In need of a new bank...opinions please?

[Clifford63]

Originally Posted by Thegonagle

I've used Topline Federal Credit Union since 1997 (when they were Firstel), and I've been a happy camper. Their website updates instantly when you make a deposit, or as checks or electronic transactions post throughout the day, and there's none of that archaic "Deposits made after 2 PM will be applied on the next business day" BS.

Glad you are happy where you are at. I have never had a big problem with WF and I checked the current standards, 4:00 is the cutoff for transactions being posted same day on M-Th. On Friday it is 6:00 p.m.

Way back in the day, ATM deposits were credited immediatly. Scumbags found out they could make a fake deposit and draw money they did not have. Between that an check floating, banks had to do something. Many banks went the direction where they held deposits as pending until checks cleared. Not nearly as much of a problem with checks clearing very fast these days.

Online banking has come a long way too. In 2002 every version of it was at infant state. Most all of them are pretty good now including WF, which was one of the fisrt to provide online banking.

[Thegonagle]

The banks "had to do something" about whom? Me? That's just wonderful for Wells Fargo, but not so great for me. You see, I don't write bad checks (I've "floated" when I was younger and had less income, but that's NOT the same thing), and I DON'T make phoney ATM deposits in order to draw out money that's not there. That would be criminal, and I would expect to see the FBI at my door if I tried that.

I originally opened the accounts I had at WF at the Norwest Bank on E. Hennepin in 1993, when I was 17. I was happy with Norwest for years. Every employee was a professional, and they had access to all of my information if I had a question. But once the Wells Fargo signs went up at my bank, it started going downhill. As Wells Fargo merged the Norwest operations, systems, and policies into their own, that "we don't trust you, or our own employees" vibe started hitting me more and more often. Tellers seemed like they were exactly as qualified as the clerk at front of Walgreen's. They couldn't answer many questions--I had to sit in the corner and wait for a "personal banker" to see me. I couldn't get GREEN CASH deposits credited to my available balance immediately anymore. I started noticing a lot more turnover of employees. And I noticed that their phone banking system was SLOW to update, and the telephone service reps more often than not had their hands tied by the new systems or policies.

A couple of other things happened, such as cash missing from my deposits twice ($20 each time), and the final straw was one tight month, I had to write my landlord a check two days before I'd have all the money. I made it to the bank a few minutes "too late," but still during business hours, and I asked about the check. I was informed that it was presented that day, it would be returned unpaid, and that there was nothing that anyone could do for me. That's the one and only time I've ever had a check bounce. (I'd experienced an OD or two with Norwest, but they always paid the check anyhow.)

A few days after the bounced rent check, for which the landlords charged me an extra $25 (would have been $50, but they were nice when I explained it--they waived their bounced check fee, but still stuck me with the late rent fee), I went back to the E. Hennepin branch, closed my first ever checking account nine and a half years after I opened it. They seemed utterly unconcerned that a 26 year-old customer was closing the account he'd had since he was 17. (Their loss--I actually make good money now, and keep a lot of it at the credit union.)

So the banks needing "to do something" didn't really help them in retaining a customer.

The cutoff at my credit union for deposits and transaction is closing time. Every check I deposit--even my cousin's personal checks from TCF--is credited for the full amount immediately, I assume because of my personal history; I've never deposited a bad check. That even includes Saturdays, when they're open from 9 to 2. Hit the night deposit on Friday after close, and someone processes it Saturday morning, it credits to my available balance Saturday morning, and it's visible on their website and touch tone phone interfaces Saturday morning. I could even pull it all back out at an ATM Saturday night if I was so inclined. Furthermore, every employee seems knowledgeable and they're always friendly. The one problem I had was solved with a phone call on my end, and an investigation lasting all of two hours, after which they called me back, informing me that they found and fixed the discrepancy. (So I checked the credit union website after I hung up the phone, and was able to see immediately, with my own eyes, that all was well.)

Sorry for the chapter book, but the above explains a couple of the reasons I can't recommend that anybody use one of the major banks for their day-to-day checking, because I know how much better the service and policies can be at a credit union.

[Clifford63]

Originally Posted by Thegonagle

Sorry for the chapter book, but the above explains a couple of the reasons I can't recommend that anybody use one of the major banks for their day-to-day checking, because I know how much better the service and policies can be at a credit union.

Well again, I am glad you are happy where you are at. I was in no way talking about actions taken by any specific person such as yourself. Just wanted to clarify the cutoff times, which were incorrect in your previous post.

I could tell you some similar stories from my younger days. Same overall theme. I ran myself too close to E and ran out. It is no good getting kicked with late fees etc. when you are down, and it is frustrating. Mostly the problems where my own doings.

One thing that rings true. Taking your business elsewhere when you are not happy is always the right thing to do.

Check into SEC regulations on stuff related to 911. You may be surprised to learn some of the reasons why things changed in banks. It is more than greed by bankers.

[lalife]

Originally Posted by skylarkmn

Greetings folks!

So...I have been banking with Wells Fargo since moving from Wisconsin and I have come to ferociously loathe their banking methods! I have many reasons for this, but that's not the point. The point is that I'm ready to drop them like a bad habit.

I need some input on some good banks around the Cities. I'm pretty sure my next location will be the Eagan area, so I'd like one around there. My bank back in Wisconsin was/is a credit union and I was NEVER disappointed in them. I'm hoping to find a credit union somewhere around here. I'd like one with more than one location, but if it's not possible, I understand.

I appreciate your input. Thank you.

I bank with Wells Fargo and have no desire to switch. Wells is in almost the top 10 of Money Magazine's most financially sound companies in the WORLD. In these uncertain times, I am not about to put my money in some no name bank that could go under any day. In other words, do some research about the rating of the bank / credit union before you just switch. Find out what class it is in A-F.

[Aylalou]

Everyone should use whatever financial institutions they feel are best for them. Actually credit unions are safer than banks during an iffy time such as this. Some of the top name banks are the worst no matter what Forbes says when they are thinking about their profits and not the customer. I had to bring one of the biggest and well known institutions to court and won the case. I don't trust the big names, actually. Have had bad experiences with some of the largest financial institutions such as TCF, US Bank and Wells Fargo. Have gotten much better service from credit unions.

[gatorinmn]

I have used TCF since moving here in 2006 and have been very pleased with them.