Which bank for checking account

[511east]

If you were to pick a bank for your checking account, would you pick Bank of America or Chase (their branches are in my neighborhood)? Our account just got hacked again, second time in 18 months, at a major bank, via a phone call to the bank, they had all the necessary information. While I love the bank and had great service for decades, I think it is time to change banks. Something strange is going on, why do the hackers have our information? Thanks...

[exodusNH]

If you were to pick a bank for your checking account, would you pick Bank of America or Chase (their branches are in my neighborhood)? Our account just got hacked again, second time in 18 months, at a major bank, via a phone call to the bank, they had all the necessary information. While I love the bank and had great service for decades, I think it is time to change banks. Something strange is going on, why do the hackers have our information? Thanks...

Everyone you've ever written a check to has all of your account details. Even my bank's bill pay, when they generate a paper check, has my account details on it, not the bank's.

Also, in 2023 alone, I was notified of three data breaches that revealed my information, including all of my medical records. Who knows how many more breaches happened that were never discovered.

To answer your question, I would go with Chase. They have a better website.

[gotoparks]

There was a recent thread or two on BoA vs Chase. Take a look at the search feature.

[SmileyFace]

Neither - I would look at local Credit Unions and Regional Banks. In my experience they don't zap you with fees nor require large minimum holdings to avoid fees the way the big banks do. Keep extra cash in a MM or linked online HYSA.

[LittleMaggieMae]

I would look at which bank (Chase or Bank of America) best fits your banking needs (what hoops do you have to jump through to have "free" checking, for example.) Which bank has the best ATM placement.

I have accounts at both Chase and Bank of America. I do not use their mobile apps. I do use their online banking from my home PC.

Chase's screens have a more "modern" round look. Bank of America's screens have a less cluttered older look.
I don't have any complaints with banking on line. It's always a bit of a "fuss" when I have to set up something new (a new bill pay, a new zelle recipient, a new transfer to another bank/financial institution). I just start the set up and expect that it might take me a couple of tries to get it right and that I will have to "babysit" the first time it's used. once it's working OK, it falls off my "I'm annoyed with this" list.

I chose Chase over Bank of America because I have more Chase accounts (checking, credit cards, mortgage) than BoA accounts (once I closed my BoA mortgage there wasn't a need for a checking account). Chase also has ATMs that fit into the paths I travel near my home and near my place of employment. There's a large "has lots of Customer Service people, loan people, etc" Chase Bank 2 miles from my home. BoA has a small bank (a few customer service people) 3 miles from my home.

As for account security I can't really speak to that. I've never had my checking account, savings accounts, or CDs "hacked" - at any bank Chase, Bank of America, Wells Fargo or my local S&L. I have had credit card fraudulent charges on all of my bank cards at least once in the last 15 years.

[privateID]

I currently use a local credit union. I am happy with them. But I did recently open a Chase account for a couple of reasons - 1) They had a nice $900 bonus (checking+savings); 2) I'm thinking of retiring within a couple of years and may move or spend parts of the year elsewhere. Wanted to try out another bank that has branches elsewhere. I also chose Chase because I have a few of my main credit cards with them, so nice to have a single logon. As for the free checking, depositing my paycheck solves that problem and eventually depositing SS will solve it in the future.

[heartwood]

We've had a checking account at BOA for many years for various reasons: like you mostly local convenience, multi state ATM coverage, safe deposit box availability. The account is free with direct deposit of pension, but last I looked it only pays 0.01% interest. We keep a modest amount at BOA.

We actually write all our checks from the Fidelity CMA account. The associated MM currently pays 5%. We get reimbursement of ATM fees wherever. Check printing is free. Great 24/7 customer service, and more.

BOA recently changed its EFT transfer fees to outside accounts: I believe now no fee for EFT to a linked outside account.

No idea re Chase.

Depending upon your situation I''d go with Fidelity.

[CuriousGeorgeTx]

Just curious why you want to have a brick & mortar bank? I switched from BOA to Ally for checking in 2009 and haven't missed BOA at all. I keep a small account a local credit union. I can deposit cash if I need to and they will notarize documents for free.

[NateH]

We're done with big banks. Web/app banking has almost completely leveled the playing field and there isn't really a good reason to go big anymore.

Just closed our big bank checking account (wells fargo) and switched everything Fidelity CMA, along with a regional bank (which holds our HELOC and teen accounts) and a local credit union. Probably close the CU account next, but they're so friendly and there's never a wait.

[retired@50]

Neither - I would look at local Credit Unions ...

Same here. I've been using a credit union for quite a while.

Regards,

[soobaerodude]

We actually write all our checks from the Fidelity CMA account. The associated MM currently pays 5%. We get reimbursement of ATM fees wherever. Check printing is free. Great 24/7 customer service, and more.

Another +1 for Fidelity CMA for these reasons. In addition, you can have all your funds in the 5% MM and Fidelity will auto-liquidate for any debits. If you use FDLXX as your MM, it's state-tax exempt too

[UpperNwGuy]

I have checking accounts at multiple credit unions and at Schwab Bank. They're all good. I feel no need to consolidate.

[bcc1234]

we have our checking and a very small savings account at a local bank - maybe 10 branches in west michigan.

they have everything we need.

bcc

[dratkinson]

Neither - I would look at local Credit Unions ...

Same here. I've been using a credit union for quite a while.

Regards,

+1. And if you join a CU that is part of the CU COOP program (shared branching network), then you can go into any COOP CU while traveling/moving and access your existing CU account to deposit/withdraw money.

You can't do everything at a shared branch location---may not be able to open a new CD with your local CU from a shared branch location---but these are much smaller issues than having trouble finding a local branch of a big bank.

Search: https://www.google.com/search?q=cu+shar ... ng+network

My little CU is part of the COOP network, can be annoying sometimes, but then again they've helped when I needed it. Plus it's close and I like its free mailed monthly paper statements*. (* I may be grandfathered since account opened before internet was a thing ...which was the style at the time).

[Josh5000]

My travel is strictly east coast and I find Truist to be the most accessible. I keep $2k running balance in there with a $2k ATM daily ATM limit. One draw back is that it requires a $1500 minimum deposit or two direct deposit. Truist will never get direct deposit from me until I get my act together and hit a $1 mil brokerage account goal so $2k running balance helps. If you have kids, their account doesn't have the minimum balance requirement.

I have had Truist since before BB&T and there are enough branches in the various town I live in so it was and still is a convenient for old school banking. My teenage has an account there too for basic money management of keeping discretionary to $100 as I cover everything and have a $10k monthly cc bills to prove it.

For those under 30, I would say USAA or Ally would be a much better bet.

[zhiwiller]

Just curious why you want to have a brick & mortar bank? I switched from BOA to Ally for checking in 2009 and haven't missed BOA at all. I keep a small account a local credit union. I can deposit cash if I need to and they will notarize documents for free.

I only have an online bank. I recently received the proceeds from a home sale via a FedExed check. When I received the check, the background the buyer's credit union used on the check included a line behind the MICR number that confounded both my bank's and Vanguard's mobile check cashing. The check value was above my bank's ATM limit. I had no choice but to send an endorsed check through the mail, which was a very stressful idea for me. Had I a brick & mortar bank, I probably would have had less stress.

[jebmke]

Just curious why you want to have a brick & mortar bank? I switched from BOA to Ally for checking in 2009 and haven't missed BOA at all. I keep a small account a local credit union. I can deposit cash if I need to and they will notarize documents for free.

I only have an online bank. I recently received the proceeds from a home sale via a FedExed check. When I received the check, the background the buyer's credit union used on the check included a line behind the MICR number that confounded both my bank's and Vanguard's mobile check cashing. The check value was above my bank's ATM limit. I had no choice but to send an endorsed check through the mail, which was a very stressful idea for me. Had I a brick & mortar bank, I probably would have had less stress.

It survived a one-way FEDEX trip and probably would have survived another. On the other hand, this type of transaction is exactly where wire transfers shine.

[zhiwiller]

Well, the "guaranteed" overnight took an extra three days, so that added to the stress.

[jebmke]

Well, the "guaranteed" overnight took an extra three days, so that added to the stress.

yes; they can go astray. Wires will land in minutes generally. I used them monthly for years on international wires and they never missed a passage. In the scheme of things, they aren't that expensive. But USians are still mired in their mid-20th century paper model for moving money.

[NYCaviator]

Why not have a B&M bank?

With the availability of money market funds in a bank-linked brokerage accounts, there’s nothing special about online banks anymore. It used to be that you would get the best rates on cash by using an online bank, but now I get the best rates from money market funds at JP Morgan or Merrill. Plus I could always go into a branch on the extremely rare occasion I need to.

I don’t think there’s anything special about online banks these days that would entice me to give up banking with a B&M.

[jebmke]

Why not have a B&M bank?

With the availability of money market funds in a bank-linked brokerage accounts, there’s nothing special about online banks anymore. It used to be that you would get the best rates on cash by using an online bank, but now I get the best rates from money market funds at JP Morgan or Merrill. Plus I could always go into a branch on the extremely rare occasion I need to.

I don’t think there’s anything special about online banks these days that would entice me to give up banking with a B&M.

None at all. Banks are a commodity.

[humblecoder]

Just curious why you want to have a brick & mortar bank? I switched from BOA to Ally for checking in 2009 and haven't missed BOA at all. I keep a small account a local credit union. I can deposit cash if I need to and they will notarize documents for free.

Seems like you answered your own question

[WeakOldGuy]

I don't plan on giving up my relationship with a B&M bank. They have proven too useful and convenient over the years. Of course, things can always change.

If your account was hacked because someone had all of your information, which would include PIN numbers, passwords, etc... that isn't the bank's fault. The only way around that is to not have any online accounts, don't use any credit or debit cards, and always do all your banking in person.

[CuriousGeorgeTx]

Just curious why you want to have a brick & mortar bank? I switched from BOA to Ally for checking in 2009 and haven't missed BOA at all. I keep a small account a local credit union. I can deposit cash if I need to and they will notarize documents for free.

Seems like you answered your own question

I suppose I should have said “as your primary financial hub”. My credit union pays nothing for checking balances and savings rates are about 2% below HYSA rates. But they are physically than either Schwab or Fidelity, with much more convenient parking and access.

While simplicity is good, diversity is important, as these days a system can lock you out instantly and without any warning, and not even your friendly local banker has the power to fix it promptly.

[tj]

If you were to pick a bank for your checking account, would you pick Bank of America or Chase (their branches are in my neighborhood)? Our account just got hacked again, second time in 18 months, at a major bank, via a phone call to the bank, they had all the necessary information. While I love the bank and had great service for decades, I think it is time to change banks. Something strange is going on, why do the hackers have our information? Thanks...

Everyone you've ever written a check to has all of your account details. Even my bank's bill pay, when they generate a paper check, has my account details on it, not the bank's.

Also, in 2023 alone, I was notified of three data breaches that revealed my information, including all of my medical records. Who knows how many more breaches happened that were never discovered.

To answer your question, I would go with Chase. They have a better website.

Interesting - I didn't think bill pay checks had your account number on them.

[baliktad]

I didn't think bill pay checks had your account number on them.

That's because it varies. Some banks print bill pay checks with your account number on them - it's basically a printed version of a check from your own checkbook. One side effect of this model is that the money stays in your account until the check is cashed by the payee, exactly like a normal written check. If the check number printed on your bill pay checks is 4 digits, your bank probably uses this model. Bank of America and USAA issue bill pay checks this way.

Other banks print bill pay checks drawn on one central account. This means only the master bank account number appears on the check, not your personal account number. Typically in this model, the bank removes the funds from your account on the date the check is issued. This protects your personal account information, but it also makes it a bit trickier to determine if/when the recipient cashes their check and receives their funds. If the check number printed on your bill pay checks is 8 or more digits, your bank probably uses this model. Chase and Wells Fargo issue bill pay checks this way.

Each bank implements the method they prefer. You as a consumer don't have a choice of which model your bill pay service implements, except by changing banks to another institution that uses the method you prefer.

[viveks]

Between the two, unless you already have a relationship with BoA, I would go with Chase. Pretty decent website, BillPay, Zelle etc and fast ACH transfers, self direct investment account where you can buy Vanguard MF. Personal experience:

I once had a BoA checking account which at that point needed $5000 average monthly balance to avoid the fee but it was waived because of an "special offer" for employees of the company I worked for at that time. After about a year out of the blue they started charging $25 monthly fee, which I realized about five months too late and reduced whole bunch of perks for that account type, specifically a free Safe deposit box.

Right before 2007/2008 financial crisis, I had a high rate CD with WaMU. During GFC Chase took over WaMU and once CD matured, since I didn't have any other relationship with WaMu, Chase told me I will get a check in about two weeks or I could open a free checking account with them and they will deposit the proceeds immediately and they will give $150 for opening the account. You can guess which option I chose I keep a bare minimum amount in checking account and primarily use it for writing the checks or making the payments Zelle to people I don't know well enough. Once in a blue moon I use local branch for cashier's check or notary or medallion signature guarantee. But overall, for a large bank, a pretty decent experience.

[normaldude]

I would recommend moving away from brick & mortar banks, if possible.

B&M banks have the worst rates, worst terms, worst treatment, worst business practices, because they have to pay for physical branches & lots of staff.

Schwab is my primary checking account, and Capital One is my backup checking account.