Wells Fargo or BoA? local question (mortgage, credit, loans)

[Repatriot]

So this is arguably a nationwide kind of question, but I am interested in the local flavor for these two places as I do believe there is a difference. Am thinking to make a banking switch and would appreciate local experiences for both or either of these.

There are indeed threads on this but things continue to change in the banking space so a new one wouldn't hurt. Part of my consideration for changing banks are things like lined card with international fees waived and mileage points, less banking charges and restrictions on accounts.

[ucctgg]

Originally Posted by Repatriot

So this is arguably a nationwide kind of question, but I am interested in the local flavor for these two places as I do believe there is a difference. Am thinking to make a banking switch and would appreciate local experiences for both or either of these.

There are indeed threads on this but things continue to change in the banking space so a new one wouldn't hurt. Part of my consideration for changing banks are things like lined card with international fees waived and mileage points, less banking charges and restrictions on accounts.

Strike 1: Wells was just fined a Billion dollar fine for loan abuses.

[wheelsup]

Wells Fargo? Please say you are kidding?!?

For the inevitable community bank credit union pusher posts that are about to follow please look up cross collateralzation. It's a clause specific to credit unions. Personally I wouldn't do all my banking and loans at one for that one reason.

I would encourage you to look hard at BoA especially if you have a brokerage account with some assets elsewhere. If you have >$100k in a Merrill Edge brokerage or BoA account (or combined) you get unlimited no fee ATM withdrawals just like the internet banks but also get a local presence. Also you will get free $$ just for transferring in to Merrill Edge. Among other benefits a free safety deposit box etc. Just look up Bank of America preferred rewards.

With the platinum tier if you have their new rewards card you end up with 2.62% cash back on everything which is about as good as you can get.

However if you don't have much or are unwilling to transfer your brokerage for some reason I wouldn't recommend them as you are better off with an internet bank.

I would however not recommend "parking" cash at either as their interest rates are insanely low. To park cash look at Consumer Credit Union with rates up to 4.59% on up to $20k. With two accounts that is $40k of hidden money earning 4.59%...but does require some hoops to be jumped through.

[wheelsup]

Also if you travel a lot look at the Chase Sapphire line of cards.

[Repatriot]

I can't rep you again, this is great stuff, exactly the kind of info I was hoping to see, thanks.

[BC1960]

I wouldn't touch either of them with a thousand foot pole. Bank with a credit union or community bank.

[BoBromhal]

other than greater ATM access for cash, I cannot see any reason to bank with either. And I was a banker at one of them.

I mean, you could make the mistake of getting your mortgage through them and be required to have at least one account, but otherwise, nope.

[farebluenc]

Would definitely not recommend Wells Fargo. I’ve been thinking of moving my checking to Fidelity.

[RedZin]

Credit union.

[annabanana123]

Love my chase sapphire reserve card for travel as wheelsup mentions. So definitely look at that if you like to travel! We do dual banking - some with BofA and some with SECU. We do the BofA primarily for travel and business reasons and the SECU for everything else. It’s easier to travel internationally with an account at a large bank in terms of withdrawing cash if you need to and it’s great for small business owners. But if you can get in a credit union the benefits there including any loans you need like mortgage or cars are usually better deals. But always, always, always compare your options. When we made our decision years ago I made a comparison spreadsheet to decide what our best choice was.