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 Post subject: Advice needed on switching banks -- please help!
PostPosted: Sat Oct 15, 2011 6:30 am 

Joined: Wed Jul 06, 2011 7:10 pm
Posts: 14
I need help figuring out a bank account to switch to. Please read and help!

Right now I have a SunTrust checking account. Since they're instituting the debit card fee soon I've stopped using my debit card for anything other than the ATM and only use my credit card (not a big deal since I'm in no danger of carrying a balance -- to me debit and credit cards work the same way, just with different names and levels of protection against theft). I occasionally need to deposit or get cash, but mostly I'm depositing checks. Plus, it's a pain to get money into another account since I have to write and send a check -- electronic transfers cost $3/each. I also have a bunch of money just sitting there so I won't get fees for having too little money. I have another checking account I like better that I use for actual checkwriting.

The big issue is that my parents often deposit checks for me as well -- at least once a month. They can do this easily since my dad goes by a branch daily for work. They live several hours away. This account is basically still sitting here so my parents can deposit money, and I feel like it's being wasted.

I'm interested in switching to another bank which doesn't have the same fees, especially since I don't use the local branches for anything other than depositing checks or occasionally getting some cash, both from ATMs. Not interested in a local credit union since there's a good chance I'm moving within the year. However, I would like to have my parents be easily able to deposit checks for me. (Checks aren't always from them, so they can't readily replace checks with electronic transfers.) Would I be able to do this using an online bank? How easy is it? Any advice is appreciated! Clarification questions welcomed.

Thank you!


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 Post subject: Re: Advice needed on switching banks -- please help!
PostPosted: Sat Oct 15, 2011 3:19 pm 

Joined: Fri Jun 03, 2011 8:26 am
Posts: 67
i use schwab. I switched because BOA was institute monthly checking account fees, months before the debit fee. No fee, and no minimum balance.

they have no local branches, but i don't mind. I just need to access atm & deposit checks occasionally.

All atm fees related to withdrawals are refunded at end of month. If you need to cash a check, you just drop it in the mail in provided envelopes (no postage necessary). It's quite fast actually, checks are cleared in 2-3 days based on my experience.


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