Poll: What's your bank?

[bigben2k]

I hate my bank, I really do.

Because I've been working part time for the last six months, I've been using my checking account and playing the balance down to the last dollar. Once in a while though, I'll forget about an upcoming charge, or a check, and I make a few small purchases (can of pop, a sandwich,...), and overdraft my account, which Wells Fargo is not only happy to let me do, but also charge me $33, EACH TIME.

So my overdraft protection options are:
-link my checking account to a credit card
or
-link it to a savings account

But...

Since I'm still a Canadian citizen in the US, I have no credit history, so I'd have to get a secured credit card, which Wells Fargo will gladly give me, if I drop $300 with them, to back it up. (I need a credit card from someone else, I guess)

Wells Fargo's savings will charge me $3 per month, just to have a savings account, unless I maintain a balance of... you guessed it, $300.


I'm stingy when it comes to bank fees.


It's bad enough that my part time employer doesn't have direct deposit, because if they did, I wouldn't have to pay Wells Fargo $8 per month, just to have a checking account (hey, maybe I can just switch account type...).

Now that I have a second job, and that the employer does have direct deposit, I'll be able to go around this $8 fee. This will take ~6 weeks to take effect...


So I've been looking at other banks. Bank of America is even worse than Wells Fargo... (no secure card, $500 minimum balance on savings).


Hence this poll: who do you bank with?

[iroc409]

wells fargo here, and quite happy with them. although it was sort of by default, they purchased the original bank i was with and split its customers (i was of course left with WF).

as far as credit, loans, etc, they are VERY particular about their clients. you really need outstanding credit, or lots of cash to get in their good graces. however, it may be helpful if you do most of your banking through their 24hour 1800 number, the folks there are way more pleasant and happy to deal with. in fact, one time when i went in to the main bank here, they flat out denied me a savings account. so i called the national banking number, and told me there was absolutely no reason for them to do this, and were more than happy to help me out (that's probably what really turned me off from asking a local rep about anything).

why are you charged $8 for a checking account? wells fargo has a basic free checking account with no minimum balance, they won't charge you a maintenance fee. but yes, there are maintenance fees on just about any other account unless a minimum balance is kept. there are some checking accounts of theirs that does this as well, perhaps you have one of those accounts (if it's an interest bearing checking account, there is definitely a maintenance fee).

anyways, you may check out commercial federal. they're fairly large, i've had accounts with them in the past, and i know several people that have them. so far, so good, and i've never had an issue with them. my only gripe is they charge you yearly for the debit card. they aren't as stingy with daily limits as WF tho, but WF does it for "security purposes" (if i'm going to make a sizable purchase, i have to call them first and have them temporarily raise my daily limit).

you may also conisder a credit union or a smaller local bank. they're not going to have nationwide banking or as much support under them generally, but they can be a lot more personable (again, if you call the 800#, wf is pretty good to deal with, and they're around 24/7).

[superart]

I used to have wachovia. They were pretty good. I even overdrew 4 times, like you described, and they waived the fine a couple times.

I changed to suntrust when I started college b/c they have an ATM on campus and it's easier for me to deposite checks that way, since I dont have a car. My parents still use wachovia for all their banking, both personal and commercial, and are verry happy. They have locations all over the country, and are verry focused on customer service. you should look into them.


hope that helps
-- superart

[bigben2k]

Yeah, when I originally signed up with WH, I had direct deposit, but lost that job, and then had an employer that didn't have direct deposit, and I didn't take the time to change the account type. I never stop by the bank, I do everything on ATM or online.

I was checking out netbank, but that looks like another one of those gigs for high rollers.

[pauldenton]

Originally Posted by bigben2k

I hate my bank, I really do.

Because I've been working part time for the last six months, I've been using my checking account and playing the balance down to the last dollar. Once in a while though, I'll forget about an upcoming charge, or a check, and I make a few small purchases (can of pop, a sandwich,...), and overdraft my account, which Wells Fargo is not only happy to let me do, but also charge me $33, EACH TIME.

So my overdraft protection options are:
-link my checking account to a credit card
or
-link it to a savings account

But...

Since I'm still a Canadian citizen in the US, I have no credit history, so I'd have to get a secured credit card, which Wells Fargo will gladly give me, if I drop $300 with them, to back it up. (I need a credit card from someone else, I guess)

Wells Fargo's savings will charge me $3 per month, just to have a savings account, unless I maintain a balance of... you guessed it, $300.


I'm stingy when it comes to bank fees.


It's bad enough that my part time employer doesn't have direct deposit, because if they did, I wouldn't have to pay Wells Fargo $8 per month, just to have a checking account (hey, maybe I can just switch account type...).

Now that I have a second job, and that the employer does have direct deposit, I'll be able to go around this $8 fee. This will take ~6 weeks to take effect...


So I've been looking at other banks. Bank of America is even worse than Wells Fargo... (no secure card, $500 minimum balance on savings).


Hence this poll: who do you bank with?

well you guys seem to get a really bad deal on banking
i presume it's connected to the US's weird banking laws (with banks not being able to necessarily operate nationwide iirc?) leading to a non-competitive market.

is it better in canada?

over here the idea of being charged a fee for a debit card would be regarded as absolutely preposterous.....
free banking (if in credit - if overdrawn it's a different story....) is the norm (with the exception of a few "private banks" catering to high net worth individuals) and has been for about 30 years iirc. - by free banking i mean no fees at all for all normal transactions (deposits/withdrawls/cheque or debit card transactions, bill payments etc.) interest on your current account (albiet at a low rate) is also the norm (unless you opt out of it for religious reasons)

[prandtl]

Originally Posted by pauldenton

is it better in canada?

not really, for example if you made a check and overdraft your acount, your good for a $25 fee. Everytime you use your debit card, you also have to pay fees, unless you have a plan that let you pay mounthly fee instead of small one at every use. Oh and if you have over $1000 (yes $1000) , then they do you a favor and wont charge you any fee . We also get (ridiculously) small interest on bank account balance.

[superart]

Originally Posted by prandtl

not really, for example if you made a check and overdraft your acount, your good for a $25 fee. Everytime you use your debit card, you also have to pay fees, unless you have a plan that let you pay mounthly fee instead of small one at every use. Oh and if you have over $1000 (yes $1000) , then they do you a favor and wont charge you any fee . We also get (ridiculously) small interest on bank account balance.

Holy shit man!! thats really bad. I had a better deal on a checking account when I was in highschool.

I had interest checking, no fees, and free debit card.

[bigben2k]

Actually, my bank in Canada just bounced the check, or denied the transaction on my card, if it went over my balance. I was never charged any overdraft fee, except if I wrote a check, but it was minimal ( <1$), and I had to cover it within a few days.

Never a problem with the Bank of Montreal. Don't know what it's like now... I just hate Wells Fargo for letting me use my card, when they know that my balance won't cover the purchase: it seems like they're just out to charge me the $33 OD fee. I even asked them if the transaction could be denied, if I went over my limit, and they said no.

[pauldenton]

Originally Posted by bigben2k

Actually, my bank in Canada just bounced the check, or denied the transaction on my card, if it went over my balance. I was never charged any overdraft fee, except if I wrote a check, but it was minimal ( <1$), and I had to cover it within a few days.

Never a problem with the Bank of Montreal. Don't know what it's like now... I just hate Wells Fargo for letting me use my card, when they know that my balance won't cover the purchase: it seems like they're just out to charge me the $33 OD fee. I even asked them if the transaction could be denied, if I went over my limit, and they said no.

over here, they would do the opposite... if you were overdrawn then paying a check would be 50p or so.... but refusing transaction(s) due to insufficient funds would be about £30 per transaction. monthly fees for unauthorised overdrafts are comprable i think - but agreed ones often free (apart from interest of course)

[jaydee]

I use Bank of America. When I joined up they had a couple different options and non of them sound like what you stated in your first post. Maybe it is just different in Washington. I don't have to worry about staying above $500 for my checking or savings. It is $100 here. But with theis plan I get hammered for $3 everytime I deal with a live person in the bank instead of using the ATM to deposit and withdraw. I don't have any penatly on my savings for the balance. I only got $26 in there and don't use the account at all. The second plan if you keep your checking balance above $500 you don't get penalized the $3 for using the live help in the banks. Weird rules. I don't get charged for using debit either unless it is from another banks ATM. I travel all over the country using the debit card. I also got a VISA Credit Card from them with a $5,000 limit. I havn't had any problems with them. The debit card also works as a VISA card but it takes money out of your checking account instead of on a credit account.

[Butcher]

Originally Posted by pauldenton

over here, they would do the opposite... if you were overdrawn then paying a check would be 50p or so.... but refusing transaction(s) due to insufficient funds would be about £30 per transaction. monthly fees for unauthorised overdrafts are comprable i think - but agreed ones often free (apart from interest of course)

My agreed overdraft is £1000 and is free apart from interest. If I exceed my overdraft limit I get charged ~£30 for exceeding it. Plus there's a fee for bouncing a cheque (around £30 I think) and a fee if you have your card retained by a machine for exceeding credit limits (£50 for this - had it happen to me erroneously, they refunded). Other than that everything is pretty much free. Debit card is completely free, credit card is just interest as long as I maintain monthly payments. They even give me nominal interest on my current account (about 0.5% gross pa iirc).

[KnightElite]

I'm in Canada as well, and it's not nearly as bad as what you're describing, at least in my situation. True, I get pretty weak interest on my checking account, but I don't pay any fees with the account I have unless I do more than 20 transactions a month (which I do sometimes), and then it's like $6 CAD.

I bank through my local credit union.

[Butcher]

damn I do easily 20 transactions a month, glad there's no charge for that.

[bigben2k]

Yeah, I think that Texas is just "special"...

The only way I'd earn interest on a checking account, is if I was a high roller, with min balance of $5'000 or $10'000.

I found something interesting at "Regions bank", but I'll have to visit my local branch to get more details.

[prb123]

When I lived in El Paso I had Wells Fargo...best bank I've ever had. I did not earn interest on my account but everything was free...I even had a $500 (I think it may have been $300) overdraft credit line that was very reasonable to use. However I am a US citizen and have an excellent credit history. Sorry to hear about your troubles...there is very little more frustrating than fighting with your bank.

[bigben2k]

Yeah, WF in Texas doesn't offer a credit line, just for overdraft.

Sucks to be in Texas! Maybe that's why Bill left

[trit187]

i like bank of america, i had key bank, but there hours were seriously 9-5 monday through friday... so if you work.. or go to school w/sports how the hell are you supposed to visit the bank?!

I'm fairly happy with boa, as long as i avoid using the teller. but i never really need to do that, they're online banking features are helpfull too, easy money transfers and deposits. they have wuite a few different options for accounts so you have to play around and see which one works for you best.

[bigben2k]

Thanks for the input.


One thing that's really hard to find out, is how good the Web info is updated.

Wells Fargo actually works well there: I can go to the store, and come home, and fine the transaction as (pending), to know my balance.

Klein bank sucked at this: they only showed one balance, without telling you if it's real or available, and it's only updated once per day, some time in the middle of the night. Their tellers don't know what they're talking about, so I've dubbed the outfit the "Mickey Mouse" of all banks. Since my wife got tired of me complaining about it (her account, not mine), I just whistle the Mickey Mouse theme whenever it comes up...


So how's your online statement/balance working for you?

[joemac]

Ben,

Since you have some overdraft I would be careful. I don’t know if you ever heard of Chex system. Its a type of credit bureau that banks use except that they are not regulated as one. Most banks in Texas use them. So if you closed you bank account at WF and went to another bank you will find that they will not open an account for you – And there is no- and- if, or but’s. If you plan to change banks open a new account first then close the old account for the Chexs system is a Nazi type system whether the information contained about you is right or wrong it stays for 5 years. This will make it almost impossible for you to open a bank account. For reading google “chex wells fargo closed account”. Hope this helps.

[BadPenguin]

I have a Free student checking account with Wachovia, and I couldnt be happier.

I am 17 years old, and they let me open a Free Student Checking Account. That includes:

Free Online Banking
Free Debet Card
2 free calls for phone credit help
no monthly fee (no matter what)
Direct Deposit not required
No minimum balance.
$30 overdraft fee ( reasonable, considering my goal is not to overdraft)

All you need to do to start the account is have some identification and $200 bucks, cash, or in check form. I was amazed when they let me open an account. I dont turn 18 till this november. Id reccomend it to anybody who dosnt have direct deposit, or just wants a free account. Now, i understand that Bank of america has a student checking account w/ no min montly balance, but, I understand thats only if you have Direct Deposit. Anyways, im very happy with wachovia. they also offer the option to open a savings account that id look into.

BTW! INVEST 25% OF EVERY SINGLE PAYCHECK YOU EVER GET (INCLUDING 25% OF MONEY FROM PARENTS, GRANDPARENTS, BIRTHDAY) BECAUSE IT WILL PAY OFF IN THE END, NO JOKE.

[bigben2k]

Thanks for the tip joemac. I think i'll hold on to the WF account, at least for a little while, until I can open another one.


I'm no student but yes, I'm aware of the advantages... I'll go back to school sometime, so I'll get it, whenever.

The investment advice is very good.

[BadPenguin]

Originally Posted by bigben2k

Thanks for the tip joemac. I think i'll hold on to the WF account, at least for a little while, until I can open another one.


I'm no student but yes, I'm aware of the advantages... I'll go back to school sometime, so I'll get it, whenever.

The investment advice is very good.

if your not a student, they offer a "Free checking" account, which is exactally the same thing, just a different name.

[bigben2k]

Yeah, but i'll have direct deposit shortly, so I'll just wait it out.