I need help choosing a bank

[metalslugx1942]

Okay here's a brief rundown on my banking history, I live in new york city, I have banked with Chase since 1999. I have over 40k dollars(im 29 years of age) with them in savings checking cd and investment accounts. I also had over 2k dollars in credit with them and very little debt to owe on them. For a mistake on their part which they refuse to admit they not only lowered all my limits but closed all my accounts forcing my credit score to plummit from 750 to now about 600. I was treated with no respect and no loyalty, and they refused to re open my accounts after a review, which clearly corraborated my story and situation. So now, I am looking to take my business else where, and I am not sure where to. I need a bank thats reliable ( in these times) offers credit cards and easy online banking. I am limited in my knowledge of baks and whats a good deal or how to rate them. I will go to my chase brach and ask how to roll my investment account to another bank, if thats even possible I am not sure. Anyways thanks for reading and hope to hear any advice anyone may care to share.

[Russell]

I've banked at Washing Mutual (now Chase) and Bank of America for years. My interaction with them is so minimal I've never had any issues. I direct deposit my paychecks and withdraw money using online transfers, bill pays and occasional check writing. The main criteria for choosing a bank was the office locations and access to ATMs for me so I went with the two largest banks. For CDs and investments I look online and see who's offering the best CD rates and who has the lowest cost stock trades etc.

You may want to consider the local credit unions if personal interaction and loyalty (if there's such a thing?) is of importance. BTW, what was the mistake, I'm curious to know what happened.

[blankcheck]

Originally Posted by Russell

You may want to consider the local credit unions if personal interaction and loyalty (if there's such a thing?) is of importance. BTW, what was the mistake, I'm curious to know what happened.

Right now, banks have no concern about keeping customers. They're trying to reduce liability as much as possible. Ironically, the most responsible people are also the first to be cut:

-Boring savings accounts (not enough aggressive investing)
-pay off cards monthly (no revenue for them, even worse if it's a rewards card because it can generate losses)
-leave credit lines open (if it's open for a long time without being used, it's on their books as a liability because there's the threat of instant utilization and no payback; this can be anything from people walking away from an underwater mortgage/HELOC, card id theft, or just leaving a line open for emergencies...all looks the same to them.)
-pay loans down quickly (again, cuts revenue)


In other words, most of the things that increase your FICO...makes you more likely to have current problems with banks when you never had problems before. If you had low FICO scores, you haven't had problems, because banks won't let you in the door.

[kork13]

I agree with Russell, for most people and in most places, credit unions are often the best bet if you're looking for customer service and loyalty. They operate under the premise that you, the members of the credit union, OWN the credit union (albeit in small shares). Most CU's offer B&M banking, online banking, loans, saving and checking accounts, debit and credit cards, and CD's, among other products. While their membership is generally "restricted" to certain groups of people (teachers, medical workers, military members, etc.), there are also many out there that are open to people who simply live/work in a certain area, like by city or county. One last thought on CU's, they tend to be more reliable/stable than ordinary banks. I don't know specifics of why/how, but simply that CU's normally keep much safer investments and holdings... Many of the problems plaguing the banking system today are non-issues for CU's. They aren't completely excluded, but most of them are in a better place than their bank counterparts.

As for myself, I use USAA for all of my banking, and really I can't say enough good of them... I do my banking, loans, insurance, investments, and even get free financial advice through them, and have only been very happy with their services. Unfortunately, it's only open to current/former military members and the children of USAA members. However, in case you met any of those criteria, I figured I would mention them for you...

[Broken Arrow]

I just came in to compliment on your alias. Fun game! Good times.

[metalslugx1942]

Great games indeed.LOL. Ok, so Last december my landlord lost my rent check. I put a stop, but being paranoid of ID theft because it had happened before I changed my account number. However while it was changed for some reason it kept using the old number as I onlined banked but the new number was in place. I never really checked my online statements(my fault) and I saw the monies being taken out. It was all on autimatic payments so I had ever in 10 years done very little. When I got my 1st rejection charge from a debt bill i owed I called chase. Then I saw that all my payments were being returend and my limits lowered. They said ok, pay the amounts off, and your accounts will remain open(this after they fixed the problem with the checking account number) next day I did all were to 0 balance. A week later they still closed my accounts. For 3 weeks they said my case was under review for re open but they bever called me back. I kept calling every 4 days and nothing. Finally today I called, it took them less than 10 minutes to say no, they wont re open the accounts since it was too many closed. Although it shows I was never late before, had way more in the bank to pay the debts(wich I did)and through the statements all this could be proven. Then they have nerve to say IO can re apply for a new card. Now how stupid does that sound when I have had my score drop 150 points, yeah, I would get accpeted in no time. Anyways they went back on their word, and I refuse to bank with any institution who would lie out right that way to me. Now I just need to know if I can take my American Fund investments I opned with them to another bank. I have looked into CU's so I will keep doing so and see if they suit me. But for right now I am leaning at Bank of America, what you guys think about theM?

[Jennif102]

Hi,
I know it's kind of like "He should not be named right now" but I say go with Citi. I just started working for them and spent some time at the bank branches and I can honestly say that customer service is a focus of theirs and they love young, prosing people who they can create lasting relationships with. BofA and Wells Fargo are traditionally chop shops- they want the mass market- get their money and forget about customer service. If you want to contact me, I can personally find you a branch and banker to connect with at Citi who will treat you right.

[boosami]

Originally Posted by Broken Arrow

I just came in to compliment on your alias. Fun game! Good times.

Ha! That's what I was thinking... Metal Slug multiplied by 1942 = Awesome.

[boosami]

If you want National banks, here's some of my experiences...

My main accounts are with Chase, and I can say that they have the best online banking of any organization I have tried. BOA has pretty good online banking features, much like Chase but not as refined. I've never had any problems with either bank. My Chase personal banker has always been very responsive and helpful.

I would not suggest Wells Fargo. I didn't have a terrible experience with them, but they made me jump through a lot of hoops to get things done that the other banks have done for me in the past. Same with National City (this was before they were bought out by PNC). Both banks expected me to do more work on my side so their staff didn't have to put forth the effort. I have since moved my accounts elsewhere.

Online I have banked with ING and HSBC. Being online banks, the online banking features are good, but I would not want to use them as my primary accounts. A lack of branches make them inconvenient and deposits always seem to take forever to post to the accounts.

[swaymonae]

First complain...

Start With Trust -- Start With BBB

I have an online savings with FNBO & HSBC and enjoy both.. for checking I've had WF for many, many years.. don't think I have too many complaints.. Citibank is enjoyable as well.