New ETF Book by Larry Connors - Click here to read more
There's lots at stake for PNC, which risks losing customers in droves if accounts get confused, ATMs go down or there's some other trouble.
Anytime there is a branch conversion, there is a chance something may go wrong.
Still, while there have been some high-profile cases in which acquirers have botched a large number of customer accounts during the conversion process, banks generally have learned from those mistakes.
One of the most notable fiascoes was the conversion of Philadelphia's CoreStates Financial by First Union in 1998. Back then, one of the beneficiaries was Pittsburgh-based PNC, which claimed to have picked up $1 billion in deposits in that market during the turmoil.
In September, when First Niagara Financial converted 57 National City branches in Western Pennsylvania that it acquired from PNC, the Buffalo, N.Y., bank was overwhelmed by the crush of calls to its customer service center. Customers complained they couldn't get through. Other customers said they had problems with direct deposits or had not received their new automated teller machine cards.
PNC has promised a smooth transition, noting it has lots of experience. It has done seven other conversions in the last five years, although the National City integration will be the biggest. More than 5 million customer accounts and 1,400 National City branches will be converted to the PNC system between now and June.
The Pittsburgh region is part of the first wave, which also includes 160 National City branches in the Erie region, Florida and eastern Ohio.
PNC isn't allowing retail employees to take vacation during a four-week period surrounding the conversion, so there will be extra staff manning the customer service lines. And while the 80 National City offices here closed at 4 p.m. yesterday and won't reopen until Monday morning under the PNC banner, staff were deployed to stand outside the offices to redirect customers to the nearest PNC branch.
Customers with problems or questions about the conversion should call 1-877-762-5570.
Patricia Sabatini can be reached at psabatini@post-gazette.com or 412-263-3066.
"Money Q&A" and "Company Town" are featured exclusively at PG+, a members-only web site of the Pittsburgh Post-Gazette. Our introduction to PG+ gives you all the details.
To see more of the Post-Gazette, or to subscribe to the newspaper, go to http://www.post-gazette.com. Copyright (c) 2009, Pittsburgh Post-Gazette Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
