checking

Your bank's been acquired: Should you stay?

What does consolidation mean for you?
Next
1 of 8
text

Consolidation is a common occurrence in the banking industry -- regardless of what's going on with the economy. If the bank or credit union you've been doing business with for years is acquired, it could result in some notable adjustments to what you are used to.

Normally, change to any aspect of people's finances causes all sorts of stress, but people tend to shrug when it comes to a change in bank ownership.

On some levels, that makes sense. Your money is still insured by the FDIC. You're still able to access it through the same network of ATMs. And, if you've got a mortgage or other long-term loan (or savings certificate) through your old bank, your monthly payments aren't going to change.

But new banks can mean smaller transitions that might not be immediately obvious. When you get that welcome packet in the mail from your new financial institution, here are six factors to investigate before deciding whether it's in your best interest to remain a customer.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

Quickest path toward $1 million?

Dear Dr. Don, This question involves how best to make for a better life for my family. How can I make a one-time investment of $5,000 grow into $1 million or more over 60 years? One of my broader goals is to encourage my... Read more

advertisement
Partner Center
advertisement

Connect with us