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post #1 of 46
1/13/11 at 1:31am
Thread Starter 
I used to bank with Washington Mutual. Great bank, great service, free checking, until Chase came along. Now they want to charge fees for everything and I want out!

I want a free checking account with no mimimum balance requirement, BillPay and good customer service. What bank(s) would you recommend? I have a mortgage with Wells Fargo and can qualify for their Portfolio Management Account (PMA), their premier account that comes with lots of free services (eg., 100 free brokerage trades a year, mobile banking, no-fee non-Wells ATM withdrawals, etc). They bought out Wachovia and have a solid presence in Atlanta, where I live, but am wary of large banks. They tend to change their rules every time. My theory is that it is better to be an investor than a customer at large banks. I have also looked at Schwab.

Any advice from personal experiences?

Thanks.
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post #2 of 46
1/13/11 at 1:36am
I don't mind Wells Fargo, which I have used for years. Their checking accounts can be expensive if you don't keep a minimum amount in savings. As with any other big bank, expect to get nickled and dimed. But they don't fuck you as much as Chase or BoA do.
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post #3 of 46
1/13/11 at 1:40am
Thread Starter 
Quote:
Originally Posted by Don Carlos View Post
I don't mind Wells Fargo, which I have used for years. Their checking accounts can be expensive if you don't keep a minimum amount in savings. As with any other big bank, expect to get nickled and dimed. But they don't fuck you as much as Chase or BoA do.

Oh yes, I've heard about BoA!!!

With my mortgages (I have 2 with Wells), I qualify for a no-fee PMA account and a no-fee savings account. An advantage is that I would be able to access all accounts on one website.

How is their customer service? Apparently, Wachovia was known for excellent customer service and Wells says they want to keep theirs at that level.
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post #4 of 46
1/13/11 at 2:04am
BoA has accounts where you can avoid service charges by either: Using the paperless statement feature and only using the atm for deposits and withdrawls or setting up direct deposit. No minimums required when you do either of those options.
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post #5 of 46
1/13/11 at 2:56am
My cousin has Schwab and there are no fees for him since he has direct deposit. Full reinbursements on atm fees.
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post #6 of 46
1/13/11 at 11:52am
Quote:
Originally Posted by mkarim View Post
I used to bank with Washington Mutual. Great bank, great service, free checking, until Chase came along. Now they want to charge fees for everything and I want out! I want a free checking account with no mimimum balance requirement, BillPay and good customer service. What bank(s) would you recommend? I have a mortgage with Wells Fargo and can qualify for their Portfolio Management Account (PMA), their premier account that comes with lots of free services (eg., 100 free brokerage trades a year, mobile banking, no-fee non-Wells ATM withdrawals, etc). They bought out Wachovia and have a solid presence in Atlanta, where I live, but am wary of large banks. They tend to change their rules every time. My theory is that it is better to be an investor than a customer at large banks. I have also looked at Schwab. Any advice from personal experiences? Thanks.
I was in the same situation with WAMU changing over the Chase. They told me that if I wanted to retain my account and not pay the monthly maintenance fee ($10, WTF!) that I would need to make a monthly direct deposit >=$500. Not sure if that applies to you, but maybe something to consider. I wouldn't be as wary of Wells as you seem to be. They are a phenomenal bank that works very well and is very good at customer retention and getting their customers to use more and more of their products. And I say that as a man who works at an institution that competes with them everyday. If you can get all they they are offering for free (since you have your mortgage with them) I say take it. Also, in general if you have more than $500k in total investable assets most banks will roll our the red carpet for you if you bring your whole relationship to them. You get higher rates on deposit accounts, special mortgage rates, special services, etc.
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post #7 of 46
1/13/11 at 12:22pm
Honestly, go with a credit union. They usually offer everything you want, without all the bullshit.
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post #8 of 46
1/13/11 at 1:49pm
Quote:
Originally Posted by mikeman View Post
Honestly, go with a credit union. They usually offer everything you want, without all the bullshit.
Except, that they generally have very small ATM and Branch networks which can lead to a lot of fees over the long term if you're not careful or there isn't a branch nearby.
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post #9 of 46
1/13/11 at 2:03pm
Quote:
Originally Posted by mikeman View Post
Honestly, go with a credit union. They usually offer everything you want, without all the bullshit.

I am very happy with my local credit union. As Biggskip pointed out, you do have to be careful about ATM charges and teller access, but if those aren't huge issues for you credit unions beat banks by every other measurement.
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post #10 of 46
1/13/11 at 3:05pm
Quote:
Originally Posted by harvey_birdman View Post
I am very happy with my local credit union. As Biggskip pointed out, you do have to be careful about ATM charges and teller access, but if those aren't huge issues for you credit unions beat banks by every other measurement.

This. NASA FCU has been good to me since before I knew what money was.

ATMs aren't a problem; I'll duck into a grocery store and use my check card to buy a pack of gum for $.69 to withdraw $60 here and there rather than spend $2.50 on some BigNationalBank ATM fee.... or consult this if I'm going somewhere with which I'm unfamiliar. Hell, there's one just a block from my house.
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post #11 of 46
1/13/11 at 5:57pm
Go with a local small bank or a credit union, just watch your ATM withdrawal fees...why the hell would you use an ATM anyways? Just carry some spare cash, that's all. I closed my Chase checking account because of their BS maintenance fee.
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post #12 of 46
1/13/11 at 7:56pm
Yeah I was at WaMu too, and I also echo the OPs sentiment, fuck Chase. I moved all of my shit to ING.
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post #13 of 46
1/13/11 at 8:07pm
Thread Starter 
Quote:
Originally Posted by XeF4 View Post
Yeah I was at WaMu too, and I also echo the OPs sentiment, fuck Chase. I moved all of my shit to ING.

I was thinking of having my checking account with Wells or SunTrust and (orange) savings account at ING. Great interest rates (1.1%). I could transfer from checking to ING savings account every month and build up decent savings.

How do you like ING?
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post #14 of 46
1/13/11 at 8:45pm
Quote:
Originally Posted by dragon8 View Post
My cousin has Schwab and there are no fees for him since he has direct deposit. Full reinbursements on atm fees.

this. for the motherfucking win. you may have to mail in your checks, but if damn, you can withdraw monies from anywhere for free, and no need for a minimum balance in your account.

tldr: SCHWAB
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post #15 of 46
1/13/11 at 8:48pm
Quote:
Originally Posted by mikeman View Post
Honestly, go with a credit union. They usually offer everything you want, without all the bullshit.

Yep.

And the issue of ATMs is non-existent b/c mine refunds all charges automatically. So I have the largest collection of ATMs of any bank and can use them all for free.
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