my bank is being acquired - want to switch - suggestions?

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DoctorPhysics
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my bank is being acquired - want to switch - suggestions?

Post by DoctorPhysics »

My bank Union Bank is being acquired by US Bank. I am thinking to switch before this happens. Some background:

Union Bank has had so-so customer service - more of a convenience factor than anything else.
The last straw was when I did an online check payment and it never arrived after 3 weeks, the bank told me to wait another week to see if it would arrive. It never did, and then I had to call back, visit in person, and call back again to get a "claim" in their system. I had to wait another 2 weeks for the funds to be credited back to my account.

Is there any value in a brick-and-mortar bank for checking anymore?

If no, I am thinking Fidelity as a one-stop shop as I do most of my transactions with them. Any other suggestions? My one requirement is they must have top notch customer service when needed and online chat access.
runner3081
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Re: my bank is being acquired - want to switch - suggestions?

Post by runner3081 »

DoctorPhysics wrote: Sat May 28, 2022 6:14 pm Is there any value in a brick-and-mortar bank for checking anymore?
For me, yes. 1) Cash deposits 2) Notary 3) Certified Checks On The Spot (car deals, etc.)

That is why I keep a Chase account... which was my old Washington Mutual account :)
Jack FFR1846
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Re: my bank is being acquired - want to switch - suggestions?

Post by Jack FFR1846 »

What about a Credit Union? I've been a member of DCU for over 30 years (digital credit union). You will probably feel out of place because they don't charge you for all those things banks charge you. They also are part of the Co-Op system which means you can walk into other credit unions in the system and do business as if you're in your home branch. Same for ATMs which are, of course free. How many branches does that make it? 1300 more than Bank of America has. They have almost double the ATMs of BoA worldwide.

DW needed to get a medallion signature guarantee recently and we got that at the local DCU branch. Of course it was both free and hassle free.

I do have a couple online HYSAs, but no brick and mortar bank.
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Re: my bank is being acquired - want to switch - suggestions?

Post by galawdawg »

DoctorPhysics wrote: Sat May 28, 2022 6:14 pm My bank Union Bank is being acquired by US Bank. I am thinking to switch before this happens. Some background:

Union Bank has had so-so customer service - more of a convenience factor than anything else.
The last straw was when I did an online check payment and it never arrived after 3 weeks, the bank told me to wait another week to see if it would arrive. It never did, and then I had to call back, visit in person, and call back again to get a "claim" in their system. I had to wait another 2 weeks for the funds to be credited back to my account.

Is there any value in a brick-and-mortar bank for checking anymore?

If no, I am thinking Fidelity as a one-stop shop as I do most of my transactions with them. Any other suggestions? My one requirement is they must have top notch customer service when needed and online chat access.
How often have you needed services only offered at a brick and mortar branch? That is more relevant than the needs of others in that regard.
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Re: my bank is being acquired - want to switch - suggestions?

Post by brad.clarkston »

I've been a USBank customer for several decades and it's the 5th largest bank in the USA.
The parent company (U.S. Bancorp) is the issuer of 90% of all credit union and small bank CC's in the country.

I doubt much changes with your old bank it will not turn into Wells Fargo or BOF overnight.
USBank is pretty conservative and weathered 2008 well. They do brick-&-mortar well.
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Re: my bank is being acquired - want to switch - suggestions?

Post by nisiprius »

I find value in a brick-and-mortar bank. The online banks are cream-skimming--they provide most of the frequently-needed services, but leave you in the lurch when you run into something less common.

We regularly get postings from people who need medallion signature guarantees (not notarizations). You can go for years without needing one or even knowing what one is, but when you need one, you need one. We have a safe deposit box, and I'm not entirely clear on what the alternative is. One of our two brick-and-mortar banks says they will redeem paper savings bonds; we haven't tested that but since we have paper savings bonds (in the safe-deposit box, of course) that might turn out to be important some day.

My experience has been that small banks are better than big banks. Period. Obviously you would check the bank ratings, but there's no obvious correlations between size and rating. So my suggestion would be to pick the most physically-convenient, local, brick-and-mortar bank.

It is reasonable to assume that the need for physical banks will go away eventually, but I don't think we're close to that yet.
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Re: my bank is being acquired - want to switch - suggestions?

Post by sport »

When my bank was acquired, the new bank gave account holders some perks to induce them to stay. You might want to wait until after the takeover to decide whether or not to move.
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Re: my bank is being acquired - want to switch - suggestions?

Post by brad.clarkston »

USBank does medallion signature and we have a personal banking rep that checks in with us quarterly and we call her with anything we need instead of going to a teller to find the next available rep. That depends on your accounts and how much money you put into/out of there system of course.

IMO USBank is an excellent brick-&-mortar old school bank who managed to get very big due to the banking implosion in 2008/9 by not doing stupid things.
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Re: my bank is being acquired - want to switch - suggestions?

Post by Northern Flicker »

nisiprius wrote: We regularly get postings from people who need medallion signature guarantees (not notarizations). You can go for years without needing one or even knowing what one is, but when you need one, you need one. We have a safe deposit box, and I'm not entirely clear on what the alternative is. One of our two brick-and-mortar banks says they will redeem paper savings bonds; we haven't tested that but since we have paper savings bonds (in the safe-deposit box, of course) that might turn out to be important some day.
There is an online medallion signature service. I think it is $100-125 per signature, and I assume you have to upload a scan of your ID and trust them to store that safely. Credit unions and smaller banks may have a limit on dollar value for MSG that is at a level not hard to pierce with say an IRA or 401K rollover.

You don’t necessarily need an account at a bank to open a safety deposit box— maybe at some, but we have a SDB at a Wells Fargo branch with no accounts there. Cost is the same as if we had a bank account there. Many (if not most) credit unions lack SDB’s. I only know of one local to us that has them.

I generally prefer credit unions because they do not have a business model of looking for opportunities to implement user fees for everything under the sun. Our checking account only pays 0.1% interest, but there is no minimum balance and no monthly fees, no charge to have checks printed (a benefit of diminishing value) and I can take a pleasant walk to the ATM to deposit a check.
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Re: my bank is being acquired - want to switch - suggestions?

Post by Watty »

DoctorPhysics wrote: Sat May 28, 2022 6:14 pm If no, I am thinking Fidelity as a one-stop shop as I do most of my transactions with them. Any other suggestions?
I intentionally keep my investments separate from my banking and I at most have a few months expenses at my bank since I am retired. This is so that if I have problems like fraudulent or altered checks that in no way impacts the bulk of my money. I do have it set up so that I can get online and transfer money to and from my bank.
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Re: my bank is being acquired - want to switch - suggestions?

Post by dual »

If you have a Bank of America branch near your home, consider opening a Merrill Edge account and transferring somewhere over $100,000 in stock to it. This will get you a premier status including a free Bank of America checking account, safe deposit box, etc. But even better, you can open a Bank of America credit card and receive a 2.625% rebate on all purchases. There’s a thread about this on the bogleheads.
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Re: my bank is being acquired - want to switch - suggestions?

Post by 5outof10 »

In my humble opinion, avoid USBank. After the third time they screwed up and robbed me of my valuable time to correct their mistakes I left.

If, however, you like sitting on hold and telling the same story to six different departments over the course of weeks then have at it.

If you want an account at a local brick and mortar (bank or CU) then find a small one and get to know the higher ups.

My 2 cents
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Re: my bank is being acquired - want to switch - suggestions?

Post by protagonist »

Go online and find out who is offering the best interest rates. As long as you can move money efficiently in and out, you get FDIC insurance, and they don't nickel and dime you to death with fees, I don't think it really matters much where you bank. A gppd resource is depositaccounts.com

You could also keep a little money in a local bank for the service....any one you are comfy with would probably do....but don't keep much money there because likely they will not offer you the kind of interest you can get online.

I use Fidelity as a one-stop shop (writing checks, EFTs, etc.), but I don't keep more than $10K tops there because of poor interest rates. I keep the bulk of my cash in an online bank, transfer money to and from there and Fidelity when I need to, and I keep a local account with less than $100 in it for service and convenience. If I get a check I need to deposit I do it via the Fidelity phone app that I download when I need to deposit a check and then delete.

I've done this for many years without any significant glitches.
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Re: my bank is being acquired - want to switch - suggestions?

Post by JoMoney »

I've been very happy with Fidelity's CMA account for most bank-like purposes. With interest rates on the rise, being able to stash cash into a money market fund and have it also still available for other transactional purposes is nice, along with the ATM rebates, and the quick/early receipt of direct deposits is very nice. I haven't had a need for much need for their customer service, so I'm not sure what to offer in that regard. When I have called it's been very quick to answer and helpful, but I also learned that when I authenticate in their system it routes me to the "Private Client" group even though I just call the regular number... so I'm not sure if it's any different.

I'm constantly going back and forth as to whether or not I really need a brick and mortar bank, just when I think I don't, something comes up where I do. For now, I've got an account with a local Chase branch, I used to use a local credit union but they weren't able able to help me get a signature guarantee for Treasury Direct (savings bonds) when I needed one and wound up opening an account with Chase who was helpful with that. I've grown weary of dealing with Treasury Direct and if the interest rates on I Bonds hadn't skyrocketed (due to inflation) I probably would have already stopped my dealing with them, and would have been one less reason to keep a B&M bank around. The Fidelity branch office should be able to help with Medallion Signature Guarantees, but not since COVID started. Also, Fidelity stopped offering cashiers checks for the time being (strangely COVID is the resasoning they said they stopped for now), with no answer as if that service will be restored. I have had a need for a cashiers check on occasion.

Personally, if/when I get around to liquidating my TD holdings, or if I get my Fidelity account linked to TD with the premise that I will eventually be liquidating everything from TD, I probably will close my B&M account for awhile just to see how it goes. I figure I can always re-open a a local B&M account if I need one, and I might even get a bonus to do so... (i've already been eye-balling the $300 Wells Fargo bonus ... https://bonusoffer.wf.com/checking300 )
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Re: my bank is being acquired - want to switch - suggestions?

Post by dcabler »

DoctorPhysics wrote: Sat May 28, 2022 6:14 pm My bank Union Bank is being acquired by US Bank. I am thinking to switch before this happens. Some background:

Union Bank has had so-so customer service - more of a convenience factor than anything else.
The last straw was when I did an online check payment and it never arrived after 3 weeks, the bank told me to wait another week to see if it would arrive. It never did, and then I had to call back, visit in person, and call back again to get a "claim" in their system. I had to wait another 2 weeks for the funds to be credited back to my account.

Is there any value in a brick-and-mortar bank for checking anymore?

If no, I am thinking Fidelity as a one-stop shop as I do most of my transactions with them. Any other suggestions? My one requirement is they must have top notch customer service when needed and online chat access.
This was years ago: When the bank we used for years was bought by BofA, they quickly eliminated free checking for anybody using direct deposit. We moved to a Credit Union and haven't looked back. Free Platinum Visa, decent rates on checking & available safety deposit boxes. I seldom actually go in to their brick-and-mortar, but when I do, it's highly personalized friendly service.

Cheers.
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Re: my bank is being acquired - want to switch - suggestions?

Post by mustang11 »

DoctorPhysics wrote: Sat May 28, 2022 6:14 pm My bank Union Bank is being acquired by US Bank. I am thinking to switch before this happens. Some background:

Union Bank has had so-so customer service - more of a convenience factor than anything else.
The last straw was when I did an online check payment and it never arrived after 3 weeks, the bank told me to wait another week to see if it would arrive. It never did, and then I had to call back, visit in person, and call back again to get a "claim" in their system. I had to wait another 2 weeks for the funds to be credited back to my account.

Is there any value in a brick-and-mortar bank for checking anymore?

If no, I am thinking Fidelity as a one-stop shop as I do most of my transactions with them. Any other suggestions? My one requirement is they must have top notch customer service when needed and online chat access.
If you’re open to online banking, I can’t recommend Ally enough. Excellent customer service. Short wait times, and the person you talk to first will be able to handle any questions. No routing to others and additional waiting. The chat feature in the app is convenient too. Only downside is you can’t deposit cash. We don’t get paid in cash, so that’s no problem for us.

When we closed on our home and needed a cashiers check for closing, they overnighted with FedEx for no charge.

Interest rates on savings accounts are always toward the top of the market (currently 0.75%). They reimburse up to $15 in ATM fees each statement cycle.
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Re: my bank is being acquired - want to switch - suggestions?

Post by Parkinglotracer »

runner3081 wrote: Sat May 28, 2022 6:31 pm
DoctorPhysics wrote: Sat May 28, 2022 6:14 pm Is there any value in a brick-and-mortar bank for checking anymore?
For me, yes. 1) Cash deposits 2) Notary 3) Certified Checks On The Spot (car deals, etc.)

That is why I keep a Chase account... which was my old Washington Mutual account :)
I keep a chase account too - 1 mile from house. I walk in and see a person as needed. Wired payment for house. Medallion signature guarantee. Notary. When regions bank bounced a check to me last week. All for free with small min deposit.
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Re: my bank is being acquired - want to switch - suggestions?

Post by backpacker61 »

DoctorPhysics wrote: Sat May 28, 2022 6:14 pm Is there any value in a brick-and-mortar bank for checking anymore?
Following a death in my family I needed several Medallion Signature Guarantees. As @nisiprius mentioned, this is something you may go for years without needing, until you do. My local bank reviewed the documents in advance, then we had a meeting (probably a little over an hour) to walk through each of the documents as they affixed the MSG stamp (and also notarized some others). They also scan each document they affix the MSG to, for their records.

A relationship with a local bank can also be valuable if you buy or sell a vehicle in a private party transaction. You can have your bank cut a cashier's check for the amount of a vehicle you purchase, which may be required by the seller. I sold a vehicle for cash in a private transaction, and it was nice to be able to deposit the cash into my checking account.
Last edited by backpacker61 on Sun May 29, 2022 7:23 am, edited 2 times in total.
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Re: my bank is being acquired - want to switch - suggestions?

Post by Stinky »

My bank for 20+ years, BBVA, was acquired last year by (evil) PNC.

PNC promptly closed the two branches most convenient to me.

I moved my accounts, safe deposit box, etc to a local credit union, and couldn’t be happier.
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Re: my bank is being acquired - want to switch - suggestions?

Post by Lastrun »

Another brick and mortar benefit that big banks have is foreign currency service---good when you don't know if there will be ATMs on the other side, or to give gifts to traveling family members.

In my area, Northwest Federal and Navy Federal both don't offer such a service. These are not like a Cornhole County Employees CU in the middle of nowhere, these are large organizations that cater to upper level military and spooks.

Nothing against credit unions but many are not full service IMHO. Still some value to a brick and motor. But, yes, they are all evil. :twisted:
dcabler wrote: Sun May 29, 2022 5:19 am they quickly eliminated free checking for anybody using direct deposit.
dcabler, did you mean NOT using direct deposit? Because BofA does indeed waive fees with direct deposit from any income source, pension, SSDI, payroll.
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Re: my bank is being acquired - want to switch - suggestions?

Post by retired early&luv it »

Two stories:

***

You asked about brick and morter value.

A few months ago I wrote out a check to someone.

Later, found that my bank (a credit union) took more out of my account than the check amount. Called them, no action.

Walked over to them, said please look up my account, verbally gave them the number while I showed them my photo ID.

Then said look at the check image for check number XXXX.

Then asked them to look at the transaction for that check. He did and he said - does not match.

I said yeah, please fix that error in your list of transactions. Took him about ten minutes and two phone calls to get it fixed.

On the phone they can give you a song and dance. But when you are standing there, it is hard for them to say we have no intention of fixing this. So, they fixed it.

***

That said, in 1987 I moved from Minnesota to Wisconsin. My Minnesota bank had much better fee schedule than the banks in Wisconsin, so I decided to keep using my Minnesota bank. My Minnesota bank had one branch office in Wisconsin, so they considered Wisconsin to be local, that allowed me to get cash in ATMs without any fee, there was an ATM about 100 feet away from my apartment. I mailed my paychecks to my Minnesota bank, when I got new checks made they had my Wisconsin address. Everything was great.

That lasted for about three or four years. Then I got a letter that they were being bought out by Wells Fargo. Within a month I had a new account at the local Wisconsin credit union that I still bank at. Closed my Minnesota bank account soon after that. Later I found that Wells Fargo did not close the account that they said they had closed. Then they instituted a new service fee and issued me a loan to cover the cost of the service fees, and of course started charging me interest on the new loan that they issued to me without my knowledge. Total disaster.

Decades later, my mother died and I was the executor of the estate. Wells Fargo refused to close my accounts, they would send me one form, I would mail them the form, then they would still not close the accounts. I eventually transfered the Wells Fargo accounts to a different Wells Fargo Office. I had to take a half day off from work, drive over 100 miles to that Wells Fargo office to close the accounts. They kept coming up with more and more forms for me to sign, get notarized, etc., all to close the accounts. I literally was there for two hours signing form after form.

So, if you close your accounts, get written documentation that they have closed everything. And keep that written documentation.

***
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Re: my bank is being acquired - want to switch - suggestions?

Post by 5outof10 »

retired early&luv it wrote: Sun May 29, 2022 8:20 am
That said, in 1987 I moved from Minnesota to Wisconsin. My Minnesota bank had much better fee schedule than the banks in Wisconsin, so I decided to keep using my Minnesota bank. My Minnesota bank had one branch office in Wisconsin, so they considered Wisconsin to be local, that allowed me to get cash in ATMs without any fee, there was an ATM about 100 feet away from my apartment. I mailed my paychecks to my Minnesota bank, when I got new checks made they had my Wisconsin address. Everything was great.

That lasted for about three or four years. Then I got a letter that they were being bought out by Wells Fargo. Within a month I had a new account at the local Wisconsin credit union that I still bank at. Closed my Minnesota bank account soon after that. Later I found that Wells Fargo did not close the account that they said they had closed. Then they instituted a new service fee and issued me a loan to cover the cost of the service fees, and of course started charging me interest on the new loan that they issued to me without my knowledge. Total disaster.

Decades later, my mother died and I was the executor of the estate. Wells Fargo refused to close my accounts, they would send me one form, I would mail them the form, then they would still not close the accounts. I eventually transfered the Wells Fargo accounts to a different Wells Fargo Office. I had to take a half day off from work, drive over 100 miles to that Wells Fargo office to close the accounts. They kept coming up with more and more forms for me to sign, get notarized, etc., all to close the accounts. I literally was there for two hours signing form after form.

So, if you close your accounts, get written documentation that they have closed everything. And keep that written documentation.
This. This is one of the reasons I always scan and keep account opening and account closing records.
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Re: my bank is being acquired - want to switch - suggestions?

Post by manlymatt83 »

Jack FFR1846 wrote: Sat May 28, 2022 6:39 pm What about a Credit Union? I've been a member of DCU for over 30 years (digital credit union). You will probably feel out of place because they don't charge you for all those things banks charge you. They also are part of the Co-Op system which means you can walk into other credit unions in the system and do business as if you're in your home branch. Same for ATMs which are, of course free. How many branches does that make it? 1300 more than Bank of America has. They have almost double the ATMs of BoA worldwide.

DW needed to get a medallion signature guarantee recently and we got that at the local DCU branch. Of course it was both free and hassle free.

I do have a couple online HYSAs, but no brick and mortar bank.
I just joined DCU a few weeks ago. Two outstanding questions I have that OP may benefit from:

- Can you use shared branching for a medallion guarantee? Or is it just for depositing or withdrawing cash?

- Additionally, are the ATM refunds provided with the relationship member level of fees associated with international transactions? I have even called them and still have yet to be able to figure out an answer to this.

Other than that, really liking them so far. OP, I recommend also looking at Alliant credit union. And maybe NFCU if you’re eligible. First republic should also be a contender if you are in their area. The latter two I just mentioned have great customer service.
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Re: my bank is being acquired - want to switch - suggestions?

Post by manlymatt83 »

Watty wrote: Sat May 28, 2022 7:21 pm
DoctorPhysics wrote: Sat May 28, 2022 6:14 pm If no, I am thinking Fidelity as a one-stop shop as I do most of my transactions with them. Any other suggestions?
I intentionally keep my investments separate from my banking and I at most have a few months expenses at my bank since I am retired. This is so that if I have problems like fraudulent or altered checks that in no way impacts the bulk of my money. I do have it set up so that I can get online and transfer money to and from my bank.
I agree with keeping them separate. I did this experiment last year and it failed horribly. I prefer not to have to open up my main investment account during times of turbulence just to see whether my rent check cleared.
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Re: my bank is being acquired - want to switch - suggestions?

Post by dcabler »

Lastrun wrote: Sun May 29, 2022 7:54 am Another brick and mortar benefit that big banks have is foreign currency service---good when you don't know if there will be ATMs on the other side, or to give gifts to traveling family members.

In my area, Northwest Federal and Navy Federal both don't offer such a service. These are not like a Cornhole County Employees CU in the middle of nowhere, these are large organizations that cater to upper level military and spooks.

Nothing against credit unions but many are not full service IMHO. Still some value to a brick and motor. But, yes, they are all evil. :twisted:
dcabler wrote: Sun May 29, 2022 5:19 am they quickly eliminated free checking for anybody using direct deposit.
dcabler, did you mean NOT using direct deposit? Because BofA does indeed waive fees with direct deposit from any income source, pension, SSDI, payroll.
Note my first comment that this was some time ago. When they purchased our bank back then, the first thing they did was eliminate free checking for those with direct deposit which we had previously with the bank they acquired. Wouldn't surprise me at all that this might have changed, but then again, the last thing I want to do is bank-hop at this point unless it's for a really good reason. So far after many years, no reason at all to leave my credit union.

cheers.
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DoctorPhysics
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Re: my bank is being acquired - want to switch - suggestions?

Post by DoctorPhysics »

Update, the acquiring bank did not do anything for customer retention. They changed account numbers, all things being considered with that hassle, I was going to have to check all my routing info again. So I decided to switch to a Fidelity CMA. Essentially same features, mobile check deposit, bill pay, direct deposit. And hey! My “checking” now gets a great interest rate!
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Re: my bank is being acquired - want to switch - suggestions?

Post by homebuyer6426 »

DoctorPhysics wrote: Fri Jun 02, 2023 1:50 pm Update, the acquiring bank did not do anything for customer retention. They changed account numbers, all things being considered with that hassle, I was going to have to check all my routing info again. So I decided to switch to a Fidelity CMA. Essentially same features, mobile check deposit, bill pay, direct deposit. And hey! My “checking” now gets a great interest rate!
Cool. The only thing I can't do with that CMA that I need is to deposit cash. Otherwise it's been great.
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Re: my bank is being acquired - want to switch - suggestions?

Post by nisiprius »

A factor in favor of brick-and-mortar banks that turned out to be helpful to us recently... which might also apply to Fidelity if they have a nearby storefront office... is resolving glitches. I'm referring to situations like trying to open an new CD online and always getting the message that "this action cannot be completed at this time, please try again later." They will never tell you what's happening, but I think these are situations where the IT system falsely suspects a security or identity problem. The can sometime be easily and quickly resolved if you can go to the bank in person with your driver's license, etc. Apparently seeing you in the flesh with your ID in your hand is worth a lot.
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lakpr
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Joined: Fri Mar 18, 2011 9:59 am

Re: my bank is being acquired - want to switch - suggestions?

Post by lakpr »

US Bank has a great credit card product, the US Altitude Reserve. Apparently it is handed over only to their own customers - meaning those who already have a checking account or savings account or a CD with them. I believe it is better than Chase Sapphire Reserve

It may be worth hanging on to that Union Bank / US Bank account. You can switch everything to Fidelity CMA, but maintain some skeleton balance in there ...

Then again, may be not.
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NateH
Posts: 724
Joined: Tue Feb 27, 2007 8:51 am
Location: Minnesota

Re: my bank is being acquired - want to switch - suggestions?

Post by NateH »

i have been a happy customer of both Fidelity CMA and USBank.
I find USB website and app easier to use then Fideltiy, but I'm glad you're happy.
4X top-twenty S&P 500 prognosticator. I'd start a newsletter, but it would only have one issue per year. | dumb investor during 1999 tech bubble, current slice & dicer.
Fubs
Posts: 42
Joined: Mon Apr 16, 2018 10:56 pm

Re: my bank is being acquired - want to switch - suggestions?

Post by Fubs »

I use Fidelity, Ally Bank and US Bank as my primary, backup and local brick and mortar bank. If you want to deposit cash or use Zelle you'll need to have another bank other than Fidelity. Also if you use US Bank, you can waive the fee and minimum balance requirement for their smartly checking if you also get one of their branded credit cards. The US Bank Cash+ is one of the few cards that gives 5% cashback for utilities and their Altitude Go gives 4x for restaurants without any annual fees and has no foreign transaction fees.

Another set of perks with US Bank is free notary service and medallion stamps if you ever need one.
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nedsaid
Posts: 19275
Joined: Fri Nov 23, 2012 11:33 am

Re: my bank is being acquired - want to switch - suggestions?

Post by nedsaid »

nisiprius wrote: Sat May 28, 2022 6:51 pm My experience has been that small banks are better than big banks. Period. Obviously you would check the bank ratings, but there's no obvious correlations between size and rating. So my suggestion would be to pick the most physically-convenient, local, brick-and-mortar bank.
There are fewer places to hide from mediocre customer service nowadays. Unfortunately, the small banks hire refugees from the big banks and pick up their bad habits.

A family member deals with a smaller bank, there was surprise when the entire team at the smaller bank was just gone and replaced by an entirely new crew. The same family member deals with a larger bank and noticed constant turnover. This seems to be the norm in the financial services industry.

A friend of mine was hired by a small bank, I naively thought it would be a nice family atmosphere to work in and they turned out to be a bad organization. Management's only goal it seemed was to prop up the financial results in order to sell out to a bigger bank.

Not saying at all there aren't good small banks out there, just saying they are harder to find. Your best bet might be Credit Unions. Unfortunately, no one is immune from hiring folks from other organizations who have bad habits and bad ideas. It is sort of like a contagion that goes around. Bad practices seem to have infected smaller banks as well.

The sad fact is that it is cheaper in the shorter run for an organization to be mean to their employees and to their customers than to treat them really well. I don't know where organizations get their bad advice, there must be consultants whose job it is to tell corporations that mediocrity is the way to higher profits.
A fool and his money are good for business.
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