For example, BBVA USA accounts won't transfer over to PNC until October 2021. That’s because any new account rules will usually take at least a few months to go into effect. Take note of any new account features or changes, but don’t panic and jump ship right away. Fixed rate loan products or CD that have more time will carry forward their terms.Įxplore the new bank’s website to familiarize yourself with its products and services. CDs and mortgage/loan accounts have terms that are locked in: Interest rates and APYs will not change if your former bank is acquired.Also, as ever, it’s important that you read your monthly statements to ensure you understand the impact on your accounts. It is prudent to follow the communication from your current bank and the acquiring bank in advance of the planned conversion. Given the current interest rate environment, it’s not likely to be a notable change nor will it likely cause a big change in your overall earnings. Changes to Savings Account interest rates: Your rates are subject to change concurrent with the acquisition of your current bank by another.From there, changes will be clearly communicated so you have time to decide if you need to switch to a different account type that's more suitable to your needs, or if you might be better off exploring a new bank all together. Fee structure may be different than your old bank: Most transitions will offer a grace period in which your old account terms and conditions will remain in place.Regarding ATM options, it's likely that you will continue to have a large number of options since most banks have large networks. If you have a banking relationship with a particular banking specialist, you might want to ask if that person will be staying on and where they will work after the transition. But until the transition is official, you will most likely just continue going to your normal bank branch.
Branch closures and/or a different ATM network: In some cases, mergers or acquisitions might mean consolidating resources, so if there was a branch from Bank A and a branch from Bank B within a short distance, one may be closed.This may require some minor updating in your accounting software, such as if you need to change the payment source for your account payables or your EFT information for your clients. New account numbers and ATM cards: Eventually, you'll be migrated over to accounts branded with the new bank's name.In most cases, you can even continue going to your local branches and still be served by the same small business banking professionals and account specialists as before. When one bank merges or acquires another, it’s quite possible that it really won’t affect you all that much. To help you understand what to expect after you find out your bank is changing, follow these steps for navigating the transition. What you don’t want to do, however, is rush into any decisions. After all, when your business accounts (or your personal ones) are involved, you should be an engaged consumer. Whether you’re a BBVA USA customer migrating to PNC, or another of your banks has merged or been acquired, you might be wondering if it’s worth it to stick it out with your new bank, or switch to a completely new one. That's why since the day that the PNC acquisition of BBVA USA was announced, PNC has been working to help keep BBVA account holders informed to help ensure that any future changes happen seamlessly. But bank mergers and acquisitions are fairly common, and smart institutions know how important it is to win the trust and confidence of new and transitioning customers. Hearing that the bank that you've been using to manage your business finances is being phased out could be a little unsettling.
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