Recommendations for New Checking Acct

[kannon]

Morning All -

As a retiree I am trying to consolidate all of our accounts, make things easier to move funds around,...

We use Ally for CDs and Savings, Bank of America for checking. Ally is great for moving funds electronically, in and out. But BoA charges us for moving funds out of our checking back to Ally.

I am looking for a bank that offers $0 electronic fund transfers, both in and out to another bank. Would also need online checking. And be nice to be able to use ATMs without a fee.

Anyone have a checking account like this? If so, could you let me know. I started doing online investigating but figure this might be an easier way.

Thanks

Kannon

 

[njhowie]

If you're already at B of A, stick with them and raise your combined balances to $100k - you get Preferred Rewards Platinum Honors, which includes everything you desire, 100 commission free equity trades per month with Merrill, and other benefits.

Merrill offers new issue brokered CDs which are comparable to Ally.

Some lower balance level may get you everything you need - check it out.

https://www.bankofamerica.com/preferred-rewards/

 

[bUU]

On the flip side, if all you're doing at BoA is checking, then consider whether you really need a brick and mortar bank. When we moved here, we closed our BoA account and opened a Fidelity Cash Management Account. We have most of our investments there.

Free ATM everywhere. Free EFTs. Free checking and online bill pay.

The only downside is that you no longer have a place to get cashier's checks but at this point in our life we've found no need for them anymore.

 

[cynicalbuthopeful]

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.

 

[zinger1457]

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.

 

[Dtail]

If you're already at B of A, stick with them and raise your combined balances to $100k - you get Preferred Rewards Platinum Honors, which includes everything you desire, 100 commission free equity trades per month with Merrill, and other benefits.

Merrill offers new issue brokered CDs which are comparable to Ally.

Some lower balance level may get you everything you need - check it out.

https://www.bankofamerica.com/preferred-rewards/

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

 

[kannon]

BoA still charges for OUTGOING fund transfers, it's only $3 but it's annoying.

 

[racy]

Why not do everything at Ally?

 

[audreyh1]

Morning All -

As a retiree I am trying to consolidate all of our accounts, make things easier to move funds around,...

We use Ally for CDs and Savings, Bank of America for checking. Ally is great for moving funds electronically, in and out. But BoA charges us for moving funds out of our checking back to Ally.

I am looking for a bank that offers $0 electronic fund transfers, both in and out to another bank. Would also need online checking. And be nice to be able to use ATMs without a fee.

Anyone have a checking account like this? If so, could you let me know. I started doing online investigating but figure this might be an easier way.

Thanks

Kannon

Initiate your fund transfers at Ally both directions and you won’t get charged any fees.

I transfer funds out of my BofA checking all the time with no fees. But I set it up at the high yield savings account or brokerage to “pull” the funds.

Go to your Ally transfer page and you’ll see that you can specify BofA as your source, and Ally as the destination. Once a bank link is set up you can transfer in both directions.

BTW Ally also offers free checking I think.

 

[upset264]

Are you initiating the BOA transfer to Ally from BOA or from Ally? What I mean is if you log on to BOA and enter a transfer to Ally they probably are charging you. But if you log on to Ally and transfer from BOA they might not.

I don't have accounts at either of those institutions. But I have checking at Webster Bank and Wells Fargo and use Capital One for savings and Fidelity and Vanguard for investments. I transfer from Cap One, Fidelity, and Vanguard all the time to the checking accounts and never pay a fee. But I have never initiated the transfer from the banks website.

 

[audreyh1]

BoA still charges for OUTGOING fund transfers, it's only $3 but it's annoying.

I don’t get charged this at BofA! I never have.

I pull funds into my Fidelity account. Just did a big transfer last week because I had excess funds in checking.

I pull funds into various high yield savings accounts.

NEVER paid $3 or any fee.

I NEVER initiate a transfer at BofA. Because then I would be charged.

 

[kannon]

think they still charge for bank to bank transfers

 

[kannon]

Hmm - I have to go look at Ally now. I guess I wrongly assumed that money transfers had to start at the bank with the funds, here meaning going to BoA and doing an outgoing transfer. Didn't know possible for Ally to "pull" money out - that be perfect! Let me go check. Thanks all.

 

[audreyh1]

think they still charge for bank to bank transfers

Well I have enjoyed decades of transfers out of BofA with no charges. And these are to other banks. Even the recent Fidelity transfer was actually to UMB bank which manages the Fidelity cash management fund.

 

[Dtail]

Hmm - I have to go look at Ally now. I guess I wrongly assumed that money transfers had to start at the bank with the funds, here meaning going to BoA and doing an outgoing transfer. Didn't know possible for Ally to "pull" money out - that be perfect! Let me go check. Thanks all.

I transfer both ways with initiation from BOA or Ally to the other one without any fees.
I think BOA charges for wire transfers even if you have Preferred status.

 

[audreyh1]

Hmm - I have to go look at Ally now. I guess I wrongly assumed that money transfers had to start at the bank with the funds, here meaning going to BoA and doing an outgoing transfer. Didn't know possible for Ally to "pull" money out - that be perfect! Let me go check. Thanks all.

That was your oversight I think.

Lots of banks and credit unions have silly restrictions or fees on transfers. These can simply be avoided by initiating the transfer at the other institution that has no such restrictions or fees.

Simple solution for you.

 

[audreyh1]

If you're already at B of A, stick with them and raise your combined balances to $100k - you get Preferred Rewards Platinum Honors, which includes everything you desire, 100 commission free equity trades per month with Merrill, and other benefits.

Merrill offers new issue brokered CDs which are comparable to Ally.

Some lower balance level may get you everything you need - check it out.

https://www.bankofamerica.com/preferred-rewards/

Not necessary to avoid transfer fees, although you sure get great credit card cash rewards that way.

Some of the nice Ally CD options like their No Penalty CDs are not available as brokered CDs.

And do you get 1.45% FDIC insured high yield savings through Merrill Lynch?

 

[njhowie]

And do you get 1.45% FDIC insured high yield savings through Merrill Lynch?

No, I get 1.6% from DollarSavingsDirect.

 

[audreyh1]

No, I get 1.6% from DollarSavingsDirect.

That’s someone might not want to park $100K at BofA.

 

[Dtail]

That’s someone might not want to leave $100K at BofA.

True, would only seem to make sense when the majority of the 100k is at Merrill.

 

[audreyh1]

True, would only seem to make sense when the majority of the 100k is at Merrill.

But only if you have some equity investments through Merrill and maybe some CDs or bonds. But it’s not a substitute for Ally Bank, as some of Ally’s most attractive offerings like their high yield FDIC insured savings and their no penalty CD specials wouldn’t be available through Merrill Lynch.

Anyway there was a super simple solution to Kannon’s problem that didn’t require opening any new accounts or moving funds.

 

[poorcarver]

If you qualify look at USAA.

 

[travelover]

Another vote for a local credit union. Mine has free checking and I just transfer money in and out from other accounts, like Vanguard, as needed.

 

[braumeister]

If you qualify look at USAA.

No need to qualify. Anyone can open a bank account there. It's only their insurance that has qualifications.

 

[Dtail]

But only if you have some equity investments through Merrill and maybe some CDs or bonds. But it’s not a substitute for Ally Bank, as some of Ally’s most attractive offerings like their high yield FDIC insured savings and their no penalty CD specials wouldn’t be available through Merrill Lynch.

Anyway there was a super simple solution to Kannon’s problem that didn’t require opening any new accounts or moving funds.

Agree, was only referring to ML for investments, not as a banking substitute.