Changing banks?

[ruadisneyfan2]

We banked with Commerce Bank since 1991 and loved them. A few years ago they were taken over by TD Bank and it's slowly getting worse & worse as I guess many banks are. I'm considering switching to a small, local bank that offers 2% interest on checking accts and we only need $50 minimum to earn interest. With TD, if our balance dips below $100, even for 1 day, we get charged $15. If our balance should dip below $100 on the closing date of our statement, we'll get the $15 fee on both months as the closing balance is below $100 and the opening balance of the next cycle is also.
IIRC, the only way to earn interest at TD is to have something like a $100k in your accounts.
Also TD didn't used to charge low balance fees if you had overdraft protection so I didn't worry day to day; I could straighten things out later & move $ from savings. Now I'm checking my balance online every other day. It's getting old. I guess I could just keep more in my checking but isn't that what a savings account is for?

With the little bank there's no low balance fees, no atm fees (unless the owner of the atm charges a fee which is rare around here.)
TD Bank now charges $2.50 every time we use a non TD Bank's atm, even in Wawa stores which are known for free atms.
The little bank doesn't have the great hours that TD does but they are open late on Thurs & Fri. No weekend hours like TD does. This shouldn't be a big issue since we both have direct deposit and only need to use a teller occasionally. The little bank does have online banking, which I use a lot, and bill pay, which I never use. Their website is very simple and less sophisticated/professional looking compared to TD bank but really, that's no reason to not like them. The website shows photos with email links to the President, VP, executive secretary, etc. Big banks just are not so personal.

Also I have around 9 booklets of blank Disney checks still so I hate to waste those. Then again it could take years to use them up. They might even be obsolete by then.


I can't stand being so indecisive.

Have you changed banks lately? Were you happy with the new bank or did you miss your old one?

 

[Magical-Memories]

We bank at a local credit union and love the service there. I just recently opened an account at a separate bank to start an emergency/savings account, however the main reason I did is to keep it somewhat hard to access...but the interest rate is dismal and I do get a fee charged if I dip below a certain amount. I am thinking of opening a new savings with an online bank because that's the only place I am finding interest rates between .75 and 1%......which is still dismal, but 2-3x anything I can find locally on a savings account.

So, I'm very intrigued....if possible, what bank is offering 2% on a checking account? I am hoping it is close to me.

I think the perks and benefits you are describing with the bank you are contemplating sound like it would be totally worth the hassle to switch.

 

[mrsklamc]

Check into credit unions near you. Our experience with them has been wonderful.

 

[Brer Shay]

Based on what you 've said, I'd definitely switch. Getting one of those $15 fees will cover replacing your Disney checks. I'm also a credit union fan. We've done our personal banking there for 15 years and I'm very pleased with their services, hours, and general helpfulness. For business purposes, I work with accounts at two different "big banks" and am consistently less than pleased with them.

 

[JaymeC]

I work at a Credit Union and I hear similar stories every day with people switching over. I think what it comes down to is what your time is worth to you. Is it worth the money your paying to switch everything over? For me it would be, but it's a personal question. We also offer 2% on checking and other perks, which are pretty great compared to the other banks in the area. So I guess just do a basic analysis of what you want, and see which situation makes you happy in the long-term.

 

[Magical-Memories]

Can I ask the names off the credit unions giving 2%? I can't find anything like that locally or online.....not even for savings. That would be great.

Thanks )

 

[vegasnative]

I agree with what has already been said. Go to a local credit union. We have our personal stuff with a local credit union. Our boys have savings accounts with them as well. We own a small business and that banking is done with Wells Fargo. While WF has been good to us, I still prefer our credit union. We have occasionally had fees with WF, but none with our credit union. We just recently opened another checking/savings account with a different local credit union to just have money in another account. We don't use that one, it is strictly to save money and have it spread out a little just in case.
From what OP is describing I would be looking for a new place to bank as well. Besides, you can get Dis checks from any institution.

 

[NYCDiane]

I've been using Commerce/TD since 2007 and have never had any issues like this. I have never been charged any $15 fees on my checking account and I definitely don't keep $100 there. Money in/money out. I currently have .90 cents in my checking account.

I have their "budget checking account". Maybe you should go into the branch and see if they can offer you this. My monthly charge for this is $2. It used to be $3 but I switched to paperless statements so now it's $2.

 

[ruadisneyfan2]

I've been using Commerce/TD since 2007 and have never had any issues like this. I have never been charged any $15 fees on my checking account and I definitely don't keep $100 there. Money in/money out. I currently have .90 cents in my checking account.

I have their "budget checking account". Maybe you should go into the branch and see if they can offer you this. My monthly charge for this is $2. It used to be $3 but I switched to paperless statements so now it's $2.

Thanks. I'll check this out.

Oooops! My memory is failing. I just checked again. It's actually 0.2% at the little bank.
Darn...

 

[Plumeria9]

As others here have said, look into a credit union. I already have my *big* account w/ Capitol One 360 (was ING Direct) and had local banking at B of A. They started charging me left and right so two years ago I went to a local credit union. Way better service, free checks, free coin counting machine use (I don't need it much, but it is fun to have, esp. for the kids). Online banking, smartphone check depositing, it has everything a big bank has but without the charges. Good luck!

 

[eMd]

I switched from Sovereign to a Credit Union last May and could not be happier.

I absolutely love it. I actually see the interest, and they are super clear on the fees that I am responsible for (if any). Something that I didn't have with my Sovereign accounts.

 

[ruadisneyfan2]

As others here have said, look into a credit union. I already have my *big* account w/ Capitol One 360 (was ING Direct) and had local banking at B of A. They started charging me left and right so two years ago I went to a local credit union. Way better service, free checks, free coin counting machine use (I don't need it much, but it is fun to have, esp. for the kids). Online banking, smartphone check depositing, it has everything a big bank has but without the charges. Good luck!

Yes, I loved ING. That's our big savings place too. Hopefully Capital One doesn't degrade it.

 

[Kitzka]

I've been with TD/Commerce since 2006 or so. While I agree with the op that the fees for her checking account (which is what I have as well) are getting a little out of control it's much better than a lot of other banks. Not sure what area the OP is in but I'm in northern nj and I have an account with my small local bank, oritani. It's quite nice that I can walk in and every teller, knows who I am. It does suck that there are only 10 branches total.

I use that as my 'personal' account. DH has his personal account with Chase. I am hoping he will close this account because if he doesn't maintain a min balance of $1500 he gets charged $12 a month. Since its his account he is free to still use it but it kills me since he could save himself $144 a year (he's had the account for 5-7 years and hasn't ever had a whole month with $1500 in the account every day.

I do really like that he never has to go to the bank and can make deposits via his smart phone.

So basically I'm recommending looking at small local banks or as others have suggested the tD simple banking or local credit unions.

 

[Colleen27]

I have accounts with three banks - a local bank, Bank of America, and Capital One/ING.

For service the local bank is the best hands-down. But there are advantages to being with a national bank too, particularly in ease of access to funds while traveling. So I keep checking accounts at both those banks, the local for my day-to-day and the Bank of America account for traveling (also, keeping the accounts separate that way minimizes the risks of using debit instead of credit when traveling - if the card is compromised my household funds are not involved). Both accounts are free so there are no fees attached, neither has overdraft protection (at my request), and neither earns interest.

I use the ING account for long-term savings goals, because it is very "out of sight, out of mind" and offers a better interest rate than either brick & mortar bank. And I have our household/emergency fund savings account at Bank of America, mainly for easy access. I won't move the savings to the local bank because they don't offer a no-fee option without a high balance requirement.

 

[ruadisneyfan2]

I have accounts with three banks - a local bank, Bank of America, and Capital One/ING.

For service the local bank is the best hands-down. But there are advantages to being with a national bank too, particularly in ease of access to funds while traveling. So I keep checking accounts at both those banks, the local for my day-to-day and the Bank of America account for traveling (also, keeping the accounts separate that way minimizes the risks of using debit instead of credit when traveling - if the card is compromised my household funds are not involved). Both accounts are free so there are no fees attached, neither has overdraft protection (at my request), and neither earns interest.

I use the ING account for long-term savings goals, because it is very "out of sight, out of mind" and offers a better interest rate than either brick & mortar bank. And I have our household/emergency fund savings account at Bank of America, mainly for easy access. I won't move the savings to the local bank because they don't offer a no-fee option without a high balance requirement.

This is great!
I was considering getting a AAA Travel Money card for our Med cruise. (It's a pre-loaded debit/Visa card.) Everyone says just use the ATMs in Europe when we need Euros but I worry and don't want money earmarked for bills at risk. Who wants to come home to find that the mortgage $ is gone?

So I will open a checking account at the little bank (literally has 2 offices) and I will use it occasionally til August. Then I'll move vacation $ to the little bank and use that account's ATM in Europe. If I like it after this trial use, I'll close my TD accounts and make the switch. If I don't like it, I'll then appreciate TD bank more.


Yay! Thanks everyone!!

 

[mrsklamc]

Yesterday I couldn't think of the site we used to find our credit union (one that pays interest on checking, but it's checkingfinder .com