Since the 1980s, many banks have bought other banks. According to the Federal Reserve, large banks often charge higher fees after a merger. How can you protect yourself?
Monitor the mail. Banks are required to notify their customers of any changes to fees or minimum account requirements. Thus, you should pay close attention to brochures or flyers that announce your “new account.” Any new fees or a new structure of minimum requirements will be included, even if that information is buried in the fine print.
Don’t drop your guard. Many merged banks avoid raising fees while media scrutiny is intense. After several months or a year, however, they may announce new requirements or penalties.
Retain your records. Bank mergers often have resulted in lost data and costly, inconvenient mistakes. Pay close attention to all transactions and keep your statements so that you can track down any problems that arise.
Shop around. Rival banks typically see mergers as an opportunity to pick up customers. Their efforts to get your business might include favorable deals, low fees, friendly service, and increased convenience.