Mergers can cause a lot of stress for banks, small businesses, and individuals alike. There are a lot of moving parts when two banks merge, and any small hiccup could result in lost bank data, or worse.
At Cornerstone Bank, we’re here to help during these times of upheaval. We’ve seen plenty of bank mergers in our nearly two decades of serving Kansas City, and we know how to guide our neighbors and fellow Kansas City small businesses through their entire financial journey.
Read on to learn more about how bank mergers affect your small business banking in Kansas City, and how Cornerstone Bank has your back.
Why is my bank merging?
There are several reasons why banks acquire other banks, including:
- Increasing market share
- Improving cost-efficiency
- Lack of a succession plan (ex: owners retiring)
The bank acquisition process is incredibly tedious, with many legal and regulatory hurdles standing in the way. Even acquisitions with months of planning can face circumstances that leave customers unsure of their financial stability or untrusting of their new financial partners.
A poorly implemented merger or acquisition process could result in trouble accessing your money or account information.
What process do I need to go through for my small business account?
When banks merge, it forces all of their customers to undergo the same time-intensive process they would if they were switching banks altogether.
Everything from their previous bank account changes. Things like their:
- Debit and credit cards
- Checks
- Fees for ATM use
- Routing numbers
- Account numbers
- Lending rules
- Interest rates
- And more
Everywhere you use banking information will have to be updated with your new information. This can cause a massive headache, especially when dealing with employee payrolls and other small business banking in Kansas City.
Should I switch banks?
If you’re worried at all about how the bank merger process will affect your small business, this is a good time to shop around for other banking options.
We highly recommend considering your local banking options during your search, because local banks offer quite a few advantages compared to their national counterparts.
Local banks put the needs of their immediate community and customers first. For two decades, Cornerstone Bank has served our Kansas City neighbors with trustworthy and dependable financial services. During that time, we’ve seen many banks come and go, and we’ve used this experience to learn and grow our services to provide the best experience for our customers.
As local small business owners ourselves, we are ideal partners for all your commercial banking needs! We truly believe in the phrase a rising tide lifts all ships. When we enable other Kansas City businesses to thrive, it helps us too!
We’re always here to help you implement techniques that will improve your operations, get the most out of convenient banking technology, and help manage your money so your business is more streamlined and efficient.
Bring your small business banking in Kansas City to Cornerstone Bank!
Bank mergers unfortunately create a lot of uncertainty, and deciding what to do when your bank merges with another can be difficult. At Cornerstone Bank, we are committed to guiding our customers through all of life’s financial journeys.
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!