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Financial Freedom => Family Finances => Topic started by: Hayden on September 12, 2018, 10:44:42 AM

Title: Where to bank
Post by: Hayden on September 12, 2018, 10:44:42 AM
Hi FS Community,

Where do the majority of you bank at? I currently use Chase and I have not been super happy with their service. I am thinking maybe a credit union? Any suggestions?
Title: Re: Where to bank
Post by: rtysmith on September 13, 2018, 11:07:05 AM
Can you live without a branch?

That is the kicker. If you can get off the branch bandwagon which means phone/chat support only, focusing on non-fee ATM's (usually at drug stores; you can still use any ATM but usually capped on refund for fees), and are willing to do deposits via mail and or app, and online bill pay) there are LOTS of options.

I use ally.com, but this is mainly based on the APR they will pay me for my accounts, currently 1.85% on savings and .6% on checking if over 15K. This eliminates cash drag I experience with ANY local bank and or CU.

I like to keep a "more then needed" cash balance, so earning a return on it helps offset cash drag.
Title: Re: Where to bank
Post by: Jeffolucky on September 13, 2018, 06:56:55 PM
I keep a local account to handle about 3 months of needs. I then keep a larger amount in Citizens Access which currently paying 2%. I do wire transfers as needed.
Title: Re: Where to bank
Post by: jekamom on September 13, 2018, 07:44:58 PM
I use State Farm bank for most banking (they refund atm fees) and then we have BBVA Compass that used to have a more local management we had a relationship with. Compass still lists us as "whatever they call folks they wished banked more with them so be extra nice customers" so we can have access to a big deposit with less clearing time.  Not much relationship anymore with  big banks. We have used Oakworth and  a local affiliate of Synovus for a signature loan, they have great customer service but I don't know how they make any money with so much overhead.






Title: Re: Where to bank
Post by: Sam on September 13, 2018, 11:29:50 PM
I have several banks, b/c each has optimum service/rates.

But, I've been w/ Citibank since 2001 b/c I needed/wanted an international bank b/c I was always traveling to Asia for work.

There are good synergies and better rates if you aggregate a certain amount with one bank.

First Republic is one of the best for concierge service imo. Very personal.
Title: Re: Where to bank
Post by: Leigh on September 14, 2018, 03:33:08 AM
I used to work at Delta and have stuck with their credit union, which is now open to anyone. I love the customer service. When I use them for a mortgage loan, they've had competitive rates, and service the loan for the life of the loan. Not crazy about the MMA %% but everything else has been great.
Title: Re: Where to bank
Post by: Jon Sharpe on September 14, 2018, 06:04:59 AM
I've been with internet banks since 1998 and have all of my household accounts at CapitalOne360. Rates are good, service is good, it's everything I need. For my HELOC, I run that through my credit union. Investments through Vanguard.
Title: Re: Where to bank
Post by: Orphan on September 16, 2018, 05:50:46 AM
I focus on small local banks. I find their service is superior to the big banks. We even still have drive thru tellers.
Title: Re: Where to bank
Post by: Hayden on September 16, 2018, 07:25:54 PM
Quote from: Orphan on September 16, 2018, 05:50:46 AM
I focus on small local banks. I find their service is superior to the big banks. We even still have drive thru tellers.

How are the rates? I think that online banks are pulling my attention due to their higher interest rates.
Title: Re: Where to bank
Post by: Orphan on September 17, 2018, 05:39:23 AM
Quote from: Hayden on September 16, 2018, 07:25:54 PM
Quote from: Orphan on September 16, 2018, 05:50:46 AM
I focus on small local banks. I find their service is superior to the big banks. We even still have drive thru tellers.

How are the rates? I think that online banks are pulling my attention due to their higher interest rates.

Not that great. But I use them strictly for direct deposit, online bill payment, atm acces. I don't buy any financial products from them unless they have a deal on CD,s...
Title: Re: Where to bank
Post by: sevenplaces on September 26, 2018, 07:03:32 AM
I split deposits to my credit union and Salem Five Cent Savings Bank (both checking and savings there.)  Credit union for loans and Salem for higher interest earned.

I also have a Chase account for local cash deposits and withdrawals.  I use Fidelity and CapitalOne for investments, though my CapitalOne account is in process to convert to eTrade.
Title: Re: Where to bank
Post by: DarlynVMD on October 30, 2018, 11:40:28 AM
Quote from: Hayden on September 12, 2018, 10:44:42 AM
Hi FS Community,

Where do the majority of you bank at? I currently use Chase and I have not been super happy with their service. I am thinking maybe a credit union? Any suggestions?

I also use JPMorgan Chase. I haven't had too many issues w/ them to-date. However, I feel that almost the majority, if not all, brick and mortar banks have their fair share of issues resulting in customer dissatisfaction. I'm truly content w/ Ally, I haven't had an issue w/ them at all. I have a high-yield, and MM account w/ them. The rates are way better than your common banks, which is a great plus for me.


D
Title: Re: Where to bank
Post by: Rdizzle on October 30, 2018, 11:50:50 AM
Usaa, great customer service and some cool products
Title: Re: Where to bank
Post by: bf312 on November 02, 2018, 01:02:18 PM
Chase for checking, credit cards. American Express for online savings. Always been happy with customer service/ features of both
Title: Re: Where to bank
Post by: goodcookie on November 04, 2018, 03:31:29 AM
We do our Regular everyday banking through PNC at the moment, but are in process of switching to Sun Coast Credit Union. Rated the #1 bank in Florida. An will be moving emergency fund to Alley bank to earn the higher interest rate. And we do our investing through Carver Financial Services that uses Raymond James. Very happy with them!
Title: Re: Where to bank
Post by: TravelGirl on November 05, 2018, 05:10:53 AM
How about for your business?  Do you use a different bank or the same to keep transfers between personal and business accounts simple?
Title: Re: Where to bank
Post by: Cheezus on November 08, 2018, 06:30:17 AM
I like Chase.  I don't bank for interest rates.  They have a great app, lots of branches, all the services you would want/need, etc.  The rare occasion I go in to a branch, they are pleasant enough and handle issues.  So few people go to branches nowadays that it's never busy either.

I think you are overthinking this.  Just stick where you are at.  You really shouldn't be putting so much thought in to a bank.  It's just a bank.
Title: Re: Where to bank
Post by: hyperobjeckt on November 08, 2018, 03:41:48 PM
I've used Ally for 5 or 6 years now, great service (much better service than the regional bank I used to use) and the comparatively high interest rates are nice too. The only annoying thing I've run into is that there is no way to deposit cash directly, if that matters to you.
Title: Re: Where to bank
Post by: Hayden on November 09, 2018, 10:43:44 AM
Quote from: hyperobjeckt on November 08, 2018, 03:41:48 PM
I've used Ally for 5 or 6 years now, great service (much better service than the regional bank I used to use) and the comparatively high interest rates are nice too. The only annoying thing I've run into is that there is no way to deposit cash directly, if that matters to you.

So what do you do when you run into the issue of needing to deposit cash?
Title: Re: Where to bank
Post by: hyperobjeckt on November 12, 2018, 05:10:36 PM
Quote from: Hayden on November 09, 2018, 10:43:44 AM
Quote from: hyperobjeckt on November 08, 2018, 03:41:48 PM
I've used Ally for 5 or 6 years now, great service (much better service than the regional bank I used to use) and the comparatively high interest rates are nice too. The only annoying thing I've run into is that there is no way to deposit cash directly, if that matters to you.

So what do you do when you run into the issue of needing to deposit cash?

I don't  ;D

It just becomes pocket money for spending at bars/food trucks/etc. Personally I am fine with that but I could see it being a dealbreaker for someone who needs to deposit cash.

You can do circuitous things with money orders, I think, but at that point I'm sure it wouldn't be worth the hassle vs a bank with a local branch.
Title: Re: Where to bank
Post by: ethanscott on December 02, 2018, 09:21:05 PM
Yes, i bank at Citibank as well! They provide really good service. Though I wouldn't be able to differentiate much Because I have using this for a very long time
Title: Re: Where to bank
Post by: chitown-2020 on December 03, 2018, 04:52:03 PM
After a disastrous and damaging experience with JP Morgan Chase, I'm at PNC and Ally.   Been really happy with both -- and always good savings rates at Ally for both traditional savings and CDs.

I'm actually a pretty big fan of Jamie Dimon as an industry leader and thinker, but I can't recommend his bank.