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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.
There are many different reasons for a merger. If one was in trouble you are probably better off afterwards. Typically you won’t see any functional change ie checks or debit cards. Your internet access may change but make sure the post merger is still covered by fdic and you should be fine. I’d also recommend to anyone to have their cash split and accessible at two different firms and that has nothing to do with the merger
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,072 posts, read 7,508,849 times
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Quote:
Originally Posted by Lowexpectations
Thats a bit overzealous as it’s usually a total non event
It's the "usually" that could make the merger a total event against bank client.
I'd take your recommendation, post #2, " I’d also recommend to anyone to have their cash split and accessible at two different firms and that has nothing to do with the merger"
"Can someone please tell me if the reason for two banks merging is that they are in trouble?"
maybe.
what two banks are merging?
example:
the Wachovia and Wells Fargo merger meant (in my opinion) that Wachovia was in trouble
since they laundered drug money as subprime loans and WF was and STILL IS EVIL.
Last edited by turkeydance; 06-29-2019 at 04:08 PM..
Reason: capitalization
Eight years ago when I moved to a new state I opened accounts at a local town bank that had 8 or 10 branches in the area. Late last year it was bought out by a larger regional bank with about 60 branches. The change over has been a PITA. Since I had several Bill Pay, Bank to Bank Transfer & PayPal type on-line setups, they all had to be modified with the new banks RTN. We were put thru a multi-step process that was not very different than if I had decided to change banks on. my own. New debit/ATM card.
In addition this outfit is more bureaucratic and not as user friendly. For instance, old bank allowed an E-mail alert for any withdrawal, new bank only allows alert for deposits. Huh ?
Banks merge all the time. One bank may want to grow so it offers to buy another. They might call it a merger but it really is an acquisition. It is pretty normal and I would not worry about it. Your accounts are FDIC insured anyway.
We've been with the same bank for 39 years. In that time, it has had 3 different names and soon they will get a 4th name when they merge with yet another bank. All those years, we've kept the same bank account number and after each merger we were able to use the checks we had with the old bank's name. With this current merger coming up, our only concern has been about our safe deposit box. We moved almost 2 years ago and the branch that has our box, is a little further away. Our plan was to move it to a closer branch. My husband pointed out that we need to wait until the merger happens because we don't yet know which branches will stay open and which will close.
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