Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
i just let chase baby a sit an etf i pulled from vanguard and we got private client status . so we get all these perks and now the manager and staff play nice with us ,.
it is convenient too because all our kids happen to bank with chase . so we can move money from us to them directly . my son is a partner in our real estate holding company so we have transactions between us at times . it makes it easy to direct the transfers right in to their account with no clearing time .
I have a lot with Schwab. Haven’t paid a cent for anything in years. I’m a Boston sports fan, and basically go to any game in the Bay Area involving Boston teams for nothing.
90% of everything is at fidelity . We use them for everything including all bill payment .. we have private access client with them and have dedicated very helpful team at our local office
90% of everything is at fidelity . We use them for everything including all bill payment .. we have private access client with them and have dedicated very helpful team at our local office
I used to work atFidelity, though admittedly not in a customer service role. Good company. I’d still be with them if I stayed in Boston, but,ooohh, hard to beat this climate.
I use BP on my personal account, although only for some things; going directly to the credit card sites avoids all issues of processing time. I used to pay one or two things from the business account that way, but stopped because business bills often have much shorter payment leads and I kept running into BP processing delays longer than the due date.
It's cancelled now. I just find the notion of paying a fee for NOT using a service... pythonian.
Oh yes — “sorry father you signed up for the never pay policy”.
I don’t have a CU near me anymore and the one that was near (now gone) was very backwards. I half expected the tellers to wear those old time visors and arm bands.
My preference is a small local bank. Although you have to watch that too, because sometimes they all gang up to compete and then they all act like a large bank.
most credit unions are not the nice guys you think they are when it comes to loans .
the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.
When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.
When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union. That includes credit cards and personal loans.
you buy a car by taking out a loan from your credit union. The loan agreement for your car loan contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations. After three years, you pay off your car loan, but you still have a balance due on your credit card.
you lose your job and stop making your credit card payments. The credit union can repossess your car and sell it to pay the credit card debt.
credit unions also have an advantage over banks in that they pay no income taxes .. in theory they are considered non profit , if you can believe that one .
I'm spread between 4 New England states so I keep my household checking account with a large-ish regional bank with a large ATM network plus brick & mortar locations convenient to all my locations including branches in supermarkets that are open on Sundays. They waive fees if you make one deposit per month. I can move money back and forth with my internet bank that pays 2% in one business day.
The only fees I bump into regularly are $3.00 international ATM fees my bank charges when I'm out of the country. I try to only hit an ATM machine once when I'm out of the country and need cash.
So my credit union pops me with a little $6 charge...
...for NOT using the Bill-Pay feature.
I shudder to think of the avalanche of fees for all the dozens of other services I'm not using.
At most credit unions, members are the owners. As an owner, you should have input into how things are run. Contact the board members, attend the next meeting, etc to try to affect change, or decide to take your business elsewhere.
CUs have to make their money some where. I have been with a huge nationwide bank for almost two decades and have never paid a fee, and that includes time when I had very little money.
That being said a measly ~$10 monthly fee to get instant access to your money nationwide at a bank or through an ATM available almost anywhere is a steal, and that can be waived with a small amount of money in the account or a direct deposit at most banks. People really expect way too much for "free".
I honestly think there is no reason for banks to charge monthly fees just to use a checking or savings account. The bank actually uses your money to make money. That's why you don't actually have access to all of your money. At wells fargo you can't remove more than 300 a day at a ATM. Most people also are not allowed to spend over 5k in a day either. Banks make money by leveraging your money that is saved and loaning it to other people and then charging them interest on money that isn't theirs to begin with. So I don't consider putting my money in the bank to be a "free" service.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.