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Both FI and I have accounts with BoA. Never tried anyone else.
@atalante: Ditto. Credit unions give you great rates on savings and on loans.
I don't like any banks lol. But I do prefer bank of america over some other large banks that I have tried. To me and DH's business, bill pay and quickbooks capability are important and BofA seems to offer the best products. And while I don't usually go into the actually banking center, I do like that there are many around in case an issue arises.
Definitely look for a credit union if you can. I bank with Suntrust and LOVE them. If I deposit a check and they find out that it's going to have a hold for some reason, they will call me and let me know instead of me just sitting around wondering where my money is. Their customer service is outstanding. I banked with BOA for a while and hated it. I worked for them for a while and hated that too. lol
I really despise banks, and I avoid a lot of the ones listed because my fiance is always telling me about how they're "predatory lenders" and I don't want to support that.
I found that I get the best service at local credit unions, and I like supporting local businesses, but often the fees are higher because they don't do as much volume as national banks and still need to turn a profit (understandable, but annoying).
We've actually had the best luck with Ally. They have the highest interest accrual rates (even interest on checking accounts) and lowest fees. They're able to offer these things because they don't have brick and mortar stores, so they don't have as much overhead. You mail any checks you need cashed into their headquarters, or you can transfer funds from other banks. The only thing that's SLIGHTLY inconvenient is that you can't physically go into the bank to do transactions, so deposits take slightly longer. It's worth it though for the interest, good service, and to not support snakey banks.
I say Credit Union, Credit Union, Credit Union! They don't charge me one dime to access or monitor MY money. They have everything the banks have, except the fees.
I agree with the credit union though I like having accounts both at the credit union and a big name bank. I used to have Wachovia but I'm Wells Fargo now due to the buyout. Keep in mind any Wachovia account you set up will eventually be transferred to Wells Fargo.
DH, his dad and his grandfather were all in the military, so we have USAA, but I always loved our local credit union.
We are part of a credit union and they are so much more personable. Mine calls me by name and ask specifics about how I am and my parents etc, because they know us. I see them doing that with a lot of other guests too...I just like it better!
Credit Union believer also! Don't go with US Bank, their fees are killer, and their online banking is just a flat pain in the ass.
a local, well-networked credit union will beat any bank
This might not be super helpful, but when DH and I were applying for a mortgage EVERYONE we spoke to (friends, family, real estate agents, attorney, etc.) told us to avoid B of A like the plague. We approached them for a quote and took it to Wells Fargo who matched the rate and slashed our closing costs (something BofA was not willing to do). Maybe they were right, maybe not, but we kind of feel like we dodged a bullet based on the horror stories we heard about Bof A.
I used to work at Commerce Bank which was bought by TD Bank and now that's our primary checking/savings bank. They always give great service and waive fees for us, so we are pretty happy.
I hate BofA!!! I hate the fees and I think they have terrible customer service. I use PNC (in Chicago) and my credit union, which I love.
Wow, I'm surprised how many people are fans of credit unions. I've only checked out the one that has an office at my work and they totally sucked! Their mortgage rates were half a point higher than what even Bank of America was offering, their interest rates on accounts was just as bad. And, not at the fault of credit unions, but it left a bad taste in my mouth, the guy was totally rude to me and talked to me like I was just some idiot little girl with no money and bad credit. I've used bank of america forever now and havent had any problems, cept they also sucked for not paying my closing cost so I didnt refi though them. I've accidentally paid the wrong credit card through their bill pay and called them up about it, and they put the credit card company on the call and explained it to them so that they'd reverse the late fee and credit me the few days finance charges that had accumlated. Obviously I love their service, the atm coverage, free checks, free over draft protection, good rewards credit card... never paid a fee to them in my life.
OP: Credit unions are very hit or miss. Some are great, but others are really terrible. Have you considered online banking? I bank with Ally and I get high interest rates (relative to other banks) on all accounts, even checking. None of the accounts have fees or minimum balances. I also get no fee usage of any ATM nationwide and they refund ATM fees that other banks charge. If you normally get paid by direct deposit and don't physically go to the bank very often, I encourage you to check out Ally Bank.
credit union for sure. All big banks are evil and will steal from you.
Love the credit union. My auto loan rates have always been very reasonable (much cheaper than the big banks), and they never try to slip in random fees.
Ok, I used to work at one of the banks listed above (rhymes with "Hells Embargo" lol). First, Wachovia and Wells are now all one bank. Second- Big banks like the ones you listed are easily accessible. If you like the ability to go into your bank nearly anywhere in the US, I'd look at BOA or Wells. However, you are not going to get the most "bang for your buck" with a big bank. Interest rates are low at big banks. You can find better rates with a credit union, or online-only banks (Ally Bank and Orange are two I can think of). Big banks are going though a lot of changes in terms of how they make their money, and a lot of that is coming back to the consumer in monthly fees, etc. I would suggest having one account with a credit union/online bank, and one with a big bank, just to cover all your bases.
CREDIT UNION! I hate banks and am still upset with my SO for going to Wells Fargo after he got sick of the lack of mobile apps for my CU... grrr. Banks are so much more user friendly, plus it keeps money in your own area.
I must be in the minority, because I love the convenience of the big banks, lol. I used to have an account with US Bank and never had any trouble with them. I finally switched just because there weren't any locations nearby after I moved. I switched to Chase and like it. I do not get charged any fees for my credit card or checking account. I get good rewards on the credit card (much better than I got at US Bank). And I love the technology--being able to deposit checks from home with my mobile app basically means I never have to go to the bank.
However, I am not sure if Chase has great interest rates on their savings account. I know you do get "perks" if you have multiple things open with them (cc, checking, savings, mortgage, etc.). But they probably still aren't as good as a credit union might be.
I heard Credit Union is the best. I personally use BOA and hate everything about it. I had to fight for so many times for their sneaky fees and policy change that didn't notify you in advance until they start billing you. And then once you fix it they still charge a monthly maintenance which is something if you don't pay attention you will get charged.
I had multiple horrible experience with them at different local branches and they messed up my family's accounts (we used same address) multiple times.
My friend got charge for a long time and finally corrected them and chased back the money but BOA insist they can only refund "fees" up to 6 months ago.
I haven't heard one single praise for using BOA except you can find their ATMs everywhere.
My friend used CHASE and her card info got stolen at WALMART multiple times in one day to buy different appliance and didn't get flagged. She didn't find out until she got the statement and call CHASE herself to cancel it. Her bill just from Walmart was like 10K. Who buys one thing at a time for 15 times at Walmart on a regular day, really?
IMO, stay away from BOA / CHASE if you can.
I work at a community bank. We're not a credit union but I would steer clear of BofA and those bigger banks. We offer a lot more services without the fees. We just partnered with a program through Bancvue called Kasasa and it's awesome! Refunded ATM fees nationwide, high interest checking, FREE checking, a financial management tool similiar to the site mint.com called Kasasa 360.. the list goes on. I would go somewhere you can get to know your bankers. It's better to go to a community bank or credit union so you can get that personalized service and have more of a trusted advisor than be just another number at a larger bank. I've compared our fees with BofA and theirs are DOUBLE ours. It's incredible.
I think it just depends on your needs. I like the big banks because I enjoy the technology and access to locations. I maintain a healthy balance and monitor the account regularly so I don't have any unusual fees.
I'm sure credit unions are great for some things, but I don't want to drive across town to get to it when I need to handle business.
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I wanna have the best bank with my buck...(haha)...We both have multiple accounts at multiple banks...I think I get the best service, and the most return with BofA...is there a better bank out there?? Which bank is the best, and why??? Thx Bees!