Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
New Checking account
Old 09-21-2010, 12:02 PM   #1
Dryer sheet wannabe
 
Join Date: Sep 2010
Posts: 14
New Checking account

I need a new bank to handle my checking account. I'd like one with no fee and that provides overdraft protection for free. Access to ATM's for free is also a must and I don't want to pay a fee for the luxury of them holding my money. I will use direct deposit and I don't care about the interest rate, if any, as I use it to pay bills and that's it. I've seen some that provide you a cash incentive to join. Any thoughts?


Thanks!
__________________

__________________
startingover is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-21-2010, 12:10 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
Often credit unions offer better deals. Here's a link to help you look for one.

Credit Union Locator
__________________

__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 09-21-2010, 12:51 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: No. California
Posts: 1,600
I agree on using a credit union. Mine offers everything you listed for free.
__________________
KB is offline   Reply With Quote
Old 09-21-2010, 01:03 PM   #4
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,624
I use USAA. I believe it meets all your goals. I am not sure how many free ATM withdrawals it allows per month, but as I don't make more than one or two, it does not effect us.

From Wikipedia

Banking services are provided by the USAA Federal Savings Bank. The bank was established on December 30, 1983. According to the FDIC, as of March 2009, the bank held over $31.3 billion in deposits with more than 3.8 million accounts.[8]
While the bank currently has only one physical location in San Antonio, USAA plans to open two additional local retail sites in San Antonio in the fall of 2009.[9] Services can be accessed in person, by mail, by phone, or through the internet. USAA Federal Savings Bank provides members the ability to deposit checks into their accounts by using mobile applications on both the iPhone[10] and mobile devices with Google's Android operating system.[11] With USAA's Deposit@Home feature, checks can be deposited at home using a computer scanner.[12] ATM fee rebates, free standard checks for the life of the account, free online bill pay, and bank-by-mail services. USAA was one of the few major banks to begin offering American Express cards in 2006 in addition to their traditional offering of Mastercard.[13]
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Old 09-21-2010, 01:11 PM   #5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,078
Quote:
Originally Posted by Rustic23 View Post
I use USAA. I believe it meets all your goals. I am not sure how many free ATM withdrawals it allows per month...
USAA will reimburse you for up to $15 per month in fees while using other bank's ATMs. All withdrawals from USAA ATM's are free.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 09-21-2010, 01:39 PM   #6
Dryer sheet wannabe
 
Join Date: Sep 2010
Posts: 14
I thought you had to be "something special" to use a credit union. Perhaps I am wrong?
__________________
startingover is offline   Reply With Quote
Old 09-21-2010, 01:59 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
Quote:
Originally Posted by startingover View Post
I thought you had to be "something special" to use a credit union. Perhaps I am wrong?
Many credit unions are chartered to serve people who work for a company or federal agency. Others serve people who live in a geographic area. Also, you can join through family relationships. Every state has a credit union league. They can often help you find a credit union you're eligible to join.
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 09-21-2010, 02:01 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
I just looked at your profile and see you're in Ohio. Here you go:

Ohio Credit Union League Home Page
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 09-21-2010, 02:18 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,859
Not that I am a fan of Bank of America, but they have a checking account called MyAccess which has no monthly fee as long as you have at least one "qualified" direct deposit per month. They also have overdraft protection into a linked credit line and no fees for using their ATMs (and they have many of them in the areas I frequent).

Besides the free checking, I use BofA for automatic electronic payments (i.e. my monthly bills) each month.

Starting in January they won't be sending you images of your canceled checks for free, something I am not happy about. I will have to sign up for online banking to see them and print them out.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 09-21-2010, 02:35 PM   #10
Recycles dryer sheets
Beryl's Avatar
 
Join Date: Jun 2007
Posts: 413
After 18 years, I fired my CU (except for about 10K) due to philosophical differences. They felt the need to complain about the new banking regulations. They felt that young people under 21 without a job should be able to get a credit card without parental consent. They liked the ability to gain new customers on college campuses knowing that parents would eventually pick up the tab for them misusing credit. I had no problem with individuals working there holding that opinion but I didn't care for them plastering it all over their Facebook page and volunteering those opinions when I call up for something unrelated.

I've currently with Ally.com which also has "free" services (overdraft, reimbursements for using ATMs, etc.). So far, I'm impressed but I will check out USAA since I'm not wedded to any financial institution.
__________________
Beryl is offline   Reply With Quote
Old 09-21-2010, 03:10 PM   #11
Full time employment: Posting here.
Ronnieboy's Avatar
 
Join Date: Feb 2008
Posts: 646
If you want a brick and mortar place then a local credit union is the way to go. If online isn't an issue then Ally.com and Ingdirect are decent.
__________________
I don't want to spend my entire life at work. I deserve more. - Want2retire aka W2R
Ronnieboy is offline   Reply With Quote
Old 09-21-2010, 04:54 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,947
Quote:
Originally Posted by Beryl View Post
After 18 years, I fired my CU (except for about 10K) due to philosophical differences. They felt the need to complain about the new banking regulations. They felt that young people under 21 without a job should be able to get a credit card without parental consent. They liked the ability to gain new customers on college campuses knowing that parents would eventually pick up the tab for them misusing credit. I had no problem with individuals working there holding that opinion but I didn't care for them plastering it all over their Facebook page and volunteering those opinions when I call up for something unrelated.

I've currently with Ally.com which also has "free" services (overdraft, reimbursements for using ATMs, etc.). So far, I'm impressed but I will check out USAA since I'm not wedded to any financial institution.
Navy Federal was fairly aggressive about suggesting members contact thier representatives about the new legislation, but I am not aware of them using the aggressive marketing tactics you cited. I agree that your ex-CU was being irresponsible....care to share the name of the institution?

I can foresee myself having no relationships with any traditional banks at some point.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 09-21-2010, 05:39 PM   #13
Recycles dryer sheets
Beryl's Avatar
 
Join Date: Jun 2007
Posts: 413
Quote:
Originally Posted by jazz4cash View Post
Navy Federal was fairly aggressive about suggesting members contact thier representatives about the new legislation, but I am not aware of them using the aggressive marketing tactics you cited. I agree that your ex-CU was being irresponsible....care to share the name of the institution?

I can foresee myself having no relationships with any traditional banks at some point.
Premier Members Federal CU.

I told the VP of Operations that although I agree with the regulations, I'd be happy to listen to her or her employees whine about them over margaritas in an informal setting. However, I don't need to hear unsolicited political views when I call about my account. I also don't appreciate them posting opinion pieces against the new laws on Facebook.

She told me she'd get back to me but instead had someone update the Facebook opinion piece with comment about providing "education" on responsible credit management. I wasn't impressed so I moved about $200K out of that institution.
__________________
Beryl is offline   Reply With Quote
Old 09-21-2010, 05:58 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
Quote:
Originally Posted by Beryl View Post
Premier Members Federal CU.

I told the VP of Operations that although I agree with the regulations, I'd be happy to listen to her or her employees whine about them over margaritas in an informal setting. However, I don't need to hear unsolicited political views when I call about my account. I also don't appreciate them posting opinion pieces against the new laws on Facebook.

She told me she'd get back to me but instead had someone update the Facebook opinion piece with comment about providing "education" on responsible credit management. I wasn't impressed so I moved about $200K out of that institution.
You should report this to the National Credit Union Administration www.ncua.gov. With all the talk about consumer protection these days, I suspect your complaint would get some attention.
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 09-21-2010, 06:58 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,616
Free overdrafts? Do people understand what that really means? Sure, you can have a linked savings account or linked credit card, but when you overdraw checking, how many banks still transfer the money without charging you $10 or so? The overdraft going on a credit card is like a cash advance, so there is at least that kind of fee.
__________________
LOL! is offline   Reply With Quote
Old 09-21-2010, 07:30 PM   #16
Full time employment: Posting here.
 
Join Date: Apr 2008
Posts: 702
I have been using the same Credit Union since the early 80's. It has kept my transaction costs at zero. I sometimes have a CD's and have had a mortgage with them in the past.

I agree with the other postings regarding Credit Unions.
__________________
FreeAtLast is offline   Reply With Quote
Old 09-21-2010, 07:38 PM   #17
Recycles dryer sheets
Beryl's Avatar
 
Join Date: Jun 2007
Posts: 413
Quote:
Originally Posted by LOL! View Post
Free overdrafts? Do people understand what that really means? Sure, you can have a linked savings account or linked credit card, but when you overdraw checking, how many banks still transfer the money without charging you $10 or so? The overdraft going on a credit card is like a cash advance, so there is at least that kind of fee.
Yes. It is important to check out and understand the terms before signing up with these financial institutions. For Ally, there is no fee unless you go over the 6 transactions allowed on the linked savings account. There is a $10 fee for each transaction after 6 per month.
__________________
Beryl is offline   Reply With Quote
Old 09-22-2010, 04:32 PM   #18
Full time employment: Posting here.
Delawaredave5's Avatar
 
Join Date: Dec 2004
Posts: 606
Use your investment house - Fidelity, Vanguard, etc - they have cash management accounts with ATM reimbursement. You mail them checks if you have a deposit. Easy.

Banks are baloney. Credit Unions are OK - but you really don't need a "local bank" anymore.
__________________
Delawaredave5 is offline   Reply With Quote
Old 09-23-2010, 08:31 AM   #19
Confused about dryer sheets
 
Join Date: Sep 2010
Posts: 2
I have accounts at two credit unions. Although they originally catered only to local Navy and University employees, respectively, they now accept anyone in our geographical area.

We used one for a no-closing cost Refi of our mortgage at very decent rate. Each has free-checking, free ATM's thru area networks, free bill-payment, and decent credit rates; however, automatic OD transfers incurs a fee, just as it does about everywhere.
__________________
"I didn't get where I am today by wearing underpants that look like Beethoven."
-- The Fall & Rise of Reginald Perrin
rcblinn is offline   Reply With Quote
Old 09-27-2010, 05:57 AM   #20
Dryer sheet wannabe
 
Join Date: Sep 2010
Posts: 14
Thanks for the input everyone. I've learned the overdraft protection is a real scam anyway. Unless it's linked to a bank account with the same institution, it won't matter. Even then, there is a smaller fee to accomplish the transfer. I haven't had an overdraft in 25 years, so I'm not going to worry about it. It was an honest mistake I made.

So, now I am focusing on finding a bank that incents me to come to them -- $150 to join, etc. Who is doing that in the Northeast, Ohio area? Ideally, I would like to be with a large bank like Chase as I don't want to deal with ATM fees. Then again, if ING, or similar, will reimburse those, why would I care?

Any additional thoughts on OTHER THAN A CREDIT UNION?

Thanks again!
__________________

__________________
startingover is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
7.01% APY on a checking account? Keyboard Ninja Other topics 7 07-29-2008 10:47 PM
VanguardAdvantage Checking Account TromboneAl FIRE and Money 6 10-26-2006 01:42 PM
Do You Reconcile Your Checking Account? TromboneAl FIRE and Money 66 09-13-2006 01:23 PM
How much cushion do you leave in your checking account free4now FIRE and Money 40 09-10-2006 10:57 PM
Checking Account mickeyd FIRE and Money 9 09-09-2006 05:13 PM

 

 
All times are GMT -6. The time now is 03:33 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.