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Old 05-19-2014, 09:45 PM
 
171 posts, read 405,482 times
Reputation: 56

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Hey guys. I'm finally starting to do web work for money so I'm in need of a good bank, but I don't know where to start.

I have an account with Wells Fargo under my mom, but since I'm moving out of state in 3 months, I wanna do my own thing. Not to mention Wells sucks.

Thanks for any suggestions!
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Old 05-19-2014, 10:44 PM
 
2,294 posts, read 2,767,676 times
Reputation: 3852
So, there are plenty of people who will tell you Credit Union, because banks are evil. If you want a moral route and feel they're evil, you're welcome to do so, but know that it's not necessarily the smartest move financially.

People like to talk about the local feel of credit unions, and how if you bounce a check, they're more likely to forgive you. That may be true, but there's a better answer... don't bounce checks.

The big banks tend to be ahead of the curve in terms of technology. I've used a few credit unions, and I've used big banks (TD, Bank of NY, Chase, Wells, etc). The bigger banks had online banking first, evelope free atm deposits first, and mobile banking first. Those were huge to me since I do 99.999% of my banking online(I once had to get a cashier's check). To me, the technology side is worth it. That said, Credit Unions are getting better, but they're still not on the same page.

In terms of cost, you do need to meet the minimums for a big bank. Typically having direct deposit and a minimum of $300 is enough to avoid fees. I would never NOT want direct deposit and keeping less is just inviting an accidental overdraft anyway, so that's not a big deal to me. If you won't have that much money/you can't do direct deposit because you're doing side jobs, you might want to go credit union.

Ultimately, Credit Unions do have more of a "hometown" feel, but with a lot of them, you also get "hometown" service. It's like going to a Blockbuster vs a local video rental(ok, they're all dying off now, but it's the best analogy I have). The local place will be more flexible and will probably know you better, but there's a higher chance they won't have the latest release as soon as it's out.

Ultimately, feel free to try one then switch if you don't like it. There's no contract with opening a bank account.
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Old 05-19-2014, 10:47 PM
 
Location: Victoria TX
42,618 posts, read 86,585,093 times
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It depends on what you need a bank for. A credit union, you can walk in off the street a few blocks from where you live, and they call you by name. Ally will give you maybe a quarter of a percent more, if you have quite a few thousand dollars to deposit. Why not do both -- put your CDs in Ally and bank locally with the credit union, so you'll have a place to cash that one-dollar check when you redeem a rebate coupon or use the ATM machine free?
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Old 05-19-2014, 10:52 PM
 
26,146 posts, read 21,368,471 times
Reputation: 22726
Quote:
Originally Posted by jtur88 View Post
It depends on what you need a bank for. A credit union, you can walk in off the street a few blocks from where you live, and they call you by name. Ally will give you maybe a quarter of a percent more, if you have quite a few thousand dollars to deposit. Why not do both -- put your CDs in Ally and bank locally with the credit union, so you'll have a place to cash that one-dollar check when you redeem a rebate coupon or use the ATM machine free?


I really don't need anyone to call me by my name when I walk in. I'm not sure I'd have a reason to be inside the bank or credit union in the first place
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Old 05-19-2014, 11:08 PM
 
171 posts, read 405,482 times
Reputation: 56
Quote:
Originally Posted by Jeo123 View Post
So, there are plenty of people who will tell you Credit Union, because banks are evil. If you want a moral route and feel they're evil, you're welcome to do so, but know that it's not necessarily the smartest move financially.

People like to talk about the local feel of credit unions, and how if you bounce a check, they're more likely to forgive you. That may be true, but there's a better answer... don't bounce checks.

The big banks tend to be ahead of the curve in terms of technology. I've used a few credit unions, and I've used big banks (TD, Bank of NY, Chase, Wells, etc). The bigger banks had online banking first, evelope free atm deposits first, and mobile banking first. Those were huge to me since I do 99.999% of my banking online(I once had to get a cashier's check). To me, the technology side is worth it. That said, Credit Unions are getting better, but they're still not on the same page.

In terms of cost, you do need to meet the minimums for a big bank. Typically having direct deposit and a minimum of $300 is enough to avoid fees. I would never NOT want direct deposit and keeping less is just inviting an accidental overdraft anyway, so that's not a big deal to me. If you won't have that much money/you can't do direct deposit because you're doing side jobs, you might want to go credit union.

Ultimately, Credit Unions do have more of a "hometown" feel, but with a lot of them, you also get "hometown" service. It's like going to a Blockbuster vs a local video rental(ok, they're all dying off now, but it's the best analogy I have). The local place will be more flexible and will probably know you better, but there's a higher chance they won't have the latest release as soon as it's out.

Ultimately, feel free to try one then switch if you don't like it. There's no contract with opening a bank account.
I don't really about the whole "evil bank" thing. As long as my money's secure and I get great service I'm fine. Awesome answer btw, thanks!
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Old 05-19-2014, 11:09 PM
 
171 posts, read 405,482 times
Reputation: 56
Quote:
Originally Posted by jtur88 View Post
It depends on what you need a bank for. A credit union, you can walk in off the street a few blocks from where you live, and they call you by name. Ally will give you maybe a quarter of a percent more, if you have quite a few thousand dollars to deposit. Why not do both -- put your CDs in Ally and bank locally with the credit union, so you'll have a place to cash that one-dollar check when you redeem a rebate coupon or use the ATM machine free?
Hmm, never thought about that. But, I think I'd rather have money in one place, since I'm 19 and just starting out.
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Old 05-20-2014, 07:13 AM
 
1,174 posts, read 1,739,442 times
Reputation: 505
I use ally and im very happy. Need to cash a check? use the app and take a picture of it. Need to use an atm? use any atm. you wont pay a fee.
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Old 05-20-2014, 07:14 AM
 
171 posts, read 405,482 times
Reputation: 56
Quote:
Originally Posted by pinkydapimp View Post
I use ally and im very happy. Need to cash a check? use the app and take a picture of it. Need to use an atm? use any atm. you wont pay a fee.
Awesome, Ally looks like the best decision. Thanks!
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Old 05-20-2014, 07:25 AM
 
26,146 posts, read 21,368,471 times
Reputation: 22726
Quote:
Originally Posted by pinkydapimp View Post
I use ally and im very happy. Need to cash a check? use the app and take a picture of it. Need to use an atm? use any atm. you wont pay a fee.
You mean depositing a check. I've never received cash for a mobile deposit
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Old 05-20-2014, 07:29 AM
 
1,174 posts, read 1,739,442 times
Reputation: 505
Quote:
Originally Posted by Lowexpectations View Post
You mean depositing a check. I've never received cash for a mobile deposit
correct, obviously my phone doesn't dispense money(it would be alot cooler if it did man! :dazedandconfused. Ive never had the need to get funds from an immediately cashed check that i dont already have in checking or savings. I suppose if i ever had that need i could just take the check to the bank it was written from.
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