Bank Account

I was thinking to myself, there are so many banks out there, how do I know which is the best one to choose?

Other than basic convenience, I can't really think of any other criteria to judge a bank.

When I lived at home, I had two bank accounts. Flushings Savings account, and a checking account at Roslyn. I chose those two because they were close to me.

I live in NYC now, and none of these banks are close-by. So I'm thinking of opening another account to a bank that's more ubiquitous. Maybe Chase or Bank of America?

I'm not very educated in bank rates and all of that other micro-economic stuff, but I'd love to learn. Are there banks that will yield me higher interest rates? Better service? Etc?

What banks do you use, and why do you use them? What things should I consider when choosing a bank to open an account in?

Jam it back in, in the dark.

Banks in the USA seem absolutely sleazy. From what I understand, anyone can open a bank and if it goes bankrupt well, game over man.

Banks in Canada are government run, thank god. This means that it's quite impossible for a bank to close unless our country's economic state were to fall right though a glass floor.

There's about 10 or so banks I know of in Canada. I personally use CIBC (Canadian Imperial Bank of Commerce) despite their god-awful hours.

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I use Wachovia (rated #1 in customer satisfaction since forever ago!). The people are very friendly and will bend over backwards to see that you are happy. But beware, their website is very slow to update, and doesn't update on weekends if you're using a check card, so sometimes you won't know how much is in your account if you haven't been keeping track of it. They also charge horrendous overdraft fees if you use a check card, not to mention some payments will be held until later. Always use an ATM card instead. But only at Wachovia ATMs, unless you want to incur massive junk fees.

Other than that, they're great. Too bad they operate primarily in the south.

This thing is sticky, and I don't like it. I don't appreciate it.

Originally Posted by Render

Banks in Canada are government run, thank god. This means that it's quite impossible for a bank to close unless our country's economic state were to fall right though a glass floor.

No. They're not government run, they're publicly traded corporations. They are, however, fairly tightly regulated, and extremely large and few considering the population they serve. Assuming a bank was to go bankrupt, then you'd be able to get back what you had in your account, up to a certain amount. But considering the size of the banks around here, and the fact that banks can always ask the Bank of Canada to lend them money if they're in trouble, it's extremely unlikely that any of them will go bankrupt in the near future.

I am a dolphin, do you want me on your body?

Originally Posted by Render

Banks in the USA seem absolutely sleazy. From what I understand, anyone can open a bank and if it goes bankrupt well, game over man.

Unless the bank is FDIC insured, which means that if anything happens to the money you have in bank that is not of your fault, it is insured up to $100,000. This was enacted after the Great Depression since everyone was withdrawing, bankrupting the banks, and they were not able to get the money to everyone.

Make sure the bank is FDIC insured before going with it. Chase and Bank of America are more than likely, I'm 99.9% certain they are FDIC insured.

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Hah, of course they are FDIC insured. I have yet to witness a bank that isn't FDIC insured.

Wachovia sounds like a good bank. I've barely heard of it until recently, though. I don't care too much about service though. Just the numbers.

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Originally Posted by guyinrubbersuit

Unless the bank is FDIC insured, which means that if anything happens to the money you have in bank that is not of your fault, it is insured up to $100,000. This was enacted after the Great Depression since everyone was withdrawing, bankrupting the banks, and they were not able to get the money to everyone.

Make sure the bank is FDIC insured before going with it. Chase and Bank of America are more than likely, I'm 99.9% certain they are FDIC insured.

Yep. BofA is alright, I use Washington Mutual right now, don't know if they have those in NYC, but check em out.

FELIPE NO

I've heard a lot of bad things about BanK of America.
Go for Washington Mutual

What, you don't want my bikini-clad body?

I'm with HSBC and I have a Solo card.

I'm not really a money-minded person, so it's just a place to leave my cash for a rainy day.

Jam it back in, in the dark.

When it comes to selecting a bank, it really does come to convenience. Checking accounts don't get much interest, so that's not much of a factor. Branch and ATM locations are important, so if you ever need to get cash at some point, a machine shouldn't be too far away. I guess also keep other things in mind such as minimum balance and requried initial deposits and stuff like that. Online access is very useful too. I'll probably open a Wachovia or BoA account at some point, but for now, I have a checking account at Chevy Chase Bank (Washington DC metropolitan area) does me good, with thousands of ATM locations.. good deal. (And of course savings accounts with ING Direct FTW; it's all about ING).

And if you're gonna open up at ING, let me refer you. I get money, you get money... win-win!

There's nowhere I can't reach.

I've always used small credit unions, because they're co-owned by the people. Also, they usually have little perks they offer their members, like discounted tickets to Magic Mountain/Disneyland.

Now I use my University's credit union, and it's about the same as my old one. Maybe a little more internet-oriented. The only downside to it is that you are kind of stuck with the limited range of your credit union as far as ATMs go, because both unions I'm in are basically only in one town. Use a machine outside of it and you'll be paying those annoying fees.

This thing is sticky, and I don't like it. I don't appreciate it.

Originally Posted by gaming

I've heard a lot of bad things about BanK of America.
Go for Washington Mutual

A man once tried to cash a check at a Bank of America. The check was payment recieved for the sale of a bicycle. He had them verify that the funds were present and they told him it was good. The second he tried to cash it, he was arrested by detectives and charged with pushing bad checks. It cost him $14,000 to clear his name, and the bank refuses to refund him his legal fees.

http://en.wikipedia.org/wiki/Bank_of....27s_Challenge

I am a dolphin, do you want me on your body?

Originally Posted by Render

Banks in the USA seem absolutely sleazy. From what I understand, anyone can open a bank and if it goes bankrupt well, game over man.

Banks in Canada are government run, thank god. This means that it's quite impossible for a bank to close unless our country's economic state were to fall right though a glass floor.

There's about 10 or so banks I know of in Canada. I personally use CIBC (Canadian Imperial Bank of Commerce) despite their god-awful hours.

Yeah, thank God for Canadian control. I use CIBC as well, mostly for the fact that the campus only has CIBC ATMs and the nearest banks are ATMs.

Another option, which is also very good for international travel is Scotiabank. But the problem with them is lack of many banks. But they do say "You are richer than you think." Which is a plus!

I was speaking idiomatically.

I use Royal Bank of Canada. I believe it is known as Centura Royal or Royal Centura in the US. I tend to use it because it has lots of branches, even more ATM's and has the most continually valuable mutual fund portfolio in Canada. It tends to get in very little trouble with bankruptcies and is always hitting those people or companies that do declare bankruptcy, hard. This is in comparison to CIBC which seems to invest its mutual funds in shitty companies and provide loans to poorly run ones (Enron and WorldCom are two notible ones). They tend to get a major bankruptcy hit once every 6 months.

What kind of toxic man-thing is happening now?

I use Navy Federal Credit Union. I've been with them since I was like 5. They've always taken very good care of me. Their customer support is unbelievable. I've ALWAYS gotten a person willing to help no matter what day or time I've called. Their interest rates seem higher, but really, it's all about the convenience of easily accessible online banking, plus customer service. They even offer external transfers, so I can send money to accounts in other institutions, which somewhat eliminates that annoying lack of atms.

FELIPE NO

I've had bad experiences with Chase and Wachovia. My office depends on Chase, and we get a correction notice about once a month because some knucklehead didn't add the numbers correctly. I had a bad experience with David Pike of Wachovia. I wanted him to invest $1000 in TTWO stock in anticipation of Grand Theft Auto: San Andreas. I played my cards really well. Bought at about 29, and sold around 35. Mr. Pike was amazed that the investment worked so well, and so he didn't feel bad when he slapped me with an "in" charge, an "out" charge, and a 6% brokerage fee. I got out with $1063. Fuck that guy.

I use Washington Mutual for business and personal loans, and they haven't done me wrong yet. You could probably do better than them, but they are fairly dependable. I would aim for at least a 4% interest rate for a savings account, and I guess a 2.5% interest rate on a checking account, regardless of where you go. Also, like stated before, wherever you go, make sure they are FDIC insured. If a bank isn't FDIC insured, they are probably a scam.

What, you don't want my bikini-clad body?

I use a local bank, but since I use a checking account, this is what I look for:

Minimum required to open the account.
Is a minimum balance necessary before I'm charged a service charge--other than the check-cashing charge?
Check Card.

Now, see, this is where having a checking account CAN differ from a savings account. Most places won't take a simple ATM card for payments. Nowadays, they want a debit/check card with a credit card logo on it.

Many savings accounts don't issue that kind of card--only ATM. But, I believe there are some that do.

So, I would suggest looking at those criteria--along with interest rates.

Jam it back in, in the dark.

Originally Posted by PiccoloNamek

A man once tried to cash a check at a Bank of America. The check was payment recieved for the sale of a bicycle. He had them verify that the funds were present and they told him it was good. The second he tried to cash it, he was arrested by detectives and charged with pushing bad checks. It cost him $14,000 to clear his name, and the bank refuses to refund him his legal fees.

http://en.wikipedia.org/wiki/Bank_of....27s_Challenge

Off topic:

If I was to ever sell anything of real value of ebay, I would demand either a certified check or a U.S. Postal Money order. Both are considered to be guaranteed funds, are very secure forms of payment, and are available within 24 hours of cashing. Anything else I would simply decline.

On topic:

I have a checking and savings account with PNC Bank. They've treated me pretty well, but as of recent they have instituted new ATM usage fees. Gone are the withdrawal fees you used to get slapped with when you took money out of a competing bank's ATM. New are the 'ATM Mini Statement' fees that you get slapped with every time you check your balance or get a transaction history. $1.50 for a little slip of thermal paper. What a joke.

On the plus side, I can distinctly remember PNC phoning me when I wrote a check for $1200 to cover a downpayment on my car. Since the most I had ever written a check for prior to that was no larger than the amount of $300, they considered it a suspicious transaction and wanted to verify that I had actually made the check. I told them that I had indeed written the check for that amount, and hung up the phone feeling a little better that they would take the time to flag suspicious purchases and notify me before a fraudulant check might be cashed.

There's nowhere I can't reach.

Originally Posted by ElectricSheep

I have a checking and savings account with PNC Bank. They've treated me pretty well, but as of recent they have instituted new ATM usage fees. Gone are the withdrawal fees you used to get slapped with when you took money out of a competing bank's ATM. New are the 'ATM Mini Statement' fees that you get slapped with every time you check your balance or get a transaction history. $1.50 for a little slip of thermal paper. What a joke.

Wow. Just for checking transaction history. I understand the service charge when taking money out, but just for checking a balance? Dang.

This thing is sticky, and I don't like it. I don't appreciate it.

All banks are good for as long as their 'great offer(s)' lasts. Offers like 'Totally Free Student Checking' and such. But that's in terms of getting something like a checking account.

If you're looking for a savings account, you really need to do some footwork and check each bank's rates out. It's not the same in each town & city. Bank of America (previously known as Fleet) could have a 0.05% interest rate in Mousenation, Whatever State. But the same bank could have a 2.5% interest rate in Ratnation, Some-other State. (Made up names, yes.)

And some banks will allow you to combine your savings account with your checking account. So you can make online transfers easily and manage both accounts simultaneously. However, that kinda kills the point of a savings account unless your savings account is kept at a certain balance every month-year.

For checking accounts, you'll want a bank that'll charge you $0.00 ATM service fees. So, say you use a ATM that does not belong to your bank. Well, even if you withdrawl money from this ATM, your bank will make sure you aren't held responsible for that service charge. Also, look into low maintenance fees, or no maintenance fees. Your checking account will probably never always stay above a certain balance, and that balance being the required balance to prevent a maintenance fee charge. And if you're worried about falling below the required balance, look for a bank that'll have a low required balance. Like say, you need to have $100 or more in your account to avoid being charged a maintenance fee. If there's a bank with a $75 or lower, those would be much more economical. However, keep in mind low requirements usually are part of a 'Welcome to our bank!' deal. So, it's likely to expire and revert back to it's normal requirement.

I am a dolphin, do you want me on your body?

Originally Posted by PiccoloNamek

(Wachovia) charge(s) horrendous overdraft fees if you use a check card, not to mention some payments will be held until later.

Aye, that's why I switched to Bank of America. I've got a card with photo id, and one that fits on my keychain, the fees are reasonable, and the website is usually up to the hour. They've always been more than wonderful with customer service too.

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