What happens if a bank buys another bank

In the banking sector financial establishments acquire one another and merge together very often

Many clients ask themselves this question when another bank buys their bank, and more specifically in terms of their status as clients, the financial products that they have signed up for and the relationship between their old bank and their new one: offices, ATMs, transfers, using apps or websites, etc.

These are some frequently asked questions that we are going to try to answer:

Top Banner Fee-Free Accounts Top Banner Fee-Free Accounts

Learn about the Online Fee-Free Account

1. Will I lose my current account number? Will my IBAN or account number change?

It is possible for your account number to change, but you should not have any problems with your direct deposit bills or any type of income frequently deposited into your account (your salary or other types of income).

In the event that your account number does change, your financial institution is required to notify you at least two months beforehand and take care of all related procedures: direct depositing your bills, frequent income, depositing interest, etc.

This change is usually due to an organizational and administrative issue from the bank that absorbs or purchases another financial institution, since all of that institution's number systems are regulated by a specific set of numbers. This set of numbers is used to identify the original financial institution in various procedures related to moving money.

2. Are my old bank cards still valid? Can I still use them?

The debit or credit card linked to your account number can be replaced by a new one and it should be free of charge for the client.

In any case, a card is usually replaced when it expires and less so because of the bank that issued it. This means that clients may even continue using their old bank card, linked to their new account number, until their "new" bank replaces that card for the reasons mentioned above.

3. Does the status of the accounts, deposits, mortgages or other financial products I have signed up for change?

Banks merging together does not necessarily mean that the status of banking products will change; in other words, the status of these products will continue to be the same. It is possible that their status may be changed through a mutual agreement between a bank and a client or the bank may unilaterally make this change while respecting the statutory period of notice (1 or 2 months, depending on the product).

Center Banner No Fees Center Banner No Fees

No account or card fees.

Learn about the Online Fee-Free Account

4. Can I go to and use my "new" bank's offices and ATMs?

Changes usually occur when financial institutions merge or acquire one another; one may close, be remodeled, or relocated. In any case, the financial institution usually lets their clients know the details regarding the new office and when advisers are available.

Furthermore, once the banks have merged, the clients that join the new institution can use the "new" bank's offices and ATMs to carry out regular activities: withdrawing and depositing money at ATMs, checking balances, etc.

CTA Become a customer CTA Become a customer
Accounts - You might also be interested in Accounts - You might also be interested in

You might also be interested in

  • They help identify the bank receiving a transfer, thus ensuring the security of the process.
  • We've made available several online features to make your banking easier, no matter where you are.
  • Transfer times vary. We'll explain all the aspects involved in this banking transaction.
Accounts - Tools Accounts - Tools

Account tools