Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Where do you bank?

The last post in this topic was posted 2722 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Where do you bank?  

65 members have voted

  1. 1. Where do you bank?

    • Big Bank (BofA, WF, Chase, etc)
      29
    • Local or Regional Bank
      12
    • Online Bank (Ally, etc)
      14
    • Credit Union
      41


Recommended Posts

Where do my fellow CB'ers bank?

 

I need a new bank and possibly a new CU. I have a Penfed account I never use (might be closed for inactivity) and I'm using ELFCU as my primary right now but I'm not happy (lots of banking errors and lousy online software). I'm thinking I might want to go with Local or Online for my primary checking and keeping a CU around as a savings and all the other benefits. Here's what I need:

 

- Free checking

- Updated online software (I do most everything online and I like to see pending transactions so when I forget my receipt at the gas pump I can still update my register when I get home and check my account)

- I use DD for my paychecks

- I write 2 checks consistently every month (and the occasional extra here and there). I pay the rest of my bills online

- I deposit a random check about once every 90 days

- I transfer funds monthly to savings online

- I want to avoid fees as much as possible. ATM fee reimbursement would be great.

 

I'm pretty sure I'm want to avoid the big banks - I don't think I have the wealth they require to not nickel and dime me with fees. I have a Chase credit card and a BofA mortgage (although I'm in the middle of a refi). I can't decide if I need the comfort of a local branch to go into when needed or if I'd be fine with online only - I only do it now when I need to deposit a check and I use shared branching at DSFCU. I'm not really well versed in the Ally's and other online banks but I've heard great things about USAA. I don't have any military affiliation though. I looked into a local business bank called Alliance Bank of Arizona which gets great reviews, offers personalized service and they have a branch near my house.

 

One other important factor is I'm going to be in the market for auto financing in the next few months so if I don't have a CU account I'll need to consider what a local or online bank will offer.

 

Thank you everyone!

Share this post


Link to post
Share on other sites

I'd been with B of A for years. No problem with them, but switched to BankDirect (on-line) because they had a generous program for awarding AA miles based on your balance. When they instituted a $12 monthly fee, I dropped them like a hot potato. I still liked the on-line model so I went with USAA. (You don't have to have a military connection to bank with them.) User-friendly, no BS, and they refund ATM fees (might be a $ max, I forget) so I can use pretty much any ATM I want.

Share this post


Link to post
Share on other sites

I have a mixture of accounts.

 

For primary banking, I go with my local CU (Coastal). I don't even have a checkbook any more because their online banking will print and mail a check to anyone for free (I've even used it to send a check to my mom). I usually use the ATM to deposit checks, but they also have an app to do it with your phone. I have multiple recurring transfers out of the account for savings and investment, and they not only have no problem with handling that, they reward the behavior with money back if I meet other criteria as well.

 

I don't use the CU for my credit cards because their rewards aren't as good as other cards I carry. My cards come from the big banks.

 

I use ING for savings and emergency funds that aren't going into investments. The jury is still out on whether I'll stick with them under the new ownership or switch to a different online bank.

Share this post


Link to post
Share on other sites

I have a local brick & mortar bank (Regions), an online-only bank (ING), and also two credit unions in other towns I used to live in that I continue to use.

 

Personally I want to have a local bank where I can go deposit checks. The one time I attempted a scanned-in online deposit it totally failed, and it's even proved unreliable to mail in a deposit check to one of the out-of-town CU's (That's tolerable when I write myself a check I can void, but I'd never attempt to deposit a significant 3rd party check by mail.)

 

So, if I have a paper check to deposit, I physically walk into a lobby and see a teller. Hate to sound like a Luddite but I've found from actual experience I can't trust anything else. From there, I do online transfers as needed among the banks and CU's.

 

I keep the four banks because I like to divide up various financial activities. E.g., I have all my monthly recurring bills and subscriptions pulling from ING, and re-fund that ING account each payday via an online transfer from my main bank. This way I don't have to think about those 8 or 10 monthly bills, they just take care of themselves.

 

The CU's I mainly keep because of the credit lines and credit cards I have with them, and thinking that someday they may be handy for a car loan or mortgage (they're free accounts).

 

I also use these several accounts to divide up the cash reserve I'm building up. (For example, I save enough in my ING savings to cover 6 months of the expenses that are pulled specifically from the ING checking account). You can get too anal about this stuff but I just like everything neatly organized.

Edited by Kevin20

Share this post


Link to post
Share on other sites

Personally I want to have a local bank where I can go deposit checks. The one time I attempted a scanned-in online deposit it totally failed, and it's even proved unreliable to mail in a deposit check to one of the out-of-town CU's (That's tolerable when I write myself a check I can void, but I'd never attempt to deposit a significant 3rd party check by mail.)

 

So, if I have a paper check to deposit, I physically walk into a lobby and see a teller. Hate to sound like a Luddite but I've found from actual experience I can't trust anything else. From there, I do online transfers as needed among the banks and CU's.

 

 

This is what makes me nervous with an online bank like Ally. And I consider myself a technophile when it comes to most everything else. Also, I heard Cap1 bought ING, is that correct?

Share this post


Link to post
Share on other sites

Chase and Alliant are our primary institutions but we also have savings and investment accounts with 5 other CUs and several other banks. 99% of our transactions with Chase and Alliant are online or ATM. Alliant's check deposit process is awesome and easier than going to an ATM.

Share this post


Link to post
Share on other sites

Personally I want to have a local bank where I can go deposit checks. The one time I attempted a scanned-in online deposit it totally failed, and it's even proved unreliable to mail in a deposit check to one of the out-of-town CU's (That's tolerable when I write myself a check I can void, but I'd never attempt to deposit a significant 3rd party check by mail.)

 

So, if I have a paper check to deposit, I physically walk into a lobby and see a teller. Hate to sound like a Luddite but I've found from actual experience I can't trust anything else. From there, I do online transfers as needed among the banks and CU's.

 

 

This is what makes me nervous with an online bank like Ally. And I consider myself a technophile when it comes to most everything else. Also, I heard Cap1 bought ING, is that correct?

 

 

Correct, Capital One owns them now. I don't have any opinion or experience with Cap 1, but they haven't screwed anything up yet. ING is good for online transfers. I actually do a semi-regular Rube Goldberg transaction where I transfer money from Regions into ING, and then from ING to a credit union (Since Regions and the credit union neither one can initiate external transfers as ING can).

 

To be honest Chase worked best for all this -- local branches and excellent, fast online external transfers. But I closed my Chase account for reasons not relevant to this.

Share this post


Link to post
Share on other sites

I'm starting to lean towards an online bank (Ally, ING or Alliant) for primary checking, a CU for savings and loans (Penfed or USAA) and maybe a brick and mortar local bank as a backup (still deciding here). Can I ask those of you who use an online bank what you think of the online banking software? I want to be able to transfer funds easily and see pending transactions (ideally the same day). ELF is absolutely horrible when it comes to these things.

Share this post


Link to post
Share on other sites

I'm starting to lean towards an online bank (Ally, ING or Alliant) for primary checking, a CU for savings and loans (Penfed or USAA) and maybe a brick and mortar local bank as a backup (still deciding here). Can I ask those of you who use an online bank what you think of the online banking software? I want to be able to transfer funds easily and see pending transactions (ideally the same day). ELF is absolutely horrible when it comes to these things.

 

 

I've found that using the websites to do transfers works fine at ING and Chase. Easy to use, no problems.

Share this post


Link to post
Share on other sites

I use a local bank for my checking - Mechanics Bank, which has branches across the San Francisco Bay area

 

- Free checking with DD

- No ATM fees

 

I also have enough random checks in a year to merit having access to a brick & mortar bank + there is always an additional comfort factor, when you can walk to a branch and talk to a person face to face.

 

For online savings, I use Alliant Credit union. I had to make a $25 donation to join one of their approved member orgs, but it has paid for itself many times over.

 

To me, the big things is no ATM fees, and I was working hard to find one. I travel a lot and I want to be able to have the convenience to tap an ATM any time I feel like it, without having to drive around. I also like shopping/eating at mom/pop stores, which do not always take credit.

 

Other than that, I always use a credit card (Discover)

Edited by Carboran

Share this post


Link to post
Share on other sites

I use a local bank for my checking - Mechanics Bank, which has branches across the San Francisco Bay area

 

- Free checking with DD

- No ATM fees

 

I also have enough random checks in a year to merit having access to a brick & mortar bank + there is always an additional comfort factor, when you can walk to a branch and talk to a person face to face.

 

For online savings, I use Alliant Credit union. I had to make a $25 donation to join one of their approved member orgs, but it has paid for itself many times over.

 

To me, the big things is no ATM fees, and I was working hard to find one. I travel a lot and I want to be able to have the convenience to tap an ATM any time I feel like it, without having to drive around. I also like shopping/eating at mom/pop stores, which do not always take credit.

 

Other than that, I always use a credit card (Discover)

 

I travel for work quite a bit too but we're mandated to use a company credit card, no exceptions. Which really stinks because no rewards anymore. I need access to cash on those trips as well so reimbursed ATM fees are a high priority. Does Alliant reimburse ATM fees? I think Ally does too.

Share this post


Link to post
Share on other sites

So here's what I'm thinking. I'd love everyone's thoughts and opinions.

 

- Keep my Penfed as my CU. I haven't used it in awhile but I just reestablished it and will begin making a savings deposits into my Regular Share account. I don't think I need to get a checking with them but my goal will be to get an Amex CC and an auto loan with them in the next few months.

- Ally as my online checking/main account for paying bills. I like that they reimburse ATM fees and offer transfers online. I haven't decided if I will open a savings account just yet. I need to find out if Ally shows you pending transactions online and I'd like to see their mobile app too. I'm a geek - sorry. Penfed doesn't have these capabilities with their online software and its one of a few reasons I'm leaving the ELF.

- Open an account with Chase so I can check two other boxes - an brick and mortar as well as a big bank relationship. I'm not a big fan of the big banks and their ridiculous fees and I've already had relationships with BofA and WF in the past (which I didn't care for) so I think that just leaves Chase. I have an Amazon Visa with them already.

 

In addition to just my regular banking needs I want to think about some goals here. I have mainly subprime (or slightly better) credit card accounts and a mortgage but I think I'm on the cusp of being able to qualify for prime cards. I also need an auto loan soon. I'm hoping my relationship with Penfed and Chase will help me achieve this.

Share this post


Link to post
Share on other sites

I ditched my local CU because they were so incredibly overrated. I had ING which I liked, but closed them when they were taken over by Capital One for various reasons.

 

I now bank with Farm Bureau Bank where I also have my homeowners and auto insurance. They are online, which has some inconveniences, and their website is absolutely ARCHAIC!!! To transfer funds around I have to call them to set up the other instituion, they have to email me a form to fill out and I have to fax it back........I thought that kind of stuff went away in the early 90's. But other than that, so far so good.

 

But in my opinion, no financial institution is trying to be your friend.

Share this post


Link to post
Share on other sites

I ditched my local CU because they were so incredibly overrated. I had ING which I liked, but closed them when they were taken over by Capital One for various reasons.

 

I now bank with Farm Bureau Bank where I also have my homeowners and auto insurance. They are online, which has some inconveniences, and their website is absolutely ARCHAIC!!! To transfer funds around I have to call them to set up the other instituion, they have to email me a form to fill out and I have to fax it back........I thought that kind of stuff went away in the early 90's. But other than that, so far so good.

 

But in my opinion, no financial institution is trying to be your friend.

 

Would you mind giving me some details about why you left ING? I'm trying to decide between them and Ally as my online banking provider. I will keep my Penfed CU account and probably open a local account with Chase or Alliance Bank (private local bank) so I can have a brick and mortar.

Share this post


Link to post
Share on other sites

I left ING because they were taken over by Capital One. I loathe Capital One. Cannot stand them. Even though the service for my ING accounts may not have changed, I just could not stomach doing business with Capital One again. I've been down that road and I'm not going back.

Share this post


Link to post
Share on other sites

- Free checking

- Updated online software (I do most everything online and I like to see pending transactions so when I forget my receipt at the gas pump I can still update my register when I get home and check my account)

- I use DD for my paychecks

- I write 2 checks consistently every month (and the occasional extra here and there). I pay the rest of my bills online

- I deposit a random check about once every 90 days

- I transfer funds monthly to savings online

- I want to avoid fees as much as possible. ATM fee reimbursement would be great.

 

I know you wanted to avoid the big bad boy banks, but they're pretty great at meeting most of your requirements.

Free checking, up to date online software, DD capabilities, online bill pay, check deposits are all fine with WF and Chase.

WF does have a fee for transfering money from bank to bank and I believe Chase does as well. You may consider doing a roundabout way of sending money to a separate account such as PayPal or BlueBird and then depositing that to the savings account. Time's the only fee for avoiding a direct fee using this method.

Not too sure about those ATM fees because they have branches pretty much everywhere and if you're really scrapping for cash, a drive to the local branch shouldn't be an issue to use their fee-free ATMs there.

 

Regarding which banks I frequent, I too enjoy the benefits the OP requested. Big banks are available in most areas and places I may be traveling to.

Regarding the best rates, the CU in my area has some of the best I've seen.

Share this post


Link to post
Share on other sites

ING has been my primary bank for years. LOVE LOVE LOVE it. They mastered online billpay (at least I think so) long before many of their competitors had even dipped their toes in the water. Absolutely flawless performance/service and really easy to use. Now that Cap 1 owns ING, I'm worried things might go downhill.

 

Couple of blah brick & mortars: Wells Fargo (less than pleasant experiences for about a dozen years, now closed) and Bank of the West (not bad until I chose to close the account). I only used 'em for occasional deposits before online banking found a way to handle those little oddball checks that aren't auto-deposited.

 

Added NFCU but haven't done much more than build the accounts. No branch offices in my state, so I'm totally online. I won't transfer any billpay or other critical stuff to NFCU until I get a warmer fuzzy about those random security freezes that people sometimes experience. I don't mind giving them any info they want, I just hate the idea of being frozen-out while they diddle around.

 

I guess that means I'm pretty much all-online. Pretty happy with it so far.

Share this post


Link to post
Share on other sites

I've been with BOA for 7-8 yrs. I left a smaller, regional bank because I could never count on when deposits would actually post, and the online service took forever to update any transaction.

 

BOA works great for me. Free checking with DD, and savings linked for overdraft protection. BOA atm's are everywhere, so I've never had a cash problem. I do everything online, almost everything posts immediately, and I didn't even have checks until recently.

Share this post


Link to post
Share on other sites

I'm with a local credit union here in Iowa (University of Iowa Community Credit Union). I'd have to say I'm a bit biased here because I also work for them but we do have pretty good products :-) They have a rewards checking account that pays 3.0% APY on balances up to $25K and you get refunded up to $20 in ATM surcharge fees per month. To get the higher APY and the surcharge refunds you need to have at least 1 direct deposit per month, 12 transactions averaging $5 or more, and sign up for E-Statements. I've always told family and friends to look at a local bank or credit union. The only downside there is that you might not find they're as technologically advanced as you might prefer. Good luck on your hunt! :-)

Share this post


Link to post
Share on other sites
Guest loser

I'm with a big bank known as TCF. this is because Wells Fargo won't let me back - can't pay what I owe them.

Share this post


Link to post
Share on other sites

NFCU is my primary checking and I love them and have been using them for the past 10 years. Fortunately, they are all over the DC metro area due to the military and defense industry. I have emergency savings with ING/Cap One.

Share this post


Link to post
Share on other sites

I use Alliant as my main banking institution. I can deposit checks in the US Bank ATM across the street without a fee. There are also several local credit unions that I can deposit checks in the ATM for free.

 

Fast ACH's, easy bill pay, not much more you could ask for. The interest rate has gone down in the past year, but hasn't everybody?

Share this post


Link to post
Share on other sites

I have a lot of accounts, but primary is still my local CU. When I receive the odd check, I like it to be convenient to walk it in, in person.

Share this post


Link to post
Share on other sites

The last post in this topic was posted 2722 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Member Statistics

    • Total Members
      179,431
    • Most Online
      2,046

    Newest Member
    Erratica
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines