Not sure how a bank merger could affect you? Here’s what you can anticipate.

Throughout the U.S., bank mergers and acquisitions have become increasingly commonplace — according to PCBB, over 80 bank mergers and acquisitions have taken place in 2022 alone.

Despite the frequency of mergers and acquisitions in today’s banking landscape, many customers are unsure of how a potential merger or acquisition could truly impact them and their banking experience. So, if ever faced with the scenario, they’re bound to be confused and overwhelmed as they navigate through mountains of announcements and paperwork from the bank while also trying to assess conflicting information from others online.

If you’re wondering how a merger or acquisition could affect you, take it from our team of community banking experts who have remained dedicated to serving our local customers since our start. Here is what you can expect.

Replacing cards and updating info

One of the most inevitable effects of bank transitions is a change in customers’ basic banking information. As your account numbers will likely change following the transition, you’ll need to replace any debit or credit cards you have with the bank and make sure to cancel any automatic payments connected to those cards.

While inconvenient, this might not sound like too much of a setback in the grand scheme of your banking experience. However, be aware that this process doesn’t always go as smoothly as the bank promises it will.

“Oftentimes, debit cards and other digital services do not transition well during mergers,” said Briana Hansen, SVP and head of retail banking at Hinsdale Bank & Trust. “This can be very frustrating for customers who are already going through so much change in a short period of time.”

As many other customers will be attempting to activate their new cards around the same time as you, this spike of activity could result in delays. And the longer you’re forced to go without access to your cards, the more difficult it will be to handle the transactions of everyday life.

Setbacks for business accounts

While transition-related hiccups can be irritating and inconvenient for personal accounts, for business accounts, they can have serious ramifications.

Sometimes, the transition for business banking accounts ends up being more arduous than the transition for personal banking accounts. And when you’re locked out of your business banking account for an extended period, your livelihood is put at risk. Crucial transactions could fail, which can adversely impact you and your customers.

“Business owners are usually in solidified routines for their books, and any disruptions during bank mergers can be detrimental to their businesses,” said Hansen.

Additionally, keep in mind that your bank’s transition could impact its familiarity with the local business landscape, leaving you less supported and understood by your bankers than you were before.

Customer service commotion

When you encounter a pain point during your bank’s transition, it’s a natural next step to reach out to customer service for support in finding a solution. During the peak of a transition, however, chances are that customer service will have its hands full already, leaving you to suffer the consequences of high volume.

With hundreds, if not thousands, of other customers also going through the transition, you can anticipate wait times of upwards of an hour if you need help. And even when you do finally get in contact with a customer service representative, you may be met with impersonal service — and an insufficient, inefficient resolution. It’s also possible that the complexity of the issue you’re facing leads to you being repeatedly transferred to other representatives, all to no avail.

At the end of the day, there’s little to be gained from staying with a bank that treats you like just another account number. Through all of life’s twists and turns, you deserve a bank that serves as a reliable partner — one that’s capable of supporting your needs for the long haul and knows your community just as well as you do.

With 170 branches across Chicagoland, southern Wisconsin, and northwest Indiana, Wintrust is the modern banking solution for all who value personalized service, sophisticated solutions, and local expertise. Since 1991, we've been the bank that invests in, gives back to, and remains committed to our communities. With us, you can rest assured that your bank has your back.

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