Q & A : How Linkup Will Affect the Customer
Although the combination of BankAmerica Corp. and Security Pacific Corp. effective today is expected to have a huge impact in the banking industry, bank customers will probably find it uneventful for now.
Security Pacific accounts eventually will be changed over to Bank of America accounts, but the conversion is expected to last well into next year, partly because computer and other systems must be converted first.
Here are answers to frequently asked questions from customers:
Q: Are Security Pacific checks and automated teller cards still good?
A: Customers should continue using checks and ATM cards as they normally do. Checks already written will continue to be honored.
Q: When can Security Pacific customers expect to be issued B of A checks, a new ATM card and new Visa and MasterCards?
A: The conversion of Security Pacific accounts to Bank of America accounts will start this summer and continue into next year. Notice is expected to be given before accounts are actually converted.
Q: Will Security Pacific customers have to visit a B of A branch to convert their accounts?
A: No. It will be done for them. In addition, those who have their paychecks deposited directly into Security Pacific accounts will also have that converted for them.
Q: How long before I know if my branch will be closed and merged with another branch?
A: Branch closings in the West are expected to start within two months but they won’t reach California until September. They could continue for as long as a year. Bank executives say customers will get at least three months’ notice before a branch is closed.
Q: Where can I get a list of branches that will be closed?
A: None is publicly available yet. Experts unaffiliated with the two banks say branches within a mile or two of each other are a good bet to be combined, although exceptions are sometimes made because of parking availability and other reasons.
Q: Will B of A honor Security Pacific rates on certificates of deposits and terms of Security Pacific loan agreements?
A: The bank says it will honor the terms of Security Pacific accounts and loans. Eventually, customers with Security Pacific bank cards will receive B of A cards.
Q: Can a person remove funds early from a Security Pacific certificate of deposit without the usual penaties they would incur if they want to find a new bank?
A: No. Any penalties that would apply to the withdrawal of funds from a CD account will continue to apply until the CD has matured.
Q: How long before the Security Pacific name on my branch is changed?
A: The Security Pacific name is likely to stay on some branches for months and even into next year. There will be some signs around the branches marking the merger, such as stickers on the door.
Q: Can Security Pacific customers use B of A ATMs and vice versa?
A: As of today, bank customers can use each other’s ATMs without paying the $1.50 “network transaction fee” they pay when using another bank’s ATM.
Q: Is there any special number set up for customers with merger-related questions?
A: Yes. The number is (800) 637-4379
