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Esteemed Contributor
Posts: 6,565
Registered: ‎03-21-2010

Do you change banks when a new bank takes over?

I was just talking to my husband.  Two of his banks (which he has sizable money in) are being taken over by two different banks.  He's never heard of the new banks.  Request some literature about them and is not happy.   Now he wants to leave the banks.  Previous to this my bank was taken over.  Not initially happy about it but now I'm used to it. But mine is quite a large bank.  

 

Do you stick out a new bank merger? 

Trusted Contributor
Posts: 1,420
Registered: ‎08-04-2013

Re: Do you change banks when a new bank takes over?

@Songbird1 So far, yes. My bank has been taken over so many times I'm not sure who I started with.  Now if a new bank didn't offer the things I use, I would probably change.

Honored Contributor
Posts: 10,612
Registered: ‎03-12-2010

Re: Do you change banks when a new bank takes over?

@Songbird1

I imagine it depends on the new bank and how you are treated by them;

When my old bank was taken over by another, the new bank claimed I didn't have a security deposit box (but of course I did), so that was just one reason I left as soon as I got my few items from that box!

 

Other folks will have other reasons to stay or leave, I'm sure.

 

Love to be home . . . thus the screen name. Joined 2003.
Respected Contributor
Posts: 3,596
Registered: ‎03-10-2010

Re: Do you change banks when a new bank takes over?

Sometimes yes, sometimes no.   it depends on the perks I get for banking there.

Honored Contributor
Posts: 9,776
Registered: ‎03-09-2010

Re: Do you change banks when a new bank takes over?

[ Edited ]

My bank must not be a very desirable property, it has been under the same management for over 25 years.

Honored Contributor
Posts: 9,783
Registered: ‎03-09-2010

Re: Do you change banks when a new bank takes over?

My husband’s bank has had at least four other names. He’s stayed with them. 

 

I’ve been with my bank seemingly forever. It’s only had one other name. 

 

It would take a lot for us to change either bank. Direct deposits on pensions, social security and direct debits for insurance premium payments would be a pain to change. 

 

As long as the new entity is FDIC insured, I would think it would be ok. Unless of course, you’ve read reports of mismanagement, etc. at other locations. Then I’d consider changing. 

 

The banks we use are all big names. 

 

 


Why is it, when I have a 50/50 guess at something, I'm always 100% wrong?
Esteemed Contributor
Posts: 5,381
Registered: ‎03-14-2010

Re: Do you change banks when a new bank takes over?

[ Edited ]

We have dealt with several different banks. And each has been taken over numerous times. We stayed with our main bank through all the changes. For one reason only - the benefits we enjoy are no longer offered BUT we still enjoy those benefits because we are grandfathered into those benefits. If we were to lose those benefits we would be shopping around for a new bank.

 

I closed one of my accounts because when the new bank took over I lost my free checking account. I had that account since 1971.

Honored Contributor
Posts: 22,154
Registered: ‎05-22-2016

Re: Do you change banks when a new bank takes over?

No, I belong to a credit union...the same one forever. They've never changed hands so I'm happy with that.

Honored Contributor
Posts: 12,704
Registered: ‎08-22-2013

Re: Do you change banks when a new bank takes over?

I did switch banks when our long time bank was taken over by a larger concern. The two banks we now deal with, we have been with for over 35 years.

Honored Contributor
Posts: 23,195
Registered: ‎05-10-2010

Re: Do you change banks when a new bank takes over?

I did change banks when the bank that I'd been with since I was 11 years old was taken over by another bank.  It was big national bank and I wasn't worried about my money but that was the third takeover or merger in a 5 or 6 years.  I just began to feel uneasy.  I already had another bank where I'd had an account for 20 years.  That bank seemed more stable so that became my bank.