As a Colonial customer, will things be business as usual with the new bank, will my bills still be paid with automatic deduction, do I need to close my safe deposit box? Can I use same checks?
Don't sweat the petty things and don't pet the sweaty things.
The bank says most of its customers should not be affected by the closing. The Federal Deposit Insurance Corporation guarantees account balances at the bank up to $250,000 dollars. Properties belonging to Colonial Bank as of Friday now belong to Branch Banking and Trust. It's the bank known as BB&T based in North Carolina. BB&T also took ownership of Colonial Bank's deposit and loan accounts.
Normally the customer sees very little impact on a day to day basis since after the Colonial Bank failure it's been bought out, since its assets including deposits have been bought by BB&T, but I would telephone your home branch if at all uncertain, they will be able to advise if your checks need to have a temporary pause on them... but the point is, it's not like the bank has totally collapsed, they've just been bought out, which is a much less cause for worry with these practicalities.
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