Here's a reader participation exercise for you:
1. what bank do you use?
2. do you like that bank?
After many years, I have grown tired of my bank, the evil Bank of America. Their fees, the impersonal treatment, the lack of appreciation for my decades-long customer relationship, etc. They have my mortgage, but there is no reason they should have the rest of my business.
What was the final straw, you ask? $40 in fees because I made (in their view) too many transfers from savings to checking. They won't refund the fees, so instead they will lose all of my accounts.
I welcome your thoughts as I embark upon this exciting new search for a banking relationship!
20 May 2008
Shopping for a new bank
Posted by Lisa at 8:32 AM
Labels: Miscellaneous
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5 comments:
1. I use a credit union, Lorillard Federal Credit Union (yeah, yeah, yeah - evil tobacco company - I know). I was able to enroll as a member in 1996 whilst working my first job (at a collection agency of all places).
2. I love it. No fees to transfer money from savings to checking and vice versa, no fee automatic overdraft from my savings, no fees (on LFCU's end) to withdraw money from ATM.
The downsides: There are no networked CU's in Pittsburgh, so I still get hit with an ATM fee from the local bank when I withdraw money and the loan interest rates are usually higher then the current market rates.
I currently bank at Charles Schwab. I've used an online bank for years because I never go to physical branches anyway with direct deposit.
The advantage of Schwab is they pay a very high interest rate (for a checking account) and they reimburse all my ATM fees so I don't have to cringe when a local ATM wants to levy a $3 fee. Plus they don't have a monthly service fee.
If you ever do get a paper check they provide postage paid envelopes.
Finally, if you are so inclined you can link the checking account to your brokerage account and have a free overdraft protection source.
Happy bank hunting.
Thanks for the feedback, guys. JD, I was quite tempted by the setup you describe, but I have a fair number of checks to deposit and for other reasons like to have a "brick and mortar" option available. My colleague recommended Chase, which is right there in our building. One of their nice features is that you get a free safe deposit box with the account, which will be a handy place to park important papers. I was so eager to make this switch that I did it yesterday, though the process of switching over automatic deposits and withdrawals (i.e., insurance, mortgage payment, etc.) is not an instantaneous one.
I use HSBC, because their marketing appeals to me. "the world's local bank"
Thanks, Ming!
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