When you first learn that your bank has been acquired, it’s natural for uncertainty to arise. Banking is a crucial component of everyday life, and sudden changes to a familiar essential structure can cause confusion, fear, and frustration.

While bank mergers aren’t inherently a bad thing, there are some important points every customer going through one must be aware of. And with over 25 years of community banking experience, we’ve seen many other banks come and go — as well as the subsequent effects their customers experience.

If your bank was bought, you likely have some questions — and our community banking experts have the answers. Read on for our advice on how to navigate your bank’s acquisition with confidence.

1. Check for changes

While this may seem obvious, it’s the simplest and most important step you can take to understand how your bank’s acquisition will affect you. The bigger the bank merger, the more important the small print becomes.

Since the acquisition process is gradual, the banks involved tend to use that time to get customers up to speed by sending out notices. Whether you receive notices digitally or via mail, it’s important to read each carefully to assess which changes will apply to you.

Most likely, your account numbers will change — in which case you’ll need to replace any cards you have and cancel any automatic payments. Additionally, you can often anticipate changes to the bank’s fee structures and interest rates.

Luckily, any signed, fixed-term agreements you have are unlikely to change, such as mortgages and certificates of deposits. However, this is another piece you’ll need to verify through the notices you receive.

2. Beware of eliminations

Oftentimes, bank mergers result in eliminations or consolidations of some kind. The degree to which the buyer bank cuts aspects of the bought bank’s products, processes, and policies can vary, so it’s important to research.

For example, a buyer bank might eliminate some of an acquired bank’s product lines — especially ones that are unique to the acquired bank, such as a special savings account.

Consolidations could also come in the form of branch closures and ATM network closures. As the access to local branches and ATMs simplifies the banking process, you’ll want to make sure that your local hubs are staying put.

With Total Access Checking, every ATM you see is FREE! We’ll refund any ATM fee nationwide.¹

3. Keep track of timelines

Because all bank mergers and acquisitions must be approved by the Federal Reserve before banks actually combine, the impact of your bank being bought may take months to go into effect and impact you in any meaningful way. That said, it’s important to stay on top of the timeline.

Throughout the transition process, there will be important dates to keep track of, with deadlines which may require action. Pay close attention to the notices you receive from both banks to ensure that you fully grasp the timeline from when your bank was bought to when the combination will be completed.

4. Ensure your FDIC protection 

Nothing says peace of mind like knowing that your assets are protected. But when your bank is bought, the status of your FDIC protection may be at risk.

Following an acquisition, the FDIC will still insure an acquired bank’s accounts separately for the first six months. Beyond the six-month mark, those assets will need to be moved to a new institution in order to maintain FDIC protection — whether that’s the institution that acquired yours, or a new one entirely.

Insure your deposits beyond $250,000 with a Wintrust Community Banks MaxSafe® account.

5. Expect changes in customer service

If you’re used to a community bank with a local connection and personalized service, you unfortunately are unlikely to receive the same service from a bigger bank stepping into the picture.

Banking and financial planning is complex and personal, making it easy for customer service to slip customers’ minds when their bank is bought or going through a merger. That said, having a banking partner that values relationships, understands your needs and goals, and works to secure your success is one of the biggest advantages you can have in your journey to financial stability and success. If you know that you’re going to lose that level of service after your bank is acquired, you may want to consider banking elsewhere.

With our bank, you don’t have to question whether your bank has your back. Founded on transparency and trust, our bank is your community’s longest-standing, most experienced banking option — with better banking benefits to support every chapter of life, and bankers who know your community like you do. 

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