Hawaii Banking? (Honolulu: real estate, foreclosed, mortgage)

[sjchan8168]

Which banks do most locals use in Hawaii? I am surprised that the big banks like Chase, Bank of America, Citi and HSBC have no branches or ATMs. I would prefer something with a larger exposure but I guess I will have to go local.

[HankDfrmSD]

Originally Posted by sjchan8168

Which banks do most locals use in Hawaii? I am surprised that the big banks like Chase, Bank of America, Citi and HSBC have no branches or ATMs. I would prefer something with a larger exposure but I guess I will have to go local.

The two biggest are First Hawaiian Bank and Bank of Hawaii.

American Savings Bank seems to be growing.

[hotzcatz]

Bank of Hawaii is supposed to be one of the most financially secure banks around at this time. I think American Savings is part of Hawaiian Electric, so that should be a fairly stable bank, too.

I think the most popular bank is Bank of Hawaii, at least it seems to be that way with businesses.

[akboy]

I have been banking with Wells Fargo for years. I thought i would have to change banks when i move there in a month, but there are branches there. Stay with them, or go local?

[jsiekierka]

I still kept my Mainland account and opened a Bank of Hawaii account for ATM use, and you can transfer between accounts it takes 3 business days!

[bresdo]

I use First Hawaiian Bank and have had a great experience with them.

[KonaKat]

Originally Posted by akboy

I have been banking with Wells Fargo for years. I thought i would have to change banks when i move there in a month, but there are branches there. Stay with them, or go local?

I am not aware of any WF bank branches here. (just did a search on their home page, too. nada) They do have a mortgage department here, but not a bank, per se. There are basically no banks here that are on the mainland. Some people like internet banking but then you do have a problem at times with not having your "out of state" check accepted. Debit/ATM cards work but you will incur extra fees no doubt. We like Hawaii Community Federal Credit Union. Son likes American Savings because of their expanded hours in some branches like inside the grocery store (late, Saturdays etc).

Now, I don't know all the details but Hawaii has a different banking system than mainland states; different and much stricter usery laws. So that is why there are no branches here of US Bank, etc.

[R_Cowgirl]

This is all just my opinion -- Territorial Savings is a nice little home bank that hasn't participated in the meltdown. A little old fashioned, but they take care of you. First Hawaiian is also one of the better banks, IMHO. Lots of branches on each island, and I think they cooperate with some mainland banks. Not sure which. You can check on their site. If you don't know how long you'll be staying in Hawaii, it doesn't hurt to keep a mainland account open for awhile. Several of the big banks tried to be in Hi and didn't fare very well. BOH isn't all that great for individuals or small businesses. More geared to the big guys on the block. Central Pacific appears to be struggling. I think you can check most of these banks standing with a little digging. But the good news is, I heard most of the local Hawaii banks didn't get into the mortgage mess, and so they are more stable than some of the bigger mainland banks. That's a nice plus. Personally, I use a credit union, First Hawaiian, and IngDirect. I feel better spreading it around a little. Never know. And the online access of Ing is nice.

[HawaiiMongoose]

First Hawaiian is the largest Hawaii bank in terms of assets, deposits and customers. Bank of Hawaii is nearly as big, Central Pacific is a distant third. If you check Bankrate.com you'll find First Hawaiian is rated five stars and in the top 5% in the entire U.S. in terms of safety and soundness. Bank of Hawaii is pretty good with four stars, Central Pacific is in bad shape with two stars (they made a lot of California real estate loans that went bad). The reason there are no big Mainland banks in Hawaii is that Bank of America bought their way into the market about 10 years ago and flopped. They tried to run everything from the Mainland, didn't understand the Hawaii consumers and alienated customers with processing errors (they mistakenly foreclosed on the mortgage of the city council chairman). In two years their market share dropped by 50%. Since they got burned no other major Mainland bank has followed. It doesn't really matter as First Hawaiian and Bank of Hawaii offer pretty much the same products and services at the same rates and fees as the Mainland banks. Both are members of international ATM networks (in First Hawaiian's case MasterCard and Star) so you can use their ATM cards to get cash without paying a fee pretty much anywhere in the world.

[akboy]

Originally Posted by KonaKat

I am not aware of any WF bank branches here. (just did a search on their home page, too. nada) They do have a mortgage department here, but not a bank, per se. There are basically no banks here that are on the mainland. Some people like internet banking but then you do have a problem at times with not having your "out of state" check accepted. Debit/ATM cards work but you will incur extra fees no doubt. We like Hawaii Community Federal Credit Union. Son likes American Savings because of their expanded hours in some branches like inside the grocery store (late, Saturdays etc).

Now, I don't know all the details but Hawaii has a different banking system than mainland states; different and much stricter usery laws. So that is why there are no branches here of US Bank, etc.

Hi KonaKat,
You are right! Thank You for this information. I was told by my WF bank here that they had branches in Honolulu, so just assumed it was true. I just did a search also, and nada. Thanks again. It seems First Hawaiian Bank would be my best choice after reading all the replies. Can i get a debit card also when i open an account? I don't write checks and never carry a lot of cash, always use my debit card. Anybody know how long it would take to get a debit card after opening an account? Thanks.