Baysiders Won't Lose Assets During Bank Change, HSBC Says

BAYSIDE, QUEENS — Some Baysiders were concerned that the imminent closure of a local HSBC branch would mean losing their money for several years — a worry that the bank told Patch is unfounded.

In May, the UK-based bank announced that it was closing 90 stateside locations, most of which it is selling to Citizens Bank — including a Bayside branch located at 34-15 Francis Lewis Boulevard.

News of the transition sparked panic in a Bayside Facebook group, where one neighbor warned that customers need to close and empty their safe deposit boxes by Monday Sept. 27, or risk losing the assets for two years.

This post, however, is not correct, an HSBC spokesperson told Patch.

Before the Bayside branch reopens with Citizens early next year, HSBC is transitioning customers who are staying with the bank — and their money — to new locations, which includes moving safe deposit boxes.

Customers who are staying with the bank have until Nov. 5 to retrieve the contents of their safe deposit boxes, the spokesperson said, adding that the bank has alternative branches where customers can set up a new deposit box.

Those who are planning to bank with Citizens, however, don’t need to do anything, since the deposit boxes will transition as the branch does, the spokesperson said.

In the event that any continuing HSBC customers forget to move their safe deposit boxes, the box’s assets will be recorded and then stored for at least two years — during which customers can claim their belongings at any time, the spokesperson said, adding that inventoried property claims are processed within two to three days.

After two years, the bank will classify the assets as abandoned property, and turn it over to the state.

The spokesperson would not comment on the number of unclaimed safe deposit boxes currently at the Francis Lewis branch, but they told Patch that the process is “going smoothly” and advised customers to find a time to move their assets — if they haven’t already.

Call 718-886-6482 in order to contact the Francis Lewis branch.