Often times financial institutions merge: banks, brokerage firms, insurance companies, etc. I remember Scottrade, TD Ameritrade, ING, and more; now they no longer exist. We can now potentially add Discover to that list as it was announced they are being acquired by Capital One. For me, I have always grouped Discover with Mastercard/VISA because it is a credit card and specifically its own card. I do not think of it in the banking area, but it is, and they also have their own card network.
What Does This Mean?
Capital One will be taking over Discover and changes will come. We do not know if they will be good or bad, but most likely both. I have dealt with previous mergers before, and some things are better and some things I miss from before. I use this limbo time to plan an alternative. When I learned that TD Ameritrade was being acquired my spouse and I discussed “if we do not like the new way, where do we switch to” and made a plan. This time of knowing a change is coming, but has not been finalized, is the time to make a plan.
Now is Not the Time to Act
You only act now if you already were planning to move your account. There is a chance that the government will stop it, however I do not expect that. I do not see this being a huge monopoly or anything like that. Wait to see if it goes through and if you like the changes or not. If you have left the new institution before and do not want to go back, you can wait until it meets government approval before changing. But if you are not a former customer of the new institution then give them a shot, the things you like may stay or even better they may improve. Change is hard. If you have a legit reason to pack your stuff and move, start getting prepared; if not, see what good or bad things come from change.