My bank disappears. And now what?

25/08/2022

When one bank merges with or is absorbed by another, the consequences also affect its customers. If you are one of them, don't forget that:

• The number that identifies the accounts will change. The new bank will have to inform us of this change and undertake to manage your direct debits and standing orders.
• If your branch closes, the new bank must inform you which branch is assigned to you and take all the necessary steps for the change.
• If you have signed up to indefinite term products, such as a simple account, the new bank could change its conditions. If these are more favourable, it will apply them immediately; if they are worse, it must give you two months' notice so that, if the new conditions are not to your satisfaction, you can cancel the contract at no cost.
• If you were to have an account or deposit in each of the banks involved, the guarantee of 100,000 euros per holder and entity would be reduced (one of the banks disappears and therefore the Deposit Guarantee Fund does not apply to it), which you should always assess if your total balance exceeds this limit.
• For products with a maturity date, the initial conditions tend to be maintained until the end of the term. Once it has matured, the new bank may modify the renewal conditions. In the case of a loan or mortgage, you will continue to pay the debt to the new bank without any change.