Bank in NYC? Experience w Chase or First Republic?

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dailybagel
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Bank in NYC? Experience w Chase or First Republic?

Post by dailybagel » Sun Oct 07, 2012 10:04 am

I recently moved to New York City metro area, temporarily living in Jersey City, NJ.

I need a new bank, as I currently have an account with Cambridge Savings Bank of Cambridge, Mass.

I am considering two options,and would be open to any other suggestions. The first is Chase Bank. I have a an offer for a $125 bonus for opening a new account there. Many branches and ATMs throughout the city.

The other option is First Republic Bank, which has offices in New York (UES, UWS, and Financial District) and California. Supposedly has an old-school feel with an emphasis on personal service.

I'm leaning towards First Republic, mostly because I am worried abut doing business with a "giant, monster mega-bank." only downside is that I would have to take the subway to visit branches in person.

Can anyone offer recommendations or feedback on your experience at these two banks? Or other suggestions? Thanks!

Tabulator
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by Tabulator » Sun Oct 07, 2012 10:27 am

dailybagel wrote:I'm leaning towards First Republic, mostly because I am worried abut doing business with a "giant, monster mega-bank." only downside is that I would have to take the subway to visit branches in person
Why would you have to visit in person? Are you comfortable with online banking?

toomuchdebt
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by toomuchdebt » Sun Oct 07, 2012 11:51 am

What are your goals with a new bank?

I have a Cambridge savings acct while living in NYC. They have ATM fee reimbursement, online photo check deposit and a decent bill pay.

They also will send you postage paid envelopes if you would prefer mailing in checks. Their maximum ach transfers and photo check deposits are getting annoying but I'm tolerating it. This is because their 1.5% rewards checking is a decent return.

I have considered the 125 new checking @ chase but there is a minimum to get that and avoid fees if I recall.

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neurosphere
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by neurosphere » Sun Oct 07, 2012 12:23 pm

I have accounts in NYC with both First Republic and Chase. First Republic requires a $3500 minimum balance to waive account fees. When opening the account, their customer service was outstanding (on phone, and through email through a rep based in SF). I was basically assigned a personal rep, who would respond directly to my emails. That was very nice! I got to order checks for free, but I think officially there is a charge and that they just waived the fee for me.

FYI, they are opening a few new branches around NYC.

However, their website is clunky and seems old fashioned, but I can do all the basic things I need to do just fine. I'm not sure if their accounts are compatible with directly download into quicken if that's important to you.

As for Chase, I have no problems with Chase and use it for my main checking account. ATMs are everywhere, checks can be deposited through my mobile phone, website is fully functional. I have not needed any special services, so can't comment on their customer service.

NS
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes".

wastenot
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by wastenot » Sun Oct 07, 2012 1:26 pm

I live in NYC and use Chase. It is satisfactory. I have no experience with First Republic. The only firm recommendation I would make is to stay away from the Bank of New York, which I believe focuses primarily on large account holders. I had some bad experiences there.

dailybagel
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by dailybagel » Sun Oct 07, 2012 4:11 pm

Thanks for the replies. It's great, neurosphere and toomuchdebt, that you replied with spot-on experiences.

My general requirements are (a) minimal fees for ATM access, and (b) electronic bill payment that can send snail-mail checks.
multivoiced wrote: Why would you have to visit in person? Are you comfortable with online banking?
I am comfortable wthi online banking.

The reason I'm looking for a bank here is to withdraw cash at the beginning of each month for envelope-style budgeting.

For reference, my current CSB offers 1.5% APY when I make 10 debit card transactions in a month. I guess I should stick with that account, eh?

Grt2bOutdoors
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by Grt2bOutdoors » Sun Oct 07, 2012 5:01 pm

wastenot wrote:I live in NYC and use Chase. It is satisfactory. I have no experience with First Republic. The only firm recommendation I would make is to stay away from the Bank of New York, which I believe focuses primarily on large account holders. I had some bad experiences there.
Bank of New York is not in the retail banking business - it was sold to Chase. Chances are some of those branches you visit were once Bank of New York locations.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

cbeck
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by cbeck » Sun Oct 07, 2012 8:30 pm

dailybagel wrote:Thanks for the replies. It's great, neurosphere and toomuchdebt, that you replied with spot-on experiences.

My general requirements are (a) minimal fees for ATM access, and (b) electronic bill payment that can send snail-mail checks.
You would do better with USAA Federal Savings Bank, which has no fees, no minimums, an excellent, free bill-paying service including mailing checks, refunds ATM fees up to $15 per month, and accepts check deposits via most UPS locations and by mail.

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interplanetjanet
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by interplanetjanet » Sun Oct 07, 2012 8:51 pm

cbeck wrote:
dailybagel wrote:Thanks for the replies. It's great, neurosphere and toomuchdebt, that you replied with spot-on experiences.

My general requirements are (a) minimal fees for ATM access, and (b) electronic bill payment that can send snail-mail checks.
You would do better with USAA Federal Savings Bank, which has no fees, no minimums, an excellent, free bill-paying service including mailing checks, refunds ATM fees up to $15 per month, and accepts check deposits via most UPS locations and by mail.
Seconded. I have used them for years as my "main" set of bank accounts and would recommend them highly. I found that in-person banking was something that I didn't really need to do as often as I had thought, and I'm glad to have made the change. They're one of very few companies that I openly praise in public.

Edit: the nice thing about their ATM fee refund is that it's automatic, credited when your statement is cut. I've never had them miss out on reimbursing a fee. Accounts have no minimum balance or activity requirements, making them a good choice if you want to spin up a few accounts for dedicated purposes (I use one just for paper checks, and one just for debit card access). Customer support is USA-based and has always been extremely helpful.

-janet

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Taylor Larimore
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I moved to Chase this week.

Post by Taylor Larimore » Sun Oct 07, 2012 9:10 pm

dailybagel wrote:I recently moved to New York City metro area, temporarily living in Jersey City, NJ.

I need a new bank, as I currently have an account with Cambridge Savings Bank of Cambridge, Mass.

I am considering two options,and would be open to any other suggestions. The first is Chase Bank. I have a an offer for a $125 bonus for opening a new account there. Many branches and ATMs throughout the city.

The other option is First Republic Bank, which has offices in New York (UES, UWS, and Financial District) and California. Supposedly has an old-school feel with an emphasis on personal service.

I'm leaning towards First Republic, mostly because I am worried abut doing business with a "giant, monster mega-bank." only downside is that I would have to take the subway to visit branches in person.

Can anyone offer recommendations or feedback on your experience at these two banks? Or other suggestions? Thanks!
Dailybagel:

This week I decided to change my SunTrust Bank account to the new Chase Bank across the street from our condominium.
I am promised the $125 bonus, free checks, free checking with no minimum balance (I'm a veteran), plus a list of other free services

The Bank representative (Melissa) was extraordinarily helpful. She arranged over the telephone to have my Social Security and Federal Pension automatic deposits changed from SunTrust to Chase. She also did all the necessary arrangements to have a mortgage payment automatically paid. This took nearly two hours of her valuable time.

I can't speak for New York City, but I'd give Chase a try.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

abrix
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by abrix » Sun Oct 07, 2012 10:27 pm

I too like Chase. I have just a basic free checking account with them. It is free as long as I have my paycheck direct deposited, which is perfect for me. Locations are everywhere and there are Chase ATMs in many/most Duane Reade stores. For what I need, Chase rocks.

rjbraun
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by rjbraun » Sun Oct 07, 2012 10:44 pm

My relationship with Chase is mixed; my recent post provides more details on this front. In general, I would say that, while people who work there may be well-meaning enough, the bank's size and bureaucracy interferes to the point where sometimes I wonder how anything even gets done. I can't believe how many Chase Private Client branches have opened in Manhattan. I think it's great since customers shouldn't have a long wait, at least in theory. But I wonder if there's enough business to go around to justify at least three branches within a six block strip. Even if they can draw the customers, until the bank can actually function properly, both in terms of processes and staff, I don't see how this strategy works. :confused

normaldude
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by normaldude » Sun Oct 07, 2012 11:13 pm

dailybagel wrote:I'm leaning towards First Republic, mostly because I am worried abut doing business with a "giant, monster mega-bank." only downside is that I would have to take the subway to visit branches in person.

Can anyone offer recommendations or feedback on your experience at these two banks? Or other suggestions? Thanks!
If you're willing to take a subway to visit branches, then I suggest TD Bank. They only have a few branches in the Jersey City area, but they have plenty of branches in Manhattan.

- Free checking ($100 min balance). Most other banks require a much higher minimum balance to get free checking.

- Open 7 days/week, nights & weekends. This can give you a competitive advantage in NYC apartment hunting, when you suddenly need to throw down a cashiers check on a Sunday, or after 6pm.

- Free coin counting machines.

btw, TD Bank's branch locator seems to work best if you search by zipcode. (And then search by "store", but not "ATM")

http://tdbank.com/net/absearch/

rjbraun
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by rjbraun » Sun Oct 07, 2012 11:29 pm

normaldude wrote:
dailybagel wrote:I'm leaning towards First Republic, mostly because I am worried abut doing business with a "giant, monster mega-bank." only downside is that I would have to take the subway to visit branches in person.

Can anyone offer recommendations or feedback on your experience at these two banks? Or other suggestions? Thanks!
If you're willing to take a subway to visit branches, then I suggest TD Bank. They only have a few branches in the Jersey City area, but they have plenty of branches in Manhattan.

- Free checking ($100 min balance). Most other banks require a much higher minimum balance to get free checking.

- Open 7 days/week, nights & weekends. This can give you a competitive advantage in NYC apartment hunting, when you suddenly need to throw down a cashiers check on a Sunday, or after 6pm.

- Free coin counting machines.

btw, TD Bank's branch locator seems to work best if you search by zipcode. (And then search by "store", but not "ATM")

http://tdbank.com/net/absearch/
+1
I was also going to suggest TD Bank. Based on my dealings with them to date (recent mortgage refi and an unrelated banking inquiry once or twice), I found them to be good.

4stripes
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by 4stripes » Wed Oct 10, 2012 10:12 am

I inherited Chase in NYC as a WAMU customer. Chase definitely has the largest coverage in NYC and nationally, which I find very convenient. Every Duane Reade has a Chase ATM, so you're never more than 5 blocks from an ATM in Manhattan. I don't do any "banking" other than going to an ATM and shuffling things around online (I also have ING), so from that perspective every bank is pretty much the same to me. Chase wins for convenience and a very good online interface that they regularly improve.

lucky3
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by lucky3 » Wed Oct 10, 2012 9:19 pm

Been with Chase for over 30 years, never had a problem....if you're looking for a brick and mortar bank Chase would be my vote.

Lucky3

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legio XX
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by legio XX » Thu Oct 11, 2012 7:08 am

Grt2bOutdoors wrote:Bank of New York is not in the retail banking business -
That's good to hear. When they took over Barclay's (about 20 years ago!) it was a nightmare. Fortunately I also had the credit union which is where I've stayed ever since - so I can't comment on Chase vs Republic. But, if I needed to change this arrangement I'd go to TD first - based on good word-of-mouth.

Vic

cubby08
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Re: Bank in NYC? Experience w Chase or First Republic?

Post by cubby08 » Thu Oct 11, 2012 10:06 am

I've used Chase, BOA, and have been using TD Bank (formerly Commerce before they were purchased) for the last 5 years. Service is leaps better than the larger banks.
Advantages:
- great hours
- plenty of ATMs
- best customer service - when you call them, a person picks up. no computer operator.
- Lost my card a few years ago. walked into a branch and they printed me a new one on the spot

Disadvantages:
- website is pretty basic
- can't remote deposit on the smartphone app yet
- they had a serious system issue a few years ago that made banking impossible for 2 days. no problems since though.

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