After your bank goes through a merger or acquisition, the subsequent changes will run deeper than just the new name.

If it’s your first time going through a bank merger or acquisition, the news can be disorienting at first. It’s understandable to have questions and reservations initially; after all, your finances (and financial institution) play an integral part in your life, and having a bank you can count on to help you thrive and achieve your goals is comforting.

While the banks involved in mergers and acquisitions are obligated to share details about the transaction with their customers, you’re unlikely to learn much upfront. You’ll have to read the small print to fully understand the bigger picture and what your bank changing names means for you individually.

Even after you read all the notices and marketing materials you receive from your new and old banks, it’s impossible to know how the intangibles of your banking experience will change, such as the trustworthiness and transparency of your bank, or the time, care, and attention you receive from your bankers.

Although the exact impact of your bank’s merger or acquisition will be unique to your situation, there are some common effects that you can anticipate. Here is what’s subject to change when your bank changes names, provided to you without making you read the fine print.

Basic Banking Information

Your basic banking information, such as account numbers, is subject to change. When your account numbers change, you’ll need to replace your current debit and credit cards with the bank and cancel any automatic payments linked to those accounts. While a change like this might seem fairly minor in the grand scheme of things, it’s an unwanted headache when you’re already dealing with the plethora of other changes brought on by your bank’s merger or acquisition. Plus, it’s an inconvenience that could cause you to miss important payments, potentially putting your credit score at risk.

Product Lines and Specialty Offerings

Typically, you can expect some of your bank’s existing product lines to be consolidated. If you happen to have checking or savings accounts that are unique to your bank, you’ll want to make sure that your accounts are staying as they are. Enjoying the benefits of a special checking or savings account can be one of the highlights of your banking experience, and losing out on that advantage can be detrimental in the long run. You’ll also want to look out for any changes to fee structures and interest rates, as those tend to shift following a bank merger or acquisition.

FDIC Protection

Another critical change that may not be clear right away is the status of your FDIC protection. Having your assets protected is one of the key components of a quality banking experience, yet it’s something you can’t take for granted if your bank is getting a new name.

If your bank has been acquired, the FDIC will continue to insure your accounts for the first six months following the acquisition. But beyond that grace period, you’ll need to make sure that your assets have been officially moved to another institution to maintain protection. The institution you choose to protect your assets is entirely up to you, so make sure your bank’s acquisition meets your own standards of FDIC protection before deciding to go with the flow.

Leadership Structure

To get a sense of how your overall experience might be altered if you stay with the bank, pay attention to any changes in your old bank’s personnel and leadership structure. Losing familiar faces at your bank can impact the level of customer service you receive, and has the potential to lead to confusion and unfamiliarity in your everyday banking experience. If your relationship with your bank sours, there’s little left to gain from continuing the relationship. You deserve dedicated, reliable bankers who build a meaningful relationship with you and see you as more than just another number.

When You Know You Need to Make the Switch

Despite your bank’s new name, watch out for the same old problems. While out-of-town banks might be out of touch, Wintrust is the community banking solution you can count on every step of the way.

When you bank with Wintrust, you can take pride in knowing that your money is reinvested into area businesses and nonprofits, which strengthens our local economy and helps our neighborhoods grow. Our well-rounded approach to banking allows us to be a true asset to our shared community and the businesses that make it special, because your success is our success. That’s why Wintrust won a 2022 J.D. Power Award for customer satisfaction and our commercial banking team has been recognized with multiple Greenwich Awards for excellence in customer service, and was recently named the No. 1 SBA loan provider in Illinois.

If you appreciate personalized service and an unwavering commitment to community, make the switch to Chicago’s last true hometown bank. Learn more about Wintrust’s suite of products and services for personal and business banking here.