Recommendations for New Checking Acct

[Amethyst]

+1 for credit unions. I belong to Penfed and one other. Haven't paid a bank fee, other than a few modest wiring fees, since 1981. Their CD rates aren't great, though; I'd go with Ally or whatever bank's advertising the best rates.
I think of a credit union as the modern equivalent of George Bailey's "Building and Loan" - you are a member, more than just an account owner.

 

[audreyh1]

I find credit unions, including PenFed, can be a major hassle for fund transfers. Many of them have tight restrictions on amounts per day and per month that can be transferred and with some of the CUs these amounts are very low.

But if you initiate transfers from another institution these restrictions are bypassed. So I have easy workarounds.

I just wouldn’t look to a credit union as an avenue for solving issues with fund transfers.

 

[jazz4cash]

I get everything OP is looking for at BofA but I don't have any preferred status or 100K on deposit. I do have regular monthly electronic deposits from retirement accounts and maintain $1k minimum in savings.

To avoid the fees for transfers between banks, I have my other banks set up as payees in billpay. I use billpay to transfer funds out of BofA checking to any of my other banks with no fees.

If necessary, I can xfer funds from BofA savings (limit 6/mo) to BofA checking instantly and then xfer to other bank. The xfers are all ACH except one of my credit unions not in their system goes out by US Mail. BofA Online Banking, Billpay, and ATM availability are the ONLY reasons for me to stay with them. Their loan and savings rates are horrendous so it is imperative to use other institutions to meet my financial needs.

 

[Surewhitey]

So we use E*Trade Bank as a hub. They have free transfers (usually 2-3 days time) to go through. They have free check / bill pay. If I have a local charity or something, I make the payment to them and put my address in. They send me the check & I pass it on to whomever...

We also us a couple Kasasa saving / checking accounts. If you make 10-12 transactions (smaller purchases) on the debit card, you get 1.5-2% on funds (usually a $10-15k limit. You also get your ATM fees refunded every month as long as you jump through the easy hoops they ask. Google Kasasa to see if you have a local bank participating. They're typically smaller, local banks. Side note, I always used ATM's in Mexico and they even refund us on these fees...

We have too many accounts and will, one day, consolidate. In the meantime, E*Trade is a good system for us.

We (DW) also use a 1.5% cash back card for larger purchases vs. the debit card. We're sticking it to "the man" anywhere we can...O0

 

[audreyh1]

BofA Online Banking, Billpay, and ATM availability are the ONLY reasons for me to stay with them. Their loan and savings rates are horrendous so it is imperative to use other institutions to meet my financial needs.

Same here. The online billpay, ebills, etc. is great. Good online banking interface.

I have a couple of no annual fee credit cards I use a lot - in particular the Travel Rewards card with no foreign transaction fees. And I get a 10% bonus on the cash/credit rewards for having BofA checking.

I use them for ATMs in the US, but never overseas because the fees are outrageous. Funnily - I haven’t had a US ATM transaction in the last two years, so this has become unimportant.

Forget savings or CDs. Pittance. Just like Chase.

I like them better than Chase in general as they facilitate direct transfers to a third party BofA checking account with no fees, while Chase forces you to go through Zelle and you are limited to $2K per day. I guess Chase saves themselves money by not offering direct account to account transfers to a third party. I was very disappointed when I discovered this was not available.

 

[Dtail]

Same here. The online billpay, ebills, etc. is great. Good online banking interface.

I have a couple of no annual fee credit cards I use a lot - in particular the Travel Rewards card with no foreign transaction fees. And I get a 10% bonus on the cash/credit rewards for having BofA checking.

I use them for ATMs in the US, but never overseas because the fees are outrageous. Funnily - I haven’t had a US ATM transaction in the last two years, so this has become unimportant.

Forget savings or CDs. Pittance. Just like Chase.

I like them better than Chase in general as they facilitate direct transfers to a third party BofA checking account with no fees, while Chase forces you to go through Zelle and you are limited to $2K per day. I guess Chase saves themselves money by not offering direct account to account transfers to a third party. I was very disappointed when I discovered this was not available.

I also use the BOA Premium Rewards card which gives 3.5% cash back for travel and dining (2% base +0.75% Preferred Platinum bonus on the base).

 

[OldShooter]

I have a Schwab checking account and like it. They reimburse all ATM fees at any ATM used so you don't have to drive around hunting for your banks ATM. It can be a big savings when making ATM cash withdrawals when traveling overseas since they also reimburse all the foreign ATM fees, not many debit cards offer this.

+1

I have the Schwab checking and am very happy. I never run into a charge for a transfer, including transfers to other institutions. I am told that the charge for wires is $25, which compares favorably to Wells' $40 charge on my wife's account. We both have credit lines backing our checking accounts just to avoid overdraft charges if we screw up on timing of a transfer. A year or so ago, Wells started charging a fee for accessing credit lines. Maybe $10; I don't remember. Schwab has nothing like that.

Re CDs, I am not hampered by any direct information on Ally, but I would suggest talking to Schwab's bond desk and asking them about how what they see compares. I am sure they will be happy to talk to a prospective customer.

Given the intensity of competition, I'd guess that Fido has pretty much the same offering. Worth checking with them anyway.

 

[Amethyst]

I guess it must depend on the type and reason for transfer? Some years back, I was able to transfer over $200K to pay for a property. Then again, depositing a check can be really annoying - have to wait more than a week to withdraw $5000 or even use it to pay bills, and that's even if it came from another financial institution.

I find credit unions, including PenFed, can be a major hassle for fund transfers. Many of them have tight restrictions on amounts per day and per month that can be transferred and with some of the CUs these amounts are very low.

But if you initiate transfers from another institution these restrictions are bypassed. So I have easy workarounds.

I just wouldn’t look to a credit union as an avenue for solving issues with fund transfers.

 

[Gotadimple]

I guess it must depend on the type and reason for transfer? Some years back, I was able to transfer over $200K to pay for a property. Then again, depositing a check can be really annoying - have to wait more than a week to withdraw $5000 or even use it to pay bills, and that's even if it came from another financial institution.

The Treasury Dept has put new rules in place limiting these kinds of large $ transfers (the banks have to track it and report it, as it might be drug money).

Generally the hold on new deposits (even when transferred) is 3 days, check with your bank.

 

[Scuba]

do you qualify for a credit union? We use NFCU -- wiith their flagship checking with avg daily balance of $1,500 no charge. free with plus system atms (we always find one of those), and if you do use an ATM not on the network, they rebate up to $10 per month.

I love our Fidelity checking account, combined with a VISA card that gives you 2% back on all purchases, no limit, with credits deposited monthly into your linked checking account. No fees of any kind.

 

[Golden sunsets]

+1
We have BOFA Preferred status and use Ally for the major cash holdings for their online savings rates.

+2