Bank Got Bought

Discussion in 'The Pub' started by Rockyrollercat, Mar 13, 2015.

  1. Rockyrollercat

    Rockyrollercat Member

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    Ever had this happen? I've got all my money in 2 different banks. One bank was getting bought by a bigger bank so I moved my money into the other bank now that bank is getting bought too. Am I crazy to think some little computer glitch in the take over could wipe out my life savings? Advise please.

    RRC
     
  2. popinvasion

    popinvasion Supporting Member

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    Should you trust a bank? Trick question?
     
  3. fjblair

    fjblair Silver Supporting Member

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    Yes a little crazy. Relax.
     
  4. Jim Soloway

    Jim Soloway Supporting Member

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    It happened to me four times while I was living in the US. You're not likely to get wiped out but that doesn't mean you should relax. Every time it happened to me, the rules governing my accounts changed and on two occasions the fees rose.
     
  5. bt2513

    bt2513 Member

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    Happens all the time. As a bank employee, the only glitch you may see is that there might now be a duplicate customer record with your "new" bank. Usually, a bank will grandfather accounts for a period of time indefinitely to avoid major fee changes. Banks like to retain the deposit accounts and loans they just purchased.
     
  6. GCDEF

    GCDEF Supporting Member

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    The bank I initially signed up with about 20 years ago has been sold at least four times since then. Other than a couple of account number changes, nothing bad happened.
     
  7. buddyboy69

    buddyboy69 Member

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    yes, the fees and rules may change without knowledge. this also happened with our mortgage a couple times, heck it may be happening now.
     
  8. jhc

    jhc Senior Member

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    Happens all the time. I've gone from First Chicago to Bank One to Chase due to buy outs/mergers.
     
  9. ford

    ford Supporting Member

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    Might look into a credit union... the two main ones near me have been around since the 80's at least... with no change.
     
  10. Matt Jones

    Matt Jones Supporting Member

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    I don't think you're in danger of losing your life savings but if you're at all worried ask the bank for a printout of your account balances and put it in a drawer until the transfer is complete.
     
  11. bayAreaDude

    bayAreaDude Member

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    Has happened to me twice. First time, I closed the account because they changed the terms.
     
  12. MVrider

    MVrider Member

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    Don't worry about it. They've got much better ways to steal money than pinching your checking account.
     
  13. Bieling3

    Bieling3 Member

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    The worst is when a new one buys your college loan debt and you have to fill out a thousand forms and resubmit all the crap paperwork just to continue an income based repayment plan.
     
  14. spamassassain

    spamassassain Member

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    I've never had a problem but I've also been careful - as described above I have kept careful records to compare "before/after" and no glitches.

    But like others have said, the terms usually do change after a period of time and you are likely to see new fees or attempts at least.

    My parents, on the other hand, went through a real problem about 10 years ago when their bank was bought and their accounts were indeed screwed up and it took them months to recover some of the "lost" money. Fortunately, they also kept detailed records (my mom is an accountant) So being cautious is wise.
     
  15. jdogric12

    jdogric12 Supporting Member

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    15 posts and no mention of FDIC? Just keep no more than $100K (IIRC) in any one account and the government insures you.

    Foil hat wearers in 3, 2, 1...
     
  16. cmerch

    cmerch Member

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    Never happened to me... I keep my $ in a credit union. Can't believe anyone still uses banks.
     
  17. Rockyrollercat

    Rockyrollercat Member

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    If you could see our credit union you would run to the bank.
     
  18. JDC

    JDC Member

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    I have my money in a credit union but I know a bit about bank failure.

    Without going into a lot of detail, the stockholders in a failed bank are the people who "take it on the chin", not the depositors. Deposits are insured (it's up to $250K now, I believe).

    The FDIC webpage boasts:

    "No depositor has ever lost a penny of insured deposits since the F.D.I.C. was created in 1933."

    On the other hand, stocks don't have that guarantee.

    FWIW Banks get bought all the time. From 1971 through 1986 "my" bank changed hands AT LEAST four times....People's Bank to Ranier Bank to Seattle First Bank to Bank of America.
     
    Last edited: Mar 15, 2015
  19. Rockyrollercat

    Rockyrollercat Member

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    Probably never happen but I wonder if BOA went tits up if the FDIC could cover 2.3 trillion.

    woops, just checked it out apparently they can with 13 trillion in assets.
     
  20. lefort_1

    lefort_1 Nuzzled Firmly Betwixt Gold Supporting Member

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    Just print out a statement of your account BEFORE the transition.

    My bank just went through this.
    For me, the most difficult bit was the transition from one bank's online stuff to the other's...not all online banking has all the same features.
    Oh yeah, and apparently there were a bunch of PO'd customers who had to change their online IDs cuz someone in the other system already had that name.
     

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