Update 11/16/20: This deal is now finalized pending regulatory approval, the deal is for approximately $11 billion.
Original post: According to WSJ PNC is in advanced talks to purchase the U.S. Arm of Spain’s BBVA. This is bad news for bank account bonus churners as both PNC and BBVA have frequent sign up bonuses. For example currently PNC is offering a $200/$400 bonus and BBVA is offering a $200 checking & $50 savings bonus. If you haven’t done both of these bonuses already, I’d recommend doing them now as PNC purchasing BBVA could change the eligibility requirements.
Have been a BBVA customer several years. After my experience with calling online banking support I’m ready to move. Had to call in 4 times as the support person kept on hanging up on me. Thick accent, hard to understand with LOTS of people talking in the background. He never understood my online banking problem.
Their bill pay leaves lots to be desired. Have experienced numerous down times and errors with payments. The statements I get lack lots of detail. For example, I have 3 different Chase cards paid, yet on the statement it doesn’t differentiate any between the different cards.
And for what it’s worth PNC has been good for me. I opened a Virtual Wallet for the bonus in September and stuck with it. The bonus paid a day after the direct deposit that put it over the top. The couple times I had to call in early on they were surprisingly helpful. Nobody is as good as Schwab but they’re good enough. Features wise it’s got everything I’d want except Schwab’s ATM policy but I use ATMs anywhere so infrequently their $15 domestic reimbursement is good enough.
https://www.firstcitizens.com/about-us/newsroom/news-releases/2020/cit-group-merger-announcement
Both of these banks have had checking or savings promos within the last year or so.
I wonder what this means for Simple. PNC’s Virtual Wallet is kind of like what they do.
I am a long-time BBVA. I have not had the negative experiences that y’all have had but I only use BBVA as a “money hotel”. Its where my paycheck is direct deposited and then the funds disbursed (bills, investments, savings).
Based on my limited experience with BBVA, after applying for their credit card because of signup bonus and rewards, they are behind the times. I mean, they don’t even offer auto-pay for their credit card.
Some say PNC is better. Some say PNC sucks. I’ll give them a chance. If they piss me off, I’m either going to go to a local credit union or go fully online with Ally.
No wonder BBVA stock jumped 12% today
Bad News in general. One less competitor out there for these mega banks. Kinda like when Walgreens bought out RiteAid and then shut down their branches
RiteAid is stupid, spending that money on changing logo.
In general, yes. But in this specific case, it’s good. BBVA is a semi-fraudulent dumpster fire of a bank that I’ve had to threaten to sue just so they’ll give me my own money. PNC, on the other hand, is always a pleasure to deal with.
Hopefully this makes some of us eligible for the $300 PNC checking bonus if we are in footprint of BBVA, but not PNC.
The Truist merger was already pretty controversial. Looks like these folks are rushing to do this deal before a change in administration.
BB&T and Suntrust are mostly overlapping, merger is to lay off employees to reduce costs.
PNC and BBVA only overlap in AL and FL, and PNC can gain from none to #4 in TX immediately, pressuring Wells Fargo and Chase. Actually benefiting Texans a lot.
These 2 deals are totally different.
Totally different but the issue is the same: we are creating more banks that are too big to fail. There was lots of criticism when the Truist deal was allowed.
It’s not likely approval will be granted that quickly, so they’ll be dealing with the new administration.
Looks like it’s official:
https://www.bbva.com/en/bbva-sells-u-s-subsidiary-to-pnc-for-11-6-billion/