Which bank?

[TinySideburns]

Is there a reason to choose a bank where you have a personal connection with someone over a bank that you don't? For example, I'm deciding between Fifth Third and TD Bank; I really like TD Bank, but my family has connections with the branch manager at our local Fifth Third. I've been told that it will help in the future when I'm looking into a mortgage/loan, etc. Is this true, or will my credit score be sufficient for this when the time comes?

[TinySideburns]

Thanks for the input! I have a credit union currently, but I just moved and I'm receiving checks and it's a pain to mail them to deposit them. Also, and this may sound petty, but the site isn't very tech-friendly; it won't link up with Mint, CreditKarma, and other personal finance sites that I use. I will keep it open as my credit card interest rate there is pretty low, but I'm looking for a "big bank" to pay bills as well.

[TerriM]

I'd definitely focus on the ability to use the bank and trying to minimize fees over knowing someone at the bank.  I really doubt someone could pull strings to get you a mortgage you shouldn't otherwise have. 

[TinySideburns]

I'd definitely focus on the ability to use the bank and trying to minimize fees over knowing someone at the bank.  I really doubt someone could pull strings to get you a mortgage you shouldn't otherwise have.

I was thinking more along the lines of having a lower interest rate because of knowing someone, not having one that I shouldn't have. I don't think I'd have an issue getting a loan if I wanted one at this point. Does that make sense?

[randommadness]

100% online ftw.

This doesn't answer your question about connection but I've switched 100% to Ally. For standard banking needs - perfect. Make sure whoever you go with reimburses you for ATM fees.

For a mortgage, like blahblah said - go with a local credit union if you can. You can ditch your old one and find a new one, believe it or not :P

[randommadness]

I'd definitely focus on the ability to use the bank and trying to minimize fees over knowing someone at the bank.  I really doubt someone could pull strings to get you a mortgage you shouldn't otherwise have.

I was thinking more along the lines of having a lower interest rate because of knowing someone, not having one that I shouldn't have. I don't think I'd have an issue getting a loan if I wanted one at this point. Does that make sense?

With things like LendingTree you should always be able to get the interest rate you deserve from wherever. Too much bureaucracy for a local person (at a major bank) to say "Sure I'll give you a lower interest rate!"

[pzxc]

If your family has connections with Fifth Third, then they have connections with Fifth Third.  You don't need a personal checking account at a bank to get a loan from them.  You go to them and say, "Hey, you know my uncle don't you? He said to come talk to you about a mortgage"

What does that have to do with personal checking?  You think the branch manager is more/less likely to give you a mortgage or give you favorable based on whether or not you use that bank for your checking account?  It won't make a shred of difference.

[TinySideburns]

If your family has connections with Fifth Third, then they have connections with Fifth Third.  You don't need a personal checking account at a bank to get a loan from them.  You go to them and say, "Hey, you know my uncle don't you? He said to come talk to you about a mortgage"

What does that have to do with personal checking?  You think the branch manager is more/less likely to give you a mortgage or give you favorable based on whether or not you use that bank for your checking account?  It won't make a shred of difference.

That's what I was thinking...I currently have a car loan, credit cards, etc., and this all happened without knowing anyone. Just wanted to make sure that I wasn't missing something there.

Thanks guys!

[TerriM]

Nahh.  You're fine.  It's a different era from our parents and grandparents.  When they got a mortgage, they had to dress in their finest, and sit in front of a human being and be scrutinized and then get a decision.  Now you're a set of numbers turned into a probability.

[GizmoTX]

When it comes time for a mortgage, shop, shop, shop. Terms vary greatly, & you want to deal with a mortgage company that will close in a reasonable time. Your credit score matters. Your bank doesn't.

For a checking account, look for zero fees, free bill pay, free checks, free mobile deposit, free ATM/debit card, online access, FDIC. The bank can be online or storefront. We have two checking accounts: Schwab, which does all of this & also handles our brokerage accounts, & Wells Fargo, which serves as a firewall account for occasional PayPal purchases, checks to individuals, & any company that doesn't accept a credit card payment. Zero fees can sometimes be accomplished by direct deposit of a minimum amount, or by also opening a savings account with an auto transfer every month. A storefront bank can be useful if you need services like a certified check or deposit lots of checks.