Our bank got swallowed up again

  • Thread starter jtbell
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In summary: The letter we received about the sale said that effective immediately, we can use our ATM cards at all TD bank locations without extra fees. Looking at their web site, they're mostly in the Northeast (DC through Maine). If we do a trip to New England next summer as currently planned, this will come in handy.In summary, the community bank that the author was initially banking with was sold and then bought back by a larger bank. The author switched to another bank that is not being bought by any other banks. The author plans to use their ATM cards at all TD bank locations without extra fees starting immediately.
  • #1
jtbell
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When I moved here 25 years ago, the obvious place for my new bank account was at the local community bank which had been founded in 1886 and was one of the biggest pillars of the local economy. The college did its business there, for example.

In the 1990s, they sold out to a smallish regional bank. A few years later, that chain was bought up by a larger regional bank. Now they're becoming part of TD Bank, otherwise known as Toronto-Dominion. I wonder if we'll start getting loonies at the teller windows now? :uhh:

(Of course, it's been years since I actually got cash at a teller window instead of an ATM.)
 
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  • #2
jtbell said:
When I moved here 25 years ago, the obvious place for my new bank account was at the local community bank which had been founded in 1886 and was one of the biggest pillars of the local economy. The college did its business there, for example.

In the 1990s, they sold out to a smallish regional bank. A few years later, that chain was bought up by a larger regional bank. Now they're becoming part of TD Bank, otherwise known as Toronto-Dominion. I wonder if we'll start getting loonies at the teller windows now? :uhh:

(Of course, it's been years since I actually got cash at a teller window instead of an ATM.)

We have very much the same story and timeline for our closest community bank. I've probably only stepped inside an average of once a year, for the last decade.
 
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  • #3
I've been banking with TD for years. Never had any trouble.
 
  • #4
The bank that held my last mortgage got bought up by a larger bank. :frown:
 
  • #5
Evo said:
The bank that held my last mortgage got bought up by a larger bank. :frown:

Our original mortgage was through our local bank. The loan was sold, sold, and sold, while our bank was sold, sold and sold, and now our mortgage is with our bank again!
 
  • #6
my first bank was actually a savings and loan. i suppose you can guess how that turned out.
 
  • #7
The letter we received about the sale said that effective immediately, we can use our ATM cards at all TD bank locations without extra fees. Looking at their web site, they're mostly in the Northeast (DC through Maine). If we do a trip to New England next summer as currently planned, this will come in handy.

Actually, I already have another account at SunTrust which refunds ATM fees that I pay at non-SunTrust ATMs, which I put to use during my trip out West last summer. I've been using ATM cards on trips for many years now, but it still gives me a bit of a thrill to stick one into an ATM at, say, a local bank in a small dusty New Mexico desert town, and have it actually work! Or in Germany like last year. I remember when travelers' checks were the main way to pay expenses during an overseas trip.
 
  • #8
jtbell said:
I wonder if we'll start getting loonies at the teller windows now? :uhh:

No, they'll have the same tellers and customers as they used to.
 
  • #9
USAA refunds my ATM fees from any ATM regardless of who it's owned by.

Which I guess would be nice, but I don't think I've withdrawn cash in five years.
 
  • #10
Credit Unions have pretty much assumed the place of smaller banks I think. They don't get bought out very often as far as I know.
 
  • #11
lisab said:
No, they'll have the same tellers and customers as they used to.

Hahaha. nice
 
  • #12
After several years with two community banks, I switched to one of the Big 10 that's not only not into swallowing up any other banks, but has taken serious steps to keep from being swallowed up itself.
 

1. What does it mean when a bank gets "swallowed up"?

When a bank gets "swallowed up", it means that it has been acquired or merged with another bank. This could be due to financial reasons, such as the bank struggling financially, or strategic reasons, such as the desire to expand into new markets.

2. How does a bank getting swallowed up affect its customers?

The impact on customers can vary depending on the specific circumstances of the acquisition or merger. In some cases, customers may experience changes in their account terms, fees, or services offered. However, in most cases, customers can continue to use their accounts as usual and may even have access to new services and benefits.

3. Why do banks get swallowed up in the first place?

Banks may get swallowed up for a variety of reasons, including financial struggles, desire for growth and expansion, or regulatory pressure. In some cases, banks may also choose to merge in order to increase their competitiveness and ability to offer a wider range of products and services to customers.

4. What happens to the employees of a bank that gets swallowed up?

In most cases, employees of a bank that gets swallowed up will continue to have jobs at the newly formed entity. However, some positions may be redundant and result in layoffs. The acquiring bank will typically make decisions on staffing and any potential layoffs after the merger or acquisition is finalized.

5. Is it common for banks to get swallowed up?

Bank acquisitions and mergers are a common occurrence in the financial industry. In recent years, there has been a trend towards consolidation, with larger banks acquiring smaller ones. However, this does not necessarily mean that all banks will eventually get swallowed up, as some banks may choose to remain independent or merge with other banks of similar size.

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