IF YOUR BANK MERGES, SHOULD YOU SHOP AROUND OR STAY PUT?

Bank mergers and acquisitions happen regularly and can lead to streamlined services and better offerings for consumers, but they can also sometimes create challenges like less access to branches or customer service difficulties.

If your bank is merging or being acquired, it will probably try to make the transition process of moving your account as frictionless as possible. But if the new bank doesn’t have the services and features that you need, you’ll probably want to shop around for another bank.

HOW TO HANDLE CHANGES WITH YOUR BANK

For the most part, the best way to handle changes to your account after a merger is to be patient, weigh your options and keep track of any new debit cards or documents that your new bank sends you. With a merger, your bank won’t typically close your account and will work with you to get set up as a customer of the new bank.

“Mergers give banks the opportunity to expand horizontally and vertically faster and more efficiently,” says Francisco Alvarez-Evangelista, advisor at the financial analysis company AiteNovarica Group. “More likely than not, they want to keep your business and they’re going to do their best to make sure the customer experience stays consistent.”

Your bank will consolidate customer accounts under the new brand and will communicate anything you need to do, such as setting up new login information or updating autopay and direct deposits with your new routing and account numbers.