What to expect as a BBVA customer with the upcoming merger?

[Anonymous]

Hi all, my main checking account is a premium checking account with BBVA. The only reason I bank with them is because I live in Houston, and they have branches EVERYWHERE. Overall, I'm not a huge fan of BBVA because even with their top tier account, they like to nickle and dime you with a ton of fees, and their customer service is pretty sub-par.

With the upcoming PNC merger, I have a bit of hope because looking at PNC's portfolio, their checking accounts have way less various fees and more perks. That being said, I have no idea what to expect in regards to their customer service.

I guess my main questions around the upcoming merger are:

1. Will PNC convert most/all of the BBVA branches into their own? Or do you think they will close a bunch of them?

2. Will BBVA deposit accounts automatically transition into one of PNC's current offerings, or will they be turned into something specifically for transitioned customers?

3. For those of you that bank with PNC, how is their customer service?

Thanks in advance for any answers.

[BearsCubsOtters]

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@Anonymous wrote:

Hi all, my main checking account is a premium checking account with BBVA. The only reason I bank with them is because I live in Houston, and they have branches EVERYWHERE. Overall, I'm not a huge fan of BBVA because even with their top tier account, they like to nickle and dime you with a ton of fees, and their customer service is pretty sub-par.

With the upcoming PNC merger, I have a bit of hope because looking at PNC's portfolio, their checking accounts have way less various fees and more perks. That being said, I have no idea what to expect in regards to their customer service.

I guess my main questions around the upcoming merger are:

1. Will PNC convert most/all of the BBVA branches into their own? Or do you think they will close a bunch of them? Typically when a financial institution is bought or merged, there will be some branch consolidations in areas that have both banks currently. If the victor of the merger/acquisition does not currently exist in that market, I would expect all branches of the merged/acquired bank to eventually become branches of the new bank. PNC already exists in Houston, so I would expect some branches to close if there are PNC branches nearby existing BBVA ones. If the BBVA branch is newer or nicer or in a more desirable location, than a PNC branch could close.  

2. Will BBVA deposit accounts automatically transition into one of PNC's current offerings, or will they be turned into something specifically for transitioned customers? Yes-your account(s) will be changed to an existing PNC account. In the case of most financial mergers and acquisitions, the accounts of the acquired/merged bank will eventually get converted to the account structure of the acquiring financial institution. They indicate that they will attempt to convert accounts of BBVA customers into the best matched PNC account. However, even after the acquisition is approved by the Fed, BBVA and PNC will continue to be run separately for a period of time until they can successfully convert accounts. This could take anywhere from 3-6 months or more.

3. For those of you that bank with PNC, how is their customer service? I opened an account online last year for the checking account sign-up bonus. I have to say that I was very impressed by them. The Virtual Wallet checking has very little fees and the "Grow" account (savings) has a very competitive interest rate. Sure, 0.40% can be beaten elsewhere, but for a large (soon to be 5th largest bank in the US) to offer that is excellent (last year before the Fed lowered rates, PNC offered 0.90%). No fees for ACH outside the bank, refunded ATM fees from other banks and even free checks. The only I contact I had with them was to close my account once the bonus was paid (no PNC in Utah) but they were professional and everything went smoothly. Like ANY financial institution, you will have people that love them, are luke warm towards them or hate them. Luckily in a market like Houston, there are plenty of other options. So if you find that you do not like them, you can always go to another bank. From what it sounds like, PNC will be an improvement over BBVA. 

Thanks in advance for any answers.

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