Everyone who's interested in finance should be able to answer this question: Where do you bank, and why at that institution?

What do you like about that institution?

What do you not like about that institution?

Finally, would you recommend it to a friend?


Personally, I have accounts at 3 institutions (counting paypal now). My main institution is the UW Credit Union, I used to work there, and they are the most member-centered place I could imagine, they consistently beat rates, and will proactively call me with info on better rates and special rates.

I also have an account with M&I Bank, where a 9% cut of my paycheck goes for my random expenses like lunches and so forth. This bank really shines when it comes to businesses, even giving away skybox seats to sporting events as a reward for customer loyalty. I don't like all the potential fees, but as long as I manage my account well I won't see those.

I just opened my paypal account so I could conduct business online, we'll see how that goes.

I would recommend each institution to a friend, but it really depends on their financial picture as to which one would be best for them.

Unfortunately, the banks I use now are just because they were local
and convenient. We have been checking into some other possibilities
but those aren't easy decisions.

I'm interested that you called paypal a banking institution. Is that how
they consider their business? I never heard it called that. I have an
account there and have for almost as long as they've existed, but maybe
they have options now that I'm not aware of?

Paypal is at the very least a holding company, in that they hold cash, but they also issue credit cards and do other bankly things, so I have no problem treating them like a bank.

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Never sign intellectual property agreements...

I use Fifth Third Bank for business and personal, and I absolutely hate them.

Spent 10+ years with them growing up, and always had great service. Moved from Toledo, Ohio to Columbus, Ohio and have had the worst customer service experiences imaginable, including getting charged $33 plus a $6 additional fee for overdrafting our checking account by $15. Since it was "our mistake", the manager wouldn't budget on refunding it. Absurd!

Among other things, they are constantly understaffed, so there are always long lines. The managers lack any personality. Their financial advisors are amateurish, at least the ones in Ohio, and serve multiple branches. Their fees are through the roof and are always going up. Blah!

I've had accounts in the past with National City and what is now Nationwide Bank (used to be Nationwide Federal Credit Union), and both were excellent. We're going back to National City by the end of the year.

Friends of ours speak highly of Bank of America, but they have no branches locally, and I prefer to bank with people face-to-face.

Ok, the obvious question, Mynion, why do you use a bank that you hate? The Credit Union I work for has an approach of, "It doesn't matter what we did yesterday, how can we exceed expectations today?"

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Never sign intellectual property agreements...

Convenience, mainly. There is a branch just across the street from my office, and a branch right around the corner from my home.

Also, my firm's accounts are all with Fifth Third, so it only made sense.

I'm beginning to not care about the convenience, however.

The bank I used to work for had a lot of customers like you Mynion, unhappy with the bank and not sure where to go. Try a few places out, they may do better for you than you think!

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Never sign intellectual property agreements...

Yes, we are considering several options in the area.

We really like one of the local credit unions, so I'm meeting with one of their managers on Monday.

I bank at the federal reserve. They seem to have all our money there.

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Easy To Get Credit Cards
www.easytogetcreditcards.ws

Haha good answer, rather they "lost" all our money at the Treasury.

I bank at South Florida Educational Federal Credit union because a acc. was set up when I was young and it's close with great service.

I also use Paypal but just for transactions, and finally HSBC for there great interest rate and security.