Thinking about switching banks

[kv968]

If I'm wrong about this and there are fees that you get hit with when you're doing everything right, I'm curious to hear about that.

Direct deposit, no overdrafts and pay my BOA CC by the due date so no fees whatsoever. Oh, there are fees out there, but like you said, unless you do something to incur them I don't think they're a problem.

I do think if I let my savings account go below $600 or something like that I might get a fee, but I don't plan on doing that either. I know there's nothing for a low balance on my checking account since I've had that down to <$20 at times

[sblatner]

I'm not sure which forum to put this under, but I'm honestly thinking about switching to Welks Fargo from Bank of America. I like fargo a image more and BofA has frustrated me with their fees and such. Fargos lack of ATMs kinda concerns me though. Which is the better bank?

Where do you live? I find banking with smaller banks is better.

[parafly]

I switched from Wells Fargo to a regional bank about two years ago, and I'm very happy with my decision.

The reason I switched was a subpar online bill pay system. When I would schedule a bill to be paid on the last day of the month (also a pay day in my case), I expected the funds to be deducted from my checking account on the scheduled day. Instead, Wells Fargo would deduct my funds three business days prior to my scheduled pay date, and the funds would be "in transit" and unaccounted for until they were credited to my biller a few days later.

They may have improved their online bill pay system in the past two years, and it may not be a big deal to some customers, but it was a deal breaker for me. I like planning my finances with precision, and having to plan around "missing" funds for three business days as well as my direct deposit on the last day of the month was simply unacceptable.

[MJtwelve]

Where do you live? I find banking with smaller banks is better.

Having worked supporting smaller banks and credit unions.. I would disagree with this statement. One thing that people also need to keep in mind when it comes to banking, using a debit card, etc.. is that things will go wrong sometimes. It's just a fact. If you're out somewhere and your card isn't working through no fault of your own (you have plenty of money.. etc) if it's after 5 pm or anytime on the weekends you're out of luck. Limited hours can be a problem with smaller banks and credit unions. In these days of doing everything online this isn't such a problem but in an emergency situation it can be a problem. This is one of the reasons I've stuck with the bigger banks.

Also as far as choosing banks go, I now bank with Ally, which has offered me 9 times the interest rate I saw at PNC's "growth" saving's account. The checking account interest is higher too I believe. This might be a good option to consider for switching banks, especially if you have money you'd like to put away for savings. Also as someone previously mentioned Ally reimburses for ATM fees

[Petunia 100]

Having worked supporting smaller banks and credit unions.. I would disagree with this statement. One thing that people also need to keep in mind when it comes to banking, using a debit card, etc.. is that things will go wrong sometimes. It's just a fact. If you're out somewhere and your card isn't working through no fault of your own (you have plenty of money.. etc) if it's after 5 pm or anytime on the weekends you're out of luck. Limited hours can be a problem with smaller banks and credit unions. In these days of doing everything online this isn't such a problem but in an emergency situation it can be a problem. This is one of the reasons I've stuck with the bigger banks.

Also as far as choosing banks go, I now bank with Ally, which has offered me 9 times the interest rate I saw at PNC's "growth" saving's account. The checking account interest is higher too I believe. This might be a good option to consider for switching banks, especially if you have money you'd like to put away for savings. Also as someone previously mentioned Ally reimburses for ATM fees

This is exactly why I stopped banking with my credit union. I am still a credit union member, but I bank elsewhere.

I suspect I have shared this story before, but once I was on an extended road trip with my children. It was summer time and we were visiting national parks and various friends/relatives. We were in Minnesota (live in California) and I stopped at a bank to use the ATM. The withdrawal was declined. It was a weekend, and I had to wait until Monday morning. When I spoke with a person, I was merely told she didn't know why my card was being declined and suggested I come in with my card so they could look at it. When I asked to speak with a supervisor, I was told the same thing. They offered no suggestion at all as to how I could obtain the cash I needed 2,000 miles from home. That is not the sort of customer service I expect.

Now I travel with my Big Bank ATM card.

[thecollege123]

Hi there! My name's Andrew and I'm new here. I guess, switching banks is okay once in a while. It due to the reason of not being satisfied with the services you may have been receiving which leads you to look for a better one. But just make sure that the one you'll about to replace with is really better and reliable than the previous one. Though, it is also hard to find one.

[Bades]

Perhaps I'm wrong, but it has always been my impression that the vast majority of bank fees that people complain about are actually customer-generated, not bank-generated.

I find people complain about the dumbest things...

My buddy was pissed off he got some charge for one of his credit cards...he has a Chase Sapphire...I told him that's a card for people who travel and expect to get a lot of rewards for hotels and flights. I asked him what he was doing with it? Oh yeah and he didn't know that the charge he got was actually an annual fee for that credit card...How do you skip something like that?

[Bades]

I wouldn't necessary switch completely, as in close the other bank account out. I had PNC where I grew up and when I moved for my job Chase was the more convenient option. I have both accounts still and they both prove useful, especially when I travel around. Leaves your options open!

[kv968]

I wouldn't necessary switch completely, as in close the other bank account out. I had PNC where I grew up and when I moved for my job Chase was the more convenient option. I have both accounts still and they both prove useful, especially when I travel around. Leaves your options open!

If you do go this route just make sure that you don't pay any fees with the "inactive" account.

Some/most banks will charge you a fee on an account if there isn't a minimum amount of money in it, no direct deposit or a certain amount of activity (i.e. ATM card purchases).

[Bades]

If you do go this route just make sure that you don't pay any fees with the "inactive" account.

Some/most banks will charge you a fee on an account if there isn't a minimum amount of money in it, no direct deposit or a certain amount of activity (i.e. ATM card purchases).

True. I meant to say something about this. My old bank doesn't charge anything, I have like $20 in it.

[AccountantSalary]

Way back in the 1980s, I dumped BoA because they charged me all kinds of fees that depleted my savings account even though I never did anything with it. And they had poor customer service besides.

If ATMs are a concern, check out Schwab Bank. You can use any ATM in the world because they will refund any ATM charges you incur from other banks. They don't have a physical bank presence however. The Charles Schwab offices you see everywhere are for their stock trading arm, and not banking.