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I was just thinking of switching all my accounts from Chase to Wells Fargo because Chase isn't located in my new town. This is a good reminder as to why I shou

I was just thinking of switching all my accounts from Chase to Wells Fargo because Chase isn't located in my new town. This is a good reminder as to why I should choose a different bank. Thanks for posting.

astura 9y ago
Why Wells Fargo specifically?
- neosavvy 9y ago
  Specifically was considering Well's because they are less than a 5 minute walk from my house in NC - which is kind of rare in NC - most places are drivable. However their account opening practices from years ago, and this is a good reminder they are unscrupulous. I am being somewhat selective as I have a private client account with Chase which has been really nice, and Well's is one of the banks that offers such concierge services. I'll admit though I only really like the low fee stuff, like free ACH/Wire Transfers, Free Bank Checks, and ATM-fee reimbursement - no limit. Not to mention they waive tons of fees for having credit cards with them. Some of the higher value fees like using their investment manager, I don't take part in. I manage most of my retirement and savings in TDAmeritrade, Betterment and Robinhood accounts. I still maintain a rather high cash balance at my bank but I make sure to keep it below the FDIC insured amounts. Anyways, I asked Well's to call me about their services a week ago through their website - I guess they don't want my business - oh well. I have a state credit union account from my days as a TA in school - but they don't provide many loan services for home purchase / car purchase however I tend to use products that generate 0% interest loans on cars and home use I used Better.com because those guys are killin it - they gave me a low rate and just promised to transfer to the bank of my choice (Chase). The only reason I really want to switch off chase is that I have to do a lot in person because of new federal compliance rules. I was setting up a Last Will etc for my wife and I and we wanted a complex beneficiary rule on cash accounts and Chase was going to make me drive 3 hours to a branch to set it up. Just seems like if something happens to me and my wife (car crash or something) it would be tough to get the cash to the right place and my attorney is telling me it'll all end up in probate. Super morbid, but that's what made me start shopping.
  - astura 9y ago
    Believe it or not if you have a lot of money, Bank of America/Merrill Lynch is a very good option https://www.bankofamerica.com/preferred-rewards/ https://www.bankofamerica.com/preferred-rewards/ Fidelity let's you set up all your accounts with them (including checking) as transfer on death accounts, which would avoid probate. Mine are all TOD. I have primary a secondary beneficiaries. If you have a high cash balance you should really put it in a high interest earning account, Discover Bank, Ally, etc. Since those are all online only banks then they know how to do things without having to visit a branch. There's a zero percent chance a bank that doesn't have branches will tell you to visit a branch to do something.
    - neosavvy 9y ago
      It's funny - I have avoided BoA because they treated me like dirt in person when I had nothing. It made me feel like they treat everyone that way, but I guess now that I have a few pennies to rub together I should give it a shot.
ams6110 9y ago
Use a local credit union. None of the big national banks have demonstrated that they can be trusted.
- rconti 9y ago
  For anyone worried about leaving a "big" bank, often credit unions will offer mobile deposit and free (reimbursed) ATM withdrawls. I'm actually happier using a bank with no local branches because there's no more thinking about driving to the "right" ATM. (mine reimburses up to $15/mo which is more than enough for me; these days even the sketchy taqueria ATMs only charge $1.25 or so where it used to be $3+)
  - Consultant32452 9y ago
    In my local area the credit unions have fees equal to or worse than the big banks. If you're in the same boat I highly recommend an internet-only bank. I've personally chosen Fidelity and it's been wonderful, but I'm sure others like Schwab, etc. are just as good. There's no minimum balance and reimbursed ATM fees just like some credit unions. There are upsides and down-sides to this approach vs a local credit union. Upsides are traditional banks usually have insane fees for investment accounts, but with Fidelity (and probably Schwab) you can have it all under one roof. You generally get more options, too. For example, when I opened a 529 I could choose to "open it" in one of several states. My previous big chain bank only allowed me to open an account with the investment options in my state. There are only two downsides I've seen so far. The first is that Fidelity does not offer personal Health Savings Accounts. This may not be a problem if you have one through your employer, or don't use one. The second is for rare instances when you might need large amounts of cash, larger than you could reasonably withdraw from an ATM. For example, purchasing a car from a private owner. Doing this might require some finagling. In my case, my employer has my 401k at a national chain bank, so I am confident I could cut a check there if I needed to, but it is a concern.
    - rconti 9y ago
      Yeah, I use USAA and hence have no local branches. For 4 or 5 years I kept a local credit union account, but to withdraw cash there I'd likely have to xfer it, wait 3-5 days, THEN withdraw it it wasn't a great solution either. Eventually I closed it because it was not useful to me. When I had a BofA account, I once asked a teller if I'd need to notify them in advance if I wanted to take out a large amount of cash; when she asked how large she was thankfully able to stifle a laugh and instead say "that should be fine" when I told her "About $5k"
deelowe 9y ago
I highly recommend schwab. Accounts earn interest, free everything, great customer service, all atm fees reimbursed, free cash advances against the debit card (for large withdrawals. The only thing that's challenging is depositing cash.
- alhirzel 9y ago
  +1 for Schwab for the same reasons; I have never had better customer service experiences with any business. Their chat is available pretty much always (as in, I have had 10-second replies at midnight).

astura 9y ago

Why Wells Fargo specifically?

neosavvy 9y ago
Specifically was considering Well's because they are less than a 5 minute walk from my house in NC - which is kind of rare in NC - most places are drivable. However their account opening practices from years ago, and this is a good reminder they are unscrupulous. I am being somewhat selective as I have a private client account with Chase which has been really nice, and Well's is one of the banks that offers such concierge services. I'll admit though I only really like the low fee stuff, like free ACH/Wire Transfers, Free Bank Checks, and ATM-fee reimbursement - no limit. Not to mention they waive tons of fees for having credit cards with them. Some of the higher value fees like using their investment manager, I don't take part in. I manage most of my retirement and savings in TDAmeritrade, Betterment and Robinhood accounts. I still maintain a rather high cash balance at my bank but I make sure to keep it below the FDIC insured amounts. Anyways, I asked Well's to call me about their services a week ago through their website - I guess they don't want my business - oh well. I have a state credit union account from my days as a TA in school - but they don't provide many loan services for home purchase / car purchase however I tend to use products that generate 0% interest loans on cars and home use I used Better.com because those guys are killin it - they gave me a low rate and just promised to transfer to the bank of my choice (Chase). The only reason I really want to switch off chase is that I have to do a lot in person because of new federal compliance rules. I was setting up a Last Will etc for my wife and I and we wanted a complex beneficiary rule on cash accounts and Chase was going to make me drive 3 hours to a branch to set it up. Just seems like if something happens to me and my wife (car crash or something) it would be tough to get the cash to the right place and my attorney is telling me it'll all end up in probate. Super morbid, but that's what made me start shopping.
- astura 9y ago
  Believe it or not if you have a lot of money, Bank of America/Merrill Lynch is a very good option https://www.bankofamerica.com/preferred-rewards/ https://www.bankofamerica.com/preferred-rewards/ Fidelity let's you set up all your accounts with them (including checking) as transfer on death accounts, which would avoid probate. Mine are all TOD. I have primary a secondary beneficiaries. If you have a high cash balance you should really put it in a high interest earning account, Discover Bank, Ally, etc. Since those are all online only banks then they know how to do things without having to visit a branch. There's a zero percent chance a bank that doesn't have branches will tell you to visit a branch to do something.
  - neosavvy 9y ago
    It's funny - I have avoided BoA because they treated me like dirt in person when I had nothing. It made me feel like they treat everyone that way, but I guess now that I have a few pennies to rub together I should give it a shot.

ams6110 9y ago

Use a local credit union. None of the big national banks have demonstrated that they can be trusted.

rconti 9y ago
For anyone worried about leaving a "big" bank, often credit unions will offer mobile deposit and free (reimbursed) ATM withdrawls. I'm actually happier using a bank with no local branches because there's no more thinking about driving to the "right" ATM. (mine reimburses up to $15/mo which is more than enough for me; these days even the sketchy taqueria ATMs only charge $1.25 or so where it used to be $3+)
- Consultant32452 9y ago
  In my local area the credit unions have fees equal to or worse than the big banks. If you're in the same boat I highly recommend an internet-only bank. I've personally chosen Fidelity and it's been wonderful, but I'm sure others like Schwab, etc. are just as good. There's no minimum balance and reimbursed ATM fees just like some credit unions. There are upsides and down-sides to this approach vs a local credit union. Upsides are traditional banks usually have insane fees for investment accounts, but with Fidelity (and probably Schwab) you can have it all under one roof. You generally get more options, too. For example, when I opened a 529 I could choose to "open it" in one of several states. My previous big chain bank only allowed me to open an account with the investment options in my state. There are only two downsides I've seen so far. The first is that Fidelity does not offer personal Health Savings Accounts. This may not be a problem if you have one through your employer, or don't use one. The second is for rare instances when you might need large amounts of cash, larger than you could reasonably withdraw from an ATM. For example, purchasing a car from a private owner. Doing this might require some finagling. In my case, my employer has my 401k at a national chain bank, so I am confident I could cut a check there if I needed to, but it is a concern.
  - rconti 9y ago
    Yeah, I use USAA and hence have no local branches. For 4 or 5 years I kept a local credit union account, but to withdraw cash there I'd likely have to xfer it, wait 3-5 days, THEN withdraw it it wasn't a great solution either. Eventually I closed it because it was not useful to me. When I had a BofA account, I once asked a teller if I'd need to notify them in advance if I wanted to take out a large amount of cash; when she asked how large she was thankfully able to stifle a laugh and instead say "that should be fine" when I told her "About $5k"

deelowe 9y ago

I highly recommend schwab. Accounts earn interest, free everything, great customer service, all atm fees reimbursed, free cash advances against the debit card (for large withdrawals. The only thing that's challenging is depositing cash.

alhirzel 9y ago
+1 for Schwab for the same reasons; I have never had better customer service experiences with any business. Their chat is available pretty much always (as in, I have had 10-second replies at midnight).