New Checking account

[startingover]

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!

 

[Purron]

Often credit unions offer better deals. Here's a link to help you look for one.

Credit Union Locator

 

[KB]

I agree on using a credit union. Mine offers everything you listed for free.

 

[Rustic23]

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]

 

[REWahoo]

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.

 

[startingover]

I thought you had to be "something special" to use a credit union. Perhaps I am wrong?

 

[Purron]

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.

 

[Purron]

I just looked at your profile and see you're in Ohio. Here you go:

Ohio Credit Union League Home Page

 

[scrabbler1]

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.

 

[Beryl]

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.

 

[Ronnieboy]

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.

 

[jazz4cash]

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.

 

[Beryl]

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.

 

[Purron]

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.

 

[LOL!]

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.

 

[FreeAtLast]

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.

 

[Beryl]

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.

 

[Delawaredave5]

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.

 

[rcblinn]

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.

 

[startingover]

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!

 

[Nords]

Any additional thoughts on OTHER THAN A CREDIT UNION?

Are you saying that you prefer a bank to a credit union? I'm curious what reason would make a bank take precedence.

Or are you saying that you're seeking contrary thoughts on why anyone would possibly go with a bank?

 

[Gotadimple]

Large Bank like Chase.

I'm intrigued with your preference for a large bank. If the only criteria is no ATM fees, I'd suggest you look at every thing else you wouldn't get with Chase:

Lower fees overall
Concern about you as a small saver
Easy to work with
Competitive savings rates

If you have smaller banks in your area, you may want to look at what they offer. To assure you are dealing with a bank that has a good financial standing, check them out at Bank Ratings or at Mortgage Rates Credit Cards Refinance Home CD Rates by Bankrate.com

-- Rita

 

[startingover]

Are you saying that you prefer a bank to a credit union? I'm curious what reason would make a bank take precedence.

Or are you saying that you're seeking contrary thoughts on why anyone would possibly go with a bank?

I'm saying I'm seeking a "place" that will allow for me to hold a limited amount of money - say $2,000. I use that to pay bills and that's it. So, I don't care about car/house loan rates. I don't have a car loan and my mortgage rate is very low, so I'm not even considering refinancing. Put simply, I just need a place to hold those funds while I pay bills.

I want to do this for no fees and I don't care about interest as it's trivial at that rate of savings anyway. I was hoping to find someone that would "incent" me to come over to their business -- $100 to sign-up, etc.

ING appears to have a good deal. $50 to join, no fees for using ATM's (limited a bit, though), person-to-person bill pay which I would use, true bill pay, overdraft fees are very small -- $.15 for the incident I just had that cost me $100 at Fifth Third. Other than dealing with an online bank, I'm not seeing a lot of negative...

Thanks!

 

[startingover]

Large Bank like Chase.

I'm intrigued with your preference for a large bank. If the only criteria is no ATM fees, I'd suggest you look at every thing else you wouldn't get with Chase:

Lower fees overall
Concern about you as a small saver
Easy to work with
Competitive savings rates

If you have smaller banks in your area, you may want to look at what they offer. To assure you are dealing with a bank that has a good financial standing, check them out at Bank Ratings or at Mortgage Rates Credit Cards Refinance Home CD Rates by Bankrate.com

-- Rita

Good points you make about what I wouldn't get. See my post below -- any thoughts on ING?

 

[scrabbler1]

I'm saying I'm seeking a "place" that will allow for me to hold a limited amount of money - say $2,000. I use that to pay bills and that's it. So, I don't care about car/house loan rates. I don't have a car loan and my mortgage rate is very low, so I'm not even considering refinancing. Put simply, I just need a place to hold those funds while I pay bills.

I want to do this for no fees and I don't care about interest as it's trivial at that rate of savings anyway. I was hoping to find someone that would "incent" me to come over to their business -- $100 to sign-up, etc.

ING appears to have a good deal. $50 to join, no fees for using ATM's (limited a bit, though), person-to-person bill pay which I would use, true bill pay, overdraft fees are very small -- $.15 for the incident I just had that cost me $100 at Fifth Third. Other than dealing with an online bank, I'm not seeing a lot of negative...

Thanks!

You use your checking account for the same reason I use mine. I keep about $1,500-$3,000 in the account to pay bills. I don't care about earning interest because it is too trivial to begin with. Any time I have a decent surplus in there, I quickly switch it out electronically to an investment which pays more.

My bank, BofA, has a local branch nearby (walking distance) so I can deposit checks I get once in a while. I also have to get quarters for the laundry once in a while. When I needed a bank check for a large purchase (i.e. car), they were there. If I need face-to-face contact with a customer service rep, they are there. I use the ATM there to get cash every few weeks (I am not into using plastic for my day-to-day activities, and some of them are cash-only).

I pay no monthly fees, no ATM fees, and earn no (miniscule) interest on the little I keep with them. I don't pay to use a bank teller or talk to a rep. I don't pay to receive paper bank statements although I will soon have to go online to view and print out the few canceled checks I write each month (or pay BofA to keep sending me the images of the checks they used to send me until 2005).

Because I have direct deposit of two dividend payments (only one required), I don't have any minimum balance issues for their MyAccess Checking account.

Other than the upcoming canceled checks issue, BofA provides me with everything I need from a local bank.