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Great thread, am learning things, as some here may remember that I only moved back to the country relatively recently so what is common sense to some may still be new to me as I used foreign banks for decades.
For that reason appreciate any advice in an ELI5 format.
We went with WF upon return as they are ubiquitous, am considering a move to either a different bank or combination Credit Union and bank. Hope to be buying our first home in the near future.
One thing I don't like about WF is their banking website does not offer 2-factor authentication, not sure if others do but I had this overseas.
Credit unions can't touch what BoA/Merrill does for us. I've never understood the hate for big banks (except WF, who are slime balls). They are big for a reason, and it's not because they suck.
I used to feel the same way as you do about big banks. Everything changed for me in 2008-2009 when I realized what the banks were up to in terms of fraudulent and unsound loans etc. The taxpayers saved their butts. Banks got big for two reasons: first was deregulation and second was the lack of oversight by the federal government.
Anyway, once I joined a credit union, I became much happier; they focus on the customers rather than the stockholders.
I also switched to Vanguard for investments and they are outstanding.
I use NC Farm Bureau for insurance, Capital One for an online bank that actually pays interest on my money, and First Citizens for a local bank when I need in person service for a cashiers check, foreign currency order, etc. First Citizens also has my home equity line, which was cheap to open and has great rates. Credit cards are mostly Chase (for Amazon points) and Citi (for Costco cash back that covers my annual membership fees and then some). I am probably going to shop around a bit for insurance in six months, just to see if I can do better. Other than that I'm happy with my somewhat scattered financial picture.
Everywhere we seem to go, First Citizens seems to always have a branch perfectly situated with easy access. My wife banks with First Citizens, has never had issues with their banking or mortgage services. Everything was cut and dry. App allows her to do what she needs to without calling into customer service.
Also, there is only one bank on Oak Island - First Citizens they're all open Saturdays, and it helped us immensely when we needed a last-minute cashier's check to overnight.
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I have a Fidelity (no brick and mortar locations) checking, and while they're equally as good in terms of online banking, cashier's checks take a few days as they're mailed. No option to overnight. Good part is not only are there no ATM fees, other banks' ATM fees are refunded. Not sure if that's important to you.
Regarding insurance, I have been an lifetime Nationwide member. Everything is pretty simple, customer care is easy to contact. NC is pretty tightly regulated state in regards to insurance premiums, they're not a no-fault state, and most companies come within a few dollars of one another.
Nationwide has been good to be in regards to pursing subrogation to recover payment when my insurance company and another driver's insurance disagreed. Nationwide prevailed. Lots of bundle discounts. Even if you don't pay per month for their roadside assistance, you can still call their hotline and receive STEEPLY discounted rates for towing. I've had various vehicles towed 20+ miles (thanks Range Rover) and each time it was only $80-90.
I was also told that in NC, you can get USAA insurance without having been an armed services member or family of the aforementioned. Not sure how much truth is in that, but maybe some else can verify.
I have been an lifetime Nationwide member. Everything is pretty simple, customer care is easy to contact. NC is pretty tightly regulated state in regards to insurance premiums, they're not a no-fault state, and most companies come within a few dollars of one another.
I was with Nationwide for 20+ years when a co-worker recommended I get a quote from Erie. The quote was several hundred dollars less I was currently paying with Nationwide. I called my local agent, who I had been with for the entire 20+ years. He basically said "sorry, we can't do anything, have a good life." I have been with Erie for 10+ years and have been happy with the prices as well as for the times I had claims.
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