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Much to Worry About in Security Pacific Deal

August 25, 1991

Bruce Horovitz didn't begin to list the worries of a Security Pacific customer concerning the merger with Bank of America ("Merger's Primary Task: Soothe the Customers," Aug. 13). Those concerns are rather different from those of a stockholder.

* How will automatic deposits of Social Security, pension and annuity checks be handled? Will the new BankAmerica make arrangements to transfer these deposits to the new checking account?

* How will Security Pacific CDs be handled? An investor with one CD in BankAmerica and one in Security Pacific might want to withdraw money to stay within the $100,000 FDIC insurance limit. Will these investors have to pay a penalty for early withdrawal?

* Will investors with long-term CDs in Security Pacific deposits find their rate of interest lowered? If so, will they be able to withdraw their money without penalty?

* Will the merger cloud the ownership of U.S. Treasury notes and bills that were bought through Security Pacific Investments, the investment arm of Security Pacific Bank?

* Will people who designated Security Pacific as co-executor have to change their wills?

* Will people who have a trust relationship with the bank have to go to the expense of hiring a lawyer to redo their trusts?

These are just a few of the problems customers may face because of the merger.

MARGARET W. ROMANI

Los Angeles

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