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Have you had any issues? I can't think of one issue I've had with BoA. I have access to USAA as well, and any other online bank, and much prefer a brick and mortar bank with branches. Recently we bought a car and it was nice to just go get the cashiers check from the bank to hand to the dealer, and again when we refinanced our house it was nice to just go get the cashiers check to hand to the title company. Almost $50,000 in funds, not sure how you'd handle that with an online bank. How does one get a cashiers check from USAA? I haven't looked it up. No doubt it would take a few days to arrive.
Their online bill pay is second to none. If the payee isn't in their database they cut a check and send it to them. They did that with my previous mortgage. No fee even though it cost them money to print and mail that check. They've done it for individuals that I added as well, again at no fee.
No fees w/ direct deposit, they've done away with the overdraft fees and such for those that would trigger it, I dunno you really can't go wrong. For all the hate they get I think the majority is self imposed.
Their credit cards? Again no issues and tons of benefits. Up until recently I got 2% cash back on all purchases. No fees for international transactions. Benefits? Free rental car collision coverage (up to $50k). Extended warranty on products I buy no questions asked. When my card was stolen they were instantaneous in getting my $$ back. The list is huge.
I would be curious to see any "local" bank offer the breath of services BoA offers in addition to a national network of ATMs and banks. I have considered going to USAA and using BB&T which is right across the street from me but to be honest can't come up with a reason to switch. At least yet.
We have USAA and love it; we use it for our everyday checking and like you note, their bill pay, online services and the like are second to none. No fees to speak of and they treat you right.
We also maintain a relationship with a local "brick and mortar" bank/credit union by keeping some of our funds there. This is handy for safe deposit box services, and for times when we've needed certified checks and the like. It's also a great savings method, as we put some of our pay each month into the local bank where we don't touch it except for major purposes or things like trips, unexpected expenses, etc.
There are too many good reasons out there to be stuck with a mega-bank like SunTrust, BOA, Wells Fargo, etc.
Most banks wave their fees if you have some actual money. It's not like you have to be a millionaire either, $10,000 in deposits seems to be a common level.
So yeah if you are broke the bank doesn't want to do business with you particularity anymore because they can't make money of your VISA transactions like they used too be able too. Also if you have mortgage or car notes they often wave their fees.
So after the gov't puts the kibosh on the Visa fees, the banks are stuck in a situation where they have lots of people with an account with 100 bux in it and the funding source for that profile of account isn't there anymore. So the bank fee them to death, so they leave.
/rant
BTW I use Coastal FCU, go green checking and I get a nice interest rate considering.
It's worth noting Coastal's unique checking account, the Go Green Checking. This is a reward checking account, and it has a higher rate than what you can get with CDs.
The only issue is that it requires debit card usage to qualify for the high rate. BUT, the account is FREE with no monthly fees even if you don't meet the debit card usage requirements.
At this moment, I'm still with BOA which have been with since mid 80's "First Insterstate Bank" and they have been very good with me until they brought up the ATM fee which to me is a rip-off, I do not get/have any other fees with them since I've direct deposit and my balance is always over their minimum but if they do start charging us that "fee" then I might just close that account and stay with my CU back in UT which they also have been very good to me since that's where my retirement pay goes to and where I always finance my cars thru since their interest rates are always better than Banks.
The other issue that you need to look at is their ATM fees, how many ATM machines do they have around the area and if you do go out of town/state and use someone else's ATM do they waive the fee which my CU already said, yes.
By the way, BOA does charge international fee, guess that's due to not having $50,000 in the account, my saving account is with ING which offers better interest rate return than anybody else.
Another vote here for First Citizens.
Not only do they have free checking, but they also have the friendliest staff that always remember your name (at least at the N. Raleigh branch).
What do all the people who use the local credit unions and regional banks like First Citizens, BB&T ect do when you travel out of state and need cash?
I hate ATM fees so I love the fact that I can access my cash at no charge anywhere from NY to Florida and everywhere in-between and not pay ATM fees because finding an ATM from a big bank like Wells Fargo is easy. I do also have an account with The State Federal Credit Union, but I wouldn't use them exclusively since it does me no good when I leave the fine state of NC for trips.
So what is everyone else doing when you leave the state if you don't like the big banks like Wells Fargo and BOFA?
What do all the people who use the local credit unions and regional banks like First Citizens, BB&T ect do when you travel out of state and need cash?
I hate ATM fees so I love the fact that I can access my cash at no charge anywhere from NY to Florida and everywhere in-between and not pay ATM fees because finding an ATM from a big bank like Wells Fargo is easy. I do also have an account with The State Federal Credit Union, but I wouldn't use them exclusively since it does me no good when I leave the fine state of NC for trips.
So what is everyone else doing when you leave the state if you don't like the big banks like Wells Fargo and BOFA?
I have USAA also and since they don't have local brick and mortar buildings, they refund all my ATM fees. It doesn't matter where I go, once a month or so, all of that money is refunded to me.
As usual, I am impressed by the members of the City Data forum and appreciate your efforts on my behalf. I would like to say 'thank you' for all the replies and important info.
Their online bill pay is second to none. If the payee isn't in their database they cut a check and send it to them.
I completely disagree. I have accounts at both BoA and SECU and have experienced far greater overall satisfaction with SECU. SECU's BillPay does everything BoA's does. I've never had a mistake happen with SECU. With BoA, I've had a paper check payment (an important one at that) never arrive. Granted, there is a possibility that was the fault of the post office, but I've been with SECU about three times as long as with BoA and have never had that happen.
Further, anytime I've had to interface with BoA over the phone, it's been a hassle. I'm sure most of you have had experiences navigating corporate voice systems, ending up in long holds, dealing with getting transferred multiple times before you finally speak with the person that can address your issue. I've experienced that several times with BoA. I will say that, with the exception of one mortgage officer, everyone I've spoken with on the phone and in my local branch of BoA has been pleasant and wanting to help.
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So what is everyone else doing when you leave the state if you don't like the big banks like Wells Fargo and BOFA?
I'll admit that we almost never use ATMs any more. There are simply far too few occasions where we need to carry cash, even when traveling. But smaller banks, especially credit unions tend to be part of national ATM networks where you don't pay a fee as long as you're using an ATM in that network. Granted, it may be a bit more of a hassle to find one that's on the right network, but IME, it's never been more of a hassle than finding a branch of one of the large banks.
What do all the people who use the local credit unions and regional banks like First Citizens, BB&T ect do when you travel out of state and need cash?
Grocery stores and many other retailers offer cash back with purchase and no fees. If I need cash (which is pretty rare) I buy a pack of gum and get $50 back.
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Thanks to all who have replied
