who do you bank with and why?

[chuckb84]

Wells Fargo, accidentally.

Circa 1992 we opened a checking account with a small local bank with a branch 2 blocks from our house. They were bought by another bank, which was bought by Nation's Bank, which was bought by Wachovia, which was bought be WF.

The only thing I like about WF is their mobile app, which is pretty good. Otherwise, Meh.

[Hector]

Wells Fargo. I had accounts at lots of banks for many reasons - physical proximity, sign-on bonuses, and to get other deals. After getting married, we trimmed the number of accounts and did not close Wells Fargo to have 100 free trades. We like to have access to a physical bank and have not found good enough reason to switch to other physical bank.

[2tall4economy]

Uh oh.... what did Chase do to you?

Details in my other post, but:

I went to chase based on the premise of 1 stop shop + significantly improved customer service. Fidelity is ok, but 15 minutes on hold is frustratingly the norm in my experience, unless calling on holidays or weekends, which is a crap shoot - sometimes they can help and sometimes I have to call back on Monday morning with another department.

Strike 1: Asked for a refinance of a rental. Banker connected me with the mortgage person who proceeded to ... do nothing at all but send me an app. Closed with Quicken a month later. Private client relationship didn't matter.

Strike 2: Asked for a car loan. "Corporate" haircut the application because it was a unique vehicle model which had higher MSRP than their computer was used to seeing. Appealed, denyed. Dealer ended up financing me. Through CHASE at a LOWER RATE. So dealer clearly has more pull than a Private Client relationship.

Strike 3: Expected my $2,000 bonus based on my banker telling me it was only a matter of time... but apparently he didn't know the fine print was different than what he advised me

Strike 4!: Banker hasn't returned my text messages since mid December but is still employed there. Guessing he's decided he has better things to do.

So do I. Decided 2 days ago. 8 of 10 accounts already moved to Fido. Just waiting for some charges to clear to close out.

[RobLyons]

I also do not like WF. We bank with:

local brick & mortar bank - just for that immediate end of the world liquid cash
Consumers Credit Union in IL - 2-4% on $10k
Local credit union - Best financing rates of 0% - 1.6%
The rest gets dumped into 403b and Roths

[btax80]

BofA. Their Preferred Rewards system is actually quite good; my IRA is with Merrill so I don't have any trouble maintaining the balance required and it gives a 75% boost to the BofA Visa Cash Rewards. I can get 5.25% cash back on some transactions.

[sschoe2]

-Chase for checking and credit card. I like the availability of branches, the functionality of their website for billing management and other things, their credit card has served me well.

-Credit Union for cash emergency fund. It has comparatively good interest rates and also if I ever fall into the dreaded Chase decides to fire you as a customer because your transactions triggered something I can open a checking account with them. I also have a secondary credit card with them.

-Vanguard for my taxable and rIRA I own all Vanguard funds including VTMSX in taxable and am a low maintenance customer so haven't had any encounters with their customer service. It would be hard to move my money with VTMSX

-Wells Fargo/PFG for my 401k (no choice) Vanguard target date fund

- I have another credit union with my mortgage. They gave me a great rate but their website is pathetic, something out of the 90's/early 00's and people complain about Vanguard's, so I would never open a banking account with them. They are also ridiculously slow at processing payments. When I pulled from Chase for mortgage it took them 6 days to apply the payment. Now that I push from Chase it takes 1-4 days after Chase delivers it.

[jhsu802701]

I have a checking account from TIAA Bank. I have a savings account and credit card from Wells Fargo.

My checking account used to be at Wells Fargo, but I closed it and switched to Everbank (later merged with TIAA Bank) for checking. Wells Fargo used to offer free checking, but I had to close it because a monthly fee was about to be introduced, and the balance needed to avoid it was ridiculously high (something like $15,000).

I still have my Wells Fargo savings account because I need local branches for depositing checks and making withdrawals. The minimum balance to avoid a monthly fee is a reasonable $300. Having a credit card from the same bank is convenient. I have the option of paying my credit card bill electronically or at a local branch.

In my opinion, a checking account from a local bank is not necessary. All I use it for is writing checks and paying bills electronically.

[texasfight]

Chase

-Credit cards bonuses (I massacre them on these)
-Ease of website + app
-high mobile deposit limits
-Actually really like youinvest brokerage account - my dividends are ready to invest faster than vanguard, also in vanguard you cannot export cost basis as excel to calculate $ tax cost/total dollar amount easily whereas in Chase I can (huge for my TLH and trading), and it's quick, also get instant transfer from my checking
-Also get free wires, free ATM's, free checks, safety deposit box

Use vanguard for backdoor roth every year cause it is very easy

Good reason for a vanguard taxable account would be if you wanted some of their mutual funds (best muni funds), but is a pain for me to manage my asset allocation there, and the website is so darn laggy.

[rgs92]

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.

OMG. Yep, I have BOA credit cards and setting up Autopay from my bank was extremely difficult, requiring all sorts a actual voice calls with their customer service depts. BOA seems to operate in the stone age. I just keep the cards because they have some good reward benefits.

(They seem to have different varieties of "bill-pay" and "auto-pay" that are ill-defined and you can't set them up online or even know what they are doing. And if you pay your bill in advance of the auto-pay, they draw from your bank account twice. It's the worst credit card management I have seen. And I've had their credit card for 20+ years.)

[rich126]

Most banks, CUs, etc. have good/bad days and policies.

I've had a CU for 30+ years. They did a great job (according to a title company) during a refi in 2011. I canceled their credit card decades ago when I disputed a ~$6 charge and they made me jump through hoops to do so, and no other bank has ever come close to require the same hoop jumping over the years. In 2020 they were terrible in response to a mortgage payoff and eventually admitted it was their fault.

I've had WF since 2000 when I went out west and needed a local bank to get cash (in the old days). Obviously they have had their issues but generally I haven't had any major issues. One problem was quickly resolved. And most of the time I used a branch in a rather high end part of Scottsdale so they seemed to treat people better than in other areas.

Now with credit cards, online bill paying, etc. I rarely ever need cash (maybe had one ATM withdrawal since March 2020) so have a physical branch isn't too important. You can easily deposit checks via a cell phone (just started doing this during the pandemic and had no issues).

My CU, that I rarely use for much anymore has grown and is much less friendly than before. And while good with fees on loans, their interest rates, even pre low rate environment were always dreadful.

Right now I have too many bank accounts with accounts at 5 or more banks.

[Joe Public]

-Actually really like youinvest brokerage account - my dividends are ready to invest faster than vanguard, also in vanguard you cannot export cost basis as excel to calculate $ tax cost/total dollar amount easily whereas in Chase I can (huge for my TLH and trading), and it's quick, also get instant transfer from my checking

Does Chase track your cost basis by tax lot/specific identification? If so, what was the process for getting that in place?

[texasfight]

-Actually really like youinvest brokerage account - my dividends are ready to invest faster than vanguard, also in vanguard you cannot export cost basis as excel to calculate $ tax cost/total dollar amount easily whereas in Chase I can (huge for my TLH and trading), and it's quick, also get instant transfer from my checking

Does Chase track your cost basis by tax lot/specific identification? If so, what was the process for getting that in place?

Yes, but I initially had a disaster thinking they were by default and they were not. I had to tell them to change it, and twice they said they were correct and didn't need to be changed, until finally I did the math in my message and they got them fixed.

You have to send them a message request for specific ID ( I would do this right when you open the account and make sure it is in effect before you transfer anything over).

See this thread

viewtopic.php?f=1&t=263558&start=50#top

[Joe Public]

-Actually really like youinvest brokerage account - my dividends are ready to invest faster than vanguard, also in vanguard you cannot export cost basis as excel to calculate $ tax cost/total dollar amount easily whereas in Chase I can (huge for my TLH and trading), and it's quick, also get instant transfer from my checking

Does Chase track your cost basis by tax lot/specific identification? If so, what was the process for getting that in place?

Yes, but I initially had a disaster thinking they were by default and they were not. I had to tell them to change it, and twice they said they were correct and didn't need to be changed, until finally I did the math in my message and they got them fixed.

You have to send them a message request for specific ID ( I would do this right when you open the account and make sure it is in effect before you transfer anything over).

See this thread

viewtopic.php?f=1&t=263558&start=50#top

That's very helpful; thank you. I have had a great experience with Schwab but would prefer the one-stop-shop aspect of You Invest if it is acceptably functional (I already bank at Chase).

[7eight9]

My primary transactional account (checks and credit card payments) has been Wells Fargo for many years. I was with a smaller bank that got acquired in the 1990s. I have an account with American Express Bank that I use for HOA payments exclusively. And another account with Marcus for the high-yield savings and CDs. My wife maintains a Wells Fargo account (credit cards / payroll deposit) and Discover Bank (high-yield savings and CDs). All the aforementioned banks have been reliable, have easy to use websites and in the case of Amex/Marcus/Discover reasonable rates.

We both has Schwab accounts but really only for overseas travel (fee-free ATM cards).

[NYnative]

I had a few accounts with WF over the years, but terminated all after this: “Wells Fargo has agreed to pay $3 billion to settle criminal charges and a civil action stemming from its widespread mistreatment of customers in its community bank over a 14-year period, the Justice Department announced in February, 2020.” I will not do business with a company that repeatedly and purposely defrauded their customers over along period of time. Nor can I understand why anyone would want to do business with thieves with no conscience. And no, I don’t care where the fraud took place in the company - the top management knew about it and did nothing. Actually, I did not wait until then to move my accounts. I dumped them as soon as I heard about the fraud a few years earlier.

[aktx97]

Capital One has free checking and free high yield savings accounts with no minimums. My personal and business accounts are there. Physical branches near me are a plus.

I value being able to do many things under one roof at little to no cost, but like to at least separate banking and investing. Banking at Capital One. Investing at Fidelity.

[aiyuanuc]

What checking from Fidelity is offering 1.4% right now

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.

[02nz]

USAA. Main advantages include getting direct deposits quickly (a day quicker than most institutions) and being credited instantly when I do an ACH pull from another bank.

[Lastrun]

Capital One has free checking and free high yield savings accounts with no minimums. My personal and business accounts are there. Physical branches near me are a plus.

I used to bank at Capital One and never had a bad experience. I would agree that it is a good choice to have an online checking and high yield savings with decent rates, and also the capability to walk into a branch. A solid choice for anyone in their footprint.