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Old 06-30-2019, 02:49 PM
 
5,449 posts, read 2,289,752 times
Reputation: 16431

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Quote:
Originally Posted by LauraC View Post
Can someone please tell me if the reason for two banks merging is that they are in trouble? I've had my money in one bank (in different states) for 25 years. Should I move it? I've never had something like this happen and don't know whether I can count on the bank telling me the truth or painting a rosy picture, if I ask them next week. I'd like to hear from bank customers who have had this experience, too. Thanks.

Do you have less than $250,000 in assets? Then your money is safe no matter what if it's FDIC insured (A 99.999% chance).



Banks merge for all kinds of reasons. Even if one bank is not doing well, that doesn't mean it's insolvent. There are a host of Federal Reserve and State bank examiners who look over the books with an eagle eye. Sometimes the ownership of one bank has grown it as far as they think it can go and are ready to cash out.
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Old 06-30-2019, 02:52 PM
 
5,449 posts, read 2,289,752 times
Reputation: 16431
Quote:
Originally Posted by leastprime View Post
It's the "usually" that could make the merger a total event against bank client.

I'd take your recommendation, post #2, " Id also recommend to anyone to have their cash split and accessible at two different firms and that has nothing to do with the merger"

Okay. 99.9999% of the time it has no effect on the accountholder.



I did do business with a community bank once. They were taken over by a mid-sized bank. The first I heard of it was when that bank informed me that they had acquired my bank, ticking off all the account benefits they would be taking away from me.



I moved that account the next week. But that's not the same thing as not being able to get one's money.
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Old 06-30-2019, 02:57 PM
 
Location: North Beach, MD on the Chesapeake
33,876 posts, read 42,076,783 times
Reputation: 43276
Are we talking BBT and SunTrust in this thread (soon to be known as Truist)?

My local BBT started out when we first opened the account in 1984 as Maryland Federal Savings and Loan. Then it became Maryland Bank and Trust and then Branch Banking and Trust (BBT)
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Old 06-30-2019, 04:08 PM
 
25,966 posts, read 32,962,923 times
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Quote:
Originally Posted by North Beach Person View Post
Are we talking BBT and SunTrust in this thread (soon to be known as Truist)?

My local BBT started out when we first opened the account in 1984 as Maryland Federal Savings and Loan. Then it became Maryland Bank and Trust and then Branch Banking and Trust (BBT)
My regular (paycheck deposit) bank is Suntrust. I started with United Virginia back in 1974, and it changed its name to Crestar in 1987, and then was bought by Suntrust in 1998. I've been happy with it so far, but I really don't like BB&T, so as much as I dislike the idea of moving after all these years, I may have to.
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Old 06-30-2019, 08:40 PM
 
429 posts, read 104,127 times
Reputation: 1026
Quote:
Originally Posted by LauraC View Post
Can someone please tell me if the reason for two banks merging is that they are in trouble? I've had my money in one bank (in different states) for 25 years. Should I move it? I've never had something like this happen and don't know whether I can count on the bank telling me the truth or painting a rosy picture, if I ask them next week. I'd like to hear from bank customers who have had this experience, too. Thanks.
check your bank's ratings.

https://www.bankrate.com/rates/safe-...gs-search.aspx
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Old 07-01-2019, 02:57 PM
 
13,006 posts, read 6,219,411 times
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Quote:
Originally Posted by North Beach Person View Post
Are we talking BBT and SunTrust in this thread (soon to be known as Truist)?

My local BBT started out when we first opened the account in 1984 as Maryland Federal Savings and Loan. Then it became Maryland Bank and Trust and then Branch Banking and Trust (BBT)
Sounds like our story.

We opened an account with United Virginia Bank, which became Crestar, which became SunTrust. Now, after the merger, it will be called "Trust Bank".
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Old 07-02-2019, 12:26 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,748 posts, read 54,373,866 times
Reputation: 31030
No one can that. In most cases not a problem. We had accounts with Seafirst Bank which then merged with Bank of America and they are still doing just fine. Later we had accounts with Washington Mutual which did not merge, yet they went under for other reasons, eventually taken over by Chase, and that was a nightmare.
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Old 07-03-2019, 10:36 PM
 
Location: Tennessee
34,667 posts, read 33,667,394 times
Reputation: 51854
Quote:
Originally Posted by North Beach Person View Post
Are we talking BBT and SunTrust in this thread (soon to be known as Truist)?

My local BBT started out when we first opened the account in 1984 as Maryland Federal Savings and Loan. Then it became Maryland Bank and Trust and then Branch Banking and Trust (BBT)
Yes.
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Old 07-03-2019, 10:58 PM
 
Location: Tennessee
34,667 posts, read 33,667,394 times
Reputation: 51854
Quote:
Originally Posted by ChessieMom View Post
My regular (paycheck deposit) bank is Suntrust. I started with United Virginia back in 1974, and it changed its name to Crestar in 1987, and then was bought by Suntrust in 1998. I've been happy with it so far, but I really don't like BB&T, so as much as I dislike the idea of moving after all these years, I may have to.
I really have no problems now and have 2 accounts my bank but the thought of changing banks means a nightmare of other changes I would have to make regarding electronic deposits and bill pays but I'm really worried about the bank going under after a major event occurs for me in less than 2 years. I'm starting to think I shouldn't have all my money in the same place.
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Old 07-04-2019, 06:44 AM
 
25,966 posts, read 32,962,923 times
Reputation: 32145
Quote:
Originally Posted by LauraC View Post
I really have no problems now and have 2 accounts my bank but the thought of changing banks means a nightmare of other changes I would have to make regarding electronic deposits and bill pays but I'm really worried about the bank going under after a major event occurs for me in less than 2 years. I'm starting to think I shouldn't have all my money in the same place.
You are worried about Suntrust/BB&T going under???? Why on earth would you be?

My only concern with them is customer service. BB&T SUCKS.
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