Banks

[Communicore1991]

Everyone uses them but do you prefer banking with a big bank, a smaller regional one, or a local credit union? What do you see as the advantages of banking the way you do? For me, I like using an online bank for 24/7 accessibility and high interest rates, as well as a larger bank with physical branches for fee free ATMs.

 

[tvguy]

Well, I WAS with a tiny bank but it got bought up by a bigger bank and that bank got bought up by one of the 5 biggest banks.
The advantage of a big bank, options and services. I can bank online. I can go to the branch that is half a mile away. I can use their ATMs all over the nation for free. I get a free safe deposit box. I get free notary services. I get free foreign currency exchange. I get free traveler's checks (and YES people still use and take them). And they have a brokerage to manage my investments. And I can keep all but a few thousand dollars over in brokerage accounts that have higher returns, and with a phone call, have money transferred into my bank account when I need it.

 

[disneychrista]

When I opened my first checking account, I went with one that had free checking and have never felt a need to switch. It was a smaller regional bank but was bought by one of big guys.

 

[LuvOrlando]

USAA because of their reliability. I don't care I am not getting paid a ton back, I just want to know it is there and am willing to give up % in exchange. I sort of accept the loss it as an acceptable loss fee at this point. In fact, I feel the same about keeping $ in the bank instead of investing, too much bad behavior & noone going to jail for it. What is already in 401K is can't be changed but the rest can be controlled.

Zero accountability means zero trust, you reap what you sow and the seeds of no confidence have taken root.

 

[firefly_ris]

I do a combination. I have an online high yield account for savings, and checking with a small local bank. It's rare I use ATMs out and about. The small bank offers mobile checking deposits so works for me.

 

[TippyThomas]

I use a local credit union and pretty much do all my banking online.

 

[Keladry84]

Credit unions, always. I used to be with one of the big banks. The random addition of new fees, taking money out of my account for them without me having authorized them, and difficulty getting things changed or cleared up made me go to credit unions. I've always had excellent service at credit unions. Although they only have a local branch, I get good rates on loans, personal assistance with anything financial, and surprisingly good rates on non-bank atms, including overseas withdrawals. I have no reason to go back to one of the larger corporate banks.

 

[Southernmiss]

When we married dh used the local credit union and I worked at a local bank.

We've kept accounts at both places. Though the local bank has become a mid sized regional bank.

With online banking and credit cards, we rarely need to visit the banks.

 

[Neapolitan Ice Cream]

I have several accounts over which I spread all my money for safety's sake. I use:

• Virgin Money, current and savings
• Monese
• Barclays
• Lloyds

 

[luvnwdwgal]

We only deal with our local credit union. Have never done online banking nor have we ever used an ATM card. I keep it simple for my husband because he doesn’t have a clue about technology and if something were to happen to me he could still take care of things.

 

[Lord Manhammer]

Like Neapolitan, I spread things across several financial institutions. I use my local bank for day to day, 2 separate high yield savings accounts, and a large international bank for when I travel for ATM access.

 

[leebee]

We use a local/regional bank. We have a joint checking and joint savings account with them, and they gave us a fantastic rate on our Home Equity Loan. They were the first bank in the area that doesn't charge ATM fees. Doesn't matter what ATM you use, or where, there are no charges. DH didn't even pay ATM charges when he withdrew money while in Europe. They have always given us great customer service, including solving a somewhat concerning issue on a Saturday morning, when I contacted them via email.

 

[DisneyHardin]

We have 2 accounts, both a big national banks. I’ve been pleased with both (Fifth Third and US Bank).

 

[JLTraveling]

Used to use a small local bank, but it got bought out by a major national chain. I'm happy with the big bank though, especially online banking. One of the companies I work for (exclusively online) insists on mailing actual physical paychecks, and I'd go nuts if I couldn't deposit them electronically and had to actually go to the bank once a month. I can't remember the last time I visited an actual location, though they're readily available nationwide should I need one for some reason.

 

[NannyBeBe]

I use a major national bank because I figure if that chain fails, we are all in trouble.

 

[easyas123]

We use a local bank for most of our day-today banking. It has branches nearby and online banking, so easy enough. Also has one of our mortgages & HELOC. I find it a much easier, simple thing to deal with them. They know me, and I enjoy having that professional relationship in a smaller bank.

 

[barkley]

2 different credit unions. higher interest/low or no fees (i don't ever recall a fee for anything including foreign transactions, notary and what-not). both have shared banking with credit unions across the u.s. so it's like having a branch local to wherever i am. i only go in every few months to my local branch but i feel like 'norm' on 'cheers' b/c they greet me by name as soon as i walk in (they also offer bombing discount rates on traveling broadway productions, museum exhibitions and local events).

was with a small local bank that got gobbled by a big-lost it's hands on helpfullness. was with 3 different big banks over the years-had horrible customer service with all/increasing fees with all/too many solicitations for new products from all.

 

[BlueStarryHat]

We use a large-ish national bank for my account. I don't deal with the bank, my aunt does. By law, since I have a representative payee, the bank is not allowed to deal with me directly. They have to go through her. Her name is on the debit card, but I use it for online purchases and withdrawing money from the fee-free ATM. My aunt keeps me in the loop about my finances, and reigns me in when I'm starting to spend unwisely.

 

[tvguy]

Credit unions, always. I used to be with one of the big banks. The random addition of new fees, taking money out of my account for them without me having authorized them, and difficulty getting things changed or cleared up made me go to credit unions. I've always had excellent service at credit unions. Although they only have a local branch, I get good rates on loans, personal assistance with anything financial, and surprisingly good rates on non-bank atms, including overseas withdrawals. I have no reason to go back to one of the larger corporate banks.

Those are a lot of the reasons I dumped my credit union. Crazy fees and stupid rules that nobody else had. I was trying to set up a joint account with my daughter when we was going to the UK for a year on a study abroad program. Since my daughter had no credit history, they wouldn't let her on any account. Mind you, this is an account, not a credit card. No issues with my big bank, they have special student accounts, and a special program for study abroad. They didn't care about her credit history.

 

[robinb]

My "bank account" is at a small local Credit Union. I love it. My retirement and investments are with a big firm.