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Choosing a bank
Posted on 4/11/23 at 4:22 pm
Posted on 4/11/23 at 4:22 pm
I've had only 1 bank account that my wife and I use for direct deposit and as a saving account... La Capitol Federal Credit Union.
I've had this bank since I started college in 2001. I moved out of state in 2012, and I still bank with it.
Now I am looking to switch to another bank since it hasn't been very convenient.
I am thinking of choosing a big bank like Chase or BOA for direct deposit and to transfer my savings account to it.
Any recommendations?
I've had this bank since I started college in 2001. I moved out of state in 2012, and I still bank with it.
Now I am looking to switch to another bank since it hasn't been very convenient.
I am thinking of choosing a big bank like Chase or BOA for direct deposit and to transfer my savings account to it.
Any recommendations?
12
Posted on 4/11/23 at 5:07 pm to Northwestern tiger
Regional bank or credit union can provide same products with better service and at better yields/rates.
Posted on 4/11/23 at 5:09 pm to Northwestern tiger
Been considering the same. Been w Regions since mid-90s and been wanting to move to a bigger bank that also offers a wider spectrum of banking options online. Anytime I want to do something w Regions they insist income in to the branch.
Also intrigued by Chase’s investing self-directed investing account options
Also intrigued by Chase’s investing self-directed investing account options
Posted on 4/11/23 at 5:14 pm to Northwestern tiger
Find a credit union where you are now.
Posted on 4/11/23 at 5:59 pm to Northwestern tiger
quote:
I am thinking of choosing a big bank like Chase or BOA for direct deposit and to transfer my savings account to it.
Unless there’s some special services you’re looking for, I’d take the advice of the others who’ve said local credit union, community bank or maybe a regional in your area.
Depending on your current (or future) needs, you’ll typically get much more personalized service from a credit union or community bank, IMO. Since the 80s, I’ve always found it easier to build relationships with smaller institutions. People you get to know tend to move up (or out) too often at money center based banks. When you’re trying to build relationships to buy real estate or some kind of less common deal, you want someone who knows you as a person, not just a number.
Just my 2 pennies.
Posted on 4/11/23 at 6:08 pm to Northwestern tiger
Chase will charge you a monthly fee unless you keep like 15k or something in you accounts. Their investment account is ok for basic stuff, you can't buy a 2x or 3x ETF and some other things. I believe capital one has free checking. I'm looking at leaving Chase just because of their politics and now them saying the government should just take peoples land for green energy.
Posted on 4/11/23 at 6:20 pm to Northwestern tiger
Must haves for me:
1. Nice app and website
2. Deposits from phone
3. Good savings yields
4. No fees
5. Must connect to quicken, mint, etc
Currently Capital One checks all those boxes for me
1. Nice app and website
2. Deposits from phone
3. Good savings yields
4. No fees
5. Must connect to quicken, mint, etc
Currently Capital One checks all those boxes for me
Posted on 4/11/23 at 7:36 pm to whiskey over ice
quote:
Must haves for me: 1. Nice app and website 2. Deposits from phone 3. Good savings yields 4. No fees 5. Must connect to quicken, mint, etc Currently Capital One checks all those boxes for me
I pulled all my money out of Capital One when I had to drive to 4 banks to pull out 8k. I have never had a banking experience like that and switched to Chase as my local bank.
My wife and I have had B of A for 20 years but needed a local bank so we left Capital for Chase. Didn’t realize Capital One had such good savings rates because B of A and Chase are dog shite.
Posted on 4/11/23 at 8:27 pm to Northwestern tiger
Look at the data tracking allowed by the banks. If they have advertising trackers WHERE YOU LOG IN, then avoid them. PNC is the worst I've seen, but many are bad. The least offensive data tracking bank that I've seen is Regions.
You can use Firefox with Ghostery and NoScript to see the data sharing they do with Big Tech.
Do not like Chase or BOA for banking. Wells might be less offensive, but really cannot rec them either. If I was making the decision ... I would stick with your CU & add Regions. When interest rates drop over the next two years, you will likely get better rates at the CU.
BOA's self Directed Merrill account provides good stock research, but Schwab & Fidelity are better options for a brokerage account. All three of those company's data tracker sharing can be blocked without affecting their use.
You can use Firefox with Ghostery and NoScript to see the data sharing they do with Big Tech.
Do not like Chase or BOA for banking. Wells might be less offensive, but really cannot rec them either. If I was making the decision ... I would stick with your CU & add Regions. When interest rates drop over the next two years, you will likely get better rates at the CU.
BOA's self Directed Merrill account provides good stock research, but Schwab & Fidelity are better options for a brokerage account. All three of those company's data tracker sharing can be blocked without affecting their use.
This post was edited on 4/11/23 at 8:41 pm
Posted on 4/11/23 at 9:40 pm to Northwestern tiger
Capital One is very, very convenient to have as your main bank.
Posted on 4/11/23 at 10:02 pm to Northwestern tiger
Bank with a locally owned community bank who makes local decisions. Technology has caught up in every sector. They now all have an app, can take a picture of a check to deposit it, connect to Quicken / Mint / Plaid, etc.
Plus you’ll have MUCH better service. Good and consistent service matters to me. In any business I choose. Especially when they take care of my money.
List of community banks
Here is a great article in Forbes recently about how community banks are safe options in the wake of Silicon Valley Bank and Signature Bank’s collapse.
Three Reasons Why Your Money Could Be Safer In A Community Bank
Plus you’ll have MUCH better service. Good and consistent service matters to me. In any business I choose. Especially when they take care of my money.
List of community banks
Here is a great article in Forbes recently about how community banks are safe options in the wake of Silicon Valley Bank and Signature Bank’s collapse.
Three Reasons Why Your Money Could Be Safer In A Community Bank
This post was edited on 4/11/23 at 10:17 pm
Posted on 4/11/23 at 11:21 pm to Northwestern tiger
Avoid all the big banks. They are more concerned with being woke than providing you good value and service. Smaller banks are run by better people than big banks. It’s that simple.
Posted on 4/11/23 at 11:35 pm to Drizzt
Anyone have 5th district and like them ?
That have them around me and 1 somewhat close to where we plan on moving.
That have them around me and 1 somewhat close to where we plan on moving.
Posted on 4/12/23 at 6:56 am to Kreg Jennings
I get wanting good service but I can’t remember the last time I needed service from my bank. I can understand if you’re doing business banking but how often do you need something with personal checking?
Posted on 4/12/23 at 10:34 am to Northwestern tiger
I've had Capital One for a long time. They were actually Hibernia prior to Capital One. I've been very pleased.
My Dad has Chase and would not recommend it at all.
My Dad has Chase and would not recommend it at all.
Posted on 4/12/23 at 6:18 pm to Rize
Cap one has another advantage—-the have very good liquidity ratios—perhaps the best of the larger banks.
Posted on 4/22/23 at 10:53 am to whiskey over ice
Not often…until you do….and we’re talking about access to your personal $$$….kind of important, no?
Plus, why not bank somewhere with consistently good service and the latest proven technology?
Doesn’t make much sense to say “I want the bank with inconsistent, mediocre service because I’m more familiar with their logo and jingle. Plus they have a bunch of locations that I don’t plan to visit often.”
Plus, why not bank somewhere with consistently good service and the latest proven technology?
Doesn’t make much sense to say “I want the bank with inconsistent, mediocre service because I’m more familiar with their logo and jingle. Plus they have a bunch of locations that I don’t plan to visit often.”
Posted on 4/22/23 at 1:25 pm to armsdealer
quote:
Capital One is very, very convenient to have as your main bank.
As long as you stay within their service territory. For example, if I live in Louisiana and have an account with them, they have numerous branches in Texas, Louisiana, New York, Washington DC, and Virginia.
Good luck in other states trying to find a fee free ATM.
Chase on the other hand has branches in almost every state. I wish they had some on the Mississippi Gulf coast and eastward. I was surprised on my Vegas trip that I found a Chase bank there.
A lot will depend on travels and where you go, I actually utilized my United Community Bank account the most because they don’t charge out of network ATM fees and refund up to 20 dollars a month in ATM fees. I thought some the ATM fees were bad on the coast, but Vegas’s 10 dollar ATM fees were nuts. That is how I found a Chase bank.
Posted on 4/23/23 at 8:09 pm to Northwestern tiger
I place so little value on bank services where the thing I have at a bank is a checking account. I chose my bank due to the ease of getting in and out of their parking lot.
All other funds are parked in other financial institutions. I don't even borrow money from banks, to many non-bank lenders that are far less of a hassle than dealing with a bank.
All other funds are parked in other financial institutions. I don't even borrow money from banks, to many non-bank lenders that are far less of a hassle than dealing with a bank.
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