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We have been banking with regional and national banks (in the U.S) for several decades, as we moved around the country.
Over the last several years, it seems that the quality of consumer to bank representative/bank relations have deteriorated in many cases.
For example, we are not fans of offshore customer service via the phone, nothing against the offshore vendors, it just seems to scripted and artificial at times.
Another issue we have is that many banks have weak online security, as well as limited functionality on their websites.
We don't have large bank accounts to deal with HNW accounts, private banking etc., we presume the banks that cater to those individuals rank better on the customer facing virtual options.
Which bank(s) and or co-ops have you had good experiences with their website functionality and phone options/
And which have you had less than good experiences?
We need to set up a new bank account for our nephew, and want to be able to choose one that scores well on these attributes.
What kind of customer service are you really needing? I bank with chase and have done so for a long time and can't recall ever needing customer service from a checking/savings account perspective.
I've had no problem with Chase ...don't think I've needed online service.
For an on-line only bank, Ally has been great.
If available for any service I use, I'll opt for online chat rather than telephone. No accents to worry about and a transcript can be saved for verification as to what was said
I think we need to know what is wrong in your mind? For example what is the problem with on line security? Is it two factor and you want three factor? Ok the third factor is starting to be used. Schwab has it.
Seems like monthly costs is not a problem.
You mentioned on line but do you also want to have walk in service?
Some of the features I want, and some of the concerns I have faced are:
a) Lack of two factor authentication
b) I would like the bank in conjunction with Visa/Mastercard to provide charge alerts, I know many banks do, but many do not. For example, Citibank in the U.S.A or at least the account we had, did not, it was a regular account.
I want the bank to be able to send me an alert via phone/email when a transaction has exceeded a certain amount
c) There are times when I have tried to use my card to make an international transaction e.g. buy an airplane ticket on a foreign carrier after daytime banking hours, guess what, the transaction gets declined, due to it been suspicious, as it is a one off international transaction, and then often I have to wait till the morning to call the customer service of the bank and lose the airfare, or train seat, or hotel reservation etc.
I want to be able to bank 24/7 and that means deal with issues such as the one above, or password lockout etc. even if it can be rectified online.
d) I like the chat feature
These are just some of the concerns, I would prefer walk in service, but if the way to go is online, then so great
Some of the features I want, and some of the concerns I have faced are:
a) Lack of two factor authentication
b) I would like the bank in conjunction with Visa/Mastercard to provide charge alerts, I know many banks do, but many do not. For example, Citibank in the U.S.A or at least the account we had, did not, it was a regular account.
I want the bank to be able to send me an alert via phone/email when a transaction has exceeded a certain amount
c) There are times when I have tried to use my card to make an international transaction e.g. buy an airplane ticket on a foreign carrier after daytime banking hours, guess what, the transaction gets declined, due to it been suspicious, as it is a one off international transaction, and then often I have to wait till the morning to call the customer service of the bank and lose the airfare, or train seat, or hotel reservation etc.
I want to be able to bank 24/7 and that means deal with issues such as the one above, or password lockout etc. even if it can be rectified online.
d) I like the chat feature
These are just some of the concerns, I would prefer walk in service, but if the way to go is online, then so great
Thank you!!
Two factor - as suggested online broker tend to have these. Try Schwab, E*Trad, Vanguard. Token is used or email or text to phone.
International - assume credit card co's. I call mine and give them my travel plans for international. How else are they to know where you are?
Most credit cards let you set up notices over x dollars that should help.
You did not mention checks being cashed but if you get software such as Quicken you can down load all of your transactions when ever you want.
Chat is rather common so since you have not mentioned the need for a local branch I would try the online mutual fund or broker of your choice and they will probably have the services you want.
I have been a been a big fan of Ally Bank.
- has 2-factor authentication
- very intuitive and easy to use web interface and smartphone app (deposit checks through the phone, set up text alerts, etc.)
- great customer service that has all been onshore as far as I could tell and you get a real person on the phone almost immediately.
- many free ATMs and they will refund up to some amount of additional ATM fees per month if you use out-of-network ATMs
- very good interest rates for basic checking/savings accounts compared to mainstream banks
It's online only and has no brick and mortar locations, so look elsewhere if you need that.
They don't offer credit cards, so for that you'd still need a separate institution that can address the issues you highlighted around traveling and blocking the credit cards. I have Chase credit cards and they will send me a text immediately when they block a transaction to allow me to respond right away and then just swipe the card again. This has worked well for me, but I believe some of the other major leading cc companies should have similar capabilities.
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