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When getting a debit card (and a checking account) does it matter what bank you use?

Discussion in 'The Chit Chat Club' started by sjvirchow, May 4, 2011.

  1. sjvirchow

    sjvirchow Thread Starter Member

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    I'm opening a checking account for use with Direct Deposit with my job. The big banks in my area are Wells Fargo, and U.S Bank. Then you get into the smaller banks. All are FDIC insured, however is there a benefit or drawback to using one bank over another, for example Wells Fargo, or U.S Bank vs. a local, smaller bank?
     
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  2. Geronimo

    Geronimo Supporting Founder Supporting Founder

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    Some thins to consider:


    1. Convenience of locations
    2. ATM fees
    3. Whether they run a credit check for checking accounts
    4. Fees (really should be higher
    5. Interest rate for credit cards (you might want one down the road)
    6. Other loan rates (again you might want one)
     
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  3. DodgerKing

    DodgerKing PIT MEMBER

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    Yes. Don't get Chase whatever you do.

    I was a long time Washington Mutual customer and loved them; best bank I ever had. Since Chase took over our debit card and pin have been accessed by someone else 3 times and our account hacked twice. Never happened with any other bank I am currently with or with Washington Mutual. Also, I was never able to change my pin to my own number every time I got a new card. They had to issue me a new card 6 different times.

    Now I am with another large bank for my main checking and although they are not that great, they are much better than Chase
     
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  4. sjvirchow

    sjvirchow Thread Starter Member

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    I see most banks require a minimum deposit. Does that have to happen immediately when the account is opened?
     
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  5. Steve Mehs

    Steve Mehs Active SatelliteGuys Member

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    Two years ago I switched from a rinky dink local bank here in town with a grand total of two branches to Bank of America. I've had BofA credit cards for years and love their online banking user interface and wanted to deal with a real bank not some two bit joke of an operation. I have five accounst with BofA, Savings, Checking and three credit cards, I love being able to manage everything on one site and with the Android app I have complete control for my finances whereever I am. I have direct deposit, no fee checking, free overdraft and a bunch of other extras I forgot about. Best of all, 12,000 branches and 18,000 ATMs nationwide
     
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  6. sjvirchow

    sjvirchow Thread Starter Member

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    And yet, none in Nebraska. :)
     
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  7. EatMyVolts

    EatMyVolts Pub Member / Supporter Pub Member / Supporter

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    Whatever you do, avoid Chase:rant: or BofA, or Wells, or any of the 'too big to fail' big boys.

    But rather than go with a bank, big or little, I'd suggest joining a credit union. Higher interest on deposits, lower interest on loans, fewer fees, and all the services you'll ever need. They're insured every bit as well as the banks and, to my knowledge, none were involved in the recent bailouts.

    I'm out in Oregon, but I imagine things are similar in the middle of the country. I still get free checking without having to jump through hoops. I can use virtually any other credit union's ATM for free. I can use the ATM in just about any 7-11 for free. I have full on-line access to my accounts. When I go in to a branch, I deal with folks who aren't trying to rip me off at every turn because Banks have customers, Credit Unions have members. I see there are several in the Lincoln area, do yourself a favor and check them out.
     
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  8. Islandguy43

    Islandguy43 SatelliteGuys Family

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    Check out your local credit union. Being an officer of one, we offer free checking, with free online bill pay and debit cards with no minimum balance requirements, plus we belong to one of the largest no-fee atm networks called allpoint network. Many Credit Unions like ours offer all the services of a bank only with less fees, member owned, and not for profit, so we are not motivated to satisfy wall street.
     
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  9. navychop

    navychop Member of the Month - July 2014! Pub Member / Supporter

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    I also strongly recommend a credit union. It's really a no brainer. If for some reason you can't join a credit union, at least avoid the Capitol One credit card, which I think was rated as the most expensive of the major brands.
     
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  10. mdram

    mdram SatelliteGuys Family

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    i prefer small local banks/credit unions
    my little bank has free checking, no minimum deposit, no atm fees from them, ect ect

    they offer much better service over larger banks imho
     
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  11. yaz96

    yaz96 Baby, It's Cold Outside Pub Member / Supporter

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    B of A not in Colorado either. BUT, they bought our mortgage!

    Go with a credit union.
     
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  12. markfp-1

    markfp-1 Active SatelliteGuys Member

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    I agree with that. I've been banking at a small one-office local bank for over twenty years and it's great. I've never paid a penny in fees. I'd never go back to a major bank. Credit unions are good too.
     
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  13. fhsucade07

    fhsucade07 Active SatelliteGuys Member

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    I banked for years at Bank of America before changing over to Pentagon Federal Credit Union. I have only stepped into a branch once but the online accounts are so easy to navigate and customer service, when needed, act as though they are well trained and are helpful. And, as others have said, the fees are so much lower. I wouldn't have it any other way now.
     
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