RSS Feeds
Facebook
GRS Twitter
Last March I shared a list of the best online high-yield savings accounts. Rates have been dropping, and I intend to post an update. Meanwhile, I’ve received a couple of questions recently about the best choices for brick-and-mortar banks. Alex wrote, “I would love to see a write-up on the best banks for regular checking accounts (in terms of customer service, minimum balances, overdraft fees, etc.).”
Paul has a similar question:
My wife and I have three checking accounts, all with Citizens Bank. Our wages come into a joint account, and we “pay ourselves” a weekly allowance for daily expenses to our personal accounts.
But we do not like Citizens. I have a heck of a time getting its information into an online manager like Wesabe or Mint. Also, we’re paying fees on the joint account (it’s an old one), and Citizens have been less than helpful in removing those fees.
What brick-and-mortar bank do you recommend for our joint account that we can have wages go to, and have the ability to easily deposit checks (which rules out ING Direct), that has great online management, and can easily hook into online services? Fees are obviously nasty and to be avoided.
Could you recommend a checking account for us? (We’re in Massachusetts, if it matters.)
A good place to begin searching for a financial institution is the Bankrate checking & saving rate search tool. But while this will help you compare the stats for various banks, it won’t help you with the intangibles:
- How convenient is the bank?
- How is the customer service?
- What is the web interface like?
- What are the bank’s check-clearing policies?
- Do you have free access to cancelled checks?
For that sort of information, it’s useful to get feedback from current customers — from people like the readers of Get Rich Slowly!
Of course, different people can have conflicting experiences with an institution. I loathed U.S. Bank when I had my account with them. Yet Kris thinks they’re great to work with. (The difference, I think, was that she has a no-fee account, which U.S. Bank would not give me. Also, because I was a poor money manager, I was hit with far too many $28 overdraft fees for my liking.)
A couple years ago, I switched to a local credit union. I love it. Sure, there are only four branches. No, there aren’t many ATMs. But the people are friendly, my accounts have no fees, and the web interface is superior to the one at U.S. Bank. My favorite feature: no bizarre check-clearing rules — you make a deposit, the funds are available.
What about you? Can you recommend a good brick-and-mortar bank for Alex and Paul? Where should they open their checking accounts? Which banks should they avoid? Or does it all boil down to personal preference?
Addendum: In the comments, CP points to an article by Liz Pulliam Weston that describes why you should ditch your bank for a credit union.
This article is about Ask the Readers, Choices, Money Hacks Friday, 19th October 2007 (by J.D. Roth)
October 19th, 2007 at 5:11 am
US Bank had worked very well for me. I have a checking and a credit card account with them. I find it is convinient as they are everywhere (at least to all the places I have been to!). I did have overdraft problem several times and when asked nicely, they do remove them all the time. The customer service is great and no hidden costs or unexpected charges. I love their cash back features with the credit card. They don’t offer as competitive CD rates as online banks, but I like them because I feel secured banking with them. But then again, that is my personal choice…they do have a low house mortgage interest promotion that ended yesterday. Sometimes you have to wait to get some good offers from them.
October 19th, 2007 at 5:16 am
I have used Bank of America from when it was Fleet Bank out of Boston. The transition to B of A was sort of a pain, but since I’ve been with them for around eight years now I get treated very well.
Lose my ATM card, all those charges are wiped out even before they investigate it.
Whenever I walk into the bank for help with something, after they check me in and see how long I’ve been with them the demeanor totally changes and the big smile comes out.
Plus they’ve retooled their online site and have added those awesome ATMs where you don’t need an envelope anymore to deposit checks or cash—you just feed it in and the machine counts the cash and even finds out how much the check is for. Great!
October 19th, 2007 at 5:16 am
i used US Bank for years, both for personal and business. i was never charged a single fee, they were great. Unfortunately the only reason i am currently switching is b/c of their hold policy. a BUSINESS check for 10K or more has a 7 day hold. i deposited a check on a thursday and it wasnt available until a week and a half later.
i am currently going with 5/3 (fifth third). no fees for anything, and all deposits are available the next day, no matter the size.
October 19th, 2007 at 5:26 am
My bank was bought by Capital One.
On the whole I’m satisfied with C1. They have excellent web-access. I can see my balances, transfer money between accounts, view canceled checks and download account activity as a CSV file.
Their money market accounts have dropped to 4.75%, but that still pretty good. You can only write a limited number of checks on the MM acount, *BUT* you can electronically transfer money in and out of it *all you want*. That makes it an excellent account for savings.
http://www.capitalone.com/directbanking/hymm/index.php
October 19th, 2007 at 5:28 am
I love every aspect of banking with Bank of America, both face to face and online.
October 19th, 2007 at 5:29 am
I used to bank with Chase, actually the bank I banked with was acquired by chase. I had about 5 accounts with them and i still received crappy service.
One day I had enough and closed all of my accounts, refi’d my loans through other lenders and opened an account at a credit union. It was one of the best financial moves I have made.
When I opened the account there were no ‘free checking accounts’ but they waived the fee for the first year. After the introduction of free accounts the transitioned my account over in minutes after I asked, into an interest bearing rewards account.
Any issues I have had have always been addressed promptly and always to my favor.
Most credit unions operate locally, but with my credit union I can make deposits and withdraws and access ATM’s (no fee) at any accredited credit union. You can find a local credit union on this site
http://www.creditunion.coop/cu_locator/quickfind.html
October 19th, 2007 at 5:43 am
I use Bank of America for both checking and savings accounts. The regular checking for Mass. has a fee unless there’s a minimum daily balance of $750. (I keep enough in my linked savings to avoid the fee, but no mention of a savings account was given in the question.)
But right now they’re offering a special online for their “My Access” checking account with zero fees.
http://www.bankofamerica.com/deposits/checksave/index.cfm?template=check_myaccess
Checks are returned with each monthly statement, and scanned images can also be viewed online. For check holding, I think they usually deposit up to $100 immediately, and hold the rest for clearing. I’m not entirely sure on this anymore though, since I’ve been using direct deposit for over a year. (Direct deposit is available immediately.)
The online banking they provide is excellent. They just recently integrated a branded Yodlee(?) program called “My Portfolio”. It provides account aggregation (I have my Fidelity 401k listed in it), and runs spending and budget reports automatically for categorized charges. So far I haven’t had anything categorized wrong, though a good number of restaurants I go to show up as uncategorized.
October 19th, 2007 at 5:47 am
I had a horrible experience with Bank of America in Los Angeles. I had just moved there and needed to open an account to pay my rent. I made the initial deposit with a bank check for several thousand dollars. I kept checking my balance but the check wasn’t clearing. It turns out they had a policy to hold all checks for 30days on new accounts for the first 6 months. I had to go down to the branch, wait in a long line, and threaten to take my account to another bank before the manager removed the hold on my account.
I suspect that this is not really BofA policy, it was this branch, which happens to be in a Latino neighborhood. Either way, I will not be giving them my money again.
I am currently at Fifth Third bank. I have a free checking account that earns interest (granted, less than $.25 per month!). If I recall correctly, they did not charge for checks when I opened the account. The service has been great so far.
October 19th, 2007 at 5:54 am
I’ve used Bank of America all across the country. For business clients, it’s unparalleled in the number of features they offer. Being able to access it almost everywhere you go is also nice, if you work with other businesses across the country.
Customer service is usually tolerable, but if that’s what you’re looking for, I would almost certainly recommend a smaller bank or credit union. Build a relationship with them, and a good one should treat you better than any of the big banks are capable of.
This is especially true if you might start a business in the future. It’s MUCH easier to get a loan and deal with a smaller bank that has history with you than try to negotiate with Bank of America. We don’t even bother going to them with loans anymore.
October 19th, 2007 at 5:57 am
I’ve always had good experiences with local banks. If you’re in a very small town, you may not be able to get online banking, etc., but the customer service tends to be very good.
In less-small towns (read: more than 3 stoplights), I’d say a local bank would have most if not all of the convenient features of a big chain–and the customer service still tends to be good, AND there aren’t any stupid check-clearing policies. =)
I’m in Texas, so this wouldn’t help Paul too much, but for anyone looking around here…Frost Bank is *great*. It’s statewide, very people-oriented, very “this is how I want a bank to work.”
October 19th, 2007 at 6:01 am
He really needs to consider a credit union. The service is amazing, you can’t beat it. I am a member of two.
October 19th, 2007 at 6:10 am
For those of you in the NY, NJ, PA area, Commerce Bank has been great for me. In fact, I moved there after my credit union at work decided to hold onto a personal check for 14 business days.
Checking accounts require a $100 minimum balance, they have no foreign ATM fees and they even refund the fees you incur from other ATMs if you maintain a certain balance in your checking account. Their branches are open 7 days a week and they open even on holidays and during the evenings. In each of their branches, they also have free coin counting, even if you’re not an account holder. (I shudder when I see people paying the 8% fees at the grocery store.)
That being said, they’re being bought up by TD Bank. The aquisition hasn’t gone through yet, but here’s to hoping that they keep their great service.
October 19th, 2007 at 6:15 am
I’m a big fan of credit unions. They don’t have a profit motive so they can give back to the customers. The ones I’ve used have all offered interest on both savings and checking and anywhere from 1-2% cash back on credit cards with no annual fee. They tend to have lower interest rates for loans and such as well. If you are concerned about wide ATM availability you can generally use any other credit union ATM with no fee and my new one will rebate the fees of any ATM anywhere to you. Good deal.
October 19th, 2007 at 6:19 am
Agree with the comments on credit unions. Once I joined one and understood the difference, I wondered why I messed around with banks for so long. Here is an article that breaks down the differences a bit…
http://articles.moneycentral.msn.com/Banking/BetterBanking/DitchYourBankForACreditUnion.aspx
October 19th, 2007 at 6:20 am
My local bank was purchased by JP Morgan Chase. I was initially skeptical, but it’s turned out well. I have a checking with a linked savings account, that has no fees if I maintain a 2500 balance on both accounts. If I have an overdraft, it will pull money from my savings account for a $3 fee, instead of bouncing the check for a $30+ fee.
When I rolled over my 401k into an IRA, I went with Chase again. It turns out that when I did that, the combined dollar amount of all my accounts with them qualified me for a higher level of service, and my checking account now bears interest (incredibly low - like .5% but that’s better than nothing) and my savings account is a money market making competitive interest rates.
October 19th, 2007 at 6:20 am
I hate U.S. Bank. About a year ago, I called to see if I could get the credit limit on my card raised (I have a linked credit card since it offered good rewards and made it easy to adjust to having a credit card while in college). I have never had a late payment, always pay in full, and never utilize more than 15% of my credit limit. They said sure, but then somehow accidentally dropped my limit. When I called to point out their error, I was told they couldn’t increase my credit limit since I hadn’t been paying at the “new level” for three months.
I was incredibly frustrated because I had approximately 10x my credit limit sitting in my checking account, but didn’t want to use my debit card for major purchases and couldn’t use my credit card. Now, four years after opening my account with them, my credit limit has been bumped by $1000 total, despite a perfect track record and great credit score. I am so frustrated with their customer service it makes me want to scream.
Also, if I try and roll over to a “real” account (this I got when I started college, so its automatically a student account), I was told that they won’t look at my credit score when determining a limit so I would be stuck at this same low credit level. Obviously, my biggest issue with them is their credit cards, but I find the overall practices distasteful.
October 19th, 2007 at 6:24 am
US BANK has been just fine for me. They have tons of ATMs all around the country. They offer their 5 star guarantee: If service is bad, you just mention it and they put $5 in your account.
I recently switched to ING Direct, but keep my US BANK account open just so I can deposit checks (but then have to transfer the money to my ING - depending on what that money is for).
October 19th, 2007 at 6:25 am
I used a Credit Union for 10 years, and was very happy. Great service, and credit unions aren’t trying to make money off of you so the fees and such are very sane.
When I switched jobs and was no longer able to get to that credit union as easily I switched to Citizens. It’s been OK.
I use citizens for checking only and save at my ING account. ING currently offers 4.3% interest, a bit lower than when I started but way better than a brick and mortar savings account).
October 19th, 2007 at 6:27 am
CU would be the best way to go. They usually are a lite weight version of the bank (which is both good and bad). Customer service is usually good and there won’t be very many day to day issues to deal with them. On the flip side you won’t find many ATMs within the city itself so you can expect to pay fees when you travel and use other ATMs. Also, if you are going to make wire transfers etc. (domestic/international) check with the CU to make sure they offer those services (didn’t I say it was a lite version
)
In the mainstream banking area I’ve banked with Bank of America, Chase and Citibank. While I’ve had great customer service with all three of them I only retained the Citibank account and closed the others. Chase was good but had issues with their online banking (website related issues like the annoying machine identification). Bank of America’s website was the best of the three but their fee policies were ridiculous.
October 19th, 2007 at 6:34 am
IMO, the best banks are the small regional ones. They have all the features the “big boys” have without the hassles. My experience has been that big banks are always getting creative in an attempt to squeeze more fees out of their customers while regional banks are focusing on customer service and then fees. If you have to pay a fee for any normal checking/savings account feature . . . find a new bank!
October 19th, 2007 at 6:45 am
I always like the bank with the most ATMs and no fees for using them. That tends to differ by region. Overdraft fees don’t matter to me since I keep enough cash as a buffer. When I was in MA, I was happy with Bank of America.
October 19th, 2007 at 6:49 am
I use Bank of America, and have for several years, because they’re convenient and I do all my banking online so I never run afoul of their customer service.
BoA has one practice that borders on predatory that I’d warn anyone considering BoA against. That practice is “reordering” transactions — for example, deliberately holding a large cheque until several smaller transactions are also pending, then putting the large transaction through before the smaller, which may just make the account funds low enough to let them collect fees on some or all of the smaller transactions. They’ve also been known to hold deposits inordinately long periods of time, presumably for the same reason. I have personally had one week’s paycheque, (pay date on the 15th of the month) clear by the 17th, while a later cheque from the same employer and for the same amount, deposited on the 31st, didn’t clear until the 7th.
If you’re the kind of person my last ex was, who keeps a lot of money in the checking account at all times, you won’t have any problem with BoA. If, on the other hand, you have less of a cash buffer to begin with … find yourself a credit union. BoA is likely to inconvenience you more than it helps you.
October 19th, 2007 at 7:09 am
I have to second Whitney and David on the smaller/regional banks. I’ve had an account with My Town Bank for 7 or 8 years now and had nothing but good experiences with them - including proactive phone calls from them a couple of times to warn me about a potential fee and give me an opportunity to fix things even though it cost *them* money because they then didn’t get to charge me the fee. Nearly all small banks and credit unions hereabouts are part of the SUM network, so it’s easy to avoid ATM charges. I also - and I may be a bit of a sucker for this - prefer banking with someone who feels more like part of the community than the megabanks around the corner.
October 19th, 2007 at 7:22 am
Depending in where you are in Massachusetts, consider the East Cambridge Savings Bank. It’s a small bank, but has lately expanded its branches outside of Cambridge. No fee checking. Excellent customer service. Small enough that the tellers actually get to know you, if you can believe it. Very easy online account management. The only thing I can’t vouch for is downloading data into electronic bookkeeping applications. I transferred all my accounts there, away from Fleet, Chase, and Bank of America.
October 19th, 2007 at 7:38 am
Another credit union fangirl. No overdraft fees at my CU; they simply deduct the overage from my savings to cover the check. I moved halfway across the country, and still maintain my account with the CU. Paychecks are auto-deposited, and I move money between accounts through their online interface. If I get a paper check for some reason, I just mail it in to be deposited. Great telephone support as well.
October 19th, 2007 at 7:41 am
I love love love Citibank here in Los Angeles. They turn my deposits around quickly, the online banking is never off by more than a day, and they have a nice money market (Ultimate money) account that pays 5% if you have a checking account and use the bill pay service. Since those are both things I’d be doing anyway … why not? The branches I’ve been in all seem to run efficiently and the tellers are awesome.
October 19th, 2007 at 7:56 am
I am really happy with WaMu. If you open a checking and a savings account online, the savings account pays 5% APY. It’s amazing to have a high-yield account with brick-and-mortar convenience. (Assuming you have WaMu in your town–they’re all over the place here in Chicago.) The checking account is nice, too–free ATM withdrawals, free checks, and one free overdraft a year, among other things.
I’ve found the customer service to be great, and the Web site is easy to use.
October 19th, 2007 at 7:57 am
Bank of America lost me as a customer as their customer service became very poor in the DC area, and I just couldn’t get the help I needed.
That, and their mortgage rates are horrible compared to local competition.
October 19th, 2007 at 7:59 am
Let me jump on the Credit Union bandwagon. I’ve been with mine since I was 16 and took out my first car loan. When my wife and I got married 6 years ago (today!) she was with BoA and she hated it. The customer service was horrible and they were constantly dinging her with all kinds of fees. She switched to my credit union and we opened a joint account. We get free checking, free online bill pay, if we accidently overdraw our checking account, they charge us $1 and take the money out of our savings to cover it. We recently considered going back to BoA to enroll in “Keep the Change” but we couldn’t go back to that services.
October 19th, 2007 at 8:21 am
I’ve always been happy with Wachovia. Their online billpay and banking are superior. Of course, because they are a large Borg-like company, they could actually be as evil as Satan himself, but in day to day dealings, you couldn’t tell by me.
October 19th, 2007 at 8:22 am
Keep your current bank. Open an ING bank and link the accounts. Keep a low balance in your current bank and do most of your banking with ING.
You’ll have the ability to deposit checks in your local account. Then move the money to your ING checking. Online bill pay works great with ING. Moving funds between your ING Savings and ING Checking takes seconds.
October 19th, 2007 at 8:31 am
As a proud credit union member, I will concede that there might be fewer branches and ATMs than one would like. Since my online banking capabilities are good, that normally isn’t an issue.
If it is, I can do much of my banking at a shared branch two blocks from my work, and there is another shared branch 10 minutes from my home. There are a few more networked ATMs within a mile or two if I need them, as per the link in comment 6. And my actual branch is just a short subway ride from work if I really DO need to go in.
Finally, I’d like to point out that if you need to withdraw cash and can’t find an in-network ATM, most drug stores and groceries will allow you cash back with purchase. I’ve used “the Bank of CVS” to get cash out any number of times.
October 19th, 2007 at 8:32 am
In Mass, I’ve been really happy with Digital Federal Credit Union (DCU). They have several branches out in the suburbs, but I mostly bank online. The loan and CD rates are good, customer service is VERY friendly and helpful in person and on the phone, and I’ve never had trouble with fees in 10 years of banking with them.
https://www.dcu.org/
October 19th, 2007 at 8:32 am
I have to put in a vote for your local bank. I recently purchased a house I checked with every bank in town for financing. My bank (local) was the only one that helped me out at all and was willing to change the terms of the loan the day before closing to make things work out better for us with payments. The only advantage I can see to a big national bank is if you travel a lot and use ATM’s frequently
October 19th, 2007 at 8:35 am
Sounds like these folks are looking for a bank with:
Direct Deposit
Convenient places to deposit checks (facilities or ATMs)
Great On-line Banking
Easy dump down of data into personal software
Fees to be avoided
In my opinion (I work for a large community bank group in the Midwest) this person is looking for a Big Bank. They have the most number of locations to make a deposit and usually have the most sophisticated on-line baking and software. With these types of banks, you can usually get some sort of “Free” checking, but to avoid any fees, don’t do anything stupid that will get you a fee charged. All banks have these fees.
The credit union argument is moot here. They do not have many locations and they’re usually slightly behind on on-line services. These are the two major items that are important to the reader that wrote in. But, they do have great loan rates and usually are nicer about fees (but once again, if you follow the rules, fees shouldn’t be a problem at any bank!)
Not sure where this person lives in MA, but here is a list of the top 5 banks in the Boston MSA (Metropolitan Statistical Area) ranked in order of summary of deposit market share by the FDIC. The higher a market share, the more “popular” a bank is in a market (for the most part):
BANK OF AMERICA NA
CITIZENS BANK OF MA
STATE STREET BANK&TRUST CO
INVESTORS BANK&TRUST CO
SOVEREIGN BANK
Good luck!
October 19th, 2007 at 8:37 am
Forget B&M banks - look for a local credit union. My wife and I both use the one from our university we attended, and it has been nothing but great. No fees, great customer service (whose hours are something insane like 6am-9pm!). When I was buying my car, their loan rates beat out everyone else, and I was able to even close the loan completely over the phone from another state - I never had to step a foot in an office. Our house loan was flawless, too. I’ve got nothing but great things to say about our credit union, and between them for checking and online high-yield savings accounts, I don’t think I’ll ever go back to a regular bank!
October 19th, 2007 at 8:41 am
DCU is a great credit union. If you live in central to eastern Mass there are enough local branches to get you started. Other than that, look at your true local smaller (often locally owned) Savings banks in your area. Of course, if you live, say, in Boston proper, you may be stuck with the mega-banks if branch convenience is your priority (here in Mass, BofA is no perfect child either….)
October 19th, 2007 at 8:53 am
I’ve been a happy Washington Mutual customer for 13 years. They have a free checking account, and I’ve generally had good experiences with their customer service.
I hate BofA. I had horrible experiences with their customer service, and I refuse to do business there anymore.
I also haven’t had a great experience with my local credit union, though I know that’s not the norm. We kept our savings at our local credit union until about a 2 years ago, when they added astronomical fees for everything. $10 a month to keep your account open there, charges for walking into the bank instead of using the website….things of that nature. I transferred everything to ING right away, and I’ve never looked back.
October 19th, 2007 at 9:04 am
What we want from banks is surprisingly personal. I use a credit union. I am there because I can get a free checking account if I keep a certain average balance, which I can easily do because the part of my paycheck I leave in there until bills are due averages out just fine. Also, they never get bought by scummy banks. Also, if they have a new policy and everyone complains, they change their policy. Also, they clear all my deposits right away, even personal checks from other banks. And I have a nice low-interest credit card from them in case I ever am having a cash flow problem.
However, some other people don’t like my credit union. They certainly charge big fees whenever you bounce a check, and I can’t remember, but they might be one of those places that cash the bigger checks first so they can bounce the most checks and collect the most fees. Since I don’t live close to the edge like that, I don’t have to care about that. Also, keeping up the minimum is easy for me because I get paid monthly; if you get paid more often, you may never have that giant amount in there to increase your average. Also, interest rates used to be better than at other places, but now they suck and even their CDs suck, so I also have an online savings account. Also, I have no idea whether it’s easy to get my information on an online money manager because I don’t do that.
I almost never use ATMs, and I have many plus an actual branch in walking distance of my job, so that’s no problem. I don’t travel much, maybe once or twice a year, and usually I only need an ATM zero to one time per trip, so any extra fees are no big deal to me.
I can access my information online easily. And I can see copies of checks for several months, which is good when I forgot that I wrote a check! But after that time, they make it very difficult to find a check–you have to know the check number you want or at least the exact amount of the check. Saying “I wrote a check in March or April to [a specific organization] for about $100 doesn’t cut it!
One of my first experiences with a bank was cashing a check I got as a camp counselor at a local bank at which I was not a member when I didn’t have an ID. They let me! I have never seen such a cool bank since. One of my next experiences with a bank was when I tried to open a checking account as a college student and was told, “Checking accounts are for adults.” I just left thinking “But college students need checking accounts,” forgetting that I might have looked fourteen to them. I even went without a checking account for a couple of years once, getting my friends to write checks for me when I needed them, because I couldn’t find a decent bank anywhere that I could get to!
October 19th, 2007 at 9:08 am
I’ve been a Wells Fargo customer for years. Recently I’ve been very happy with their online services, specially the ability to easily transfer money to any other Wells Fargo customer. No hoops to jump through - if you have their account number, you can send them money. This works really well for my fiance and me.
October 19th, 2007 at 9:16 am
For personal banking, I use my local credit union. For my business accounts, I use WaMu. In both cases I have an individual that I connect with whenever there is an issue. I think that is key. If you can get a real person on your side at just about any bank, your likely to get good service.
October 19th, 2007 at 9:16 am
My grandfather was the head of the local credit union where my mom grew up and so I’ve always been biased towards credit unions. We switched to Wells Fargo after we moved away so that we’d have more ATM access in both cities. I then found out that it’s not just bias, usually the credit unions can offer you better service and rates with fewer fees.
October 19th, 2007 at 9:19 am
*sings* Credit Union, Credit Union, Credit Union, Credit Union, Credit Union, Credit Union!!!!!!!!!!!!
If you shop around a little, you will find that they have the best rates on just about everything (given that they aren’t for profit), and the people will more likely be friendly to boot!
I am in Wisconsin, so I can’t speak for Mass, BUT, my credit union has deals with OTHER credit unions in the state, where each of their respective ATMs count as in-service ATMs for the others. In other words, if I go home to visit the ‘rents, I can use one of the local ATMs there.
Another idea for your questioner: They could set up a local Credit Union/Bank account for cashing of paper checks, but ALSO have most of their money in their ING account? This type of thing would seem to be to be the best way to maximize their moolas.
October 19th, 2007 at 9:24 am
I second your thoughts on a credit union, J.D. I’ve never been a member of a bank, however, I’ve also never had problems with my credit union. Mine is part of the Co-op Network, which allows me to use ATMs without fees across the country as long as the ATM is part of the same network (they publish pamphlets with locations). I have a credit card through them as well and online payment is relatively easy (though I wish they’d make it so that I don’t have to log in to see my savings and checking accounts to get to the website to check/pay my credit card balance).
The easiest of all was joining: they have a branch on my college campus and the only requirement was being enrolled at a school. When a friend who was not a student wanted an account, the rep signed her up for a one-year (free) membership with some organization and told her that when that membership expired, her account with the credit union would not.
My only real problem now is that I’m ten miles farther from campus than I used to be and finding a branch can be troublesome. There are, however, several service centers in the area that are also part of this Co-op Network, therefore serving members of many area credit unions.
October 19th, 2007 at 9:43 am
I use two credit unions. One for my indivdual account and one for my car loan. Chartway CU has been good with their customer service and I haven’t been hit with fees. If tehre’s a problem, it usually ends in my favor.
My other CU,is overall alright, but lately having problems with my savings accounts.
October 19th, 2007 at 9:46 am
No one has mentioned Wachovia…In high school, I opened an account with First Union, which was bought out by Wachovia…I stuck with them for 6 years. Their customer service was great, even for a college student who lived on the edge like me. They usually refund any bounce fees if you just ask. You’d be surprised how many people don’t. Also, their operators are nice, not condescending.
Unfortunately, I had to switch to BOA because I moved to San Francisco a few months ago, and at the time, there was no Wachovia. I always kept a BOA account, since they are everywhere (I travel alot), and I could hit my parents up for money that they could deposit directly into my bank account. They also make interbank transfers easy, you can do it online. But, BOA’s customer service SUCKS….lately they have tried to be better, especially now that I have a steady income, but they were very hard to work with before.
After reading all these posts, I think I’ll try out a CU co-op. I’ve shied away from them since I am out of town so much, but a co-op might work.
October 19th, 2007 at 10:00 am
I’ve had a Wells Fargo account since the end of high school (~8 yrs), have never paid a fee (free account). The web interface is good, you get free images of canceled checks online, transferring money is easy. I like them because they have ATMs everywhere (at least in CA and MN). I’m not sure what any fees are (overdraft etc). I almost always deposit money into the ATM and it’s available in a few days. I don’t know what their regular wait times are, though. Every time I go into a branch (very rarely) the service is good, but I don’t do anything too complicated.
October 19th, 2007 at 10:16 am
I can’t say I love National City, but I suppose they aren’t bad. Their web site is fairly easy to navigate, but their customer service is pretty hit or miss in my experience. I would really love to switch to a credit union, but it’s just such a difficult and time-consuming process.
October 19th, 2007 at 10:17 am
I agree with #35 that the requirements Paul stated do tend toward a Big Bank. I’ve used Bank of America for over three years and in that time, I’ve never been charged a fee that I can recall, certainly not one that I didn’t expect. I’m not saying that they never do that, this is just my personal experience. All I’ve asked of BoA is a place to deposit the occasional check and a plethora of ATMs that are convenient to work, home, and nearly anywhere else I go, and that’s what I’ve gotten. I also think they have a pretty good online banking interface, and I love the online bill pay and e-bills.
I’m sure it’s true that you can get better and more personal service at more local banks or credit unions, but I don’t require much of that. It all depends on what your priorities are.
October 19th, 2007 at 10:22 am
*ugh* credit unions
I absolutely loved Wells Fargo, but unfortunately moved to Michigan where there are no Wells Fargos. I know they’re a big evil bank, but they were nice and competent, which is more than I can say for the other simpletons credit unions and banks I’ve dealt with here thus far. I’m on my 4th without being impressed yet. I will say this for my credit union, they don’t hide the fact that they think it’s 1955.
October 19th, 2007 at 10:30 am
I have been a Wells Fargo customer since 1998 when NorWest bought them and took their name. I have never had any problem with them. Having used several of their branches, I can say I’ve always had acceptable customer service with their employees.
The website is both easy to use and secure (I believe that they have been named Most Secure Bank Website on more than one occasion).
On a side note, I must recommend AGAINST using TCF at any and all costs. I have almost half a dozen family members and friends who have used them in the past and all of them experienced numerous problems with errors in the bank’s favor, difficulty in clearing up bank errors, and long delays in deposits being credited to their account (sometimes over a week, even for cash deposits made to a teller).
October 19th, 2007 at 10:40 am
I’m surprised to read all of these positive comments about Bank of America, because my personal experience with them is/has been terrible. Without going into a long tirade, the main things I don’t like about them are:
1) Telephone Customer Service: Anytime I have a problem with my credit card or checking account that I have to clear up, I end up having to call them NO LESS than three times before the problem is taken care of. I will explain the error and the customer service rep will promise to correct it, and then nothing happens. So I’ll call again, they’ll apologize that the error was not cleared up after the first call, and then promise to correct it. Again, days later, nothing happens. This process is usually repeated several times until I start taking the names and numbers of the people I speak to and vow that I will be in touch with them in 48 hours if my problem has not been cleared up. Not surprisingly, they usually get things taken care of after that.
2) Hidden Fees in Online Interface: It’s not that they charge fees that I don’t know about necessarily, it’s that they don’t list these fees online on the list of recent account activity. For instance, the monthly service charge on my credit card doesn’t show up, it’s simply added. My option is to either do the math myself to find out the exact amount and if it’s accurate, or to download the information to see how they came up with the number. Except the information can only be downloaded in formats that most computers can’t open unless you have a program like Quicken (if you want a simple PDF or RTF that details the fees, too bad). I find this practice shady especially since my Chase Bank Account and my girlfriends Wells Fargo Account automatically have their fees listed.
3) Fluctuating Interest Rates: In addition to not listing the fees on your account activity, they don’t tell me my interest rate online either, and it seems to change to their discretion. My minimum monthly payments sometimes go up drastically from where it was in previous months (and I wont even have made any purchases). When I call about it, they usually admit it was a mistake and, by the third or fourth call, will correct it and bring it back to normal.
That was a little longer than I anticipated, but, in short, I have to say that I would not go with Bank of America if I could do it all over again. They are fine as long as there is no computer or human errors regarding your account, but unless you have some strange way of preventing that, prepare for them to be a pain in the ass. My girlfriend seems to be very happy with Wells Fargo, so based on her experience I might recommend them.
October 19th, 2007 at 11:19 am
Also, with DCU I can mail in my paychecks if I’m not near a branch, though I set up direct deposit through work (and they give you a bonus on your savings interest rate if you do). They’re a member of the credit union ATM network, so I can avoid fees, and they refund fees from other ATMs up to a certain amount (I’ve never gone over). I’ve used my card at ATMs in Europe with no problems and no extra fees. It also interfaces easily with Quicken, which is a bonus for me.
October 19th, 2007 at 11:22 am
This probably wont be too helpful since they are a local bank, but I love Bank of Hawaii. I have My checking and Savings with them. My savings is no fee as long as I keep the balance above 500 dollars and my interest rates goes up with the amount of money I have in the bank.My checking is no fees, no minimum balance, the online account management makes tracking spending easy, makes money transfers easy and allows you to download your history to MS money or quicken if you want. The staff is always friendly, and I rarely wait long in lines while there.
October 19th, 2007 at 11:30 am
I recommend using a local bank. Our bank is small, but it is great. The larger banks, like Wells Fargo, are crazy with their fees and have insane rules and things. You have to pay to wire money, and then they charge you to accept money, so you pay on both ends, even if both accounts are your own.
October 19th, 2007 at 11:35 am
My banking is done at a credit union. My car loan was from there…and I’ve never actually been to the lone office. All my banking can be done online or on the phone–and they have a deal with a major bank that there’s no fees at their branch locations. It’s worked well for me, and I enjoy the interest earned on my checking account.
October 19th, 2007 at 12:08 pm
I agree with Lazy Man that I like a bank with lots of local ATMS and no fees. For me, I’ve had success with big national banks.
That said, the decision boils down to preferences. As a lot of the comments suggest, you want to consider other related questions like do you want other bank services like loans? Where do you hold your savings?
It is how you combine various accounts that determine if your decision is overall good for your finances.
For instance, I am not a big fan of combo products like checking accounts with high interest rates. I do better with a no-interest checking where I put “just enough money” plus a savings-only account with a much higher rate than the combo checking.
October 19th, 2007 at 12:38 pm
I haven’t had an account with a bricks-and-mortar bank in nearly 20 years. I use a credit union for all of my banking.
Having online access and having a local credit union service center locally makes it work for us, even though the credit union offices are all 2000 miles away from us now.
We find the credit union more friendly and customer-oriented than the for-profit banks we’ve dealt with.
October 19th, 2007 at 12:52 pm
I’ve used US Bank for several years now, and I’ve been very happy with them. I’ve never had a fee. The one overdraft charge I had was reversed because it was an error on their part (they didn’t link my checking and savings accounts like they said they would.) They have great interest rates on their credit cards. Their customer service is top notch. The only complaint I have is their web site could use a good revamp.
October 19th, 2007 at 12:57 pm
I know it’s not B&M for most, as they’re in San Antonio, but my reccomend is USAA, if you are current or retired military. We’ve tried many, but there’s been no equal.
Outstanding customer service; free ATM withdrawals anywhere (they reimburse you for all fees); free checks (when you run out, order more online, they ship them to you free); free checking, free billpay; a great website; 0.5% cash back for all debit card purchases (when done as credit); a great modern website, all statements available online or via mail; Deposit @ Home- I endorse and scan my checks to deposit on my scanner via the website interface, enter the amount, and funds are available immediately, i then void the check and shred it.
October 19th, 2007 at 1:17 pm
I’ve been a BoA customer since my freshman year of college and I’ve about had it with them. When I didn’t have but a few transactions a month it wasn’t a problem, but now that I have a steady income and debt to pay off I’ve a little tired of a number of their practices.
I moved from California to Seattle, which aren’t apparently part of the same country anymore, so it is always a pain in the ass. When I reordered checks the still had my old address on them, even though I had changed my address with them and they sent my statements (and checks!) to the correct address. I requested they fix it, and never received the checks. After a month I hadn’t received them and cancelled the order, since I only write one check a month, for rent. The rest I pay online.
BUT, whenever I go into the branch to get a money order for rent (since I’m now out of checks) they always debit my account TWICE. One of them is always pending and never actual posts to the account, but BoA removes all pending transaction payment funds from the account the second they appear (while only making a small portion of deposits available). It basically wipes out my balance for 4 days every month (since I try not to keep much money in my checking account).
I have a VISA card with them as well, so I have both accounts showing up in my online banking list of accounts. When I make a payment to the card the money is always out of my account 2-3 before the payment even shows up as pending on the CC account. A nice way for them to juice 2-3 extra days of interest out of me. I’ve had it with them and I’m switching. The branch service has been great, but I only use the branch once a month, and it’s not worth the hassle of dealing with their practices and very unhelpful phone support.
October 19th, 2007 at 1:38 pm
I recently opened a Bank of America account in addition to my long standing Washington Mutual account. I’ve been really impressed. They did charge me some unexpected fees, but they quickly reversed them without a second’s hesitation. I prefer to bank online or via ATMs and they have great features I haven’t seen elsewhere.
1) The scanning ATM’s that accept instant deposits of cash and scan individual checks.
2) The ability to instantly transfer to other Bank of America accounts online. My boyfriend and I use this feature to pay each other back for shared expenses.
You still have to be careful. As mentioned in a post above, when overdrafting, they go for the largest bill first. So, any small purchases you made that day will also get hit for fees, too. This has happened to a friend more than once Ouch!
October 19th, 2007 at 1:41 pm
Another happy WaMu customer here. I think they offer the best package all-around, and there’s one at every other corner in my area. In your online statement, you’ll have access to scans of canceled checks, which is really nice if you write a lot of those.
The only nitpicks I had so far were a 7 business day clearing policy for check deposits of new customers, and a $10 incoming international wire transfer fee.
October 19th, 2007 at 2:05 pm
Its often a good idea to check out some local banks while you are searching - and if you don’t qualify for a credit union. I use a smallish local bank. The staff recognize me (and I don’t stop in that often), they are always helpful and most of the time their rates are as good as or better than the big guys. And if I’m looking to buy CDs they’ll tell me if their rates aren’t so good right now and suggest that I look around! There are so many “service institutions” that provide lousy grumpy service. Good friendly service is worth a lot.
October 19th, 2007 at 2:27 pm
I find I get the best deal at smaller community banks. I also live in MA, and had great luck with South Shore Savings Bank and Cambridge Savings Bank.
October 19th, 2007 at 2:28 pm
And for no-ATM fees, see if you can find a list of banks which are part of the SUM network. (Both banks I recommended are or were SUM banks, as was Citizens.)
October 19th, 2007 at 2:49 pm
Commerce Bank: I love my bank.
October 19th, 2007 at 2:51 pm
I like WaMu. Lots of ATMS, at least where I live, and I don’t pay fees for…anything.
People I know who have B of A and Wells Fargo are gradually switching to WaMu and local credit unions because they are sick of the fees.
October 19th, 2007 at 3:11 pm
In MA, the SUM network’s great. I actually just moved my checking account away from my local university credit union, which had regular, pitiful B&M interest rates, to Salem Five, which is a local bank with an online high interest checking account (rates just lowered to 4.7% APR). They have a few local branches including one in downtown Boston, but they also participate in the NYCE deposit program, so I can deposit my checks at most ATMs. Plus fee-free with ATM fee reimbursement up to $15/month (though I’ve never hit this with SUM). Good online banking, though I’ve never tried exporting data.
October 19th, 2007 at 4:05 pm
I’m a big fan of WAMU, but I don’t think they have branches in MA. If you’re settled where you are living and aren’t planning to move, I would have to vote for a credit union. I love them, but I move around too much for that to make sense for me.
October 19th, 2007 at 4:05 pm
I’m Canadian, so my advice isn’t much help here, but I’ll share my tip anyway because it might be applicable somewhere in the US.
Use a line of credit for all your banking.
Seriously. I have one, and it gives me:
- free cheques
- no services fees
- no overdraft charges
- standard bill payment/online transfer features
Sure, I pay interest if the balance goes “negative”, but it’s usually just a few cents, which is FAR better than paying $20 for an overdraft. I don’t make any interest on the account, but I just transfer the bulk of the funds to my ING Direct account to make some interest. Best of all, I NEVER have to worry about available balances and overdraft limits. If I write a check for $7000 and only have $4000 in the account, and the check clears before I get the other $3000 deposited, I typically pay my 10.25% interest for 1-2 days. $1.68 for being $3000 “overdrawn” for a couple of days.
If there are any banks in the US that would let you get away with something like this, then I say go for it!
(I bank with TD Canada Trust here in Canada, by the way.)
October 19th, 2007 at 4:12 pm
I should add one thing to my last post: I do pay very careful attention to avoid being “overdrawn”! 10.25% interest is still about 10.25% more than I want to be paying.
October 19th, 2007 at 4:14 pm
I’ve been using Wells Fargo for about 8 years now. I love it. I chose it because I wanted a bank with an ATM on my college campus, a physical branch within walking distance of the campus, and branches and ATMs in my hometown, too. I love the online banking - it’s super easy to use and I love all the extra sections about investing and saving. I joined Wells Fargo with their student account.
I did have a credit union account when I was younger through my dad’s work. I liked it and wouldn’t mind using a credit union again. You just have to be aware that not all credit unions are the same. I really dislike the local credit union here that I can use - they had a surprisingly high number of fees and minimum balance requirements.
I’m also a little surprised at all the BoA compliments. I chose Wells Fargo over BoA because BoA was going to charge me one crazy fee after another. I listen to my friends complain about BoA a lot. Only recently has one friend said something good about it - they reversed a fee on his credit card after he called them…but the fee shouldn’t have been there in the first place.
October 19th, 2007 at 4:36 pm
I use Wells Fargo and I’m in the right account. I have a savings and a checking account with a debit card, checks, online banking, online bill pay, credit card. In order for my account to stay free I have to keep my balance at a certain amount or…..I can have an automatic transfer of $25 dollars from savings to checking every month. I got hit with overdraft fees but like every other bank, you need to know how to manage your money.
You need to balance a checkbook, write down how much you spend, check online, ask the teller to give you balances with any pending transactions. I’d rather have them decline my debit card if I dont have enough money in my account. Wells Fargo charges you for online bill pay if you have a specific account or if you exceeded the amounts of payments for that month when Wamu offers the same thing completely free regardless of account or use.
October 19th, 2007 at 5:45 pm
Personally in the MA area I love Century Bank - very basic service - but I just need a simple Checking account with the lowest possible fees and they do it and do it reliably.
http://www.century-bank.com/personal/check_cheaccount.cfm
-Frank
October 19th, 2007 at 6:32 pm
http://www.cnbt.com
City National Bank of Taylor (Texas)
I live in ATLANTA and I’ve used them for my primary checking and savings for four years
CHECKING:
-no minimum
-no balances
-free checks
-no atm fees at foreign atm’s
-THEY REFUND THE FOREIGN ATM FEE WITHIN ONE BUSINESS DAY (this is my favorite part)
-free billpay
-free transfers
-4.09% interest
SAVINGS
-no minimum
-no fees
-4.59% interest
I’ve yet to find anyone that can beat that interest rate on checking and savings with NO minimum balance
October 19th, 2007 at 6:32 pm
Hi,
I have to agree with Adam (#60) above. USAA is absolutely unparalleled, in my opinion for just about everything. I live in MA also, and used to bank with BayBank, which, through a series of acquisitions is now BofA. I never once had a problem with BayBank or it’s successors unto BofA came along and started nickel and diming me to death.
I’ve been a USAA customer for 15 or so years, but they were simply my auto/homeowners insurance provider. After getting boffed by BofA, I switched over entirely to USAA for all my banking needs.
As Adam pointed out, they re-imburse for ATM fees, give you .5% back on their debit cards, and 1% back on their platinum credit cards. Additionally, since you mentioned depositing checks must be simple, I don’t think it gets any easier than with USAA. Though they don’t have local branches, you can mail your deposits in, or, you can *scan* the check with your PC, and upload the image to their website and in most cases, the funds are available within a day or so.
Because USAA was built by and for military personell, they’re very overseas friendly as well. So they’re a great if you intend to do any foreign travelling. Of course, in order to become a USAA member, you need to qualify, which essentially means you need to be in or related to someone in the military. Their website (http://www.usaa.com) has all the information.
I hope that’s helpful.
Seeya,
Paul
October 19th, 2007 at 8:30 pm
I’m a member of a credit union (USC Credit Union, I got it when I first went to college) that’s about to switch to a real bank. I’ve already transferred most of my savings to my HSBC account, and when I can I’m going to finally switch to a regular bank for my checking. My credit union is only open 9-5 Monday through Friday, making it essentially impossible for me to go to the bank without taking time off work. They may have better rates and terms, but it’s sorely lacking in convenience.
October 19th, 2007 at 8:59 pm
I bank with WaMu and have mixed feelings. Most of the time, everything is fine. But when they screw up, they really, really screw up. Recently, I had major hassles with getting a new debit card and PIN. In total, it took two full weeks to receive both. Then at the end, they told me I could’ve been using the new debit card as a credit card (so I could’ve gotten around entering a PIN). I also had CS reps repeatedly be unable to answer questions (”It’s Saturday. Can you tell me if people are working in that group today? [before you transfer my call]) — even after “checking on it.” I also repeatedly had CS reps just give me bad information (on talking to a manager “Well, I don’t know where she got that information from, because it’s wrong.” — I kid you not, a manager said this to me). When venting my frustration about their lack of speed and finesse about how they handled the situation, I asked the rep why I should continue to bank with them. He completely dodged answering the question until I pressed him (”well, you can choose to put your money wherever you like”). Or, as my friend put it “Yeah, they answered your question — they don’t care about you or your accounts.” And I’ve banked with them for 15+ years. It’s really nice to know that my bank only values my business if I have lots and lots of cash in my accounts (I did until I opened my Ing accounts, so I could actually earn more than .2% APR).
If WaMu wasn’t so prevalent and easy to access (I’m self-employed, so don’t have access to direct deposit), I’d switch to an online bank in an instant. But, I never pay any fees, and they are convenient, so…
October 20th, 2007 at 3:48 am
I use USAA and Navy Federal for all of my banking, housing, insurance, and credit card needs. I haven’t used a “normal” bank in years, and I never get charged fees for anything.
I’m so happy my dad was in the military because if he wasn’t connected, I wouldn’t be as financially savvy as I am today.
October 20th, 2007 at 12:52 pm
[...] JD wants to know who you think is the best brick and mortar bank? [...]
October 20th, 2007 at 2:09 pm
I will never go back to a McBank like USBank, BoA, etc. after my experiences with a local credit union, as well as with small, local banks.
Even though I haven’t had an account there and walk in about once every 2 years, whenever my mother writes me a check and I go to cash it, their first response is, “Oh, you’re xxxxx’s son? You’ve grown!” It’s nice to be recognized like that. This is a bank most of my family has used for the better part of the past 40-50 years.
Myself, I am with a local credit union since I live in a different city and couldn’t be happier with the small-town feel of the service. Being addressed on sight by name always scores points in the customer service department.
One other plus for credit unions is the CUServiceCenter program many CUs now participate in, which let you conduct fee-free banking at any of over 2,800 other credit union locations. Very few people actually know this program exists unless they go to their CU’s web site. Information on it can be found at http://www.creditunion.net/AboutSharedBranching.aspx
October 20th, 2007 at 4:21 pm
I will join in on the credit union cheering. Someone above mentioned the Co-Op Network, I have a guest post on the subject lurking here on the site.
http://www.getrichslowly.org/blog/2007/07/18/the-co-op-network-another-reason-to-consider-credit-unions/
The article contains a pointer to the web site where you can put in your City and State or ZIP code and get a list of nearby ATMs. If you have enough locally (check for deposit-taking units) you can use any participating credit union. Example: I just looked up my city, there are 7 no-charge ATMs in the city I can get cash at, of these, 3 take deposits, the nearest of these is 10 minutes away on foot if I feel like exercise.
If you have a connection to the air travel industry, you may want to see if you qualify for Wings Financial CU. (Formerly Northwest Air CU.) I got in by a family link. The web site is revised periodically and has bill pay and all the usual stuff you expect from modern financial organizations. Check images are available and there are various ways to transfer money around.
It’s been 3 years since I actually had to visit the branch during business hours. (If it’s on the way, I’ll stop by the ATM they have there.) I was able to get a small personal loan and setup an overdraft line of credit over the phone. (Tip: Always write in your ATM transaction BEFORE you use the machine, then if it fails to give you a receipt, you don’t forget later.)
I can’t speak for how they handle Debit cards as I have more sense than to use one on a live checking account. While they will try to give you a debit card by default, you can ask for an ATM-only card and they will give it to you. Also, you can ask for a replacement ATM card when yours gets worn out (I’ve had to do this 4 times now) and they do not deactivate the old card until you activate the new one upon receipt. One drawback, new cards have new PIN codes, this can be changed at STAR ATMs.
Poke around on the web, you may find a credit union that affiliates on your profession, and most such CUs will let you apply by mail.
Unless you expect to need frequent presence at an actual office, it is no longer much of a concern if your financial institution is anywhere near you.
October 20th, 2007 at 4:38 pm
M&T Bank
I was with AllFirst (Maryland) for many years, actually back in the days that it was First National. I have very few issues with them and their staff was generally helpful and pleasent. A couple years ago they were absorbed by M&T Bank. Just about a year ago they started to charge fees for everything. They even began to hold CC-POS purchases for up to a week (claiming that they had not posted), waiting until just before my paycheck would clear, and then charging fees for overdrafts going back 7 days. The funny thing is that the account never reached a negative balance. Reviewing months worth of records from Quicken and their online account access I found that the only time my account would ever reach a negative balance was due to one of their $37 overdraft fees. In the course of 90 days I was charged over $1500 in overdraft fees.
I closed my accounts on the spot and went to the State Employee’s Credit Union of Maryland. I use my accounts the exact same way and now almost 8 months later have never had a single fee of any type. The CU also offers regular financial education courses that are free of charge focusing on audiences from children, to teens, to 30 somethings, to the retired crowd. Go to a credit union and never look back.
I must also add that I have a trust that is handled by Wachovia’s Wealth Management Office. I could not ask for better service than they provide.
October 20th, 2007 at 5:11 pm
Peachy,
I’m curious what you use Navy Federal for. I too am a member of both Navy Federal and USAA, but I find that USAA has everything I need and more, and their rates seem better than Navy Federal’s. I have a checking/savings account with Navy Federal, but other than leaving some money in them to keep them open, I don’t think I’ve used them in about 15 years.
Seeya,
Paul
October 20th, 2007 at 7:01 pm
I enjoy the hybrid services of Charles Schwab and Charles Schwab Bank. I’ve had a brokerage account with Schwab for about twelve years, and have been banking with them for two. The only limitation is no cash transactions(except ATMs). With Schwab Bank you get 4% interest on your checking account balance, ATM rebates (domestic and international), bill pay, etc. The free ATM use is by far my favorite feature next to the interest. They rebate ALL your ATM fees at the end of the month. Even if you’re in another country you just have to find an ATM with a VISA logo on it and the transaction will be free (minus that damn 1% VISA charge for international transacitons). But, it’s still easier than traveler’s checks and cheaper than switching currency at the airport. This completely makes up for not being able to deposit/withdraw cash at Schwab brokerage locations.
For local banking (savings bond cashing/rare cash deposits) I’ve had a great experience with Washington Mutual. I’ve had one of the newer free checking accounts for about a year. Good service and they automatically deleted an overdraft charge after a deposit took longer than expected to clear. But I rarely, if ever use this account. It’s really just there if the need should arise.
October 21st, 2007 at 8:02 am
Just before my old bank was acquired by the Wells Fargo, its employees lost a $30,000 savings bond and then tried to tell me they had put it in the mail and it was my responsibility to get the Post Office to track it down. I had to sic the federal banking commission on them to get the bond back–after I filed a complaint, one of their vice presidents showed up at my front door to deliver the thing.
Wells Fargo had a very bad reputation. I switched to another national bank. Though I never bounce a check and my credit is excellent, every time I turned around I was being nicked and gouged by another ridiculous charge. Human beings were not available by telephone–and they actually started charging customers for having the temerity to go TO the bank and stand in line to speak with a teller. On the rare occasions I could get through to humans, they acted like they were doing me a favor to take my money and use it to generate a profit for the bank.
I finally closed my accounts and moved my money and automatic deposits to a credit union. What a difference! Human beings are always accessible and they are ALWAYS helpful and kind. No costs whatsoever are associated with checking, and it’s easy to get a decently paying money market account to stash your monthly savings. Once you have a few shekels saved up, you can get a CD that pays more than 5%. Loans are incredibly cheap and easy to get.
I can’t imagine ever doing business with a bank again.
October 22nd, 2007 at 8:04 am
It seems no one has been clued into the best part of the modern Credit Union. All of the Credit Unions I deal with are members of the the CU Service Center network. They allow a concept known as “shared branching”. What this means to you and I is that you can do daily banking at any Credit Union in the country that is a Shared Branching facility. I live in the Midwest, but my CUs are in Texas and California. I wouldn’t know the difference, since I can deposit and withdraw at my local branch.
Its a very power concept.
October 24th, 2007 at 11:40 am
You said of your local CU that there weren’t many ATMs. Check to see if they are a member of the CO-OP network - a network of credit unions that allow members to use each others machines at no charge. It is nationwide and locations can be found here: http://www.co-opfs.org/public/index.cfm
Here in San Diego, there are many different credit unions and there are ATMs all over the place that we can use. It makes a big difference.
October 26th, 2007 at 7:19 pm
I also live in MA, also have an account with Citizens, and also really dislike them. (I have to keep the account for dumb reasons, otherwise I’d close it immediately. My favorite Citizens Moment was when I learned that I kept getting charged insufficient balance fees–even though my account was well above the minimum balance–because the two linked accounts I had were opened in different states, which somehow meant that balances couldn’t be combined for minimum balance purposes.)
I would highly recommend Bank of America–they have branches and ATMs everywhere around here and half the country (and they seem to be the only bank in Camberville to have a branch that stays open past 5pm), the website is great, and I have never had a problem with in time I’ve had my account with them, which was since they bought Fleet in ‘04.
October 27th, 2007 at 6:46 pm
Commerce Bank simply rocks. Its one of the best banks and customer service is marvelous.
October 31st, 2007 at 1:23 pm
Hi everyone - I’m the Paul who initially asked the question - I’ve been catching up on the thread, and am overwhelmed by the response!
I thought I’d check in and give people an update.
First some background - my wife and I both work for a technology firm, just outside Boston. Yet we live in Central Mass, over 50 miles away.
We also both travel all over the country for business - which means when we’ve started looking at Credit Unions, we’ve not found many with the flexibility we need. So we’ve reluctantly scratched them off our list.
We do have a local bank (local to home, that is), that appears to be pretty good - no fees, we drive past it on our way to and from work, seems to have what we need online even. We’re going to open a checking account this weekend to see if it will work for us.
I’ve been enjoying my ING experience for my personal account - it is fantastic to be able to do almost everything online! mint.com likes them (it hates citizens, and I’m yet to look into wether it will like our local bank).
It was interesting to read the opinions of the large banks! It seems for every one who has a good experience, there are people with bad ones. It seems to be such a crapshoot!
Thank you for your feedback, suggestions and advice!
December 25th, 2007 at 11:35 am
I used to bank with Bank of America. I had the account set up so that most of my banking was through the ATM. One day I started to deposit my paycheck from a new job, and found there were no deposit envelopes. I went inside to get one and was told they were out and I would have to go through the line. Then they charged me for talking to a teller.
As soon as I found out I closed my account and went to USBank. They have much better customer service, and have never charged me a single fee.
November 29th, 2009 at 6:54 pm
My girls and I we’ve owned more prepaid credit cards over the years than I can count, including Ready, Greendot, etc. But, the last few years I have found that one is the best for are family AccountNow Visa. Why? Because I was happy to discover how well-designed and no sweat to use the underappreciated (and widely mocked) AccountNow Visa’s are.