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  #1 (permalink)  
Old 06-11-2007, 11:34 PM
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Default Where do you bank?

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.
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Old 07-27-2007, 04:21 PM
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Default Re: Where do you bank?

Quote:
Originally Posted by Mark A View Post
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?
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?
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Old 07-30-2007, 09:43 PM
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Default Re: Where do you bank?

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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Old 07-31-2007, 01:16 AM
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Location: Central Ohio, USA
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Default Re: Where do you bank?

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.
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Old 08-01-2007, 09:17 AM
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Default Re: Where do you bank?

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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Old 08-01-2007, 03:21 PM
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Location: Central Ohio, USA
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Default Re: Where do you bank?

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.
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Old 08-01-2007, 08:21 PM
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Default Re: Where do you bank?

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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Old 08-02-2007, 11:36 PM
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Default Re: Where do you bank?

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.
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Old 11-05-2007, 09:21 AM
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Location: California / Browntown / Unioted States
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Default Re: Where do you bank?

I bank at the federal reserve. They seem to have all our money there.
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Old 11-29-2007, 08:52 PM
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Default Re: Where do you bank?

Quote:
Originally Posted by Easy To Get Credit Cards View Post
I bank at the federal reserve. They seem to have all our money there.
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.
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Old 12-02-2007, 12:40 AM
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Default Re: Where do you bank?

I have a few accounts. I conduct most of my day-to-day banking at the State Employee's Credit Unition of Maryland. They are customer minded and do not jam fees at you every chance they get. A downside is that every branch I have visited has had decent lines. A personal downside is that their closest branch is about 30 miles from my home. Their policies make up for this.

I have savings accounts through ING and I have been pretty happy with them. Their online interface is easy and reliable.

I have a money market through ETRADE that is used as a holding account for personal investments and my ROTH. I have no complaints.

I have a money market account with SHAREBUILDER (now part of ING) that is used as a holding account for my single stock play money. I have no complaints.

I also have a money market attached to my paypal account. The only complaint I have is that PayPal does not play nice with Quicken.

I have multiple investments through a trust held through Wachovia Wealth Management. Great customer service, no complaints.

I had a terrible experience with M&T Bank. I was a customer there for years dating back to them being 1st National in Baltimore. They were great then and as AllFirst however a year or so after becoming M&T they failed me. They began to reorder account transactions to benefit them, began to mess with account holds to benefit them, nailed on fee after fee every chance they got. The staw that broke the camels back was when I let my account hit a $100 balance and they reordered transactions to make my account dip to a -$0.68 balance and then apply an overdraft that caused another overdraft that caused another overdraft to the tune of over $1500 in overdraft fees in one month. Funny thing is I never overdrafted before the M&T management and have not overdrafted once since leaving them.
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Old 12-07-2007, 02:06 PM
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Default Re: Where do you bank?

I live outside of US but I have an United States bank account. The bank is called Wachovia. I have an account there since 1 year. I use that bank only for wire transfers and to receive payment from CJ. Its working very smoothly.
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Old 12-17-2007, 11:04 AM
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Default Re: Where do you bank?

I have been dealing with my local Standard Chartered Bank. They are the only international bank available here
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Old 12-17-2007, 12:33 PM
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Default Re: Where do you bank?

I recently switched personal banks from Fifth Third Bank to National City. We are still debating whether we pull our business accounts and move them over.

I've had a nightmarish experience with Fifth Third over the past year or so. They've increased their fees, and their management rarely ever overturn most of them.

My biggest complaints are these (and some apply to a lot of big banks):

1. Reverse Sort Ordering - This is where they sort your transactions to be processed so that the largest comes out first. While the argument of the bank seems to be "would you rather your mortgage go unpaid or your $20 gas payment, most consumers want their mortgage/car/big expenses paid first", the fact remains that I have NEVER been asked what my choice was. Furthermore, in today's world of ledger balances and pending transactions awaiting processing, it only serves to increase overdraft charges on those customers that are already financially strapped. I prefer things to be processed IN THE ORDER I PROCESSED THEM. That's how my checkbook is written, that's how it should be.

2. Overdraft Fees - While overdraft fees have grown tremendously high (I remember when it was *only* $9 per transaction at 5/3rd, now it's $33), it's not just the direct overdraft fees I'm concerned about. It's the way they compound very quickly, are reluctant to be overturned (because it is a source of profit for the banks now), and only make the problem worse, especially on those families that live paycheck-to-paycheck and cannot afford to absorb a mistake. If you argue about overdraft fees, they say, "Let's talk about overdraft protection." But overdraft protection is not what it says it is. So that's my next complaint.

3. Overdraft Protection - Not as simple as it seems. First off, you have the option of using a credit card to absorb any overdraft. The problem with this is that it is considered a "cash advance" by the credit card company, which means high interest charges and fees. Sometimes, each overdraft charge is considered a separate transaction and that can increase fees with some credit card companies. Second, you have the option to transfer funds from a savings account, which is how I have it set up. However, when that occurs I get charged $9 per transaction. This is far less than the $33 overdraft charge at 5/3rd, but ludicrous none the less. Keep in mind I can typically move money from my savings account to my checking account for absolutely FREE. So why the $9 fee to do something you typically give to me for free?

4. Customer Service - In an era of increased competition and competitive bottom lines, many big banks have focused on profitability over customer service. There are some exceptions, according to Consumer Reports, who recently recognized Bank of America, National City, and Wachovia as bright spots in a cloudy industry. If a manager is unwilling to see me eye-to-eye on the situation and work with me, then what's the point of having local branch service? Today you can bank online, transfer money online, direct deposit, and there is an ATM on every corner. Are banks seeing physical branches as an "overhead expense" to virtual profitability? What gives?

5. Identity Protection/Scams - The world today is frought with danger, and information moves freely and too easily to the wrong people. You would think that your local bank would support you in the area of identity fraud. But, as a few of my clients have found out, this is sadly not the truth. In fact, you are considered the criminal by the bank until you can change their minds. Unfortunately, in one case, the client had physical proof (a video from the ATM showing someone that is definitely not a 70-year old woman), and the bank would still not reverse the improper withdrawal, stating that she may have given this person her card. Because of this, her mortgage bounced, and she racked up over $670 in overdraft charges (yes, even her $5 breakfast meal from a day prior at McD's triggered a nice $35 overdraft charge). The bank refunded her one overdraft fee, $35! She has since closed everything with this bank but still owes them almost $400, and she's sent letters to the Attorney General, the Board of Directors of the bank, the Governor, and an entire list of others, to no avail.

After doing business with Fifth Third Bank for over 12 years, I've given up on them. They don't respect the fact I've been with them so long, so why should I continue to give them my business?

And to think that people are perfect and won't make mistakes is equally as ridiculous. One person I spoke with says, "don't bounce stuff and you won't get charged". With ACH withdrawals, credit cards, debit cards, personal checks, direct deposits, manual bank drafts, account transfers, etc. even with a sophisticated tracking system mistakes can and will happen. That doesn't mean that banks should structure their fees/rules in order to maximize profit from mistakes that do occur.

What banks *should* do is manage the relationship they have with their customers, and that relationship should give the management full discretion on how to handle each individual situation, taking into account all factors, with the power to overturn any fees they so choose, without financial or any ramifications from bank directors, vp's, etc.

Last edited by Mynion; 12-17-2007 at 12:40 PM. Reason: typo
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Old 12-18-2007, 11:00 AM
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Default Re: Where do you bank?

I use ING as a my savings account and Wachovia as my banking/checking account. I have a percentage deposited into my savings account out of my directly deposited paycheck.
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