Chevy Chase Bank Is Now Part of Capital One
Earlier this year, Capital One Financial Corporation, the parent company of Capital One, N.A., acquired Chevy Chase Bank. On July 30, 2009, another major step in the integration of our two companies was completed: Chevy Chase Bank was merged into Capital One and is now a division of Capital One, N.A.
Customers of Chevy Chase Bank will notice our new legal name - "Chevy Chase Bank, a division of Capital One, N.A." - in a variety of places, including right here at chevychasebank.com. Our new name will also appear on bank statements, on select signs and documents in our branches, on ATM screens, and on other communications that you receive from us. In addition, many of our mortgage customers will see the Capital One, N.A. name on mortgage statements and other communications, as July 30th also marked the transition of all first lien residential mortgage servicing to
Capital One, N.A.
Beyond these changes, it is business as usual at Chevy Chase Bank. You have our continued commitment to providing you with convenient and rewarding banking products and services delivered by our team of banking professionals who care about you and your financial success. Please continue to do your banking with us as you always have - at our branches, ATMs, online, and by telephone. As we move forward with the integration, we will keep you informed of any changes in products or services.
Together, Chevy Chase Bank and Capital One represent one of the top 10 banks in the United States. We look forward to bringing even more value to you.
For more information, please see the Frequently Asked Questions below.
Frequently Asked QuestionsWhy did Capital One decide to purchase Chevy Chase Bank?
Chevy Chase Bank is a great addition to Capital One’s banking strategy and makes good sense for the customers and businesses of greater Washington. Chevy Chase Bank has built a strong local franchise and will provide Capital One with greater scope and scale in key Mid-Atlantic banking markets. Both Chevy Chase Bank and Capital One share a focus on the customer and a commitment to the development of the communities where we live and work. The combined company is dedicated to providing easy, convenient and valuable banking services to customers and will be in an even stronger position to bring more services, conveniences, innovation and value to the marketplace.
Can we expect a name change for Chevy Chase Bank?
The plan is to change the name of Chevy Chase Bank to Capital One Bank as part of the integration. As always, customers will be kept informed of any changes.
Will Chevy Chase Bank branches and ATMs remain open?
Yes. Chevy Chase Bank branches will remain open and banking representatives will continue to serve you as they always have. There are no changes at this time to Chevy Chase Bank branches, including hours and services provided. Chevy Chase Bank ATMs across the region also will remain available for your banking convenience. You may continue to do your banking at Chevy Chase Bank with no interruption in service.
How will the merger of Chevy Chase Bank with Capital One, N.A. affect my deposit insurance coverage if I have deposits at both institutions?
Whenever two insured depository institutions merge, their deposits continue to be separately insured for a period of six (6) months from the date of the merger. This means that if you have non-time deposit accounts, such as checking, savings, or money market accounts, at both Capital One, N.A. ("Capital One Bank") and Chevy Chase Bank that were opened before the merger, the deposits in these accounts will continue to be separately insured up to the FDIC insurance limits for each ownership category until January 30, 2010.
If you have time deposit accounts, such as Certificates of Deposit, the deposits in these accounts will continue to be separately insured until the earliest maturity date after the end of the six (6) month period. Please note that if your account matures during the period from July 30, 2009 through January 30, 2010 and is renewed for the same term and in the same dollar amount (either with or without accrued interest), your deposit will continue to be separately insured until the first maturity date after the six month period. If however, your account is renewed on any other basis (i.e. different dollar amount or different terms than the original deposit), or is not renewed and becomes a non-time deposit account, your deposit will be separately insured only until January 30, 2010.
How will this acquisition affect my existing accounts with Chevy Chase Bank?
There is no immediate change to your Chevy Chase Bank accounts. You may continue to use your accounts and related services, such as your Chevy Chase Check Card, Online Banking and Online Bill Payment, as you normally do, with no interruption in service. All features, benefits, rates, and pricing are unchanged. There is no change to your account numbers, cards, passwords, or checks. Please continue to do your banking as usual.
The integration plan focuses on combining many of the products and services of both banks over the next 12-24 months. As always, customers will be kept informed of all changes and any resulting impact.
I just opened an 8-month EZ Access CD so that I would have access to my funds penalty-free if I needed them. Will that change?
No. All Certificate of Deposit (CD) agreements that we have with you will remain in place with no change in terms.
Will Chevy Chase Bank Platinum Banking Package customers experience any changes?
We appreciate your business and your Platinum Banking relationship. There are no changes to your Platinum Banking Package at this time. We will continue to provide you with the Platinum Banking Package, which includes checking, money market accounts, and CDs, fee-free ATM transactions at any ATM, and VIP service by telephone. Please continue to call 301-987-BANK or 1-800-987-BANK and select Option 3 to speak with a Platinum Banking Specialist.
I am a small business banking customer. What does this change in ownership mean for me and my accounts or loan/line of credit at Chevy Chase Bank?
You, along with all of our small business banking customers, are very important to both Chevy Chase Bank and Capital One. You can continue to use your business accounts and services as you normally do and your loan/line of credit with Chevy Chase Bank is unchanged.
While Capital One's acquisition of Chevy Chase Bank closed in February 2009, the products and services of both banks have not yet been integrated. Until those efforts are completed, you should continue making payments and deposits the same way that you do today.
The integration plan focuses on combining many of the products and services of both banks over the next 12-24 months. As always, customers will be kept informed of any changes.
Please call 1-877-987-4BIZ if you have any questions or need assistance.
I am a commercial banking customer. What does this change in ownership mean for me and my accounts at Chevy Chase Bank?
You, along with all of our commercial banking customers, are very important to both Capital One and Chevy Chase Bank. You can continue to use your business accounts and services as you normally do.
While Capital One's acquisition of Chevy Chase Bank closed in February 2009, the products and services of both banks have not yet been integrated. Until those efforts are completed, you should continue making payments and deposits the same way that you do today.
The integration plan focuses on combining many of the products and services of both banks over the next 12-24 months. As always, customers will be kept informed of any changes.