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OT: HOw did you choose?

age1389age1389 Member Posts: 1,160 Member Member Posts: 1,160 Member
So how did you guys choose your bank? We just moved to MO from CT and looking to find a new bank. (we are not happy with the one we have now) I've looked online and they all seem to offer the same things like free checking and stuff like that. Is there other things I should be looking for? Any help would be much appreciated:flowerforyou:



-Adrienne

Replies

  • age1389age1389 Member Posts: 1,160 Member Member Posts: 1,160 Member
    So how did you guys choose your bank? We just moved to MO from CT and looking to find a new bank. (we are not happy with the one we have now) I've looked online and they all seem to offer the same things like free checking and stuff like that. Is there other things I should be looking for? Any help would be much appreciated:flowerforyou:



    -Adrienne
  • gschwshgschwsh Member Posts: 11 Member Posts: 11
    A credit Union is your best bet.
  • BrandNewLauraBrandNewLaura Member Posts: 1,650 Member Member Posts: 1,650 Member
    A credit Union is your best bet.

    Love this! As a credit union employee I'd have to agree. Credit unions tend to offer higher interest rates on savings products and lower interest rates on loan products. You will have to have a savings account with a small minimum deposit most likely, but the rules that govern credit unions make it so worth it. Credit unions are not for profit, whereas banks are, so fees tend to be lower. Plus, as a credit union member, you have voting rights at annual meetings (though I personally have never attended one) so if there is something that you really dislike about your credit union, as a member and partial owner of it, you are able and encouraged to speak up to see change.

    Any time you are looking for a bank though, you need to know what you are looking for. Do you do most of your banking in person or electronically? What is most important to you -- convenience, hours of operation, rates on deposit products, availability of certain products like safe deposit boxes, coin counting services, etc.? If you do your banking electronically, you'll want to know what their hold policies are for funds deposited into ATMs. Most places will only offer you $250 from an ATM deposit until the funds can be verified, so if you'll be doing your banking that way, you'll want to know if they offer a drop box service where you can drop off your funds to be deposited directly to your account on the next business day. Do they charge for your debit card, online banking, bill payer...do they have fees for ATM usage? Are there stipulations that you must follow in order to keep your account free? (Some institutions have fees if you don't have direct deposit, electronic statements, and you don't use your debit card.) What about per check fees? Do they charge you for your checks or are they free?

    Those are just some of the things to think about, but I think I hit the biggies. Hope this helps!
  • kdzmomkdzmom Member Posts: 31 Member Member Posts: 31 Member
    We are with a credit union as well. So much better than a bank! Plus in this day and age with everyone being bought out, that seems less likely to happen with a credit union.
  • 3babybeans3babybeans Member Posts: 8,299 Member Member Posts: 8,299 Member
    If you go with a traditional bank, make sure you look at all their fees for random things like ATM transactions, if you don't have a certain amount in your savings account, account closure, things like that.
  • debmac63debmac63 Member Posts: 459 Member Member Posts: 459 Member
    Have to agree with BrandNewLaura, I am aCredit Union employee also. I would never go back to a bank since I've seen first hand the differences between banks and Credit Unions.

    I would go in and ask to talk to someone about opening an account. Are the employees friendly, helpful, that kind of thing. Get some rate sheets, hours, etc. and tell them you may be back. I just know that even within our own Credit Union we have branches that are friendlier than others. Find one that you feel comfortable going to day or night. Just things to think about.:flowerforyou:
  • age1389age1389 Member Posts: 1,160 Member Member Posts: 1,160 Member
    Thanks everyone. I agree with credit unions being better but the only thing that has stopped me from joining one is the locations. I live in a small town and wanted my bank to be in town so it would be near me. But I don't go to the bank very often and the next town isn't far away either. I use my debit card alot and I assume credit unions have them too?
    Thanks again for all the info:flowerforyou:



    -Adrienne:heart:
  • Phoenix_RisingPhoenix_Rising Member Posts: 11,519 Member Member Posts: 11,519 Member
    I currently have 3 checking accounts. (Because I work at a bank and am never available during banking hours to go close out the 2 I rarely use.)

    Our primary is a credit union. I get 5.0% dividend monthly. This is why I went through the hassle of getting this account. I also have a debit card and online banking -- both a MUST for me.

    Secondary is the bank where I work. Free checking, free checks, online banking, debit card, etc.
    Third is our old bank which has the BEST online banking I've ever seen (Bank of America, in case you were wondering). We stopped using them while in Missouri because the only ATM was a 30 mi drive.

    Other than the expense of ordering checks, remember that opening a checking/savings account isn't a lifetime committment. Try out a bank. If you don't like it, try another. :smile:
  • KBagwellKBagwell Member Posts: 78 Member Posts: 78
    If your military...I would have to say USAA!!!

    DO NOT go with Wachovia...they give you charges for any and everything out the ying yang!!!!!
  • jojo52610jojo52610 Member Posts: 692 Member Member Posts: 692 Member
    Now I disagree with that I just switched to Wachovia from Bank Of America and I love Wachovia I don't pay anything any of my accounts

    So I guess it depends on your own situation
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