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I'm not sure why anyone uses banks like BoA, Wells Fargo, First Niagara, etc. Fidelity is a superior experience in nearly every way - just categorically. I'm n
by gonehome 5y ago
I'm not sure why anyone uses banks like BoA, Wells Fargo, First Niagara, etc.
Fidelity is a superior experience in nearly every way - just categorically. I'm not sure if people just don't know that you can use Fidelity this way?
The only downsides are no local branches, but that's hardly an issue unless you need a cashiers check. In those rare cases you can spin up an account at shitty bank, get the check, then close the account. I've had to do that maybe once ever.
- reaperducer 5y agoYou state that you don't understand why people use large, complex banks. Then state that you have a very simple, financially uninteresting life. You answered your own question.
- gonehome 5y agoI have a pretty complex financial situation, but Fidelity can just do all of it more easily than retail banks. Is there something banks like BoA do better that I'm missing? When I've asked people I know this I haven't gotten any good answers. I'm genuinely asking. My impression is that BoA, Wells Fargo, etc. mostly take advantage of customers that don't know better options exist.
- reaperducer 5y agoYour impression may come from the fact that many people don't talk openly about their finances to random people on the internet. For me, Fidelity is a non-starter, for reasons that are none of your business. It's nice that you like Fidelity. But it's a good idea to recognize that your finances and life situation are unique to you.
- gonehome 5y agoCool - so a non-answer and condescending dismissal of genuine questions. Lots of people talk about finances online. See r/personalfinance or r/financialindependence. It’s a good way to learn.
- reaperducer 5y agoI am not "lots of people." I have no interest in being "lots of people," or in proving myself to strangers on the internet. I cannot convey 50 years of my financial life, experience, and history into what fits in an internet post. Anyone who can probably has a very narrow view of finance. I can say that I know how to manage my finances, and my accountant agrees with my methods and track record. But if you think Reddit is the route to financial literacy, I can understand why you don't understand.
- vangelis 5y agoThat response is awfully unconstructive and dismissive. Perhaps you're able to articulate why you believe Reddit, specifically r/personalfinance and other reasonable boards, are bad, no?
- recursive 5y agoI don't necessarily think Reddit is a good route to financial literacy. Nor do I know of a better route. Despite (or because?) of all that, I still think the question was reasonable. If you don't want to answer the question, that's fine. But you don't have to be so antagonistic about it.
- ysavir 5y agoIn what way? I'd be curious to understand what it is you value about them, but your post reads more like marketing than a satisfied customer story.
- gonehome 5y agoNo fees, also a brokerage, free checks, free atm, free wires, can trivially spin up IRA, move money between accounts, etc. Phone call support has been surprisingly good whenever I’ve needed it. When I used standard banks they often forced me to go in at difficult hours to do basic things and it took forever. They also had lots of fees (and as suggested in the parent comment, bad software)
- pwillia7 5y agoI fully agree. The difference is the value exchange. At a normal bank they just want to charge you fees because you cost them money. Fidelity lets you keep your money with them in the hopes that as you grow your money, you'll spend it on their investment products, which I imagine everybody does. Most brokers have some kind of cash account and they're always better than banks and almost always better than credit unions. I recommend keeping a credit union account open too so you have a local branch if you need something in person.