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Equa Bank ends, and Raiffeisenbank will acquire customers.  Changing the account affects half a million people

Equa Bank ends, and Raiffeisenbank will acquire customers. Changing the account affects half a million people

At the weekend, Equa Bank announced to its clients that it will merge with Raiffeisenbank on November 14. He promises to keep their current products and work as they used to. According to the bank, they will not lose even favorable saving conditions. However, there are some inconveniences associated with the transfer process – for example, the need to change the account number or the need to get used to new mobile banking services.

“We have important information for you. Equa Bank will merge with Raiffeisenbank on November 14, 2022, and we will provide all services under the Raiffeisenbank brand,” Equa Bank writes to its customers in an email obtained from Aktuálně.cz. According to last year’s data, this number is more than half a million people.

The Bank announces that it will maintain the current service settings for customers. “Our priority is to satisfy customers as much as possible. That is why we will keep all of their favorite products on the terms they use today, including keeping an account and free ATM withdrawals or the terms of their loans. So we think there will be no reason to think about changing banks,” she says. Raiffeisenbank spokeswoman, Teresa Kaisershutova.

Even the account numbers remain unchanged until November 14. However, after this date, they will begin to change gradually so that all customers will be transferred permanently within six months to Raiffeisenbank. “For six months, both the original Equa Bank token 6100 and the Raiffeisenbank token 5500 will be valid,” the spokesperson continues.

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According to her, in practice this means that for outgoing payments from the account, the recipient will already see the Raiffeisenbank code 5500 for the original account number, and the incoming payments can be sent to the customer’s account both to the Equa bank code 6100 and to the Raiffeisenbank 5500 code. “In this bridging period, there will be Enough time for the changes we will help customers with. After that, the bank code will be standardized,” Kaiseršotová notes.

Customer account numbers will remain the same, and only the bank code will change after the slash. However, it may happen that the account number before the slash is duplicated with the customer’s account number in Raiffeisenbank. However, according to the information of the bank, there is a minimum number of such clients, and the bank will solve the problem with them individually.

Pay attention to your payment settings

In both cases, changing the account number, even after the slash, means reporting new data, especially for recurring incoming payments – for example, salary or pension.

For example, people will have to inform the employer of a new account number, as well as to the social administration in the case of regular pension payments.

The situation is simpler for outgoing payments. The direct debit and SIPO bank settings will be moved where people set them up. Payment cards issued by Equa Bank remain valid. As the card expires, a new card will be automatically sent to customers.

“However, some steps will require the cooperation of customers. We will forward all payments and direct debit automatically. We have notified customers not to make or report any changes until November 14, 2022,” adds Kaiseršotová.

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New Raiffeisenbank customers will also get some benefits that they cannot use as Equa Bank customers. It is basically a bank identity that makes it easy to communicate with the public administration and many other businesses. Raiffeisenbank has already launched the service earlier, and Equa Bank customers will gradually be added to it.

In addition, they will receive a new RB Club discount, whereby discounts for payments can be obtained at select merchants, and they can have several managers on one account, or entrepreneurs can link online banking to the accounting system. They will also have a much wider branch network.

Customers of both banks will also start using the new mobile banking service from November 14, which combines the original mobile banking services of both banks.

Raiffeisenbank International (RBI) Group, to which Raiffeisenbank belongs, bought one hundred percent of the shares of Equa Bank from the AnaCap Financial Partners fund last year. So far, nothing has changed for customers, even Equa Bank continues to attract interested parties on its website these days: “Transfer your account to us, it’s easy.”

By transferring Equa Bank customers to Raiffeisenbank, the bank will have approximately 1.3 million customers.