News Release

HSBC Supports More Than 100 Volunteer Income Tax Incentive Sites Through Partnerships with 14 Organizations

Centers to Provide Tax Assistance to Those Qualifying for the Earned Income Tax Credit

14 February 2005

NEW YORK –  HSBC Bank USA, N.A. (NYSE: HBC) announced today that it has pledged financial, employee and promotional support to more than 100 volunteer-run income tax assistance sites.

Through partnerships with 14 community organizations in three states, HSBC has pledged financial support, employee volunteers and promotional help to provide free tax-preparation services to low-income individuals who qualify for the Earned Income Tax Credit. Further, tax filers can apply for and open free HSBC checking accounts and Internet banking access at the VITA sites.

The Earned Income Tax Credit is a federal, state and city tax credit offering tax discount and refunds to working people with household income of less than $35,000.

"The Earned Income Tax Credit is an important, under-utilized government program, and we're pleased to help people identify their eligibility," said Phyllis Rosenblum, HSBC Bank USA's senior vice president for community development. "The opportunity for our employees to volunteer and help individuals maximize their tax refund makes this program particularly rewarding."

Nationally, it is estimated that as many as 7 million eligible families do not claim the Earned Income Tax Credit, foregoing more than $12 billion in supplemental income designed to assist them. HSBC's support for the program aims to increase awareness of the EITC program as well as to help eligible filers receive the tax refunds for which they qualify .

The VITA programs that HSBC is supporting aim to help these individuals open bank accounts and gain important financial literacy. Many of the sites will allow filers to get their refunds quickly and inexpensively by electronically filing their tax returns with direct deposit of the refund to their bank accounts.

The sites are located throughout New York State, in California, and Florida.

In New York:

• New York City Financial Action Consortium
• Enterprise Foundation
• Community Food Resources
• Capital District Build Your Money Coalition
• WNY Asset Building Coalition
• Greater Rochester - CASH Coalition
• United Way of Greater Rochester
  

In California:

• United Way - Bay Area
• Alameda County - United Way Bay Area
• Los Angeles Boyle Heights - Dolores Mission School.
• Sacramento - Opening Doors
• United Way of Greater Los Angeles
  

In Florida:

• Opa-Locka Community Development Corporation
•  Little Haiti Housing Association