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  • wcd

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    Dec 2, 2011
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    So I am wondering received letter from my Bank a few months back, we are getting out of retail banking. Now today I get a letter in the mail, by the end of October pending approval we will be selling our accounts, checking, savings, etc to x bank. They will be taking over your accounts details to follow.

    First of all how can they sell an account that does not belong to them?
    There letter came off as incredibly arrogant! And why on Earth would i want to bank at some internet based bank out of Comiefornia?

    Looks like it's time to yank every penny out of THERE.
     

    BehindBlueI's

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    Oct 3, 2012
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    First of all how can they sell an account that does not belong to them?

    They sell the rights to service the account. Happens all the time with mergers, etc. Don't like it, close your account and go elsewhere. I did when my old hometown bank sold/merged for the third time in a few years.
     

    natdscott

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    1) First of all how can they sell an account that does not belong to them?

    2)There letter came off as incredibly arrogant!

    1) it's a fairly common misconception that Banks have to give " Equal Deposit Opportunity "...or whatever you would call the deposit equivalent of legal requirements surrounding lending equality.

    They don't. They can close your accounts at any time, and mail you a check.

    Sometimes attached to that sense is the idea that Banks need to consult or get votes from their customers on operational decisions. They don't. That is the responsibility of the Bank's senior staff, and the Board of Directors.

    2) Yeah. You'll have that. Bankers tend to compose external comms in a precise, but fairly stiff, legally-bound style. That letter has probably been through 3-5+ staff, 2 departments, and Legal. If you don't read that kind of thing very often, arrogance or flippancy is a common interpretation.

    That, or they are just ***holes. Definite possibility.
     

    DoggyDaddy

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    Aug 18, 2011
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    They sell the rights to service the account. Happens all the time with mergers, etc. Don't like it, close your account and go elsewhere. I did when my old hometown bank sold/merged for the third time in a few years.

    Yep, happens with mortgages too. My mortgage has probably been sold 3 or more times in the past 10 years. For regular banking, I like my credit union. Been with them since 1995 and no mergers, sales, etc.. Any problems I've had have been resolved quickly, I think due in part to the fact that they're "local" and not some huge faceless institution.
     

    Colt

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    Oct 11, 2009
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    If your old bank wrote the letter, then your beef should be with your old bank. Maybe your old bank is getting out of the business because they don't know how to deal with their customers. Maybe your new bank will do much better. I would wait and see how the new bank treats you before jumping to a third bank. If the new bank is growing then their customers must be happy.
     

    Tactically Fat

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    Oct 8, 2014
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    Banks get bought and sold. Even large ones. BankOne was bought out by Chase.

    National City was bought out by PNC.

    It happens.
     

    IndyTom

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    Oct 3, 2013
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    I know my Cabela's card was serviced by X then changed to Y and now, with the Bass Pro merger, it is changing to yet another provider. It appears the newest provider doesn't offer the same protections (rental insurance and the like), though. Trying to save a nickel.

    I've also gone through mortgage changes (So and so bought your account, so you'll be sending them money starting on this date) and cable/internet (Comcast bought us out, good luck) changes, as well.

    At least they aren't just closing up shop on you and you should get a fairly painless transition to the new company should you choose to remain.
     

    WebSnyper

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    Jul 3, 2010
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    127.0.0.1
    So I am wondering received letter from my Bank a few months back, we are getting out of retail banking. Now today I get a letter in the mail, by the end of October pending approval we will be selling our accounts, checking, savings, etc to x bank. They will be taking over your accounts details to follow.

    First of all how can they sell an account that does not belong to them?
    There letter came off as incredibly arrogant! And why on Earth would i want to bank at some internet based bank out of Comiefornia?

    Looks like it's time to yank every penny out of THERE.


    As others stated, they sold the servicing of your accounts off...

    My advice, credit union. Find a good one and join.
     

    amboy49

    Master
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    5   1   0
    Feb 1, 2013
    2,293
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    central indiana
    Banks get bought and sold. Even large ones. BankOne was bought out by Chase.

    National City was bought out by PNC.

    It happens.


    Just to be clear - yes, mergers do happen. Sometimes friendly and sometimes adversarial.

    However, in the case of National City it was neither. Dave Dabrako, the CEO of NCB, gamed the system by flipping mortgages in the FNMA/Freddie Mac secondary market so he could demonstrate big profits and collect huge bonuses in cash and stock options. When the mortgage market collapsed NCB’s stock value plummeted from $150 a share to a little over $2 a share. This, all under the watchful eye of the federal bank examiners. NCB, a 150 year old banking institution, failed and PNC, which stands for previously National City Bank, walked in with a federally sanctioned buyout agreement for $.10 on the dollar even tho NCB was larger in total assets than PNC.

    Dabrako walked away to his Florida estate with a $7 million severance package and COBRA premiums paid for for two years. Many NCB employees lost everything because they didn’t diversify their 401k portfolios and held it all in NCB stock.

    Many believed the whole thing was carefully orchestrated and those responsible in the private and public sectors pocketed huge sums. NO ONE went to jail.

    Several NCB account owners saw their accounts transferred to other banking institutions after the “merger” occurred. Others saw retail branches closed because there was a duplication of physical assets (branches) in close proximity to each other in the major cities throughout the combined footprint.

    The incorrect statement in your post is that you believe they don’t own the account. They, in fact, do own the account. The money is yours but the account is theirs. No different than selling a loan as was pointed out. Happens all the time with credit card balances. The originating bank may retain servicing rights, but the asset is sold off. This allows the bank to go out and make additional loans. Without doing so they would reach their legal lending limit, which is determined by total deposit and surplus balances, and have to stop lending activities. It’s a little like a pyramid scheme only it’s legal. The banks figured out a way to leverage revolving debt (credit cards) and the Federal Reserve regional banks allowed them to do it. If you want some interesting reading do a Google search on the creation of the Federal Reserve and find out who owns and controls it.

    Wanna figure out why your account was moved - follow the money.

    YMMV.
     
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