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Author Topic: Banks/Money Management  (Read 1032 times)

Offline longarmwj

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Banks/Money Management
« on: December 04, 2018, 08:29:36 PM »
For years I’ve used Wells Fargo for my banking needs, including a Roth IRA, Wells Fargo Platinum Credit Card, as well as a basic checking and savings accounts.

Over the last couple of years Wells Fargo has been really pulling on my strings. They like to hold my automatic payments, hold deposited checks (my employer is old fashioned, and still issues an actual check) for “fund verification” at least once a month, causing issues with my automatic bill payments which I then get charges fees for. The issues are the bills will overdraw my account at the very end of the pay cycle, and the check is held long enough that it allows the overdraft fees to hit my account, effectively cutting anywhere from 75-150 out of my final deposited amount. They also have a bad habit of not authorizing transactions until after my account gets that way, and they rack up on overdraft fees. It seems to be a common complaint with them, as I have seen many people online and talked to many people who have had their money played with time and time again by them.

Long story short, I’m fed up with their antics and want to know who does everyone here bank with, and how do you like them. Little local banks need not apply because I am looking at nationwide banks (don’t plan to be in Georgia forever), unless i decide to look into a credit union, which is a strong option as I have seen some of the amazing rates they can offer people with all levels of credit through my prior car sales experience.

I’ve heard food things about Regions as well as Chase. My plan is to use a new bank just for savings/checking and keep my IRA and credit cards with Wells, as I have not had any issues with either of those accounts.


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Ryan
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Offline BigPrince

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Re: Banks/Money Management
« Reply #1 on: December 04, 2018, 08:37:49 PM »
Wells Fargo are crooks.
Citi is the devil. 
BofA sucks fat dong.
Had a bad experience with Regions about 10 years ago with a joint account and they would not work with me at all.  They were professional but 100% unhelpful and all but told me to get off their property.  I jumped through their hoops on the joint account and closed all my accounts with them that day. 

#1 - USAA. Couldn't be happier with USAA if you have military ties.
#2 - Suntrust.  I have a couple accounts with them since they bought my mortgage servicing and they haven't done anything crazy with me yet and have been reasonable to work with when I've talked to them.
#3 - Chase.  I know folks like @jc79 spoke well of them before. Not sure if that is the case still.  I have a couple CCs but no checking/savings with them and they have been reasonable. 

Offline longarmwj

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Re: Banks/Money Management
« Reply #2 on: December 04, 2018, 08:40:49 PM »
Sadly no military ties. I had planned to join the Marines out of high school but my heart issues prevented that from happening.

Chase I may look into. A credit union would be choice number one for me, but as I said I do plan to move from Georgia at some point in the future and would prefer to have a place that I can actually walk into and talk to somebody.


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Ryan
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Offline Big Dave

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Re: Banks/Money Management
« Reply #3 on: December 04, 2018, 08:42:12 PM »
We use Southstate Bank.

I would have pulled my accounts from Wells Fargo & went elsewhere after their debacle a few years back when they were caught opening accounts in clients names without their consent. 
« Last Edit: December 04, 2018, 08:44:16 PM by Big Dave »

Offline longarmwj

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Re: Banks/Money Management
« Reply #4 on: December 04, 2018, 08:43:33 PM »
We use Southstate Bank.

I would have pulled my accounts & went elsewhere after their debacle a few years back when they were caught opening accounts in clients names without their consent.
Pretty sure they’re still having issues with that. I think I saw a news article pop up not too long ago about something to do with that. Some kind of lawsuit or federal fine or something


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Ryan
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Online TravisMac

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Re: Banks/Money Management
« Reply #5 on: December 04, 2018, 08:44:22 PM »
I use chase. No ragrets
Travis Macdonald
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Online Anvilsam

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Re: Banks/Money Management
« Reply #6 on: December 04, 2018, 09:05:06 PM »
I use chase. No ragrets




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Offline kvom

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Re: Banks/Money Management
« Reply #7 on: December 04, 2018, 09:31:34 PM »
Assuming your paycheck is a corporate one then the hold should be one day at most.  Do you actually deposit it on payday?  And if it's bi-weekly that can cause issues with auto-bill pay that is monthly.  You are likely to have this issue with any bank unless you have overdraft protection if you don't have slack in your account balance.  You have a savings account; see if you can have overdraft funds come from it.

Is there some reason not to check online just before those bills come due?

Most banks had a "habit" of maximizing overdraft fees by applying the largest payment to the balance first, which meant the smaller overdraft items could generate multiple fees.  Some still do this, but the law was changed so that they either had to tell you this or give you the option to apply the smallest first.  That said, proper personal finance should prevent this from ever happening.  If you can't manage that, then remove the automatic bill payments and do them manually.

In the past I've had accounts with Suntrust followed now by Regions.  I switched about 10 years ago due to some issues with branch hours and distance, and I've had no problems with Regions since then.  I also have a recent WF checking account for a side business, and haven't seen any issues with the way they work.

Bottom line for me is a bank with convenient branches (esp. one close by for a safe deposit box), lots of ATMs or a rebate on foreign ATM fees, and low fees for checking accounts.  If I were to move out of state I don't think switching banks would be an issue if needed.
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Offline clark123456

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Re: Banks/Money Management
« Reply #8 on: December 04, 2018, 09:39:43 PM »
I use chase. No ragrets

Ditto...

I have an actual ATM card (not one of those debit cards) and can pull up to $1K out at a time.

Their online bill pay is great, but the money does come out immediately whereas some banks, such as Suntrust, will not take the money out until the check is deposited/cashed.

Their electronic check deposit is very easy to use compared to my experience with Suntrust.

They have ATMs all around the Atlanta area, but be aware that they are not in all major markets.

Usually, they'll offer $150 to $250 (I think I've seen more) to open an account with them for checking, and then a separate offer for savings that pays similar. 

I've never taken out a loan with them directly, so I have no clue how good they are at that.
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Offline jc79

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Re: Banks/Money Management
« Reply #9 on: December 04, 2018, 10:27:37 PM »
At one point I had checking, mortgage and company 401k all through Chase and it was pretty convenient. But now just checking. Their bill pay is good.

Also have a Schwab account. They refund all ATM fees which is nice.


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Jared

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Offline kent10sne1

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Re: Banks/Money Management
« Reply #10 on: December 05, 2018, 06:43:31 AM »
I use USAA for everything, with one small diff.  my rig is insured thru AJ as they wont cover the modds and AJ found a way to insure the modds.  besides that I love USAA. for banking, and everything.  my investments are thru Fidelity  as is my 401k and other investments.
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Offline longarmwj

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Re: Banks/Money Management
« Reply #11 on: December 05, 2018, 06:54:57 AM »
Good solid advice here from everybody. Looks like I have some options to explore.


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Ryan
03 WJ - The Minivan
17 JKU - The Other Minivan

 



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