Author Topic: Where do you do your banking?  (Read 19435 times)

Glenstache

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Where do you do your banking?
« on: February 09, 2015, 11:49:10 AM »
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?

ZiziPB

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Re: Where do you do your banking?
« Reply #1 on: February 09, 2015, 11:57:22 AM »
Small local bank (not a credit union) for 20+years now but am thinking about transferring over to Charles Schwab for checking.  The local bank is nice and convenient but no longer competitive on rates (savings account, CDs).  So I moved my CDs to Ally and will probably move my checking account to Schwab.

RyanAtTanagra

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Re: Where do you do your banking?
« Reply #2 on: February 09, 2015, 12:05:09 PM »
eTrade.  I've never been charged a fee, and they do 100% ATM fee reimbursement.  The convenience of that is so high I hope I never have to go back to a normal bank where I have to find an ATM where I won't get charged.

jms493

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Re: Where do you do your banking?
« Reply #3 on: February 09, 2015, 12:05:30 PM »
I use TD Bank...only because of the accessibility.  There are many around and 1 across the street from my work.  I like the mobile access as well.

caliq

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Re: Where do you do your banking?
« Reply #4 on: February 09, 2015, 12:08:08 PM »
Small local bank, basically no interest on accounts but I don't keep enough in there for it to really matter at this point.  Also no fees on any of my accounts and I think no fees on any accounts in general.

I love it because they refund ATM fees from all ATMs (as in, they don't charge you a fee for using someone else's ATM, and at the end of the month they reimburse you for the fee you paid to the other bank). I don't use ATMs much but when I do, that $3 fee for getting my own money is always really annoying/painful.  Even if you have a huge national bank, you still end up having to search for an ATM that's in-network...with my bank I can just go to the first one I find and not worry about it.  Was super nice when I was away at an out of state college.

BaldingStoic

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Re: Where do you do your banking?
« Reply #5 on: February 09, 2015, 12:27:39 PM »
I use Wells Fargo and here's why... All banks offer terrible interest rates, so choose my bank based on convenience.  I avoid charges by having direct deposit and then siphon off all excess funds into Vanguard and (more recently) Betterment.  In the past I've used online banks, including Everbank and Bank Direct, both of which are better than WF if you're stashing significant funds, but my motto is that as long as you're not paying fees, choose a bank based on convenience, and move your savings into a a real investment vehicle as quickly as possible.

I'm a red panda

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Re: Where do you do your banking?
« Reply #6 on: February 09, 2015, 12:29:42 PM »
Local credit union and USAA.

The credit union has a nice high interest checking (up to $25k deposit)- though sadly the interest has eroded in the past few years.

RexualChocolate

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Re: Where do you do your banking?
« Reply #7 on: February 09, 2015, 12:33:32 PM »
The large banks have better online banking and fraud protection. Jump through whatever hoops you need for completely free banking (usually just a nominal amount in a linked brokerage account, below the amount you need for free trades usually anyway or a credit card or something).

However, no one should be using a debit card for anything anymore though, so fraud is pretty much a moot point since your CCs can be from all over the place and mint.com will link them all together for free.

If you can get the same amount of service and free ATMs anywhere now, use whatever bank is the most convenient. For me thats BofA.

JLee

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Re: Where do you do your banking?
« Reply #8 on: February 09, 2015, 12:41:12 PM »
I'm using a local credit union, but they're charging me $3/mo now and I just got an offer from Chase for a $250 bonus to open a checking account there. Sooooo, I might switch.

ShoulderThingThatGoesUp

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Re: Where do you do your banking?
« Reply #9 on: February 09, 2015, 12:41:42 PM »
I can walk to Wells Fargo, I have my investments in Schwab, and I get direct deposit and pay bills out of Capital One 360.

MsPeacock

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Re: Where do you do your banking?
« Reply #10 on: February 09, 2015, 12:48:25 PM »
A big nationwide bank. I need good online access and my experience is that small local banks or credit unions do not offer online services that are up to par. (I have watched my boyfriend struggle to deal with his local credit union - everything seems to require an in person visit to the office). There are 4 branches of my bank w/in 15 minutes of my house (or less) in any direction I might go, great online services, and I've never had a fee on any of my accounts. Easy peasy.

GizmoTX

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Re: Where do you do your banking?
« Reply #11 on: February 09, 2015, 12:52:36 PM »
We use Wells Fargo for storefront convenience, PayPal portal, & for writing a few personal checks; we avoid fees by direct deposit (Social Security meets their minimum). All other banking & brokerage is handled with Schwab. Recurring bills are automatically charged to CC & paid online in full.

FarmerPete

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Re: Where do you do your banking?
« Reply #12 on: February 09, 2015, 12:52:39 PM »
I was using a small credit union for the last 7 years.  I ditched them when a different credit union picked up the ATM contract for my work building.  Having an ATM with deposit access in the building was a big selling point.  My new credit union is ok, but I don't like that they force my wife and I to share our online username/password.  I also don't like that the username is your random customer #.  I've heavily considered moving to Fidelity's checking, but they need to find a way for me to deposit cash without siphoning through a local bank.

enigmaT120

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Re: Where do you do your banking?
« Reply #13 on: February 09, 2015, 01:06:48 PM »
Credit union.  No fees, and any credit union's atm is free.  They all seem to be part of some network and don't charge fees to members of other credit unions.  I do all my banking on line as they closed the branch that is near me.  I can deposit checks with an ap on my Android tablet. 

totesmahgoats

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Re: Where do you do your banking?
« Reply #14 on: February 09, 2015, 01:22:00 PM »
Schwab. Reimbursed ATM fees. Mobile Deposits. Done deal.

Colorado Hiker

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Re: Where do you do your banking?
« Reply #15 on: February 09, 2015, 01:38:31 PM »
Local credit union (used for mortgage, checking, and a small amount of savings), which gives me rebates and dividends equaling ~2% each year.

johnny847

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Re: Where do you do your banking?
« Reply #16 on: February 09, 2015, 01:43:09 PM »
Schwab. Reimbursed ATM fees. Mobile Deposits. Done deal.
+1.
And the feature that they have that I have not seen elsewhere is no foreign transaction fees. Combine that with their worldwide ATM fee reimbursement, and it's the perfect way to get cash while abroad.

Also, they have no account maintenance fees nor minimums.

RyeWhiskey

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Re: Where do you do your banking?
« Reply #17 on: February 09, 2015, 01:46:28 PM »
I use a local credit union for everyday needs and rewards checking rate (3%). I use Schwab as my inter/national bank and Vanguard for investments.

purplish

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Re: Where do you do your banking?
« Reply #18 on: February 09, 2015, 01:46:42 PM »
I use Santander.  I like it because I get $20 a month just for using direct deposit and 2 billpays, can't really beat that when it comes to standard bank accounts!  They also have a lot of overseas locations which I like, for example I went to Spain last spring and Santander is everywhere there. 

slugline

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Re: Where do you do your banking?
« Reply #19 on: February 09, 2015, 02:21:35 PM »
I have held a few hundred dollars in my checking account with one of the national megabanks. I think it's an account type they don't even offer anymore to new customers -- featuring no fees without any minimum balance or direct deposit requirements. One of the ATMs in their armada is in my neighborhood grocery so that's where I get cash when I need it.

Otherwise, most of my deposits and activity is with one of the well-known "internet banks."

It's good to have choices.
« Last Edit: February 09, 2015, 02:24:01 PM by slugline »

rmendpara

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Re: Where do you do your banking?
« Reply #20 on: February 09, 2015, 02:21:44 PM »
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.
« Last Edit: February 09, 2015, 02:25:37 PM by rmendpara »

lise

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Re: Where do you do your banking?
« Reply #21 on: February 09, 2015, 03:31:36 PM »
Ally (been with them 2 years after banking with Chase). 
Could not be happier with the level of service even though they don't have any storefronts.  No fees paid ever.

Mortgage Free Mike

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Re: Where do you do your banking?
« Reply #22 on: February 09, 2015, 03:42:37 PM »
I have relationships with many banks.

My favorite and primary is Capital One 360. They pay interest and charge no fees. Avoid any bank that makes you pay to do a mobile deposit. Several do.

That's so wrong!!!

RunHappy

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Re: Where do you do your banking?
« Reply #23 on: February 09, 2015, 03:47:02 PM »
I've been using the same credit union for the majority of my monthly transaction needs for 20 years (out of state).  I only keep enough money to cover bills, etc.  All my direct deposit goes there.

Last year I opened an Ally Bank account to use as my emergency-cash savings account because they have .99% APY and I can get my money out of there easily.  I chose Ally because all I needed was a savings and my CU rate was .01%.  I'm not going to get rich off the Ally account but for emergency purposes I'm happy with them.

The only other accounts I have are investment accounts.  I don't like having too many types of accounts because having my money spread out a lot of places doesn't suit my needs.

I don't worry about ATM fees because with my CU they charge me 75 cents (plus what every the ATM location fee is) but I typically get around this by getting cash back when I go to the grocery store no fee on cash back).
« Last Edit: February 09, 2015, 03:50:02 PM by RunHappy »

trailrated

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Re: Where do you do your banking?
« Reply #24 on: February 09, 2015, 03:51:33 PM »
Chase
Ally
Barclays
Wells Fargo

I am all over the map, but each one has it's own specific purpose.

Migs

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Re: Where do you do your banking?
« Reply #25 on: February 09, 2015, 06:12:35 PM »
I use the American Airlines credit union. I like the services and it's pretty accessible in my area.

Paul der Krake

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Re: Where do you do your banking?
« Reply #26 on: February 09, 2015, 06:22:11 PM »
Fidelity as a main account (no fees whatsoever, use any ATM, free checks, blablabla), PNC for unusual transactions that necessit a physical presence.

moustache1979

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Re: Where do you do your banking?
« Reply #27 on: February 09, 2015, 07:09:01 PM »
Local CU + Local bank.  Both have 3% rewards checking. 

Barclays and Ally good for online savings.

a1smith

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Re: Where do you do your banking?
« Reply #28 on: February 09, 2015, 11:04:55 PM »
Interest from checking account?  :-D  I get more money from my AMEX Cash Rebate Card!

I use Schwab checking for all of the reasons mentioned above.  Also, if you link it to a Schwab brokerage account you get free overdraft protection (just in case) using margin on brokerage account (first $4k doesn't count, only marginable holdings, mutual funds not marginable until held for >30 days, etc.)

alsoknownasDean

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Re: Where do you do your banking?
« Reply #29 on: February 09, 2015, 11:57:06 PM »
I'm with Bank of Melbourne, which is a subsidiary of Westpac (one of the big banks here). It's useful that I can get cash fee-free from any Westpac or Bank of Melbourne ATM and don't pay any account fees.

I've got a Visa Debit card so I don't need a credit card either (I've had one before and don't want another).

I have however considered switching to ING for the cashback they offer on Paypass transactions (and all ATMs are fee-free). would be a pain in the arse changing rent details and all pver, so I'm not sure if it's worth it.

MustachianMD

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Re: Where do you do your banking?
« Reply #30 on: February 10, 2015, 12:39:53 AM »
I have the majority of my funds in an online bank, capital one, because of the better interest rates. Then we keep some in some regional chains (Chase, US bank, etc), we had to open a US bank account because Chase is not available where we currently live.

frugaliknowit

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Re: Where do you do your banking?
« Reply #31 on: February 10, 2015, 09:06:28 AM »
The big banks pay nothing, but have a feature where you can link various outside accounts.

For this reason, I have a checking account with Chase where I meet the minimum requirements to keep it free.  I link it to two other Community Banks where I have very high yield checking accounts (effectively, they are savings accounts).  Basically I "use" Chase as a router.  If I did not have the ability to link accounts via Chase, this system would be much more difficult to administer.

johnny847

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Re: Where do you do your banking?
« Reply #32 on: February 10, 2015, 09:44:32 AM »
The big banks pay nothing, but have a feature where you can link various outside accounts.

For this reason, I have a checking account with Chase where I meet the minimum requirements to keep it free.  I link it to two other Community Banks where I have very high yield checking accounts (effectively, they are savings accounts).  Basically I "use" Chase as a router.  If I did not have the ability to link accounts via Chase, this system would be much more difficult to administer.
I use Ally as a "router" sometimes. It's better than using Chase as a router, because it has neither balance minimums nor fees.

nawhite

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Re: Where do you do your banking?
« Reply #33 on: February 10, 2015, 09:51:29 AM »
Ally (been with them 2 years after banking with Chase). 
Could not be happier with the level of service even though they don't have any storefronts.  No fees paid ever.

I've been at Ally for close to 5 years now. I have NEVER needed to deposit cash and thus have NEVER needed to walk into a bank. I honestly enjoy calling Ally's phone support people because I instantly can get to someone who is empowered to do what I want. I never need to be transferred to another department, I never need to drive anywhere, I never need to "speak with a banker" like brick and mortar banks make you. It's all just easy.

They have "not bad" interest rates, they reimburse me for all ATM fees, I can do mobile check deposits and their web interface is pretty darn nice.

And they have two-factor authentication on their website which is a requirement for me.

pdxvandal

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Re: Where do you do your banking?
« Reply #34 on: February 10, 2015, 09:55:27 AM »
US Bank because they're everywhere in the PNW ... it's a convenience thing. But usually don't have more than 2-3k in there.

I also have 10k stashed at a local credit union earning 3% interest, which is basically my emergency fund.

netskyblue

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Re: Where do you do your banking?
« Reply #35 on: February 10, 2015, 10:17:11 AM »
Small, local bank here.  They have 3 branches, in different towns, in my state.  I'm getting 3.3% APY (good for balances up to 25k).  It's 0.6 miles from my work.

nawhite

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Re: Where do you do your banking?
« Reply #36 on: February 10, 2015, 10:26:49 AM »
Small, local bank here.  They have 3 branches, in different towns, in my state.  I'm getting 3.3% APY (good for balances up to 25k).  It's 0.6 miles from my work.

General question for everyone, Why does it matter that you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?
« Last Edit: February 10, 2015, 10:45:36 AM by nawhite »

RyanAtTanagra

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Re: Where do you do your banking?
« Reply #37 on: February 10, 2015, 10:37:59 AM »
General question for everyone, Why does it matter than you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?

I was getting ready to ask the same thing.  Many people have touted the convenience of their bank having a lot of locations, or their credit union having a good ATM network, but you're still limited to certain ATMs, which (to me at least) there is a night and day difference between 'a lot of ATMs' and 'every ATM'.

Paul der Krake

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Re: Where do you do your banking?
« Reply #38 on: February 10, 2015, 11:10:10 AM »
General question for everyone, Why does it matter that you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?
Certified check and large deposits to buy/sell a large item such as a car on craigslist.

JLee

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Re: Where do you do your banking?
« Reply #39 on: February 10, 2015, 11:34:33 AM »
Small, local bank here.  They have 3 branches, in different towns, in my state.  I'm getting 3.3% APY (good for balances up to 25k).  It's 0.6 miles from my work.

General question for everyone, Why does it matter that you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?
I've used my CU's notary services several times. I hate driving down there, though, and generally only go there when I need a notary or to deposit cash.  I haven't checked ATMs to see if I can do cash deposits there, though.

johnny847

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Re: Where do you do your banking?
« Reply #40 on: February 10, 2015, 11:36:31 AM »
Small, local bank here.  They have 3 branches, in different towns, in my state.  I'm getting 3.3% APY (good for balances up to 25k).  It's 0.6 miles from my work.

General question for everyone, Why does it matter that you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?
If you're dealing with Treasury Direct and they want a Medallion Signature guarantee.

nawhite

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Re: Where do you do your banking?
« Reply #41 on: February 10, 2015, 11:54:44 AM »
General question for everyone, Why does it matter that you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?
Certified check and large deposits to buy/sell a large item such as a car on craigslist.

I get your point, but I can have Ally mail me a certified check and I can deposit checks up to $50,000 on my phone. Any cars I sold, I'd probably ask for a certified check myself (but if someone wanted to pay with cash, then I'd be screwed).

Notary services, I go to Kinko's. Medallion Signature Guarantee I had never heard of but I guess that makes sense. That being said, I bet that the majority of the people here who say that they need a local bank haven't heard of it either :-)

johnny847

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Re: Where do you do your banking?
« Reply #42 on: February 10, 2015, 11:57:35 AM »
That being said, I bet that the majority of the people here who say that they need a local bank haven't heard of [Medallion Signature Guarantees] either :-)
Agreed! It's a pretty rare requirement.

netskyblue

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Re: Where do you do your banking?
« Reply #43 on: February 10, 2015, 12:18:56 PM »
I deposit cash fairly frequently - every time I get cash.  I don't spend cash.  Don't know how (or even if I can) to deposit checks without going to my bank, so I deposit checks at the bank, too.  Went there for Christmas to get specific bills/change to put in piggy banks for my niece & nephew (including 50 cent pieces and $2 bills).  I have gotten cashier's checks there for a large payment. 

I'd say I visit my bank at least every other month.

Mississippi Mudstache

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Re: Where do you do your banking?
« Reply #44 on: February 10, 2015, 12:21:31 PM »
CapitalOne360. I love it.

I also have an account with Regions bank because they have a branch within walking distance of my office, but I only use it when I need to deposit cash.

General question for everyone, Why does it matter that you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?

I sell things for cash on Craigslist occasionally. Sometimes thousands of dollars worth in a month. So far, CapitalOne360 has yet to develop the technology that allows me to deposit cash with my smartphone.

johnny847

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Re: Where do you do your banking?
« Reply #45 on: February 10, 2015, 12:24:47 PM »
So far, CapitalOne360 has yet to develop the technology that allows me to deposit cash with my smartphone.
If online banks ever gain the ability to do cash deposits, I'd imagine they somehow figure out how to do that at any bank's ATM.

Zikoris

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Re: Where do you do your banking?
« Reply #46 on: February 10, 2015, 12:30:46 PM »
For a Canadian perspective:

Tangerine + PC Financial for regular banking, plus I have a TFSA investment account with Tangerine.

People's Trust for my GIC ladder.

Great West for my RRSP due to company matching and company-subsidized fees.

All are completely free, everything except GW is connected together for easy transfers. I do everything online and by telephone, and haven't needed to set foot in a branch in about five years.

Paul der Krake

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Re: Where do you do your banking?
« Reply #47 on: February 10, 2015, 02:48:14 PM »
General question for everyone, Why does it matter that you have a branch nearby? I'd understand for someone that ran a retail business but for everyone else, why in the world do you ever need to go to a bank? Especially when there are banks that let you use every single ATM in the world for free?
Certified check and large deposits to buy/sell a large item such as a car on craigslist.

I get your point, but I can have Ally mail me a certified check and I can deposit checks up to $50,000 on my phone. Any cars I sold, I'd probably ask for a certified check myself (but if someone wanted to pay with cash, then I'd be screwed).

Notary services, I go to Kinko's. Medallion Signature Guarantee I had never heard of but I guess that makes sense. That being said, I bet that the majority of the people here who say that they need a local bank haven't heard of it either :-)
Hm, I didn't know Ally offered certified checks. Good to know. However I assume that it takes a couple days and you lose being able to drive down to the bank with the seller and offer them a certified check for the exact amount just negociated before they change their minds or somebody else comes with a higher offer.

Back when I was a poor immigrant fresh off the boat, I paid for my first car with $50 bills (I didn't have checks at all, the clowns at Wells Fargo wanted $18 for a checkbook). Not sure it would have worked out if the person I was buying from would have been pleased with being handed a fistful of cash out on the street instead of in his bank's lobby.

johnny847

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Re: Where do you do your banking?
« Reply #48 on: February 11, 2015, 12:26:08 AM »
So far, CapitalOne360 has yet to develop the technology that allows me to deposit cash with my smartphone.
If online banks ever gain the ability to do cash deposits, I'd imagine they somehow figure out how to do that at any bank's ATM.

Depositing cash at an ATM is risky because the bank can always "adjust" the deposit later and claim the machine experienced a bug and didn't receive as much cash as you say you put in. (This is not rare. Do a google search and you'll see it happens all the time.)

If you do it in branch, their representative counts the cash so it's way harder for them to "adjust" the deposit later (although I've still heard of cases of it happening).
Interesting. Whenever I've deposited cash at an ATM, I always get a receipt for it. At least with BoA, which I've used to deposit cash, it prompts you to confirm how much cash you just deposited so you can dispute it right there.
ATMs keep records, and a bank can easily reconcile your account records with how many bills are in the ATM.

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Re: Where do you do your banking?
« Reply #49 on: February 11, 2015, 12:35:55 AM »
Yes, you get a receipt, but nothing stops the bank from later claiming that you didn't put in as much cash as you claim.

In other words, you put in $50, and they credit your account for $50. Then a week later, they "adjust" the deposit to say $20 because they claim that when reviewing their records, they discovered you deposited only $20 despite what you claimed, i.e. according to them, you just got lucky and fooled the machine into thinking you put in $50 when it was really only $20.

If you deposit at a teller, that kind of nonsense isn't going to fly because they would have to argue that their teller miscounted the money, which is just really implausible (but as I said, I have heard of cases of banks arguing that too...).

In any case, when I deposit cash (which is very rare), I always do it at a teller.

You're right, nothing stops the bank from disputing it. But if you had to take them to court for it, do you honestly think a judge would side with the bank if you had a receipt that clearly says you deposited what you say you deposited?