Looking to Drop Wells Fargo for Online Banking

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TylerS7
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Looking to Drop Wells Fargo for Online Banking

Post by TylerS7 » Wed Dec 21, 2016 8:01 pm

I currently have Wells Fargo Checking, Savings, and Credit Card I signed up for in college. I no longer use the credit card as I stopped after I got a Chase Sapphire Preferred. I use the checking account for my income direct deposit, to pay my bills, and various purchases throughout the month (recently I've been trying to only spend about 10% of my total available credit, so a fair amount of my purchases go on debit card). I don't get cash out a lot, but Wells Fargo really makes me mad when I get fees for non WF ATMs. I'm also really looking to set up a higher yield account for my emergency funds, and I initially decided to put that account with all my investments in a vanguard prime money market account, but I really like the idea of an Ally online savings account. I'm wondering what the best options would be for me. I'm looking for high interest savings for emergency fund, I also want online checking for bill pay and direct deposit with a debit card I will use fairly frequently, and I'm wondering what people think about not having access to a brick and mortar local bank?

Leaning Ally checking and savings account without any other banking. Is there a better savings and checking combo I'm missing? I have access to USAA if someone thinks I should look into their checking.

btenny
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Re: Looking to Drop Wells Fargo for Online Banking

Post by btenny » Wed Dec 21, 2016 9:20 pm

I think using a debit card is dumb. I don't mean to be rough to you but lots of people lose lots of money when they have their debit card hacked or cloned. Then some thief steals all their money in 1-2 hours. Then they find out they are not insured for that debit card. Then they are broke and the bank laughs.

So you need to use your credit cards and put that debit card away except for special emergencies. Credit cards are insured. Debit cards are not.

As far as Wells it is a good bank IMO but I am a old guy. As far as I know all banks want to charge you fees. So learn to find a WF ATM and only use those. I did that back in 1970. We called them Ugly Tellers. I don't think going to a Ally internet bank will fix this ATM fee problem.

AS far as a higher yield on your emergency fund, do you have credit union at work? They usually have good rates on savings accounts. Same good rates are usually available at small local Saving and Loan banks.

I use a brokerage account (at Wells) and hold Vanguard Limited Term Muni mutual fund (VMLDX) for some low risk money. It pays 1.5% interest but does vary some in price. I also hold some regular cash as well. These together give me years of money in case of emergencies or a market crash. I also use Wells brokerage as my investment account. I hold stock ETFs in that account along with the muni funds. The brokerage account together with my checking give me PMA status so I pay no fees for anything at Wells.

Good Luck.

livesoft
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Re: Looking to Drop Wells Fargo for Online Banking

Post by livesoft » Wed Dec 21, 2016 9:36 pm

You have the wrong kind of WF accounts. A lot of folks get free everything at WellsFargo including free ATM in the US and overseas, free checking, free checks, free wire transfers, free photo-deposit of checks, etc. Some even get free trades on Vanguard products, so they don't need accounts at Vanguard.

WF is an exceptional online bank for me, but it also happens to have local offices that one doesn't have to go to.
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TylerS7
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Re: Looking to Drop Wells Fargo for Online Banking

Post by TylerS7 » Wed Dec 21, 2016 9:59 pm

Thanks for the replies I appreciate it, I love reading everyone's opinions!

The reason I want to switch solely to online banking is a combination of high interest savings accounts offered by companies like Ally, combined with the fact that I haven't stepped foot in a bank in years; I do virtually all of my checking on my cell phone and have an occasional trip to an ATM when going out or going on vacation. Wells Fargo offers great online banking, but they've torched me on ATM fees and the savings account is essentially worthless. I only use my checking account for dispersing each months paycheck to savings/investments/bills, so having a debit card hacked or cloned, while very upsetting, wouldn't set me back more than $500-$2000.

I'm already very happy with how my Vanguard accounts are set up. What I need ideally is a checking account that is set up for direct deposits, bill pay, transfer to investment accounts, transfers to friends/family via services like paypal and venmo, and getting cash when needed; and I'm interested in a savings account with better interest rates than Wells Fargo for a pretty modest emergency fund (only $15k-$20k for surprise expenses so I don't dip into investments).

I've done some research on this forum and found good things about any combination of checking and savings accounts on Ally, Capital One 360, Alliant, Sychrony, etc. I was wondering if anyone has any insight on this. I'm not morally opposed to sticking with Wells Fargo, I just haven't seen their name come up in any discussions about what I'm looking to do. I'm very under informed about things such as CDs, credit unions, and other Vanguard funds that have good interest rates around the 0.75-2% range.

Cash
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Re: Looking to Drop Wells Fargo for Online Banking

Post by Cash » Wed Dec 21, 2016 10:05 pm

btenny wrote:As far as I know all banks want to charge you fees. So learn to find a WF ATM and only use those. I did that back in 1970. We called them Ugly Tellers. I don't think going to a Ally internet bank will fix this ATM fee problem.


That's incorrect. Ally reimburses ATM fees. So does Alliant Credit Union. I have an Alliant account and highly recommend them. They tend to be a step ahead of Ally in implementing useful features (like next-day ACH transfers, which Alliant has been offering for years). I haven't gone to a physical bank in years. I use mobile deposit for checks and next-day ACH transfers to fund everything else. Depositing cash might be an issue, but I rarely have cash to deposit. No one asks for things like cashier's checks anymore. Just ACH or wire the money.

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TxAg
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Re: Looking to Drop Wells Fargo for Online Banking

Post by TxAg » Wed Dec 21, 2016 10:08 pm

We just left WF for Chase. Much happier.

btenny
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Re: Looking to Drop Wells Fargo for Online Banking

Post by btenny » Wed Dec 21, 2016 10:33 pm

You really need to quit that Debit card. When it is hacked (not if) and you lose $2K you will be very unhappy. And if you slip and they steal $4K you will be very pi**** and broke.

I never pay any ATM fees since I am a PMA customer. You could get this stuff for free if you put your emergency fund in a Wells on line brokerage account and hold it there. I went to England and Scotland for 3 weeks this summer and did lot of ATMs, none Wells. I never paid a penny. I also earn 1.5% tax free on my savings by using Limited Term Muni. I keep a lot of cash around because I am old and do things different. I have the same on line capabilities as your Ally plan at Wells. And the next time you need $10K cash to buy a boat from some stranger good luck with Ally online banking. I did this in 2007 at a Wells branch in 10 minutes at a walk in branch. Bargains need cash.

Good Luck.

livesoft
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Re: Looking to Drop Wells Fargo for Online Banking

Post by livesoft » Wed Dec 21, 2016 10:42 pm

Then there will be the day you will need a Medallion Signature Guarantee for something at Vanguard and the only place to get one within 500 miles will be a Wells Fargo bank. :twisted:

What I need ideally is a checking account that is set up for direct deposits, bill pay, transfer to investment accounts, transfers to friends/family via services like paypal and venmo, and getting cash when needed; and I'm interested in a savings account with better interest rates than Wells Fargo for a pretty modest emergency fund (only $15k-$20k for surprise expenses so I don't dip into investments).

I get all that at WF for free except I don't use a savings account, but instead use an invesing account to get more return (with more risk) than anything at Ally and those other places.

Brick & Mortar banks know they compete with online only banks. They are also very happy if their customers never set foot into the bank lobby.
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TylerS7
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Re: Looking to Drop Wells Fargo for Online Banking

Post by TylerS7 » Wed Dec 21, 2016 10:53 pm

btenny wrote:You really need to quit that Debit card. When it is hacked (not if) and you lose $2K you will be very unhappy. And if you slip and they steal $4K you will be very pi**** and broke.

I never pay any ATM fees since I am a PMA customer. You could get this stuff for free if you put your emergency fund in a Wells on line brokerage account and hold it there. I went to England and Scotland for 3 weeks this summer and did lot of ATMs, none Wells. I never paid a penny. I also earn 1.5% tax free on my savings by using Limited Term Muni. I keep a lot of cash around because I am old and do things different. I have the same on line capabilities as your Ally plan at Wells. And the next time you need $10K cash to buy a boat from some stranger good luck with Ally online banking. I did this in 2007 at a Wells branch in 10 minutes at a walk in branch. Bargains need cash.

Good Luck.


Great input thank you, I will look into the WF PMA accounts, I've seen the pma acronym before but never bothered to look into it. I will also take your debit card warning to heart. It just so happens to line up with a moment when I no longer want to use my debit card so it will be advice well received.

rolandtorres
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Re: Looking to Drop Wells Fargo for Online Banking

Post by rolandtorres » Wed Dec 21, 2016 11:08 pm

Your online picks will probably serve your current needs. You might consider a checking account at Schwab for ATM reimbursements including internationally or a Fidelity cash management account. They might even have a local office should you need to do business in person.

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CyberBob
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Re: Looking to Drop Wells Fargo for Online Banking

Post by CyberBob » Wed Dec 21, 2016 11:17 pm

btenny wrote:So you need to use your credit cards and put that debit card away except for special emergencies. Credit cards are insured. Debit cards are not.


Let's not spread disinformation here.
According to the law, the Electronic Funds Transfer Act (EFTA), Electronic Fund Transfers (Regulation E) Section 1005.6 Liability of Consumer for Unauthorized Transfers 6(b)(3) limits your debit/ATM card liability if you report the issue within 60 days. And if you report it within 2 business days of learning about a debit card theft or loss, your liability is limited to $50, the same sum you may be liable for if you lose your credit card (as per the Fair Credit Billing Act FCBA). And Visa and MasterCard have further corporate 'zero liability' policies in place where you may not even be liable for the $50.

And that's all if you lose the actual card. If you still have the physical card in your possession, Part 2 of the above referenced EFTA regulation Transfers not involving access device, states that if the consumer notifies the institution within 60 days of the transmittal of the periodic statement that shows the unauthorized transfer, the consumer has no liability.

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corner559
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Re: Looking to Drop Wells Fargo for Online Banking

Post by corner559 » Wed Dec 21, 2016 11:23 pm

CyberBob wrote:
btenny wrote:So you need to use your credit cards and put that debit card away except for special emergencies. Credit cards are insured. Debit cards are not.


Let's not spread disinformation here.
According to the law, the Electronic Funds Transfer Act (EFTA), Electronic Fund Transfers (Regulation E) Section 1005.6 Liability of Consumer for Unauthorized Transfers 6(b)(3) limits your debit/ATM card liability if you report the issue within 60 days. And if you report it within 2 business days of learning about a debit card theft or loss, your liability is limited to $50, the same sum you may be liable for if you lose your credit card (as per the Fair Credit Billing Act FCBA). And Visa and MasterCard have further corporate 'zero liability' policies in place where you may not even be liable for the $50.

And that's all if you lose the actual card. If you still have the physical card in your possession, Part 2 of the above referenced EFTA regulation Transfers not involving access device, states that if the consumer notifies the institution within 60 days of the transmittal of the periodic statement that shows the unauthorized transfer, the consumer has no liability.


I totally agree with others about the debit card being not smart. Even if you are protected against fraud, you will be out whatever money is stolen out of your account for a temporary period of time. What if outstanding checks are cashed while you're waiting for the bank to give you back your stolen money? With a credit card, you will not be since there's a grace period. Cannot understand why ANYONE would use a debit card instead of a credit card on a regular basis unless their credit rating is in the toilet.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by jbuzolich » Thu Dec 22, 2016 12:08 am

I have been a fan of Wells Fargo for years and thought they had the best website and Bill pay. I hate their new interface so much though that I'm seriously considering leaving too. What a step backwards in efficiency and being able to quickly convey a large amount of information. Maybe I'm just not in their target design audience anymore.
Didn't think about PMA to reduce fees. I'll have to look at that especially if we can use it for emergency fund.

bzargarcia
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Re: Looking to Drop Wells Fargo for Online Banking

Post by bzargarcia » Thu Dec 22, 2016 12:59 am

I personally have not had any more issues with compromised debit cards than I've had with credit cards. I like debit cards and will continue to use them.

I have used checking accounts at 4 institutions the past 6 years or so and the one account I found to be best for me was a USAA checking account. It doesn't pay any meaningful interest though. I believe you can open an account at USAA with $25 initial deposit and no account monthly fees; Ally is very similar. Open both and see which you like better. I would suspect Ally or Alliant will fit your needs best.

Good luck.
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Re: Looking to Drop Wells Fargo for Online Banking

Post by clown » Thu Dec 22, 2016 1:05 am

To the OP - are you current or ex-military (commissioned or warrant or enlisted)? If so, I suggest checking out USAA bank. Service cannot be beat. No fees. No ATM charges. Straight forward. Great outfit. I have been a client there for 50 years, wouldn't change a thing. Also, their car and home insurance rates cannot be beat. I have had agents call me over the years and decide not to quote me -- saying their rates cannot beat USAA>

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whodidntante
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Re: Looking to Drop Wells Fargo for Online Banking

Post by whodidntante » Thu Dec 22, 2016 1:11 am

Maybe you already have better accounts at Wells Fargo, and they just didn't tell you yet.

TylerS7
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Re: Looking to Drop Wells Fargo for Online Banking

Post by TylerS7 » Thu Dec 22, 2016 6:33 am

I originally thought I had mentioned USAA as an option but my first post was getting too long so I guess that got deleted in my edit. I have USAA home and auto insurance and love it. I've been considering USAA checking for a while, as I've heard good things from people close to me. The big reason I would go with someone else for online checking would be so I could have checking and savings with the same bank. I would assume this would allow more immediate transfers between accounts in case of emergency.

I'm not certain I have enough to open a Wells pma account at this time without the $30 monthly fee I'm reading about. I'm still in the process of building up my emergency savings, which took a hit this year with a roof problem. Long term that's something I will keep in mind, I will definitely leave those accounts open with some money just in case I want to go back to WF.

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BL
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Re: Looking to Drop Wells Fargo for Online Banking

Post by BL » Thu Dec 22, 2016 7:13 am

clown wrote:To the OP - are you current or ex-military (commissioned or warrant or enlisted)? If so, I suggest checking out USAA bank. Service cannot be beat. No fees. No ATM charges. Straight forward. Great outfit. I have been a client there for 50 years, wouldn't change a thing. Also, their car and home insurance rates cannot be beat. I have had agents call me over the years and decide not to quote me -- saying their rates cannot beat USAA>

AFAIK, you don't need that military connection to use the banking system. A relative with no connections was able to get a credit card. With no credit history, she did have to share her bank account info. This is ancient history, however.

You do need the military connection (yourself or parent with USAA) for the insurances, AFAIK. Great auto insurance, at least for us long-time members.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by rec7 » Thu Dec 22, 2016 8:42 am

btenny wrote:You really need to quit that Debit card. When it is hacked (not if) and you lose $2K you will be very unhappy. And if you slip and they steal $4K you will be very pi**** and broke.

I never pay any ATM fees since I am a PMA customer. You could get this stuff for free if you put your emergency fund in a Wells on line brokerage account and hold it there. I went to England and Scotland for 3 weeks this summer and did lot of ATMs, none Wells. I never paid a penny. I also earn 1.5% tax free on my savings by using Limited Term Muni. I keep a lot of cash around because I am old and do things different. I have the same on line capabilities as your Ally plan at Wells. And the next time you need $10K cash to buy a boat from some stranger good luck with Ally online banking. I did this in 2007 at a Wells branch in 10 minutes at a walk in branch. Bargains need cash.

Good Luck.


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Jack FFR1846
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Re: Looking to Drop Wells Fargo for Online Banking

Post by Jack FFR1846 » Thu Dec 22, 2016 8:53 am

How about this: Join a credit union that's part of the co-op system. You'll then be able to walk into any co-op credit union brick and mortar building and use it as if it's your home credit union. Why would you do this over a big bank? Because with the co-op system, you have more branches available than any bank in existence.

For the majority of your money, I would agree to use Ally. I do and when I know I'll need money, I transfer (give yourself 4 days) from Ally over to my credit union checking account. I bill pay from my credit union and it's my central "bank".

I do have a debit card from my credit union but I've never used it anywhere except at my credit union's ATMs, so can't give you first hand experience about using it elsewhere. Oh....my credit union ATMs are in all Walgreen stores so it's pretty hard to not find one.
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MossySF
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Re: Looking to Drop Wells Fargo for Online Banking

Post by MossySF » Thu Dec 22, 2016 9:01 am

Every bank has their own sets of offers/benefits/services and there's no harm in keeping multiple accounts open for each specific purpose -- assuming you can avoid the fees with the necessary minimum balances.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by carolinaman » Thu Dec 22, 2016 9:04 am

I am a longtime Wachovia, now WF, customer. As far as big banks go, they are pretty good. I have checking, ready reserve account (overdraft protection), credit card and HELOC accounts with WF. I rarely use the HELOC but it helps with avoiding feeds. Due to changes a couple of years ago, I now have to keep a minimum of $1,000 in their Save As You Go Transfer Debit account to avoid any fees. Not a big deal for me. I think you should be able to avoid fees with some account adjustment. I do not keep a lot of extra cash in my checking account so earning interest on that seems to be of limited benefit.

BTW, I am one of those dummies who uses debit cards extensively. I was taught to minimize or avoid use of credit cards and I guess old habits are hard to break. I like not having credit balances.

ND Fan 1
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Re: Looking to Drop Wells Fargo for Online Banking

Post by ND Fan 1 » Thu Dec 22, 2016 9:10 am

I personally use USAA for my checking account, which is also my hub for most banking activity. All my auto pay bills are linked there, credit cards, utilities, etc... and have also linked about 20 other accounts, Vanguard, Netspend, TD Ameritrade, 529 plans etc... There is no limit to external accounts and no fees for transfers. You can push/pull from USAA. I think there is a $5000 daily limit for outgoing transfers. USAA also reimburses all ATM fees.

For savings, I use Ally, 1% interest account. Its linked to my USAA account for easy transfer. I think USAA checking and Ally savings is the best combo for you.

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F150HD
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Re: Looking to Drop Wells Fargo for Online Banking

Post by F150HD » Thu Dec 22, 2016 9:13 am

ND Fan 1 wrote:I personally use USAA for my checking account, which is also my hub for most banking activity. All my auto pay bills are linked there, credit cards, utilities, etc... and have also linked about 20 other accounts, Vanguard, Netspend, TD Ameritrade, 529 plans etc... There is no limit to external accounts and no fees for transfers. You can push/pull from USAA. I think there is a $5000 daily limit for outgoing transfers. USAA also reimburses all ATM fees.

For savings, I use Ally, 1% interest account. Its linked to my USAA account for easy transfer. I think USAA checking and Ally savings is the best combo for you.


So, if USAA gets hacked, where does that leave you?

livesoft
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Re: Looking to Drop Wells Fargo for Online Banking

Post by livesoft » Thu Dec 22, 2016 9:23 am

We used USAA for many years. Then we stopped using them. Then they closed our checking account without telling us. Then when I asked about it, they said, "We have no record of you having a checking account with us." I saved that e-mail because it was so funny. Then they said, "Oh, your assets were escheated to the State, so check with them." It was a rather odd and amusing exchange of e-mails between us.

We also now have a Fidelity Cash Management Account with all free stuff.

So if you get multiple checking accounts, make sure they don't disappear if you don't use them.

OTOH, if one ever pays any fees for banking, then something is wrong. See this poll on Bogleheads:
viewtopic.php?f=2&t=151192
Last edited by livesoft on Thu Dec 22, 2016 9:27 am, edited 1 time in total.
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J295
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Re: Looking to Drop Wells Fargo for Online Banking

Post by J295 » Thu Dec 22, 2016 9:24 am

Huge fan of Fidelity, having been there 30+ years ..... all online, have never set foot in an office (yes, even back starting in 1982, have never been to an office)..... our accounts there include our "spending account" which includes check writing (rare) and online bill pay from all accounts .... everything is "free" (probably because of some investment status we have) .... even get reimbursed for our annual turbo tax purchase .... great online support 24/7 ... cash back direct into one of our accounts on no annual fee credit card .... no charge for ATM use worldwide .... etc.

We don't keep all of our $$ there .... some accounts at Vanguard, AMX Bank savings account, 401k from working days, and some funds at our local bank

WF has its fans and detractors, and that's probably true with FIDO and any institution .... I just saying our experience with Fido has been A1.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by Nearly A Moose » Thu Dec 22, 2016 9:49 am

I use Ally (savings) and Schwab (checking) online and have been quite pleased. I opened the Schwab account years ago in conjunction with a brokerage account that I no longer use. I would have just put everything in Ally if that checking account wasn't enmeshed in all my bill pays, auto transfers, etc. We recently closed out some legacy WF accounts from college because they had mandatory account minimums, paid no interest, and we were trying to simplify. And I really like the ability to make sub-accounts within Ally. It helps me track things like my quarterly payroll taxes for my nanny.

I'm not worried about my debit card being stolen. You can always set daily withdrawal limits if you want. Anything over $500, I have to answer a phone call and authorize it.

One thought: you might want to keep a nominal relationship with some brick and mortar bank so that you can make an-person deposit if needed (some people gave us cash for our wedding, and we didn't need thousands of dollars in cash in our dresser drawer; you can't electronically deposit cash), in case you want a safe deposit box, etc. we step foot in a brick and mortar three or four times a decade. So just pick someone with a convenient location and low or no account minimum.
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Re: Looking to Drop Wells Fargo for Online Banking

Post by jpelder » Thu Dec 22, 2016 10:16 am

If you are interested in switching B & M banks, I'd recommend PNC if they're in your area. They refund ATM fees and pay 0.9% on savings accounts if you meet certain direct deposit or minimum balance requirements.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by btenny » Thu Dec 22, 2016 12:16 pm

Well here is what one of my kids suffered with debit cards in 2010ish. She lived in California. California was suffering a plague of Debit card cloning gadgets all over. She was already hurting from 25% or so pay reduction from the economy. She got paid and deposited her check. She sent out 3-5 bill payments for things like rent, utilities and her credit card. She then went to work the next morning and got gas on the way. Her debit card was cloned at the gas station. The thieves stole her whole check plus some extra money in a few hours. She did not find out she had no money until the next day. She called the bank. They said they would investigate. She had no money to pay anything or eat. She had spent most of her emergency fund due to wage reductions and car problems over the last year. She was embarrassed and POed. She did not realize her overdraft protection was turned off due to this theft. The bank did this and did not tell her. So the checks she wrote did not get paid. Her rent was late. Her utilities were not paid. Her credit card was not paid. She was dunned for late fees all over. Her credit was trashed as she got several marks for bounced checks. It was a giant mess.

It took the bank 2 weeks to decide she had been ripped off and her debit card cloned. They credited her account $500 out of $2000+ deposited at that point. They did nothing about the bounced check fees. They said they would look at the overall situation and get back to her. Eventually 2 months or so later she got back some more money and credit for some of the fees at the bank. The bank said there was nothing they could do about the outside fees she incurred. They said stopping check overdraft is normal in "these situations". They said there was nothing they could do about her credit hits. She was just scr****. She was told to have a nice day........

So avoid debit cards. This stuff can happen to you.

Good Luck.

mptfan
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Re: Looking to Drop Wells Fargo for Online Banking

Post by mptfan » Thu Dec 22, 2016 12:23 pm

If you want to know why using debit cards is much riskier than using credit cards, read this thread...

viewtopic.php?t=185110
I eat risk for breakfast. :)

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Re: Looking to Drop Wells Fargo for Online Banking

Post by livesoft » Thu Dec 22, 2016 12:53 pm

btenny wrote:Well here is what one of my kids suffered with debit cards in 2010ish. ....

It took the bank 2 weeks to decide she had been ripped off and ....

Sorry to read about that. I will note that it does not take a debit card for the same things to happen. A Bank of America teller messed up when I deposited a check in person and debited my account instead of crediting it. For 3 weeks, my account was huge 6-figure black hole. Checks bounced, direct deposits of paychecks made no dent in the deficit, bill pays bounced, a check to the PTA bounced, no cash was forthcoming from ATMs because the account was so negative. I reported their mistake less than 20 hours after it happened and it still took 3 weeks for them to do an audit and restore my account. It took me less than 24 hours to move my account to Wells Fargo.
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travellight
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Re: Looking to Drop Wells Fargo for Online Banking

Post by travellight » Thu Dec 22, 2016 12:58 pm

livesoft: how do you get free wire transfers at Wells?

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Re: Looking to Drop Wells Fargo for Online Banking

Post by livesoft » Thu Dec 22, 2016 1:00 pm

travellight wrote:livesoft: how do you get free wire transfers at Wells?

The one time I did a wire transfer, they did not charge me, so I don't really know how I got it free. Maybe I just asked them not to charge me?
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squirm
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Re: Looking to Drop Wells Fargo for Online Banking

Post by squirm » Thu Dec 22, 2016 1:04 pm

I think I've used one non WF atm in my 30 years of having WF. Their atms are everywhere, in addition I'm finding myself using the atms less and less since everyone accepts credit cards now.

Btw, I only do credit, no debit, no way.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by ND Fan 1 » Thu Dec 22, 2016 1:44 pm

F150HD wrote:
ND Fan 1 wrote:I personally use USAA for my checking account, which is also my hub for most banking activity. All my auto pay bills are linked there, credit cards, utilities, etc... and have also linked about 20 other accounts, Vanguard, Netspend, TD Ameritrade, 529 plans etc... There is no limit to external accounts and no fees for transfers. You can push/pull from USAA. I think there is a $5000 daily limit for outgoing transfers. USAA also reimburses all ATM fees.

For savings, I use Ally, 1% interest account. Its linked to my USAA account for easy transfer. I think USAA checking and Ally savings is the best combo for you.


So, if USAA gets hacked, where does that leave you?


That's a risk with anything you do online

MikeG62
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Re: Looking to Drop Wells Fargo for Online Banking

Post by MikeG62 » Thu Dec 22, 2016 2:24 pm

TylerS7 wrote:Thanks for the replies I appreciate it, I love reading everyone's opinions!

The reason I want to switch solely to online banking is a combination of high interest savings accounts offered by companies like Ally, combined with the fact that I haven't stepped foot in a bank in years; I do virtually all of my checking on my cell phone and have an occasional trip to an ATM when going out or going on vacation. Wells Fargo offers great online banking, but they've torched me on ATM fees and the savings account is essentially worthless. I only use my checking account for dispersing each months paycheck to savings/investments/bills, so having a debit card hacked or cloned, while very upsetting, wouldn't set me back more than $500-$2000.

I'm already very happy with how my Vanguard accounts are set up. What I need ideally is a checking account that is set up for direct deposits, bill pay, transfer to investment accounts, transfers to friends/family via services like paypal and venmo, and getting cash when needed; and I'm interested in a savings account with better interest rates than Wells Fargo for a pretty modest emergency fund (only $15k-$20k for surprise expenses so I don't dip into investments).

I've done some research on this forum and found good things about any combination of checking and savings accounts on Ally, Capital One 360, Alliant, Sychrony, etc. I was wondering if anyone has any insight on this. I'm not morally opposed to sticking with Wells Fargo, I just haven't seen their name come up in any discussions about what I'm looking to do. I'm very under informed about things such as CDs, credit unions, and other Vanguard funds that have good interest rates around the 0.75-2% range.


Perhaps because I am old school or maybe because I am averse to change, I continue to maintain a relationship with a B&M bank (BofA). However, I only have a checking account with BofA. The rest of my cash in in online banks, with my favorite being Ally. From time to time I think about just closing my BofA account and moving to an Ally checking account. They reimburse for ATM fees (well up to $10 per month now), which would cover me as I generally go to the ATM 2 times per month (maybe 3 or 4 in unusual circumstances). However, something tells me I could live to regret it should I ever need to get my hands on several thousand dollars at one time (which would exceed the ATM limit) or needed something like a bank/cashiers check. So I have kept the checking account locally.

Having said that, I have told both my kids to consider closing their BofA checking accounts and move to Ally for checking (in addition to their Ally online savings account). Neither of them has ever needed to walk into a bank to get anything done. In fact, they have never written a check in their lives. Check that, my oldest wrote a check to cover the upfront fees when she leased her car.

Long way of saying OP, based on how you describe yourself you may well be fine just to move the checking to Ally.

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dougger5
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Re: Looking to Drop Wells Fargo for Online Banking

Post by dougger5 » Thu Dec 22, 2016 3:25 pm

Just to add another anecdotal tale, I have a WF checking account, and use an associated debit card almost exclusively. I've had the number misappropriated and used for illicit purchases at least 3 times, and in each case it was picked up by WF before I realized it. Never lost a cent.

Knock on wood, I guess :wink:

I also have Ally for long-ish term savings, and keep just enough funds in WF to keep up with expenses. I've toyed with the idea of going all-internet, but so far having to face re-linking auto payments and deposits has been enough to keep me from going through with it. And we live in a WF branch-rich area.
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F150HD
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Re: Looking to Drop Wells Fargo for Online Banking

Post by F150HD » Thu Dec 22, 2016 6:33 pm

ND Fan 1 wrote:
F150HD wrote:
ND Fan 1 wrote:I personally use USAA for my checking account, which is also my hub for most banking activity. All my auto pay bills are linked there, credit cards, utilities, etc... and have also linked about 20 other accounts, Vanguard, Netspend, TD Ameritrade, 529 plans etc... There is no limit to external accounts and no fees for transfers. You can push/pull from USAA. I think there is a $5000 daily limit for outgoing transfers. USAA also reimburses all ATM fees.

For savings, I use Ally, 1% interest account. Its linked to my USAA account for easy transfer. I think USAA checking and Ally savings is the best combo for you.


So, if USAA gets hacked, where does that leave you?


That's a risk with anything you do online


I guess my point was, you made quite a point of stating how every account you have is connected to one account at USAA. I'd guess, that makes you more vulnerable then a typical person online.

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F150HD
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Re: Looking to Drop Wells Fargo for Online Banking

Post by F150HD » Thu Dec 22, 2016 6:34 pm

F150HD wrote:
ND Fan 1 wrote:
F150HD wrote:
ND Fan 1 wrote:I personally use USAA for my checking account, which is also my hub for most banking activity. All my auto pay bills are linked there, credit cards, utilities, etc... and have also linked about 20 other accounts, Vanguard, Netspend, TD Ameritrade, 529 plans etc... There is no limit to external accounts and no fees for transfers. You can push/pull from USAA. I think there is a $5000 daily limit for outgoing transfers. USAA also reimburses all ATM fees.

For savings, I use Ally, 1% interest account. Its linked to my USAA account for easy transfer. I think USAA checking and Ally savings is the best combo for you.


So, if USAA gets hacked, where does that leave you?


That's a risk with anything you do online


I guess my point was, you made quite a point of stating how every account you have is connected to one account at USAA. I'd guess, that makes you more vulnerable then a typical person online, as if USAA is hacked, they can access everything you have.

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F150HD
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Re: Looking to Drop Wells Fargo for Online Banking

Post by F150HD » Thu Dec 22, 2016 6:45 pm

btenny wrote:I think using a debit card is dumb. I don't mean to be rough to you but lots of people lose lots of money when they have their debit card hacked or cloned. Then some thief steals all their money in 1-2 hours. Then they find out they are not insured for that debit card. Then they are broke and the bank laughs.

So you need to use your credit cards and put that debit card away except for special emergencies. Credit cards are insured. Debit cards are not.


+1

if someone steals your debit card, they can drain your bank account in a flash. You then have to work w/ your bank to get that money back. It also could lead to other account payments bouncing (checks you've written, autopay for bills/mortgage etc). Agreed on a bad idea.

When I've had my credit card # stolen, the card was shutoff due to account monitoring...it wasn't always at a convenient time (happened 2x in past 10-15 years) but its better then having my checking account drained. It cost me $0 to fix those issues barring some inconvenience.

When my sister visited Africa years back someone stole her debit card and drained her bank account. Far from home dealing w/ an issue like that - not good.

livesoft
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Re: Looking to Drop Wells Fargo for Online Banking

Post by livesoft » Thu Dec 22, 2016 6:52 pm

F150HD wrote:if someone steals your debit card, they can drain your bank account in a flash. You then have to work w/ your bank to get that money back. It also could lead to other account payments bouncing (checks you've written, autopay for bills/mortgage etc). Agreed on a bad idea.

Wells Fargo folks suggested to me that I have a 2nd checking account that had a debit card and that I keep only a small amount in it. So I got a 2nd free checking account. I put money in it as needed which is rarely such as just before travelling. I feel perfectly safe using the debit/ATM card on that account since if the number is stolen, it will not affect our workhorse account. I don't even have a card for the main account anymore.
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F150HD
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Re: Looking to Drop Wells Fargo for Online Banking

Post by F150HD » Thu Dec 22, 2016 7:05 pm

livesoft wrote:
F150HD wrote:if someone steals your debit card, they can drain your bank account in a flash. You then have to work w/ your bank to get that money back. It also could lead to other account payments bouncing (checks you've written, autopay for bills/mortgage etc). Agreed on a bad idea.

Wells Fargo folks suggested to me that I have a 2nd checking account that had a debit card and that I keep only a small amount in it. So I got a 2nd free checking account. I put money in it as needed which is rarely such as just before travelling. I feel perfectly safe using the debit/ATM card on that account since if the number is stolen, it will not affect our workhorse account. I don't even have a card for the main account anymore.


lol, sounds so complicated! though if that works, thats great.

Sherlock
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Re: Looking to Drop Wells Fargo for Online Banking

Post by Sherlock » Thu Dec 22, 2016 7:23 pm

I've read this entire conversation. Can't believe anyone would still endorse WF after their major scams on their own customers. Until one month ago, I was a twenty year long customer but will not condone their management practices so I left. Complain all you want about possibilities of debit card loses, WF is guilty of fraudulent practices well beyond that.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by Easy Rhino » Thu Dec 22, 2016 7:25 pm

My primary checking is with Schwab, had it for years, love it. The interest rate is OK and the ATM reimbursements are liberating.

I have B&M accounts with BOA and WF. Both have some investments making them essentially free. I recently had accounts with Citibank but closed them because I didn't like leaving money there earning piddly interest just to avoid fees.

I also have a local credit union account that I use primarly to transfer money to and from my wife.

I have B&M bank accounts for a very simple reason... sometimes I need to deposit cash.

bzargarcia
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Re: Looking to Drop Wells Fargo for Online Banking

Post by bzargarcia » Thu Dec 22, 2016 7:39 pm

F150HD wrote:
ND Fan 1 wrote:
F150HD wrote:
ND Fan 1 wrote:I personally use USAA for my checking account, which is also my hub for most banking activity. All my auto pay bills are linked there, credit cards, utilities, etc... and have also linked about 20 other accounts, Vanguard, Netspend, TD Ameritrade, 529 plans etc... There is no limit to external accounts and no fees for transfers. You can push/pull from USAA. I think there is a $5000 daily limit for outgoing transfers. USAA also reimburses all ATM fees.

For savings, I use Ally, 1% interest account. Its linked to my USAA account for easy transfer. I think USAA checking and Ally savings is the best combo for you.


So, if USAA gets hacked, where does that leave you?


That's a risk with anything you do online


I guess my point was, you made quite a point of stating how every account you have is connected to one account at USAA. I'd guess, that makes you more vulnerable then a typical person online.


How would that make you more vulnerable online?
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bertilak
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Re: Looking to Drop Wells Fargo for Online Banking

Post by bertilak » Thu Dec 22, 2016 7:48 pm

Easy Rhino wrote:I have B&M bank accounts for a very simple reason... sometimes I need to deposit cash.

Yes, and sometimes there are other things that can best be done at a local B&M bank (or preferably Credit Union) like ...

  • get something notarized.
  • get a medallion signature guarantee.
  • get a certified check to, for example, bring to a closing.
  • I had to open a special "Representative Payee" account to deposit a disabled relative's SS checks.
  • My CU has a nice coin machine -- drop in a jar full of coins and get back folding money (or deposit to account).
  • There are probably more.
It's just generally handy to be able to walk in unannounced and do things like that. OK, I had to make an appointment for the medallion signature guarantee.

I say keep that WF account open.
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TylerS7
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Re: Looking to Drop Wells Fargo for Online Banking

Post by TylerS7 » Thu Dec 22, 2016 8:06 pm

I may just open a checking account at a small local bank I would like to do business with and keep a little money in that to have a B&M relationship in my neighborhood if I ever need it. Free checking, free atms, free online banking. I am thinking Ally checking and savings for all of my regular uses. I said earlier I wasn't morally opposed to WF but honestly they've made me so mad with their ATM fees over the years I just have no interest in staying with them.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by Cash » Thu Dec 22, 2016 8:24 pm

J295 wrote:Huge fan of Fidelity, having been there 30+ years ..... all online, have never set foot in an office (yes, even back starting in 1982, have never been to an office)..... our accounts there include our "spending account" which includes check writing (rare) and online bill pay from all accounts .... everything is "free" (probably because of some investment status we have) .... even get reimbursed for our annual turbo tax purchase .... great online support 24/7 ... cash back direct into one of our accounts on no annual fee credit card .... no charge for ATM use worldwide .... etc.

We don't keep all of our $$ there .... some accounts at Vanguard, AMX Bank savings account, 401k from working days, and some funds at our local bank

WF has its fans and detractors, and that's probably true with FIDO and any institution .... I just saying our experience with Fido has been A1.


Agree with this as well. Although I love Alliant, I'm in the process of moving most of our accounts to Fidelity. They also offer next-day ACH, ATM reimbursements, and free wires and cashier's checks if your total household accounts meet the $250k threshold. With the way they structure their cash management account (CMA), you get up to $1m in FDIC protection. But what I really like is how integrated the CMA is with the investment accounts (indeed, the CMA is an investment account if you choose to use it as such). I haven't found better integration at WF, Schwab, TD, or Vanguard.

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Re: Looking to Drop Wells Fargo for Online Banking

Post by Dandy » Fri Dec 23, 2016 6:32 pm

I have used Alliant Checking and Savings for about 6 months since switching from a "big" bank. Checking pays .65% and Savings just shy of 1%. Lots of ATMs e.g. Allpoint that are in CVS, Walgreens and stores like that. Reimburse up to $20 in other bank ATM fees each month, mobile deposit, free bill pay (good but not as slick as my big bank(, money transfers between their checking and savings is instant, 24/7 customer service. I have had no problems - and no hidden fees. - must use online statements to avoid a small monthly fee.

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