Bank Merger Checklist: Steps to Take With Your Accounts during a Bank Merger
Banks constantly resort to mergers in order to expand their empire. This procedure can be frustrating if you have been loyal to a bank for a long time and then it declares a merger and all the rules change.
Getting used to these major changes can be worrying and even expensive sometimes. But before you jump and transfer your funds to a different bank, consider taking up the below-mentioned steps.
Steps to Take With Your Accounts during a Bank Merger
The following steps should be taken with your accounts if your bank announces a merger:
It is Best to Stay Calm
If your bank declared a merger, do not panic! In some cases, there are no significant changes at the consumer’s level apart from new signs and deposit slips. Even if there are changes down the road, the merger takes time, which is why you may not feel the changes for a few months.
Study the New Bank
Once the merger has been announced, you should learn the new bank. For example, you are living in the UAE and your bank announced a merger. Does the new bank offer a personal loan in UAE just like the old one? If you find a similar option, you should further check the interest rate offered for a personal loan in UAE.
Keep a Heads Up On Upcoming Changes
As the merging further proceeds, there are significant changes that might be announced for your accounts. Pay close attention to all the sources of communication used by your bank to update its customers.
Determine Your Position
Once you are aware of the changes that are in line, you can decide whether you accept these changes or you need to look for a new bank.
Try Negotiating with a New Bank
If there are any new fees or charges added when your bank announces a merger, you might be in a position where you have leverage. You can explain the newly merged bank that you are considering taking your business elsewhere. Most banks will be flexible to bend in order to sustain a long term customer.
Get ready for a Rough Transition
It is bound to be a bumpy road when your bank has announced a merger. It is good to be prepared so that you are not caught off guard.
Shop Around If You Decide To Leave
If all other options do not work and you come to a decision to change your bank, check out all the options available to you. With the competition in the market currently, it is not difficult to find a bank that will meet your requirements at attractive costs. If you are considering to opt for a personal loan in UAE, you should look around banks offering the lowest rate.
Take a Step Forward
Once you have decided on a new bank, it is the ideal option to make a financial move. You have to take the necessary steps of moving your cash from one bank to the other, set up automatic payments, direct deposits, and bill payments at your new bank.
Close Your Account
When you finally transfer your funds from the old bank to the new bank, make sure to leave some funds in your old bank. This is because you may have outstanding check purchases or debit card pending. You do not want to end up with a bounced payment after closing your account. It is good to give any such balances a few months to clear and then close the account along with the remaining funds.
The Bottom Line
Since you depend on your bank daily, having it change in case of a merger can be frustrating and sometimes even scary. The above-mentioned steps can be taken in order to get through a merger smoothly. It is also good to try looking for a change. Maybe the new bank you find offers you a better deal as compared to your existing bank.