What are your experiences with Banks

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
Topic Author
gavinsiu
Posts: 4543
Joined: Sun Nov 14, 2021 11:42 am

What are your experiences with Banks

Post by gavinsiu »

I need to move some money from my bank. Citi checking appears to be offering a whooping $1500 in sign up bonus if you transfer in a large amount, but it appears that they also have a bad rep among Bogleheads.

What sort of bank do you find to be good. What do you think of Discover or US Bank?

What do you think of local banks? There is a few that are just local to my town. What are the pros and cons of using them? I recall my relatives warning me that banking local may result in other people in town knowing your financial details, but I wonder if that's just being too paranoid.
7eight9
Posts: 2406
Joined: Fri May 17, 2019 7:11 pm

Re: What are your experiences with Banks

Post by 7eight9 »

gavinsiu wrote: Sat Jun 25, 2022 11:29 am I need to move some money from my bank. Citi checking appears to be offering a whooping $1500 in sign up bonus if you transfer in a large amount, but it appears that they also have a bad rep among Bogleheads.

What sort of bank do you find to be good. What do you think of Discover or US Bank?

What do you think of local banks? There is a few that are just local to my town. What are the pros and cons of using them? I recall my relatives warning me that banking local may result in other people in town knowing your financial details, but I wonder if that's just being too paranoid.
Last year I did a bonus offer with Citi for $700. No problems at all.

I've had an account with Wells Fargo for over a quarter century. Locally I've also had accounts with Chase and Citi on and off over the years. Currently have online accounts with AMEX and Marcus (Goldman Sachs). Previously with Ally, Discover, Redneck, CIT, DCU and a whole lot more.
I guess it all could be much worse. | They could be warming up my hearse.
jebmke
Posts: 25477
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: What are your experiences with Banks

Post by jebmke »

This may be very dependent on what you use a bank for. I only use it for transaction processing ("paying bills") so there is never a lot of money in the account and I don't need to speak to someone face to face to get something done; so I use an online bank (USAA) for our checking account.

What do you use a bank for mostly?
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
User avatar
8foot7
Posts: 4427
Joined: Mon Jan 05, 2015 6:29 pm

Re: What are your experiences with Banks

Post by 8foot7 »

Do a quick Google for Citi deposit bonus experiences. TL;DR: the odds are not good.
delamer
Posts: 17459
Joined: Tue Feb 08, 2011 5:13 pm

Re: What are your experiences with Banks

Post by delamer »

Have you looked into any credit unions that you are eligible to join? Generally, they have lower fees and lower interest rates for loans (if that’s a consideration).

If you town is large enough to have multiple local banks, then you don’t need to worry about a loan officer blabbing about your income to your next-door-neighbor. And in any case, that could happen with a locally-based employee of a large bank.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
Topic Author
gavinsiu
Posts: 4543
Joined: Sun Nov 14, 2021 11:42 am

Re: What are your experiences with Banks

Post by gavinsiu »

I have several bank accounts actually. One is just for mostly getting the paycheck deposited and then distributed to various buckets like bills and investments. I have a separate bank accounts to hold some funds for house repair and a one with higher interest rate for rainy day.

With the fund I am holding, I am a bit undecided. Originally I wanted to pay off a good chuck of the house. Now I am wondering if I should just do some semi-short term bond investment while the interest rate is high. Mostly at the moment, I just need a place to put the money until II decide what to do with it.
patrick
Posts: 2594
Joined: Fri Sep 04, 2009 3:39 am
Location: Mega-City One

Re: What are your experiences with Banks

Post by patrick »

I have always favored the best interest rate. Citi, Discover, and US Bank all have poor ongoing rates but may be good for the signup bonuses if you move the money out after getting the bonus. The best you can get on a large deposit is 1.65% but higher rates are available on small balances -- see https://www.doctorofcredit.com/high-int ... gs-to-get/ for an extensive list.

At current rates bond investments are probably better.
User avatar
nisiprius
Advisory Board
Posts: 52219
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: What are your experiences with Banks

Post by nisiprius »

I have found small banks to be better than big banks. In every way. Period, full stop, end of story.

In the age of electronics and ATM networks, the main thing that having lots of branches does for you is to get told that the service you thought you could get at "Bank X," e.g. signature guarantees, is not actually available at This Branch Here but only at the main branch thirty miles away.

Whenever I've been suckered into opening an account at a big bank because of some significantly good deposit rate, it has always been a teaser deal that was faded down over about eighteen months or so.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
livesoft
Posts: 86080
Joined: Thu Mar 01, 2007 7:00 pm

Re: What are your experiences with Banks

Post by livesoft »

Every bank seems to have detractors. That said, I have been a WellsFargo client for almost 30 years without any issues and that's despite some strong negative feelings expressed at Bogleheads.org about them. I predict that whichever bank you choose that you can find quite a few negative reviews about them or maybe you will create a negative review yourself. :)

Added: I just don't care about teaser rates nor interest rates because I don't keep more than a few bucks in my actual bank account. I want my bank to give me no-commission ETFs and practically instant transfer between investment accounts and my online bill paying account. Also I want timely and correct 1099 statements every year in the early spring. And, of course, I do not want to pay even 1 cent in any fees. I want it all for free!
Last edited by livesoft on Sat Jun 25, 2022 4:58 pm, edited 1 time in total.
Wiki This signature message sponsored by sscritic: Learn to fish.
User avatar
retiredjg
Posts: 54082
Joined: Thu Jan 10, 2008 11:56 am

Re: What are your experiences with Banks

Post by retiredjg »

I have found credit unions to be better than banks for my needs. By "better" I mean fewer and lower fees, really good service, etc.

I did have to use a bank for a mortgage once, when my credit union did not offer mortgages out of state. It worked out OK.
sschoe2
Posts: 792
Joined: Fri Feb 24, 2017 3:42 pm

Re: What are your experiences with Banks

Post by sschoe2 »

My experience with BoA was awful and had to file a CFPB complaint against them to get them to do what they were legally mandated to do.

I have been with Chase for a long time and have had no issues. I have checking and credit card with them. They keep hounding me to invest with them every time a money transfer to Vanguard posts but they have been widely reported to freeze and liquidate accounts when one of their algorithms is set off and so I don't want my eggs in one basket.

I have savings and another card with Alliant Credit Union and no issues and a mortgage with DuPage Credit Union.

Overall I have read the most horror stories with BoA, WF, and Citi.

The consensus is small banks and credit unions are much more customer friendly as in you don't have to file a CFPB complaint to get a problem addressed.
vaylie
Posts: 334
Joined: Tue Mar 22, 2022 7:51 pm

Re: What are your experiences with Banks

Post by vaylie »

Man, where are you guys finding these amazing local credit unions? This seems to be the most popular suggestion these days, but all the credit unions near me have absolutely horrifying reviews. All the downsides of bad/out-of-date technology with none of the upsides of good customer service.

I have an account with BoA (who, to be fair, also has horrifying reviews but at least for my tier of preferred rewards, the customer service has been decent) just for the preferred rewards credit cards with a basic checking account I use to pay my credit card bills with + 100k parked in Merrill Edge. Then I have an Ally savings account for the interest rate. But recently I've been moving my money into brokerage for the money market funds and have plans to buy T-Bills/T-Notes if the interest rates keep up the current trend.
adzio
Posts: 92
Joined: Fri Aug 20, 2021 1:28 am

Re: What are your experiences with Banks

Post by adzio »

My experience with BofA is textbook of how not to treat a (small guy, non-corporate) customer. Had a credit card with them since the late 90's, always paid bills on time, fantastic credit rating. Sometime in late 2020 I receive a letter saying they don't have my birthdate on file (??) and to add it or else my account will be closed. After all these years, extremely unlikely that this information would not have been in the system. Much more likely an issue with an internal data migration or a BofA employee somewhere unwittingly pushed the wrong button that year. I didn't respond, waited to see what develops.
They closed my credit card soon after their self-imposed deadline to "add birthdate" passed. I didn't even notice this for months, I'd been using a competitor's card. Good riddance.
Alto vtsax player
jebmke
Posts: 25477
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: What are your experiences with Banks

Post by jebmke »

adzio wrote: Sat Jun 25, 2022 5:45 pm My experience with BofA is textbook of how not to treat a (small guy, non-corporate) customer. Had a credit card with them since the late 90's, always paid bills on time, fantastic credit rating. Sometime in late 2020 I receive a letter saying they don't have my birthdate on file (??) and to add it or else my account will be closed. After all these years, extremely unlikely that this information would not have been in the system. Much more likely an issue with an internal data migration or a BofA employee somewhere unwittingly pushed the wrong button that year. I didn't respond, waited to see what develops.
They closed my credit card soon after their self-imposed deadline to "add birthdate" passed. I didn't even notice this for months, I'd been using a competitor's card. Good riddance.
I ditched BofA many years ago. They are incompetent. I had to explain to them how tax reporting of an IRA distribution works (wife's inherited IRA).
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: What are your experiences with Banks

Post by anon_investor »

sschoe2 wrote: Sat Jun 25, 2022 4:05 pm My experience with BoA was awful and had to file a CFPB complaint against them to get them to do what they were legally mandated to do.

I have been with Chase for a long time and have had no issues. I have checking and credit card with them. They keep hounding me to invest with them every time a money transfer to Vanguard posts but they have been widely reported to freeze and liquidate accounts when one of their algorithms is set off and so I don't want my eggs in one basket.

I have savings and another card with Alliant Credit Union and no issues and a mortgage with DuPage Credit Union.

Overall I have read the most horror stories with BoA, WF, and Citi.

The consensus is small banks and credit unions are much more customer friendly as in you don't have to file a CFPB complaint to get a problem addressed.
What happened with BoA for you?
delamer
Posts: 17459
Joined: Tue Feb 08, 2011 5:13 pm

Re: What are your experiences with Banks

Post by delamer »

The “too big to fail” banks and brokerages were major factors in causing the Great Recession.

I avoid them when at all possible. My oldest credit card is from Citibank and I don’t want to cancel it. Otherwise, I don’t have any accounts with any of them.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
User avatar
SmileyFace
Posts: 9186
Joined: Wed Feb 19, 2014 9:11 am

Re: What are your experiences with Banks

Post by SmileyFace »

The bigger the bank the worse my experience.
For checking/saving/cash/paying-bills I use a small regional bank.
doobiedoo
Posts: 880
Joined: Fri Jul 23, 2021 1:10 pm
Location: Southern CA

Re: What are your experiences with Banks

Post by doobiedoo »

I cannot recommend a bank. Every bank I have used had something I didn't like.
Examples:

Bank of America would not open a trust account [revocable living trust] with only me as the trustee. [The money was inherited and I was treating it as separate property.] My lawyer said financial accounts under this trust did not have to list both trustees [my wife and me] on the account. The account rep said BofA did not have a way to open such an account. [Union Bank had a similar objection, but said if I signed a waiver absolving the bank of liability, they would do what I requested.] My BofA local branch also stopped offering medallion signatures around 2012.

Union Bank could not give me online access to my business checking account in 2004. I tried for 1.5 years and finally gave up. Union Bank kept saying it will be available in 3 months, then 6 months, etc. I did paper and in-person transactions for the next 8 years until I closed the business.

Chase relentlessly tried to cross-sell me when I was the executor of my mom's estate. It was very annoying. When I asked for a track record of their private investment strategy, the sales rep gave me a couple of charts that I could look at only in his office. [I don't know why he was so secretive. I don't remember being impressed with the performance.]

Wells Fargo refused to provide a medallion signature to transfer a stock certificate after my mom died, even though the transfer agent said it was required. And Wells Fargo (a different division) was the transfer agent for that stock! Ironically, Wells Fargo never tried to cross-sell me, despite their bad reputation for doing so illegally!

Now a lot of these problems arose from special circumstance transactions. But the whole point of an in-person local bank is to have accommodate special circumstances.
iamblessed
Posts: 1808
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: What are your experiences with Banks

Post by iamblessed »

For local I only use a credit union. I like them because they don't require much money in the accounts. Mine is great. I almost switched to them 100% even though it would cost me some lost interest.
UpperNwGuy
Posts: 9479
Joined: Sun Oct 08, 2017 7:16 pm

Re: What are your experiences with Banks

Post by UpperNwGuy »

gavinsiu wrote: Sat Jun 25, 2022 11:29 am What do you think of local banks? There is a few that are just local to my town. What are the pros and cons of using them? I recall my relatives warning me that banking local may result in other people in town knowing your financial details, but I wonder if that's just being too paranoid.
My experience with four "local banks":
1. A very local savings and loan where my next door neighbor worked. She knew all my financial details and was a gossip.
2. A state-wide bank that has evolved into Bank of America.
3. A very local bank that was acquired by a larger bank, then merged into a larger bank, and is now part of Bank of America.
4. Another very local bank that was merged into a regional bank that was acquired by First Union, then acquired by Wachovia, then acquired by Wells Fargo.

I now use two credit unions as my primary financial institutions. I also have some Chase credit cards, and a checking account at Charles Schwab that I use for the free ATM withdrawals.
User avatar
firebirdparts
Posts: 4415
Joined: Thu Jun 13, 2019 4:21 pm
Location: Southern Appalachia

Re: What are your experiences with Banks

Post by firebirdparts »

I use a local credit union. If I couldn't walk into the credit union and do "bank things" I would be sad.
This time is the same
User avatar
Bogle7
Posts: 1984
Joined: Fri May 11, 2018 9:33 am
Location: In the Witness Protection Program

Why use a bank?

Post by Bogle7 »

41 years with a credit union—DCU.org
Not a fan of banks.
Did use a bank for ARMs. Now, no mortgage.
Old fart who does three index stock funds, baby.
LittleMaggieMae
Posts: 2569
Joined: Mon Aug 12, 2019 9:06 pm

Re: What are your experiences with Banks

Post by LittleMaggieMae »

Isn't this a Form Follows Function kinda thing?

If you are chasing a bonus and it's the most important thing - then it doesn't really matter about the other services you will receive (within reason).
If you are looking for specific services - then you will want a bank that meets your needs (if there happens to be a bonus - yay you!)

I'm pretty happy with my local S&L accounts, and my 2 Big Name Banks, and my assorted credit cards - they all accomplish specific goals to my satisfaction.
Topic Author
gavinsiu
Posts: 4543
Joined: Sun Nov 14, 2021 11:42 am

Re: What are your experiences with Banks

Post by gavinsiu »

LittleMaggieMae wrote: Sat Jun 25, 2022 11:20 pm Isn't this a Form Follows Function kinda thing?

If you are chasing a bonus and it's the most important thing - then it doesn't really matter about the other services you will receive (within reason).
If you are looking for specific services - then you will want a bank that meets your needs (if there happens to be a bonus - yay you!)

I'm pretty happy with my local S&L accounts, and my 2 Big Name Banks, and my assorted credit cards - they all accomplish specific goals to my satisfaction.
Not really. I indicated that I needed a place to hold something for a few months. If they happen to prove that they serve my needs, then I stick around. I want to know that they are not terrible. It would also be nice to know who has good experience with what bank.
Topic Author
gavinsiu
Posts: 4543
Joined: Sun Nov 14, 2021 11:42 am

Re: What are your experiences with Banks

Post by gavinsiu »

UpperNwGuy wrote: Sat Jun 25, 2022 6:57 pm My experience with four "local banks":
1. A very local savings and loan where my next door neighbor worked. She knew all my financial details and was a gossip.
2. A state-wide bank that has evolved into Bank of America.
3. A very local bank that was acquired by a larger bank, then merged into a larger bank, and is now part of Bank of America.
4. Another very local bank that was merged into a regional bank that was acquired by First Union, then acquired by Wachovia, then acquired by Wells Fargo.

I now use two credit unions as my primary financial institutions. I also have some Chase credit cards, and a checking account at Charles Schwab that I use for the free ATM withdrawals.
That has been my experience actually. I started with a local bank. It was acquired by First Union, services quality plummeted. I then switch to another local bank, only to have First Union acquired them a few months later. I then switch to a credit union. This worked well for some years until I moved, then I found out that they can't give loans in my new state, which may be a limitation of local instutitions.
erictiger12
Posts: 52
Joined: Wed Jul 10, 2019 11:01 pm

Re: What are your experiences with Banks

Post by erictiger12 »

I have Bank of America account for 20 plus years and never had any issues. I keep it simple and only have checking account there.

Really enjoy the credit card rewards and other banking benefits by keeping Vanguard index funds at Merill Edge.
sschoe2
Posts: 792
Joined: Fri Feb 24, 2017 3:42 pm

Re: What are your experiences with Banks

Post by sschoe2 »

anon_investor wrote: Sat Jun 25, 2022 5:59 pm
sschoe2 wrote: Sat Jun 25, 2022 4:05 pm My experience with BoA was awful and had to file a CFPB complaint against them to get them to do what they were legally mandated to do.

I have been with Chase for a long time and have had no issues. I have checking and credit card with them. They keep hounding me to invest with them every time a money transfer to Vanguard posts but they have been widely reported to freeze and liquidate accounts when one of their algorithms is set off and so I don't want my eggs in one basket.

I have savings and another card with Alliant Credit Union and no issues and a mortgage with DuPage Credit Union.

Overall I have read the most horror stories with BoA, WF, and Citi.

The consensus is small banks and credit unions are much more customer friendly as in you don't have to file a CFPB complaint to get a problem addressed.
What happened with BoA for you?
After my mother passed away I had to deal with her mortgage through them. I kept sending them documents like death certificates and small estate affidavits and they kept losing them. We were selling the house and none of the reps after hours on the phone could even figure out how to get a payoff letter. Finally my brother found an automated system on their website.

Finally, there was the remaining balance in her escrow account. They insisted on sending it to the house which was already sold. USPS didn't forward it and it was lost. After that it was 3 months of sending them documents, them losing them, then eventually finding them and entering them and authorizing me as successor to the account, then not sending the check, them telling me they don't accept small estate affidavits, it say right on their website that they do and they are required by state law to, Them giving me incorrect legal instructions about the SEA and me calling them out on it, me faxing them the relevant state laws, informing them that if I had to take them to court they have no defense and would be assessed any legal fees I had, and finally filing a CFPB complaint.

Their customer service is worse that the complaints I hear about Vanguard's on this site. You should read the stories about them on reddit/r/personalfinance their name is like a curse word there.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: What are your experiences with Banks

Post by anon_investor »

sschoe2 wrote: Sun Jun 26, 2022 3:42 pm
anon_investor wrote: Sat Jun 25, 2022 5:59 pm
sschoe2 wrote: Sat Jun 25, 2022 4:05 pm My experience with BoA was awful and had to file a CFPB complaint against them to get them to do what they were legally mandated to do.

I have been with Chase for a long time and have had no issues. I have checking and credit card with them. They keep hounding me to invest with them every time a money transfer to Vanguard posts but they have been widely reported to freeze and liquidate accounts when one of their algorithms is set off and so I don't want my eggs in one basket.

I have savings and another card with Alliant Credit Union and no issues and a mortgage with DuPage Credit Union.

Overall I have read the most horror stories with BoA, WF, and Citi.

The consensus is small banks and credit unions are much more customer friendly as in you don't have to file a CFPB complaint to get a problem addressed.
What happened with BoA for you?
After my mother passed away I had to deal with her mortgage through them. I kept sending them documents like death certificates and small estate affidavits and they kept losing them. We were selling the house and none of the reps after hours on the phone could even figure out how to get a payoff letter. Finally my brother found an automated system on their website.

Finally, there was the remaining balance in her escrow account. They insisted on sending it to the house which was already sold. USPS didn't forward it and it was lost. After that it was 3 months of sending them documents, them losing them, then eventually finding them and entering them and authorizing me as successor to the account, then not sending the check, them telling me they don't accept small estate affidavits, it say right on their website that they do and they are required by state law to, Them giving me incorrect legal instructions about the SEA and me calling them out on it, me faxing them the relevant state laws, informing them that if I had to take them to court they have no defense and would be assessed any legal fees I had, and finally filing a CFPB complaint.

Their customer service is worse that the complaints I hear about Vanguard's on this site. You should read the stories about them on reddit/r/personalfinance their name is like a curse word there.
Interesting. I have checking, brokerage and credit cards with BoA. I have Preferred Rewards status, and have had good customer support. But I only have accounts to get extra cash back in credit cards. But it sounds like their mortgage services are terrible.
sschoe2
Posts: 792
Joined: Fri Feb 24, 2017 3:42 pm

Re: What are your experiences with Banks

Post by sschoe2 »

anon_investor wrote: Sun Jun 26, 2022 5:01 pm
sschoe2 wrote: Sun Jun 26, 2022 3:42 pm
anon_investor wrote: Sat Jun 25, 2022 5:59 pm
sschoe2 wrote: Sat Jun 25, 2022 4:05 pm My experience with BoA was awful and had to file a CFPB complaint against them to get them to do what they were legally mandated to do.

I have been with Chase for a long time and have had no issues. I have checking and credit card with them. They keep hounding me to invest with them every time a money transfer to Vanguard posts but they have been widely reported to freeze and liquidate accounts when one of their algorithms is set off and so I don't want my eggs in one basket.

I have savings and another card with Alliant Credit Union and no issues and a mortgage with DuPage Credit Union.

Overall I have read the most horror stories with BoA, WF, and Citi.

The consensus is small banks and credit unions are much more customer friendly as in you don't have to file a CFPB complaint to get a problem addressed.
What happened with BoA for you?
After my mother passed away I had to deal with her mortgage through them. I kept sending them documents like death certificates and small estate affidavits and they kept losing them. We were selling the house and none of the reps after hours on the phone could even figure out how to get a payoff letter. Finally my brother found an automated system on their website.

Finally, there was the remaining balance in her escrow account. They insisted on sending it to the house which was already sold. USPS didn't forward it and it was lost. After that it was 3 months of sending them documents, them losing them, then eventually finding them and entering them and authorizing me as successor to the account, then not sending the check, them telling me they don't accept small estate affidavits, it say right on their website that they do and they are required by state law to, Them giving me incorrect legal instructions about the SEA and me calling them out on it, me faxing them the relevant state laws, informing them that if I had to take them to court they have no defense and would be assessed any legal fees I had, and finally filing a CFPB complaint.

Their customer service is worse that the complaints I hear about Vanguard's on this site. You should read the stories about them on reddit/r/personalfinance their name is like a curse word there.
Interesting. I have checking, brokerage and credit cards with BoA. I have Preferred Rewards status, and have had good customer support. But I only have accounts to get extra cash back in credit cards. But it sounds like their mortgage services are terrible.
From what I have read on Reddit their checking and credit cards aren't better. As long as there are no problems all is well but if you get hacked, fraud, need to file a charge back or pretty much anything that isn't routine or automated get ready for obstinance and incompetence and ultimately a CFPB complaint.
Grt2bOutdoors
Posts: 25625
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: What are your experiences with Banks

Post by Grt2bOutdoors »

sschoe2 wrote: Sat Jun 25, 2022 4:05 pm My experience with BoA was awful and had to file a CFPB complaint against them to get them to do what they were legally mandated to do.

I have been with Chase for a long time and have had no issues. I have checking and credit card with them. They keep hounding me to invest with them every time a money transfer to Vanguard posts but they have been widely reported to freeze and liquidate accounts when one of their algorithms is set off and so I don't want my eggs in one basket.

I have savings and another card with Alliant Credit Union and no issues and a mortgage with DuPage Credit Union.

Overall I have read the most horror stories with BoA, WF, and Citi.

The consensus is small banks and credit unions are much more customer friendly as in you don't have to file a CFPB complaint to get a problem addressed.
Welcome to artificial intelligence! It’s not just Vanguard posts, it’s any post (withdrawal from/deposit to) an investment firm or deposit from a dividend payment. They want you to open an investment account with them and move your assets to them. They are aggressive, other large banks are less intrusive in your daily activities. Not sure how Chase gets away with this “soft cross-sell”.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Grt2bOutdoors
Posts: 25625
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: What are your experiences with Banks

Post by Grt2bOutdoors »

delamer wrote: Sat Jun 25, 2022 6:10 pm The “too big to fail” banks and brokerages were major factors in causing the Great Recession.

I avoid them when at all possible. My oldest credit card is from Citibank and I don’t want to cancel it. Otherwise, I don’t have any accounts with any of them.
Do you avoid insurance companies as well? Insurance companies played a huge role in the Great Recession as well as Wall Street investment banks. Those investment banks are now under the purview of federal and state banking regulators whereas before they were not bank holding companies. There was a great deal of interconnected relationships between those players which essentially made it one big house of cards. If they weren’t dealing in the paper, they were holders of it and/or both.

I know everyone wants to point the finger at the banks, the reality is both regulators, legislators, banks, non bank financial institutions (shadow banking), asset managers, pension funds and ordinary investors were in one shape, form or another playing with fire.

I’ve written many times on the forum about how close we came to going into abyss that would make the Great Depression look mild by comparison.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
billaster
Posts: 2932
Joined: Wed Apr 27, 2022 2:21 pm

Re: What are your experiences with Banks

Post by billaster »

Wherever possible, I try to avoid doing business with companies operated as quasi-criminal enterprises.

For example, Bank of America, JP Morgan, Citi and Wells Fargo alone paid over $150 billion - that's billion with a B -- in fines and penalties for securities fraud, consumer fraud, price fixing, currency manipulation, money laundering, foreclosure fraud and forgery among others.

Some people don't care, but I have high standards for whom I chose to do business.
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: What are your experiences with Banks

Post by anon_investor »

sschoe2 wrote: Sun Jun 26, 2022 5:27 pm
anon_investor wrote: Sun Jun 26, 2022 5:01 pm
sschoe2 wrote: Sun Jun 26, 2022 3:42 pm
anon_investor wrote: Sat Jun 25, 2022 5:59 pm
sschoe2 wrote: Sat Jun 25, 2022 4:05 pm My experience with BoA was awful and had to file a CFPB complaint against them to get them to do what they were legally mandated to do.

I have been with Chase for a long time and have had no issues. I have checking and credit card with them. They keep hounding me to invest with them every time a money transfer to Vanguard posts but they have been widely reported to freeze and liquidate accounts when one of their algorithms is set off and so I don't want my eggs in one basket.

I have savings and another card with Alliant Credit Union and no issues and a mortgage with DuPage Credit Union.

Overall I have read the most horror stories with BoA, WF, and Citi.

The consensus is small banks and credit unions are much more customer friendly as in you don't have to file a CFPB complaint to get a problem addressed.
What happened with BoA for you?
After my mother passed away I had to deal with her mortgage through them. I kept sending them documents like death certificates and small estate affidavits and they kept losing them. We were selling the house and none of the reps after hours on the phone could even figure out how to get a payoff letter. Finally my brother found an automated system on their website.

Finally, there was the remaining balance in her escrow account. They insisted on sending it to the house which was already sold. USPS didn't forward it and it was lost. After that it was 3 months of sending them documents, them losing them, then eventually finding them and entering them and authorizing me as successor to the account, then not sending the check, them telling me they don't accept small estate affidavits, it say right on their website that they do and they are required by state law to, Them giving me incorrect legal instructions about the SEA and me calling them out on it, me faxing them the relevant state laws, informing them that if I had to take them to court they have no defense and would be assessed any legal fees I had, and finally filing a CFPB complaint.

Their customer service is worse that the complaints I hear about Vanguard's on this site. You should read the stories about them on reddit/r/personalfinance their name is like a curse word there.
Interesting. I have checking, brokerage and credit cards with BoA. I have Preferred Rewards status, and have had good customer support. But I only have accounts to get extra cash back in credit cards. But it sounds like their mortgage services are terrible.
From what I have read on Reddit their checking and credit cards aren't better. As long as there are no problems all is well but if you get hacked, fraud, need to file a charge back or pretty much anything that isn't routine or automated get ready for obstinance and incompetence and ultimately a CFPB complaint.
Not sure if it was because I had Preferred Rewards status, but BoA took care of me when Stop & Shop charged me 6 times (combined on 2 different CCs) for a single purchase, YMMV. The CC terminal at Stop & Shop wasn't working right apparently and processed "declined charges". Kind of a weird situation since the issue was over 2 CCs. But BoA helped me sort it out and contacted Stop & Shop (I didn't need to) and all the extra charges were credited back. I was pretty satisfied.
AlwaysLearningMore
Posts: 1936
Joined: Sun Jul 26, 2020 2:29 pm

Re: What are your experiences with Banks

Post by AlwaysLearningMore »

I've always had better service at small, local banks. They've earned my business and loyalty.
Retirement is best when you have a lot to live on, and a lot to live for. * None of what I post is investment advice.* | FIRE'd July 2023
User avatar
FrugalInvestor
Posts: 6214
Joined: Thu Nov 06, 2008 11:20 pm

Re: What are your experiences with Banks

Post by FrugalInvestor »

We've used BofA for a couple of decades while living in two different states with no issues, and very good service when special needs have arisen. Most of our use is online but we do write an occasional check and have needed to go to the local branch for notarization and other uncommon but important services. We also use BofA's billpay system which works extremely well without ever having a hiccup. By setting up a relatively small automatic monthly deposit of $250, nearly all services we use are free of charge which we consider to be a bargain. Other than the monthly auto deposit into our checking account we have no investments at BofA (Merrill) and do not maintain a large average balance as the account is essentially for short-term distribution of funds only.

I've read many negative comments about BofA here over the many years I've been a Boglehead but have never experienced any reason to bank elsewhere.
Have a plan, stay the course and simplify. Then ignore the noise!
Turbo29
Posts: 1047
Joined: Tue May 01, 2018 7:12 am

Re: What are your experiences with Banks

Post by Turbo29 »

Grt2bOutdoors wrote: Sun Jun 26, 2022 5:35 pm Welcome to artificial intelligence! It’s not just Vanguard posts, it’s any post (withdrawal from/deposit to) an investment firm or deposit from a dividend payment. They want you to open an investment account with them and move your assets to them. They are aggressive, other large banks are less intrusive in your daily activities. Not sure how Chase gets away with this “soft cross-sell”.
I transfer from Chase to E*Trade Bank (Now Morgan Stanley Private Bank) initiating the transfer at Chase and they never do that. The AI must not be able to make the connection as I am transferring to a "bank." My curiosity is aroused now so next time I will do a pull from my E*Trade brokerage account instead of pushing to the bank account and see what happens.
It is by the goodness of God that in our country we have those three unspeakably precious things: freedom of speech, freedom of conscience, and the prudence never to practice either of them. --M. Twain
delamer
Posts: 17459
Joined: Tue Feb 08, 2011 5:13 pm

Re: What are your experiences with Banks

Post by delamer »

Grt2bOutdoors wrote: Sun Jun 26, 2022 5:44 pm
delamer wrote: Sat Jun 25, 2022 6:10 pm The “too big to fail” banks and brokerages were major factors in causing the Great Recession.

I avoid them when at all possible. My oldest credit card is from Citibank and I don’t want to cancel it. Otherwise, I don’t have any accounts with any of them.
Do you avoid insurance companies as well? Insurance companies played a huge role in the Great Recession as well as Wall Street investment banks. Those investment banks are now under the purview of federal and state banking regulators whereas before they were not bank holding companies. There was a great deal of interconnected relationships between those players which essentially made it one big house of cards. If they weren’t dealing in the paper, they were holders of it and/or both.

I know everyone wants to point the finger at the banks, the reality is both regulators, legislators, banks, non bank financial institutions (shadow banking), asset managers, pension funds and ordinary investors were in one shape, form or another playing with fire.

I’ve written many times on the forum about how close we came to going into abyss that would make the Great Depression look mild by comparison.
If I can avoid doing business with some companies that brought us to the abyss, then I will.

The fact that other companies also were to blame — as were government regulators, pension funds, etc. — doesn’t change that calculus.

I can’t completely avoid patronizing companies whose owners/senior managers support political positions that I disagree with either. But when I have the option to take my business elsewhere, I do.
Last edited by delamer on Sun Jun 26, 2022 9:46 pm, edited 1 time in total.
One thing that humbles me deeply is to see that human genius has its limits while human stupidity does not. - Alexandre Dumas, fils
User avatar
whodidntante
Posts: 13118
Joined: Thu Jan 21, 2016 10:11 pm
Location: outside the echo chamber

Re: What are your experiences with Banks

Post by whodidntante »

The best bank is the one that pays the largest bonus. When it comes to service, hassle factor, and sense-making, Citi is the worst bank in the world. But they've been very generous with their bonuses, which are churnable. So I tickle them now and then. Tickle, tickle!
Trism
Posts: 923
Joined: Mon Jul 18, 2016 6:34 pm

Re: What are your experiences with Banks

Post by Trism »

No matter which bank you ask about, you will get responses from people who recoil in horror and share a dreadful story.

I choose financial products based on what the product itself does better for my specific needs than its competitors, not by who offers it. (Sometimes "better" is a new account bonus, and then I move on). Overall I have much better luck with products from banks.

On an exception basis I will deal with a credit union here or there. Much of their reputation as a class comes from their folksy marketing messages, as very few have best-in-breed products if you take an honest look at the marketplace.

I clicked on a Facebook ad yesterday for Mission Federal CU (San Diego area), and they're paying 0.03% APY on savings right now (I'm getting 50x that at SoFi).

On the other hand, I currently have a 65-month auto loan from DCU at 1.49%. Last time I did a car loan I couldn't find a CU in the USA that could touch Bank of America's rate with their relationship discount. Often it's not just a matter of "who." The "when" can be equally important.
mrc
Posts: 1908
Joined: Sun Jan 10, 2016 5:39 am

Re: What are your experiences with Banks

Post by mrc »

In my, and my wife's many decades …

Big banks < regional banks < small local < credit unions

The relationship is NOT linear, credit unions have been many times better for us.

Another problem, the big banks tend to buy out and either re-brand or sometimes close the smaller ones.
By the time you know enough to choose a good financial adviser, you don't need one. | bogleheads.org is my advisor: The ER is 0.0% and the advice always solid.
MDfan
Posts: 1116
Joined: Tue Oct 18, 2016 7:32 am

Re: What are your experiences with Banks

Post by MDfan »

Have banked on-line with Schwab for about 5 years. No problems at all and I get reimbursed for all my ATM fees (domestic and foreign). I have not physically entered a bank in 10 years and I can't imagine why I would ever need to.
scrabbler1
Posts: 2798
Joined: Fri Nov 20, 2009 1:39 pm

Re: What are your experiences with Banks

Post by scrabbler1 »

My experience with BofA, and its local predecessors Fleet and NatWest, have been mostly good. My bank account is mostly a conduit between money coming in and the bills and investments of surplus money going out. Nearly all the transactions are electronic, many on autopilot, so I write maybe 10 checks per year. Online banking allows me to better monitor my account activity and to pay my BofA credit card easily.

My local branch is walking distance, and I do go there to deposit 1 or 2 paper checks per month and get some cash at the same time. There are plenty of other branches around in case I need to use an ATM while I am out somewhere. Back when I was working in New Jersey, BofA took over some smaller banks, one near my old office, giving me some added convenience if I needed ATM or banking services while at my office.

The only really unusual things I have needed from my bank over they ears have been a few bank checks and once getting a Medallion Signature Guarantee. Getting the MSG was a minor ordeal, having to visit 3 different branches 4 times to get it done.

I have thought about parking some money with Merrill Edge just to gain some banking benefits from BofA. But the benefits I would get I don't find very useful or beneficial, or worth the extra bookkeeping, so it's a no-go.
Post Reply