Bank mergers and acquisitions happen regularly and can lead to streamlined services and better offerings for consumers but they can also sometimes create challenges, such as reduced access to branches or customer service difficulties.
If your bank is merging or being acquired, it will probably try to make the transition process of moving your account as frictionless as possible. But if the new bank does not have the services and features that you need, you’ll probably want to shop around for another bank.
How to handle changes with your bank
For the most part, the best way to handle changes to your account after a merger is to be patient, weigh your options and keep track of any new debit cards or documents that your new bank sends you.
With a merger, your bank will typically not close your account and will work with you to get set up as a customer of the new bank.
“Mergers give banks the opportunity to expand horizontally and vertically faster and more efficiently,” says Francisco Alvarez-Evangelista, adviser at the financial analysis company Aite-Novarica Group.
“More likely than not, they want to keep your business and they’re going to do their best to make sure the customer experience stays consistent.”
Your bank will consolidate customer accounts under the new brand and will communicate anything you need to do, such as setting up new login information or updating autopay and direct deposits with your new routing and account numbers.
Mr Alvarez-Evangelista predicts that bank mergers will continue to be common in the near future as banks try to be more competitive.
Common challenges
When banks merge, the new bank may opt to close branches, which can make it harder for some customers to use in-person services.
For instance, the Federal Reserve reported in December 2021 that the number of bank branches in the US was already steadily declining in the decade before the Covid-19 pandemic, but the pandemic encouraged banks to become even more online-friendly. Many offered more remote customer service options and closed branches.
Users can also experience transition issues that might make it difficult to stick with their bank after a merger.
This includes complaints about technical problems, long customer service wait times and the loss of savings and budgeting features.
Azlo, a small-business bank subsidiary owned by Spanish financial services company BBVA, closed. Financial blogger Garit Boothe says that Azlo recommended he move to another small-business bank called Novo.
The two banks made it relatively easy for him to transfer his money, but he says it was still a frustrating experience to get everything set up.
“I remembered to download my bank statements so that I would have records from my old bank. However, reconciling inflows and outflows from the old bank account versus transfers from one account to the other was a chore,” Mr Boothe says.
How to shop for a new bank
If you are unhappy with the direction your bank is taking after a merger, here are some factors to consider when researching a new bank.
Fees Monthly maintenance fees and overdraft fees should be major considerations when looking at new bank accounts.
Minimum balances Some banks require a minimum account balance to keep your account open, while others might require a minimum direct deposit amount to access certain features or to avoid monthly fees.
Interest rates Banks are starting to offer higher rates again, so shop around for the best interest rates before you decide to stick with your bank.
Branch access, ATMs and remote customer service If face-to-face customer service is important to you, you’ll want to opt for a bank that has branches near you. If you don’t need branch access, look for a bank with a large ATM network, a good ATM fee reimbursement programme and customer service options, such as online chat or extended business hours for phone support.
UAE currency: the story behind the money in your pockets
Heather, the Totality
Matthew Weiner,
Canongate
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Results:
5pm: Abu Dhabi Fillies Classic (PA) Prestige Dh 110,000 1.400m | Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Abu Dhabi Colts Classic (PA) Prestige Dh 110,000 1,400m | Winner: AF Saab, Antonio Fresu, Ernst Oertel
6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia
6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel
7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed
Racecard
2pm Handicap Dh 90,000 1,800m
2.30pm Handicap Dh120,000 1,950m
3pm Handicap Dh105,000 1,600m
3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m
4pm Maiden Dh75,000 1,600m
4.30pm Conditions Dh250,000 1,400m
5pm Maiden Dh75,000 1,600m
5.30pm Handicap Dh85,000 1,000m
The National selections:
2pm Arch Gold
2.30pm Conclusion
3pm Al Battar
3.30pm Golden Jaguar
4pm Al Motayar
4.30pm Tapi Sioux
5pm Leadership
5.30pm Dahawi
Fifa Club World Cup quarter-final
Esperance de Tunis 0
Al Ain 3 (Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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