Do You Use a Bank or Credit Union?

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obxfisherman
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Do You Use a Bank or Credit Union?

Postby obxfisherman » Tue May 26, 2015 8:00 pm

The title says it all essentially. Do you use a bank such as Wells Fargo, Chase, Bank of America? or do you use a local credit union? Currently I am with Navy Federal Credit Union, but I am considering a move to Bank of America. I would keep the Navy accounts active, but for my main financial needs I would go with BoA. Why BoA you ask? Well the simplicity of having all accounts (Checking, Savings, CC, Investment) all in one is really appealing to me. That may seem stupid to some people, but I like having one logon for everything….makes life a lot easier. The large amount of branches is also extremely appealing, especially for when I am traveling. Despite naming which bank or credit union you use, what is your reasoning behind using them? A lot of people hate bank of america on the internet it seems, so i'm curious to see if that feeling is here as well. Also how long have you been with your bank?

Looking forward to your responses.
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Vermonster
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Re: Do You Use a Bank or Credit Union?

Postby Vermonster » Tue May 26, 2015 8:19 pm

I started with TD Bank when I was 18. They had bought First Vermont Bank and were the only local bank that had branches outside of my county, yes county. After 6 years with them and probably close to $1k in illegal overdraft fees I cut the ties with them. (I found out today they marked my account as a charge off because they processed an automatic debit after I closed the account, then charge me overdraft fees.)

When we moved to NJ we needed a credit card to start building credit, and help us get through the first few weeks before the paychecks started coming in. After much research I decided the Freedom was the best choice for a single card. We moved all accounts to Chase then applied for the Freedom. All accounts were opened around October of 2012 adding an auto loan in Dec of '12 and Dec of '13.

Chase has always been a pleasure to deal with. The rep in the branch that got me started has since been promoted to branch manager, then moved to CPC. She has been wonderful to work with and even follows up from time to time to just check in on life and see if she can help. We are not CPC members by any stretch but she makes us feel like it.
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obxfisherman
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Re: Do You Use a Bank or Credit Union?

Postby obxfisherman » Tue May 26, 2015 8:24 pm

Vermonster wrote:I started with TD Bank when I was 18. They had bought First Vermont Bank and were the only local bank that had branches outside of my county, yes county. After 6 years with them and probably close to $1k in illegal overdraft fees I cut the ties with them. (I found out today they marked my account as a charge off because they processed an automatic debit after I closed the account, then charge me overdraft fees.)

When we moved to NJ we needed a credit card to start building credit, and help us get through the first few weeks before the paychecks started coming in. After much research I decided the Freedom was the best choice for a single card. We moved all accounts to Chase then applied for the Freedom. All accounts were opened around October of 2012 adding an auto loan in Dec of '12 and Dec of '13.

Chase has always been a pleasure to deal with. The rep in the branch that got me started has since been promoted to branch manager, then moved to CPC. She has been wonderful to work with and even follows up from time to time to just check in on life and see if she can help. We are not CPC members by any stretch but she makes us feel like it.



Ouch 1K in overdraft fees, illegal overdraft fees I might add, how did they manage to try and justify that one?

Chase should be my go to bank lol. I have like 4, 5 cards with them, so logically I should add my checking/savings to them however being in NC I can't open an account with them, at least online :/ Perhaps i could visit a branch in a state with a chase and open one, but it is probably more hassle than it is worth…nice idea though.
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takeshi
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Re: Do You Use a Bank or Credit Union?

Postby takeshi » Wed May 27, 2015 9:11 am

obxfisherman wrote:Despite naming which bank or credit union you use, what is your reasoning behind using them?

A bank but not one of the major ones -- USAA. Always really liked their service and never cared much for any of the major banks that I had used. I thought not having any branches might be an issue but it really hasn't been over the many years I've been with them. Granted, YMMV. I don't have to deposit cash and that would be a problem with them. No fees. Fees charged by another bank's ATM are refunded up to $15/month. At the time I signed up we were also getting cash back on debit card purchases but that was eliminated a while back. Many banks have deposit by phone these days but USAA was one of the first that I can recall and they've always taken steps to try to help mitigate the issues that can come up from not having any branches.

Rolling everything into one isn't a priority for me. I have a number of creditors that I use and investments with different companies.

obxfisherman wrote:Also how long have you been with your bank?

I don't recall exactly but at least 10 years.

obxfisherman wrote:A lot of people hate bank of america on the internet it seems

Done any reading on them? They're certainly not alone as far as questionable practices are concerned but they do have quite a track record.

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Re: Do You Use a Bank or Credit Union?

Postby Vermonster » Wed May 27, 2015 9:31 am

obxfisherman wrote:Ouch 1K in overdraft fees, illegal overdraft fees I might add, how did they manage to try and justify that one?


http://topclassactions.com/lawsuit-sett ... ettlement/

This is the quick version of the story. I had signed many times a piece of paper declining overdrafts. They claimed it was a service they extended so you would never be without money. I one time had a check bounce without me knowing so I was spending the money that I had deposited only 1 day ago. The next morning I went to get coffee and my card was declined. I checked the ATM and I was $700 in debt. $500 of which was overdraft fees. They approved the transactions at the time because the check had deposited, Then when it bounced they treated every transaction like an overdraft. The branch manager told me that they have the right to remove money from my account for up to 30 days after deposit. I was on the hook for every penny. Last year I received part of the settlement, a whopping $75.
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CarefulBuilder14
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Re: Do You Use a Bank or Credit Union?

Postby CarefulBuilder14 » Wed May 27, 2015 9:46 am

I started with Chase for checking/savings because there were (and still are) so many local branches. I've considered adding Discover (for rewards) or Schwab (for ATM fee savings). I don't think I would leave Chase completely. My local CU options are very limited.

I purposefully avoid keeping everything at one institution. If it got hit by a virus/fraud/accounting problems, I wouldn't want to lose complete access to my money. I split my investments mostly between Fidelity and Vanguard.
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oldsoldier
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Re: Do You Use a Bank or Credit Union?

Postby oldsoldier » Wed May 27, 2015 1:29 pm

I have been with Bank Of America several years now I was told it would be the last bank I would need when I was in the military. I really got tired of changing banks every time I changed duty stations and back then I didn't know much about credit unions so I kind of avoided them. I do love the fact that I can find a BoA almost on every corner for my banking needs.
On this site I have come to find that credit unions have a lot of benefits to offer which you can't find at banks. I think going forward I will be using both for my financial needs.
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kcm7
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Re: Do You Use a Bank or Credit Union?

Postby kcm7 » Wed May 27, 2015 10:31 pm

oldsoldier wrote: I really got tired of changing banks every time I changed duty stations and back then I didn't know much about credit unions so I kind of avoided them. I do love the fact that I can find a BoA almost on every corner for my banking needs.


Therein lies the reason I still have an account with Bank of America. I moved to four different states in the span of three years, and no matter where I was, I was walking distance to a BofA ATM and/or branch. They have quite a few partner banks abroad too, for ATM withdrawals.
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Re: Do You Use a Bank or Credit Union?

Postby Whatamuji » Wed May 27, 2015 11:55 pm

I bank currently with BBVA Compass because my mom opened my accounts there but their customer service has gone downhill in the last couple of years essentially making their branches into a waste of space as most problems that used to be handled at the branch can only be handled with over the phone. I would like to eventually switch to the local credit union as it seems to be very popular in this area.

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obxfisherman
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Re: Do You Use a Bank or Credit Union?

Postby obxfisherman » Thu May 28, 2015 1:14 pm

CarefulBuilder14 wrote: I split my investments mostly between Fidelity and Vanguard.



If you don't mind me asking what do you hold in each generally speaking? Is Vanguard the company to park your IRA using a target date retirement fund? Is Fidelity more for your non retirement, regular investment type transactions?
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K



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