butterfield customers Outgoing wire transfers Your own Account-to-Account transfers Domestic payments Butterfield will provide a useful Butterfield Online self-help guide in the Welcome Pack and Butterfield Transition Team members will be available to assist you with setting up Butterfield Online when you collect your Welcome Pack. 2. Credit Card Auto Payments Automatic payment arrangements will not be transferred automatically. You will need to re-establish these instructions using the Auto Pay Request form available on our website, www.butterfieldgroup.com. 3. Direct Debits Direct debits from your Butterfield Account(s) or Credit Card(s) to pay bills, (e.g., CUC or LIME), will need to be changed at the company where they were originally set up. Once the Transfer Date is confirmed you may advise the company that your accounts are transferring to Butterfield and when they can begin debiting your Butterfield Account(s). Any direct debit requests received at Butterfield prior to the Transfer Date will be rejected. Information Classification: Public 13
4. Payroll Setup For companies that have payroll setup online at HSBC, this service will need to be re-established in Butterfield Online for use after the Transfer Date. Personal banking customers who receive salary payments directly to their HSBC Account will need to advise their employers of their new Butterfield Account numbers for salary payments after the Transfer Date. 5. Online Wire Transfer Payment Templates Transfer templates will need to be set up in Butterfield Online, as they will not transfer automatically from HSBC. Butterfield will provide a useful Butterfield Online self-help guide in the Welcome Pack and Butterfield Transition Team members will be available to assist you with your online set up when you collect your Welcome Pack. Video tutorials are available online at www.butterfieldgroup.com. If you are an overseas customer, you will also receive set up instructions in your Welcome Pack. Should you have any questions about Butterfield Online, please contact our Call Centre on (345) 949 7055. Large corporate banking customers will be contacted by Transition Team members in advance of the Transfer Date to assist with training for setting up online corporate users and associated templates. Plan to print your HSBC wire transfer information before HSBC online access is closed. 6. Bill Payees and Beneficiaries Bill payees and payment beneficiary templates will need to be set up in Butterfield Online, as they will not transfer automatically from HSBC. Butterfield will provide a useful Butterfield Online self-help guide in the Welcome Pack and Butterfield Transition Team members will be available to assist you with your online set up when you collect your Welcome Pack. Video tutorials are available online at www.butterfieldgroup.com. If you are an overseas customer, you will also receive set up instructions in your Welcome Pack. Should you have any questions about Butterfield Online, please contact our Call Centre on (345) 949 7055. Large corporate banking customers will be contacted by Transition Team members in advance of the Transfer Date to assist with training for setting up online corporate users and associated templates. Plan to print your HSBC bill payee and payment beneficiary information before HSBC online access is closed. Information Classification: Public 14