Procedure for my bank being absorbed by US Bank

Question

I used Quicken for my all my accounts at my present bank and just get on my bank's website and can see everything and download mostly my checking account and savings.  As of May 1 my accounts will be absorbed into the new bank.  I am guessing that I can access as I do now by signing into the new bank - my account numbers will remain the same for a little while.  I usually open my Quicken "checkbook" prior to checking my bank accounts and then download my transactions at that time.  My checking and savings have Savings Goals so not all money shows in those accounts.  I would like my new accounts to reflect that as well — what procedure do I need to follow to make that happen?  I've read a few things, but am still confused.  I think one said to change the information on my checking account to reflect the new bank and just leave everything as is?  So confusing!

Boatnmaniac · Answer

I think whether or not the account numbers will remain the same is a relatively minor and unimportant part of the migration process.  What is far more important is that the financial institutions will be changing.  At some point (on 5/1?) you will likely need to deactivate your current accounts and then do Add Account or Set Up Now for USB.  That is where the process will either work or fail.

In the simplest scenario USB should have informed you that on "X" date you will need to perform this deactivation and Add Account/Set Up Now process.

In a more complex scenario the migration/conversion process will not be as simple as that.  But, again, USB should have informed you of that.

So, it does surprise me that they don't appear to have done that.

BTW, USB supports the EWC connection method and the WC connection method.  Soon USB will be changing EWC to EWC+ but I don't know how soon that will be.  So this EWC/EWC+ change throws another wrinkle into everything for you.  Hopefully they will not occur at the same time.

USB does also support the DC method but they charge a monthly fee (~$3) for that.  As far as I know, that is not being changed to EWC+ in the near future.

When you find out more about when and how this acquisition will take place and what the process is to accomplishing this, let me know and we can walk through it.

Sandi G · Answer

Yes, I did receive a packet from the new bank — not particularly specific, but both of my banks support Quicken.  My new bank is US Bank and I stopped by there today.  While the teller was very pleasant he didn't exactly have specifics for the Quicken that I wanted to know - specifically what I stated in my question.  There is a number in the packet I can call and ask questions and I will.  The teller seemed to think the transition would go well as in the beginning our account numbers will remain the same.  As I look through the packet there does not appear to be any conversion specific information other than accessing your account online or by a mobile app.  There is a reference to their site about the conversion that I will check.  Thanks for your response.

Boatnmaniac · Answer

Who is your current bank and who is the new bank?

I've been through 4 differet bank mergers over the last 10 yrs or so.  In each case I received information from the acquiring bank telling me exactly what I needed to do with Quicken to accommodate the merger easily and smoothly.

Did your acquiring bank not send you any information regarding this?

If not, it makes me wonder if the acquiring bank does not support Quicken.  The bank names I requested can help in confirming whether or not both banks support Quicken and if they so do they support the same connection methods, etc.

Also, if they did not send you any conversion information regarding Quicken you should contact them to inquire about it.