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I am getting ready to relocate. Fortunately I had the foresight to check my new town for Bank of America locations and, well, there aren't any. In fact the nearest branch is 90 miles away. So I have transferred my CD into my Money Market account so that I can access it without going to the bank in person. Slightly lower rate, but what's a girl to do?
My question is, how do you go about choosing a bank? I have been with BOA since they bought out Barnett lo these many years ago, and I was with Barnett since I moved here in the '80's. At the time I opened the account my criteria was proximity of branch locations to both home & office.
Around here banks are closing their doors. Small banks that I never heard of until they opened a branch here. I am moving to a small town in rural Indiana and I have never heard of any of the banks there. Is there a way to check the stability of a bank? Is a credit union a better option?
I have moved several times and never really worried about bank location. I still use a CU I joined over 25 years ago that is 2000 miles away. 99% of my banking is done online (or with ACH transactions) and when I need more than an ATM there is an associated CU down the street. What are your reqiuirements?
I have no risk CD, money market, and checking. The CD you have to go in person to the bank to access the funds, so having at least one branch nearby is helpful. Also, I am self employed and I get paid by check by about 1/2 of my customers so I have to be able to make deposits.
I have no risk CD, money market, and checking. The CD you have to go in person to the bank to access the funds, so having at least one branch nearby is helpful. Also, I am self employed and I get paid by check by about 1/2 of my customers so I have to be able to make deposits.
Not sure about the CD but it seems backwards that it requires you to show up in person to get your money over to another account.
The CU's I use have reciprocal agreements so that you can use an affiliated branch. Turns out that all the transactions I have done including depositing dozens of checks can be accomplished with a kiosk that reads checks, allows transfers and loans, and dispenses cash and printed logs.
Although you may be more comfortable with a new bank, keep in mind there are plenty of options.
Not sure about the CD but it seems backwards that it requires you to show up in person to get your money over to another account.
Its because the CD is an investment account, not a savings or checking. I actually don't mind that I have to go to the bank to move it. If I lose my debit card the bulk of my money can not be accessed via ATM or if someone hacks the bank they can't get the funds that way either.
If you're looking for criteria, consider things like proximity, hours, services, fees, policies, reputation.
I never thought I'd say this but I'd also question a bank on its ability and willingness to protect your funds. 1) Witness the recent bank closures. 2) My great aunt was defrauded of over $250,000k by her caretaker while her bank admitted to turning a blind eye while profiting over $10,000 in NSF fees and CD penalties. Apparently federal banking law (the Uniform Commercial Code) allows this kind of abuse. Go figure.
I look at banks a lot differently now. We've chosen a small credit union and maintain a personal relationship with its officers.
Another option is an online bank like Ing. The need for a local bank is quickly becoming merely one of convenience for getting cash. Online banking makes a lot of sense, and Ing was smart enough to not get bogged down in the real estate loan fiasco.
We moved last year, and I discovered that for my business checking it was easier to keep my bank in south Florida and simply mail in deposits. We have a small personal account at a local bank, but other than stopping by to say hi and get free lollypops, and an occasional cashier's check, we could have kept our old account.
Another option is an online bank like Ing. The need for a local bank is quickly becoming merely one of convenience for getting cash.
And when you actually need cash?
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