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Playing Bank Bingo

August 16th, 2012 at 07:14 pm

Over the years we've probably had our money in just about every so-called "big bank" on the planet. We had moved our money to Commerce Bank a few years ago and were really happy with them. Then TD Bank took them over and ever so slightly they've been taking away benefits and making it a little bit more expensive to do business there. I also have family in the Midwest and the West Coast and TD just doesn't seem to be where I need to be when I travel.

We have also been ING customers for about 11 years now and I have always been very loyal to them. They were a very important part of our path to debt freedom since keeping the emergency fund with them kept it somewhat out of the immediate area. Now that Cap One has taken them over and the interest rates have been dwindling we're not as keen on the Orange Dot as we used to be.

I think the point of my rambling is to just remind everybody if you're not happy with your bank you have a LOT of choices out there. It's making me woozy comparing all the different banks to each other. This is a case where personal finance really is PERSONAL because you really need a list of what you want out of your bank. Is it convenient? Can you get your money out when you need it? Do you have to wait an eternity to access your deposits? Do you do mobile banking? Is it free? Do you have to have a minimum balance? Do they offer mobile check deposit? Do they link with Quicken? Do they hammer you with fees? E-I-E-I-O.

if anyone out there is happy with their bank I'd be happy to hear about it. You never hear enough about the happy customer...especially in today's era of negative news. It'd be nice to hear a happy note or two from the Saving Advice realm about where they're putting their hard earned dollars (and cents!)

FWIW we also have money at a credit union. I love credit unions because they're very personal and personable but they also have their limitations for us in spots.

Thanks (in advance!)

9 Responses to “Playing Bank Bingo”

  1. snafu Says:

    We've elected to do the majority of financial activities on-line so chosen the bank that links with Quicken and offers free services with a $1 K balance which doubles as an Emergency Fund. We use CC for most purchases to keep running tabs on spending categories and collect benefits we use the most. It has many drive thru ATM service on my most traveled routes should cash be needed. Our investment contributions are automatic with a few manual transactions when necessary.

    I don't think I've been in a 'brick & mortar bank' for several years.

  2. baselle Says:

    I hear you about ING, but frankly the interest is terrible everywhere. Or if the interest is great, there are dollar limits.

    Up here in Washington State we have BECU, which is great (interest rate at 6% but only on the 1st $500, so a limit) ... except that last Nov when everybody was moving their money, they moved to BECU. So now there are ATM lines. Lots of ATM lines.

  3. Monkey Mama Says:

    Local credit union, all the way. OF course, not all CUs are created equal. Our is pretty large and so basically the best of both worlds.

    For our savings, we jump around banks much more, surfing for higher interest rates. I have been pretty pleased with Ally for the long run (nothing much better has come along, and I am not going to jump banks for merely a teaser rate - has to have a longer history of higher rates). So, it has been a while since we switched. But, I'd ditch them tomorrow for a higher interest rate. Big Grin Actually, right now most of our cash is in credit unions.

  4. I-78 Commute Says:

    Thanks guys. I was getting a little bleary eyed reading up on all the different options and had to vent a little bit. We're on the PA/NJ border so we have a few options in terms of credit unions but none have really jumped out at me and fit all of our needs. bas I hear you about the interest...I'm just no fan of Cap One (especially after hearing they just had to pay a big fine for deceptive advertising...doh!)

  5. Aleta Says:

    I just recently opened an Everbank account. They're offering 1.25 for 6 mos on their money market up to 50,000. They also have a yield-checking account for 1.25 for those who have more than 50,000. Go to their website. Don't know if they are offering that in your area. Hope this helps. They also deal in foreign currency for those that are interested.

  6. baselle Says:

    Tell me about the "deception". Cap One for deceptive advertising, HSBC for money laundering, Ally is re-branded GM Financing so possibly squidgy, Chase for excessive and risky bets. I looked into Everbank in 2006, when the Iceland kroner (I think its the kroner) was riding high. Would have taken a bath on that. And then the possibility that money market funds all need to set aside more capital to keep them from breaking the buck....

    The mattress or the forced savings rate of a big tax refund (gov mattress equivalent) is looking better and better.

  7. Jerry Says:

    We have both our banking and our insurance with USAA, and they are outstanding in both customer service and reliability... even for us living overseas. The difference between USAA and our other bank, BofA, is night-and-day, and it will lead us to ditch BofA as soon as we return to the States.
    Jerry

  8. FrugalTexan75 Says:

    I've been with ING for about 10 years, and have had no complaints whatsoever. When Cap1 took over I was worried, but decided to wait it out and see what, if any, changes they made. So far I haven't seen any changes.

    Interest rates are just plain bad right now, no matter where you bank.

  9. I-78 Commute Says:

    Appreciate the feedback guys and gals...the more the merrier. Smile

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