who do you bank with and why?

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pesos
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who do you bank with and why?

Post by pesos »

We moved back to the mainland from Hawaii where they only have on-island banks and am trying to figure out where to get a relationship going. Have long been with Wells but don't really want to reward them with further business if I can help it. Dumped things into Chase right now as they had about $1,600 in bonuses going but not sure if they are the best long term requiring $75k to avoid fees - although I imagine investments would count for that?

Thanks!
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sarabayo
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Re: who do you bank with and why?

Post by sarabayo »

I'm happy with using a Fidelity brokerage account for pretty much all my banking needs. Their money market funds have better interest rates than the majority of banks, and practically nothing in terms of nickle-and-diming penalties and fees like many banks have (at least as far as I've found). They also have SUPER fast ACH transfers and wire transfers and a generous settlement fund policy (i.e. how quick you can withdraw/spend money after it gets deposited) if that's important to you. They give you checks and debit cards, and they have a great credit card with unlimited 2% cash back on everything. Pretty much the only downside is that you can't walk into a branch and deposit cash, but that doesn't matter to me since all my income comes in the form of checks or direct deposit anyway.

Here is a long thread of people who use Fidelity as a "one-stop shop": viewtopic.php?f=2&t=266538
runner3081
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Re: who do you bank with and why?

Post by runner3081 »

Chase - Local bank access (cash deposits, notary, etc) - Only keep the $300 min for no fees.

Ally - Everything else is here, fair interest rates and quick transfers
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cheese_breath
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Re: who do you bank with and why?

Post by cheese_breath »

Ally Bank for savings. Credit union for day to day business.
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fwellimort
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Re: who do you bank with and why?

Post by fwellimort »

Fidelity for checkings. No other checkings without hassle gives ~1.4% currently. And no penalties or fees. And any ATM withdrawal.

Also, Fidelity trusts "transfers" quite much. If you claim you will transfer a few thousand, you get access to a few thousand right away instantly without question. No waiting period. Just click and done. You can just buy ETFs right away without the money being processed in (out of good faith).

For credit cards, BoA cashbacks for travel / dining / online / groceries for that good % (preferred member). Else 2% Fidelity.

For savings account, TreasuryDirect's I-Bonds. I-Bonds while not 2.53% for new money is currently 2.22% and is tax deferred + state/local tax exempt.
And is more liquid than an online savings account after 1 year lockdown (the ACH is within a day from my experience).
Otherwise, I have some money scattered in Vanguard Prime, Wealthfront, and Marcus.
fullham
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Re: who do you bank with and why?

Post by fullham »

I’ve used Bank of America checking since college. Most branches and ATM’s in my area are the reason. Will qualify for platinum preferred rewards in a few days which is unlimited ATM fee refunds for non-BoA ATM’s and will give me 5.25% cash back on dining with the cash rewards card. Dining is by far the category I spend the most on and right around the $2500 limit per quarter. I dont actually use ATM’s or branches all that much but I like knowing they are close if needed and I pay no fees.

I use Marcus for savings.
retiredflyboy
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Re: who do you bank with and why?

Post by retiredflyboy »

My local B&M bank for checking and day to day. Ally bank for savings tied to local checking account for ACH transfer if needed.
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Peter Foley
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Re: who do you bank with and why?

Post by Peter Foley »

We use a local bank for basic checking and savings but keep relatively low balances there because they pay very little in interest. We use Schwab bank for our electronic transactions. They have a no fee bank card and can move money easily between a money market fund paying competitive rates in one's brokerage account and the checking account.
MathWizard
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Re: who do you bank with and why?

Post by MathWizard »

Local Credit Union.

They loaned me money on a signature loan when my car died a few weeks before I got my PhD and started a job.

The little bit I lose in interest versus online is trivial related to my investment earnings.
random_walker_77
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Re: who do you bank with and why?

Post by random_walker_77 »

I don't see a good reason to use any of the big national banks that pay almost no interest. Pick an online bank that reimburses ATM fees and pays high interest rates. Deposit checks via phone app. Setup online account transfers w/ your brokerage and with your other bank accounts.

If you want a branch to walk into, establish an account with a local CU, preferably one that has safe deposit boxes.

I use tiaabank (previously known as everbank) out of inertia since my billpay is all set up there, but their rates are no longer even close to leading-edge. I've got money w/ alliant and ally bank, and can easily move funds between accounts w/ online transfers.

I've sworn to never again have an account w/ wells fargo nor BoA. Recent years' headlines about wells have only reinforced my desire to never again do business with them.
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Cubicle
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Re: who do you bank with and why?

Post by Cubicle »

Cubicle wrote: Thu Jan 30, 2020 1:11 am
mikael122 wrote: Wed Jan 29, 2020 12:48 pmAny reason why capital one?
As mentioned, physical branch. But at the time I opened my account (~2006): free checking, free checks, high yield interest rate, other bank's atm fee reimbursement, free cashier's checks. My (old) high yield checking still has these features, except the interest rate is only 0.20%.

Unexpected bonus I found out only a few years ago, open & link a Capital One 360 "online" checking account, which uses the AllPoint ATM network, which is really expansive. Lots of convenience stores, I think most if not all PNC atms. And big for me, lots of atms in Canada to withdraw Canadian currency at market rates & no markups. No fees at any AllPoint atm.. Withdrawals only, but serves me well. Instant transfers, online, phone, computer, from my main "regular" checking to my 360 checking. I just lucked out to get an awesome combination of accounts.

Currently, I'm not sure how their checking accounts compare. But I do know physical branches can service their "online only" 360 accounts. Withdrawals, deposit, cashier checks (not sure if free).

I'm just quoting myself...
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Norsky19
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Re: who do you bank with and why?

Post by Norsky19 »

Ally for all banking and savings....

Vanguard for 401k and taxable brokerage.

Happy as a clam.
livesoft
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Re: who do you bank with and why?

Post by livesoft »

Most long-time readers of this forum will know this:

We used Bank of America for a short while until they made a major 6-figure error and would not let us use our money for 3 weeks, so all checks bounced, all online bill-pay were returned for insufficient funds, our paycheck direct deposits were confiscated, and so on. It took them 3 weeks to discover their error.

We used USAA until they closed our checking account and told us we never had an account with them.

So we use Wells Fargo because it has been totally free, free, free for everything. They have a superb website, easy online bill pay, track money movements in real-time, give one a free brokerage, give one's teenagers free accounts, reimburse ATM fees (including overseas fees for me), have practically instantaneous movement between brokerage and checking, have timely and accurate 1099 and other tax documents, give superb trade executions, and on and on. They also have quite few brick & mortar branches including one very close to my home and thousands of miles away that I have used.
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Mactheriverrat
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Re: who do you bank with and why?

Post by Mactheriverrat »

USBANK

Free atm where ever I go around the country.
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fourwheelcycle
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Re: who do you bank with and why?

Post by fourwheelcycle »

Bank of America - only national bank with a brick and mortar office in our town. Customer service, especially on the phone, is very frustrating at times, but we use their cash back and travel credit cards and BoA links easily with our Vanguard account.
Jack FFR1846
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Re: who do you bank with and why?

Post by Jack FFR1846 »

Credit Union.

If you're in a location serviced by Digital Credit Union, give them a try. I've been a member over 30 years. There aren't the fees and minimums I hear about from commercial banks. When something goes wrong, they are on my side and genuinely help. The few times over the years that I've overdrafted my checking account (put the wrong account number on a Schwab transfer, for example), I make the transfer after the fact to correct the balance and then ask that the overdraft fee be waived. It always is. Checking pays 1.5% interest (up to $2500), primary savings pays 6.17% (up to $1k). The number of branches and ATMs rival even the biggest commercial banks (and are free) from the Co-op network where members can walk into any credit union branch and use it as their own and use any ATM as if it's a home one. Out of all the things commercial banks do (notary, medallion, wires, US Savings Bond cashing), I've only found one thing they don't do. Safe deposit boxes.
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Sandtrap
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Re: who do you bank with and why?

Post by Sandtrap »

pesos wrote: Mon Feb 03, 2020 9:13 pm We moved back to the mainland from Hawaii where they only have on-island banks and am trying to figure out where to get a relationship going. Have long been with Wells but don't really want to reward them with further business if I can help it. Dumped things into Chase right now as they had about $1,600 in bonuses going but not sure if they are the best long term requiring $75k to avoid fees - although I imagine investments would count for that?

Thanks!
Aloha,

Hawaii's tough.
What I did as a Hawaii resident:
1. Brokerage account at Schwab (local branch downtown Honolulu).
2. Brokerage account at Vanguard and Fidelity. (Set up ACH transfers between them and local banks).
3. Accounts at Bank of Hawaii or First Hawaiian Bank (trust, personal, and business).
I found Bank of Hawaii in Kailua the easiest to deal with, less red tape, forms, get it done attitude. Bank of Hawaii in downtown Honolulu was more cut n dry. YMMV.
4. Again, set up ACH transfer links between your brokerages and the local banks. "Push or Pull" from the brokerage end. If you do it from the bank website or bank end, there may be fees and transfer amount limitations and/or delays.
5. You can easily open brokerage accounts at Vanguard, Schwab (go downtown or all online), and/or Fidelity. Just fill out the forms that you print out as PDF's available online, then mail those forms with a initial deposit check (can be any amount, not big) to the brokerage and go from there. It's pretty simple. If you want to open trust accounts at the brokerages, the website will tell you what docs to include.
6. I did the above, and also have local banks at Wells Fargo and Chase Bank (because they have physical locations) where I also have a home in Northern Arizona. (again, setup ACH transfer links to here, looks like a spider web but is simple).

I hope this helps.
Feel free to PM me if you need more details on the process.

Mahalo
j :D
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student
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Re: who do you bank with and why?

Post by student »

Main bank is credit union due to low/no fee when I started. I also have a BoA account due to Preferred Rewards.
AlwaysaQ
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Re: who do you bank with and why?

Post by AlwaysaQ »

Ally for savings and Chase for checking and safe deposit box. No fees on checking account because of direct deposit of social security and pension.
carolinaman
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Re: who do you bank with and why?

Post by carolinaman »

Wells Fargo is our primary bank and has been for more than 50 years. There are pluses and minuses to that relationship but overall it works and they offer lots of services. I have a HELOC with them that I rarely use. Also Visa CC. We used auto deposits and auto payments extensively such that we rarely write a paper check. Also have Costco City Visa. Wife has an account at First National out of PA and we have a safety deposit box at a NC branch a mile from our home. We have investments at Vanguard and have our bank connected to them which enables us to easily transfer funds to and fro, mostly to Vanguard. I have resisted online banks because I like to be eyeball to eyeball at times. For example, our checking account number was recently compromised. I went to WF and handled the matter in person with one of their staff. Yes, I could have done that over the phone, but I much preferred doing in person. Admittedly I am old school.
dcabler
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Re: who do you bank with and why?

Post by dcabler »

Credit Union.
Before I met my wife, I was with a credit union, but it's sole location was inconvenient. After we married, she was already at a local bank, so we consolidated there. About 2 years later, BofA bought them and eliminated "free checking for customers with direct deposit". That was the trigger we needed to look into the credit union loosely affiliated with her place of employment. They changed names and moved out of the building where she worked, but we've stayed with them throughout. Now there are 2 locations near our house for those rare times when we actually need to go in. No-Fee platinum credit cards, our savings/checking, and our Safety Deposit box are with them. Been with them since about 1992 and wouldn't change for anything.
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jakehefty17
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Re: who do you bank with and why?

Post by jakehefty17 »

I use Schwab for checking. Free ATM withdrawals worldwide, 0 service fees, no foreign transaction fees, APY 0.15%. Quick and easy mobile deposits and transfers. Good app. Reimburse you for ATM withdrawals. Really convenient. Great for any international traveler. It was a great decision for what I want from a checking account.

However, I wouldn't use their savings account as it isn't competitive. I don't use a traditional savings account though. If I want one I'll get one.

Other good options:

Ally is good as an online all-in-one banking service, if that's what you're looking for. Always has a competitive rate on checking and savings. Good customer service. Decent app. Meh credit card. If it weren't for the limited free ATM(Allpoint) and spotty card acceptance I'd still be using them. That was my experience in my area. It may be perfect for others.

Fidelity has an excellent 2% cashback credit card and Cash Management account. Simple and convenient.

BoA has good credit cards and relationship bonuses with a high balance. When combined with a Merrill Edge account it can be beneficial. They were my first bank and first credit card. Lost some money to fees ($10/month) when my "student account" changed to a normal one. So long as you hold the minimum balance to avoid fees it's not bad. Live and learn.

Personally I only use local credit union for my mortgage. They simply aren't competitive in any other area.
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cutterinnj
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Re: who do you bank with and why?

Post by cutterinnj »

TD Bank.

Lots of branches around here.

I just use them for basic checking and need a quick way to deposit checks and take out money.
jharkin
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Re: who do you bank with and why?

Post by jharkin »

I use BoA for checking and bill pay but that's only inertia as they bought Fleet who in turn had bought BankBoston who in turn had merged from Bank of Boston... Useful to have a B&M I can walk into and their branches/ATMs are everywhere.

For intermediate term savings, emergency fund I use CapOne360. Again this is inertia as I was an ING Direct customer back to the days when you could get 3-4% on money market.

Everything else goes to Vanguard & Fidelity brokerage accounts.
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jakehefty17
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Re: who do you bank with and why?

Post by jakehefty17 »

Jack FFR1846 wrote: Tue Feb 04, 2020 7:45 am Credit Union.

If you're in a location serviced by Digital Credit Union, give them a try. I've been a member over 30 years. There aren't the fees and minimums I hear about from commercial banks. When something goes wrong, they are on my side and genuinely help. The few times over the years that I've overdrafted my checking account (put the wrong account number on a Schwab transfer, for example), I make the transfer after the fact to correct the balance and then ask that the overdraft fee be waived. It always is. Checking pays 1.5% interest (up to $2500), primary savings pays 6.17% (up to $1k). The number of branches and ATMs rival even the biggest commercial banks (and are free) from the Co-op network where members can walk into any credit union branch and use it as their own and use any ATM as if it's a home one. Out of all the things commercial banks do (notary, medallion, wires, US Savings Bond cashing), I've only found one thing they don't do. Safe deposit boxes.
This is an interesting banking solution. I looked them up after reading your post. Unfortunately, rates drop off beyond the account maximums. For a low-balance individual this would be very hard to beat though. Good to know, and I learned something. Thanks.
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BrownEyedGirl_27
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Re: who do you bank with and why?

Post by BrownEyedGirl_27 »

Cubicle wrote: Mon Feb 03, 2020 11:47 pm
Cubicle wrote: Thu Jan 30, 2020 1:11 am
mikael122 wrote: Wed Jan 29, 2020 12:48 pmAny reason why capital one?
As mentioned, physical branch. But at the time I opened my account (~2006): free checking, free checks, high yield interest rate, other bank's atm fee reimbursement, free cashier's checks. My (old) high yield checking still has these features, except the interest rate is only 0.20%.

Unexpected bonus I found out only a few years ago, open & link a Capital One 360 "online" checking account, which uses the AllPoint ATM network, which is really expansive. Lots of convenience stores, I think most if not all PNC atms. And big for me, lots of atms in Canada to withdraw Canadian currency at market rates & no markups. No fees at any AllPoint atm.. Withdrawals only, but serves me well. Instant transfers, online, phone, computer, from my main "regular" checking to my 360 checking. I just lucked out to get an awesome combination of accounts.

Currently, I'm not sure how their checking accounts compare. But I do know physical branches can service their "online only" 360 accounts. Withdrawals, deposit, cashier checks (not sure if free).

I'm just quoting myself...
I had the Capital One 360 Money Market account and enjoyed it for the (then) 2% APY. Then interest rates went down and thus the APY went down as well. I recently switched to their 360 Performance Savings (it’s new as of December 2019). It has a 1.7% APY (interest paid at end of every month, no minimum balance) compared to the now 1.5% APY of the money market account. Might switch to their regular checking account to replace Chase Total Checking but not sure I want to go through the hassle...

We have the Quicksilver credit card with them too. So far very easy and enjoyable to bank with Cap One, can’t think of any cons other than no physical branch where I live.

I’m considering moving emergency fund money around to get free new account bonuses at different bank including online-only savings and checking. Can anyone recommend a good bank bonus I should look into? Thanks.
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pasadena
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Re: who do you bank with and why?

Post by pasadena »

I use Ally as my main bank. No fuss, super fast transfers, best-in-class web and mobile apps, and good rates on savings.

I just opened an account with my local CU because they offered a good rate on the auto loan I wanted (Ally doesn't do personal auto loans unless you buy with an affiliated dealership). They also have a nice $700 bonus if I direct my direct deposit there for 4 months, so I did that.

Vanguard is my "personal" financial institution for brokerage and Roth IRA.

Fidelity for my 401(k), mega-backdoor Roth IRA, ESPP and RSU (both of which are usually sold right away and sent to VG), and my "personal" HSA (rollover from previous employer's, and yearly rollover from current employer's).

I have a brokerage and checking account with Schwab with a few individual stocks ("play" money), but I'm in the process of transferring that to Fidelity and will close it as soon as it's done.

Credit cards are Chase (Amazon Prime) and Amex (Bonvoy).
palanzo
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Re: who do you bank with and why?

Post by palanzo »

pasadena wrote: Tue Feb 04, 2020 10:59 am I use Ally as my main bank. No fuss, super fast transfers, best-in-class web and mobile apps, and good rates on savings.

I just opened an account with my local CU because they offered a good rate on the auto loan I wanted (Ally doesn't do personal auto loans unless you buy with an affiliated dealership). They also have a nice $700 bonus if I direct my direct deposit there for 4 months, so I did that.

Vanguard is my "personal" financial institution for brokerage and Roth IRA.

Fidelity for my 401(k), mega-backdoor Roth IRA, ESPP and RSU (both of which are usually sold right away and sent to VG), and my "personal" HSA (rollover from previous employer's, and yearly rollover from current employer's).

I have a brokerage and checking account with Schwab with a few individual stocks ("play" money), but I'm in the process of transferring that to Fidelity and will close it as soon as it's done.

Credit cards are Chase (Amazon Prime) and Amex (Bonvoy).
I find transfers from Vanguard to Ally take 3 business days after I submit the transfer if I am lucky. What is your experience?
jebmke
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Re: who do you bank with and why?

Post by jebmke »

I use USAA because that is where our money is.
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pasadena
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Re: who do you bank with and why?

Post by pasadena »

palanzo wrote: Tue Feb 04, 2020 11:02 am I find transfers from Vanguard to Ally take 3 business days after I submit the transfer if I am lucky. What is your experience?
Yes, it's about that. But I think it's on Vanguard side - they are *not* a fast and modern institution :)

Edit: checked my account activity. Transfers initiated from VG (settlement fund) are in Ally the next business day. I think I need to initiate them before market close, though, but not sure.
Last edited by pasadena on Tue Feb 04, 2020 11:15 am, edited 1 time in total.
jebmke
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Re: who do you bank with and why?

Post by jebmke »

pasadena wrote: Tue Feb 04, 2020 11:04 am But I think it's on Vanguard side - they are *not* a fast and modern institution
If I initiate an ACH from Vanguard right now, it will be in my USAA account tomorrow.
When you discover that you are riding a dead horse, the best strategy is to dismount.
quantAndHold
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Re: who do you bank with and why?

Post by quantAndHold »

Capital One because they had the best interest rates at the time I set up the account.

I keep a local credit union account open so that I can walk into a branch and get, for example, cashiers checks. But the account only has a minimal amount of money in it because I’m terrified about their online security.
Yes, I’m really that pedantic.
millennial_investor
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Re: who do you bank with and why?

Post by millennial_investor »

Capital One for the free checking and free high-yield savings account. Plus my business credit card all under one roof.
pasadena
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Re: who do you bank with and why?

Post by pasadena »

jebmke wrote: Tue Feb 04, 2020 11:07 am
pasadena wrote: Tue Feb 04, 2020 11:04 am But I think it's on Vanguard side - they are *not* a fast and modern institution
If I initiate an ACH from Vanguard right now, it will be in my USAA account tomorrow.
I just went and checked. The last one I did was done on 01/03 and was in my Ally checking account on 01/06 - that was over a week-end. Previous one was done on 09/16 and in Ally the next day. I don't withdraw money from VG very often.

Thanks for having me check. I will correct my answer above.
HawkeyePierce
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Re: who do you bank with and why?

Post by HawkeyePierce »

Primary bank: Schwab, for lack of fees for international travelers.

Secondary bank: First Tech Credit Union. True chip-and-PIN debit cards, I mostly use this as my backup bank. I carry their debit card in case I lost my Schwab card while traveling or the account got locked or whatever.

Small business bank: BBVA. Just a small business checking account here.
LiterallyIronic
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Re: who do you bank with and why?

Post by LiterallyIronic »

I exclusively use one of the big, national-chain brick-and-mortar banks that everyone hates. I've certainly heard stories of other people getting screwed over by them in one way or another, but my experience over the last 15 years has been nothing but excellent. Sure, they only offer 0.01% interest, but I'm not attempting to maximize yield with this money. Instead I want to be able to walk into a branch anywhere in the country and do my banking. I've never been charged a single fee in fifteen years. Meets all my needs and preferences.
palanzo
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Re: who do you bank with and why?

Post by palanzo »

jebmke wrote: Tue Feb 04, 2020 11:07 am
pasadena wrote: Tue Feb 04, 2020 11:04 am But I think it's on Vanguard side - they are *not* a fast and modern institution
If I initiate an ACH from Vanguard right now, it will be in my USAA account tomorrow.
That's never happened with Ally.
palanzo
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Re: who do you bank with and why?

Post by palanzo »

pasadena wrote: Tue Feb 04, 2020 11:12 am
jebmke wrote: Tue Feb 04, 2020 11:07 am
pasadena wrote: Tue Feb 04, 2020 11:04 am But I think it's on Vanguard side - they are *not* a fast and modern institution
If I initiate an ACH from Vanguard right now, it will be in my USAA account tomorrow.
I just went and checked. The last one I did was done on 01/03 and was in my Ally checking account on 01/06 - that was over a week-end. Previous one was done on 09/16 and in Ally the next day. I don't withdraw money from VG very often.

Thanks for having me check. I will correct my answer above.
Do you know why you get such quick transfers to Ally. I know many who do not.
palanzo
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Re: who do you bank with and why?

Post by palanzo »

pasadena wrote: Tue Feb 04, 2020 11:04 am
palanzo wrote: Tue Feb 04, 2020 11:02 am I find transfers from Vanguard to Ally take 3 business days after I submit the transfer if I am lucky. What is your experience?
Yes, it's about that. But I think it's on Vanguard side - they are *not* a fast and modern institution :)

Edit: checked my account activity. Transfers initiated from VG (settlement fund) are in Ally the next business day. I think I need to initiate them before market close, though, but not sure.
I'm doing transfers from a Vanguard MM.
JHU ALmuni
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Re: who do you bank with and why?

Post by JHU ALmuni »

Who: Sofi Money

Why: I get 1.6% hassle free and can use any atm for cash with no fees.
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lthenderson
Posts: 5209
Joined: Tue Feb 21, 2012 12:43 pm
Location: Iowa

Re: who do you bank with and why?

Post by lthenderson »

LiterallyIronic wrote: Tue Feb 04, 2020 11:25 am I exclusively use one of the big, national-chain brick-and-mortar banks that everyone hates. I've certainly heard stories of other people getting screwed over by them in one way or another, but my experience over the last 15 years has been nothing but excellent. Sure, they only offer 0.01% interest, but I'm not attempting to maximize yield with this money. Instead I want to be able to walk into a branch anywhere in the country and do my banking. I've never been charged a single fee in fifteen years. Meets all my needs and preferences.
+1

Earlier in my life I used more boutique like banks but got tired of going through the hassle of swapping everything over every time I moved. I went with a national bank with brick and mortar locations everywhere in my neck of the woods and it has served me well through the last several moves.
Lastrun
Posts: 324
Joined: Wed May 03, 2017 6:46 pm

Re: who do you bank with and why?

Post by Lastrun »

palanzo wrote: Tue Feb 04, 2020 11:28 am [Do you know why you get such quick transfers to Ally. I know many who do not.
My experience has been very good with Ally on transfers. Almost monthly, I transfer a low to mid 5 figure sum to Ally from a local-yocal bank. It is in the Ally account and available, by 6am the next morning. These would both be business days, the initiating day and the receiving day.

Apparently, based on other posts here, they have an algorithm that determines the amount by customer. So perhaps start making some transfers back and forth and see if that helps. You can check for other threads.

I have accounts at a very local bank for business reasons, but use BofA for the rewards and use Ally. Been happy with both.

I was also at Capital One and had a good experience there as well.
pasadena
Posts: 648
Joined: Sat Jul 02, 2016 1:23 am
Location: Washington State

Re: who do you bank with and why?

Post by pasadena »

palanzo wrote: Tue Feb 04, 2020 11:29 am
I'm doing transfers from a Vanguard MM.
Then they first have to sell the fund, then initiate the transfer the next day (if you initiate before market close, otherwise it takes another day). That's why I mentioned that the speedy transfer happens from the settlement fund. And also why I was a little confused at first. The whole process can take longer if you have to sell mutual funds first.
palanzo
Posts: 1377
Joined: Thu Oct 10, 2019 4:28 pm

Re: who do you bank with and why?

Post by palanzo »

pasadena wrote: Tue Feb 04, 2020 11:57 am
palanzo wrote: Tue Feb 04, 2020 11:29 am
I'm doing transfers from a Vanguard MM.
Then they first have to sell the fund, then initiate the transfer the next day (if you initiate before market close, otherwise it takes another day). That's why I mentioned that the speedy transfer happens from the settlement fund. And also why I was a little confused at first. The whole process can take longer if you have to sell mutual funds first.
"Your settlement fund is a Vanguard money market mutual fund."
palanzo
Posts: 1377
Joined: Thu Oct 10, 2019 4:28 pm

Re: who do you bank with and why?

Post by palanzo »

Lastrun wrote: Tue Feb 04, 2020 11:44 am
palanzo wrote: Tue Feb 04, 2020 11:28 am [Do you know why you get such quick transfers to Ally. I know many who do not.
My experience has been very good with Ally on transfers. Almost monthly, I transfer a low to mid 5 figure sum to Ally from a local-yocal bank. It is in the Ally account and available, by 6am the next morning. These would both be business days, the initiating day and the receiving day.

Apparently, based on other posts here, they have an algorithm that determines the amount by customer. So perhaps start making some transfers back and forth and see if that helps. You can check for other threads.

I have accounts at a very local bank for business reasons, but use BofA for the rewards and use Ally. Been happy with both.

I was also at Capital One and had a good experience there as well.
I do regular monthly transfers and Vanguard to Ally still takes 3 days at best. I have called Ally and did not receive a good explanation.
Stick5vw
Posts: 153
Joined: Sun Dec 18, 2016 6:46 am

Re: who do you bank with and why?

Post by Stick5vw »

Citibank for checking - just keep the bare minimum ($15k) there to ensure no fees are charged. Some inertia here - Opened account in late 90s and now numerous autopays are connected to it, so it would be a pain to change. Interest rate on the deposit is virtually non-existent but plenty of branches where I am so it’s convenient for me.

Use AMEX for almost all purchases so really have this account just for utilities and other payments that require an actual bank account to be involved.

Cash above this is either in market (with Fidelity) or if I want better liquidity/safety, in an American Express high yield savings account.
lazydavid
Posts: 3332
Joined: Wed Apr 06, 2016 1:37 pm

Re: who do you bank with and why?

Post by lazydavid »

We have accounts at two local credit unions. One has our primary account which gets direct deposited into and most of our spending comes from. The other has our Mortgage as well as short-term savings for things like property taxes. There is one branch of the former about two miles from our house that we have to drive by on the way home from work, at which we can do any in-person banking necessary for either account, which is super convenient.

Intermediate term savings are in a Wealthfront cash account, which earns 1.78%.

A lot of people cite ATM availability as a determining factor, and I just don't get it. I think it's been over 20 years at this point since I last needed an ATM. My wife likes us to take cash when we go on vacation for some reason, so last July she gave me $500 for my wallet. I just checked, and I have $410 in there. $50 of that came from my son when he wanted to buy something on my credit card, so realistically I've spent $140 in the past 7 months.

What does everyone use so much cash for that necessitates frequent ATM trips? The primary consumer of cash in our household is the $5 my son spends on pizza at school most Thursdays. But grabbing $150 once a year when we happen to be at the CU is more than enough to cover that.
Reamus294
Posts: 98
Joined: Wed Jul 24, 2019 8:54 am

Re: who do you bank with and why?

Post by Reamus294 »

We use a local credit union that has been pretty progressive with their app and online services. I need to deposit cash every once in awhile and they serve as a good back up if loans are desired.

Then we have an online bank for HY savings. At some point we may do away with the online bank and just use a money market fund for our savings.
DVMResident
Posts: 1488
Joined: Mon Aug 01, 2011 8:15 pm

Re: who do you bank with and why?

Post by DVMResident »

If I were to start from scratch, I would use Fidelity as a one stop: great 2% rewards card, money market account, ATM fee repayment, etc. You can find a great BH thread on the topic.

I also use Wells. They have a great rewards card, great mortgage rates with typical relationship bonuses, and I like their app platform. ATM availability is generally good but location dependent (awesome west coast, not great in New England). I have not experience the bogus account issues so many others did, but understand the desire not to reward them.

BofA has a great rewards card and lots of ATMs, but DW has been hosed by them reordering account charges, slow deposits, and numerous issues with basic transactions. Their cheats feel small and numerous and insidiously slow. I’m actively trying to untangle them from our life.

Chase has great sign on bonuses that you can bundle for a fairly large chunk of change. Not a bad choice.
Gnirk
Posts: 1320
Joined: Sun Sep 09, 2012 3:11 am
Location: Western Washington

Re: who do you bank with and why?

Post by Gnirk »

Most of our everyday banking is with our credit union. No fee checking, free checks,no minimum balances required or required minimum use of debit cards, direct deposits etc though we have our SS checks directly deposited to our checking accounts. Our credit Union gives us excellent personal service if we need notary or signature guarantee service, or even Medallion guarantee.

Our savings and CDs are with online bank Ally because of the higher rates. Very easy to transfer funds between the two.
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