For many years I used Big Banks such as BofA and Wells Fargo for my banking. A few years ago I switched to a local credit union. That transition saw a decrease in fighting with banks over fees (none of which were ever correct), and an nearly 5x increase in the interest I receive on my deposits. Access to ATMs is different, but generally about as convenient as with the major banks I was at previously. Benefits include: local business, less hassle, more $$ in my pocket.
For the level of banking I do, I simply cannot understand any benefit to going back to a Big Bank. Any mustachians out there care to chime in on what type of institution they use and what benefits come with that choice?
1) Schwab bank for the ATM fee reimbursements and no international fees (keep a few hundred dollars in the account). This one is fairly new which I opened alongside a brokerage account. I travel occasionally intl. for work, so this is nice to have (Capital One also charges no intl. fees).
2) BofA checking, which was the first account I opened when I turned 18. Today, I just keep 1.5k to not get charged fees and also use to it to manage inflows for my rental property.
3) Capital One 360 checking+saving. I originally moved over to get higher interest, which I do get much better than BofA. I use this as my primary for all inflows/outflows (except for #2 uses).
These days, rates are so low, and even 15k barelly nets $150 per yr in interest from savings, so I'm strongly considering looking for a way to consolidate #2 and #3. Also, I use ATMs so rarely that I honestly should just suck it up when I have to pay fees. One less account to keep track of... one less card in my wallet (I usually only have Schwab plus a credit card)... for now I'll probably leave it as is.