Bank mergers are complicated processes that require a lot of moving parts working in perfect harmony. If there’s even a tiny error during the merger, bank data security is immediately called into question.
If you’re facing a bank merger and are worried about the security of your data, the financial experts at Cornerstone Bank put together these helpful tips to keep your data secure.
You can also reach out to Cornerstone Bank at any time to further discuss your financial journey.
How can I protect my bank data during a merger?
When two banks merge, all customer information is transferred to the new bank’s databases and systems. If that data transfer isn’t perfectly executed and all the databases are in sync, there’s a risk your information could be lost in the shuffle.
Your banking data is obviously highly sensitive, and to ensure a smooth transition, the acquiring bank must thoroughly vet all of that data. There are many different methods banks use for data capture, storage, processes, and technologies, and none of these methods are completely foolproof.
With these helpful tips, you can ensure your bank data is secure during the merger process, and combat potential issues:
- Download detailed financial records from the bank’s online portal to keep accurate documentation of account history before the transition.
- Take out additional cash before the transition in case of interruption with checks, ATMs, or debit card services.
- Suspend automatic bill payments and manually pay bills for several weeks to avoid late payments.
- Temporarily disable direct deposit with employers or employees for several paychecks in case an error occurs.
- For mortgages or rent, send payment early and then follow up with the new bank to ensure the payment was received and processed correctly.
Trust Cornerstone Bank with your bank data security
The best way to ensure your data’s security is to place it in trusted hands. For over 20 years, Cornerstone Bank has earned the trust of our Kansas City neighbors through our friendly and knowledgeable banking services.
Instead of sending you countless pages of instructions and letting you figure things out on your own, our team of financial experts prefers to meet you in person and have a one-on-one discussion about your personal or business banking needs. And, if you choose to switch to our banking services, we will personally oversee the account switching process.
Get in contact with our team today and learn how we can help you with all of your banking needs. Submit a service inquiry, and we will be in touch shortly!