American Banks

lil_lisa

Ok, without starting a thread meant for the Ranting & Raving section, I'm fed up of the most ridiculous charges and fees and unclear balances and everything with my current bank here in the US. Can anyone give me a heads up as to which bank they're using and what its good for?

I specifically went with this bank for the free international transfers but since I got a credit card from home I don't need it.. So I'm now looking for a new bank. I'm getting paid tonight so tomorrow I am changing no matter what!

Any suggestions from anyone? Or knowledge of which bank to steer clear of?

Thanks in advance!

Black Swan

I got free checking and a fee-free credit card with Chase (since they took over the failed Washington Mutual bank on the west coast). If you want to have a bit of cash on hand and want to earn interest on that balance, you can open a savings account too, that holds your larger balances which you can easily transfer 24/7 at any of their ATM machines when needed. I do most of my banking by ATM, and rarely enter the branch bank.

No matter what bank you choose, it's best to get into a habit of paying off your entire credit card balance each month, and on time. If you are late, there's a big fee, and if you carry a balance from month-to-month, the credit card interest rates are obscene since the recession started. Also, whatever bank you choose, make sure they have enough ATM locations to meet your needs, because if you have to use other bank ATMs, there's always a big fee.

I also have a Chase debit card, which works just like writing a check on your account, with no fees, provided you don't exceed your account balance. I also have over-draft protection on my checking/debit card account, so if I ever go over my starving student budget, I will not bounce a check, which is bad news.

Manic Moran

I'm with BofA, mainly because of the size. I like to travel, and I'm always fairly certain I can find a BofA somewhere. They also bought out Countrywide, so my mortgage is now with the same company my primary bank account is in. Dead easy.

However, they can be a little unresponsive at times, and have also started out with some stupid fees, so though I will maintain the BoA account for the long term, it's really just going to be an account my pay cheque goes into, and I've moved to USAA for much of my routine business. Interestingly, I have to 'pull' money from BofA to my USAA account, as BofA charges a transfer fee, and USAA does not.

Of course, USAA is not a 'public' institution, you may not qualify for an account.

NTM

spideog7

Well this is probably no use to you since I'm fairly sure these banks are not out west but I have a US Bank account and a PNC account. I find them both really good, PNC even give me those extra ATM charges back if I have a positive balance, so I don't have to worry about what ATM I'm using

The only reason I moved from US Bank is that they don't have any branches here in PA and I can't transfer money online which I found useful for transferring money into my Paypal account. Either way I don't suffer from too many charges and don't find them that bad at all.

Overheal

BofA also charges me a monthly maintenance fee unless im receiving direct deposits of at least $100 per month. that doesnt apply to cash or cheque deposits.

seems absolutely retarded tbh.

InTheTrees

BofA right now and hate them.

This weekend we plan on moving over to a small local seattle bank. I really like the current movement to switch to local banks, you support local jobs and industry. I cant see any benefit from having my cash in BofA.

InTheTrees

Overheal wrote: »

BofA also charges me a monthly maintenance fee unless im receiving direct deposits of at least $100 per month. that doesnt apply to cash or cheque deposits.

seems absolutely retarded tbh.

They aslo had a class action lawsuit about their practice of allowing debit card payments that overdrew an account and then charging overdraft fees rather than just denying the charge in the first place.

and they're still doing it.

Ruu_Old

I use my local bank (Busey Bank) in central Illinois for free checking and savings, another checking with State Farm. I find local banks easier to deal with and never any problems. My mortgage was with Countrywide (now part of BofA).

lil_lisa

Wow thanks for all the responses guys. Yeah I'm actually with Chase and this week have had some serious issues with them. Their online banking system never shows exactly how much money you have available, so unless you're willing to go back to the starting date of your account and keep a personal track or check your balance everytime you use your card (not useful in restaurants and such) then you will go negative. And with a negative balance comes a $33 fine for each transaction.
The only way to avoid this is by qualifying for the overdraft protection and pay $10 instead of $33, but I don't qualify so I'm allowed to let them rob me. I've just figured out that they don't include the pending items when they show you your available balance so I'm fed up.

I'm thinking of keeping it simple and going for a credit union and just taking money out once a week and surviving that way. My wallet will never lie to me and I can't go negative on it!

Hazys

You can open a checking account with Fidelity Investments and you get refended any withdrawel fees for other atms

lil_lisa

So I went into chase yesterday to complain and close my account, I don't know If it's because I'm Irish or look really young (one woman called me a kid) but they gave me half my fees back! And being the sucker that I am, Ive applied for a credit card with them too.

They're bringing in a system in march where you can choose for your payment to be rejected if you don't have sufficient funds in your account. I'll stick with them for a while! If I use this credit card wisely I can build up my credit!

Black Swan

Manic Moran wrote: »

However, they can be a little unresponsive at times, and have also started out with some stupid fees

I've heard of this unresponsiveness and increased fees complaint about BofA from other students who have left them. The same for Wells Fargo. Also, if you get out-of-state checks, or funds from across the pond, they tend to hold parts of your money for 2 to 3 weeks on the pretense that they have to be assured that the transfer will be complete. I once had this problem with Chase, and asked to see the branch super, and he authorized immediate release of my funds, and I haven't had a problem since. I pay no fees on my student account.

InTheTrees

lil_lisa wrote: »

So I went into chase yesterday to complain and close my account, I don't know If it's because I'm Irish or look really young (one woman called me a kid) but they gave me half my fees back! And being the sucker that I am, Ive applied for a credit card with them too.

They're bringing in a system in march where you can choose for your payment to be rejected if you don't have sufficient funds in your account. I'll stick with them for a while! If I use this credit card wisely I can build up my credit!

Oh No! They got to you!

Well to be fair if you hadnt sincerely wasnted to close your account you may not have got all those refunds...

dazzerb

do you have a traditional brokerage account (eg Fidelity, UBS, Fidelity, Schwab, ...). as most offer checking and banking.

I use the brokerage firm that maintain my retirement for all my checking, credit and debit cards, savings account, etc.... and it works out great. No more BofA for me!

InTheTrees

dazzerb wrote: »

do you have a traditional brokerage account (eg Fidelity, UBS, Fidelity, Schwab, ...). as most offer checking and banking.

I use the brokerage firm that maintain my retirement for all my checking, credit and debit cards, savings account, etc.... and it works out great. No more BofA for me!

I have a Sharebuilder account with ING that I'l certainly keep.

lil_lisa

Well considering I'm on an internship with base pay only, there's no way I could afford to have a brokerage account. They usually require $2,000 opening balance, that's impossible right now!