Banking in TX

[firehawkocean]

We will be moving from CA to TX in mid-February for at least 15 months, but may possible stay there indefinitely.

I have 2 accounts with local credit unions (1 account in each credit union).

I love credit unions, but realize it may be a pain to transfer money to a new one over there, make deposits, etc. and then, if I move back after 15 months, have to change everything again.

I was thinking of opening a Chase account in CA and then just keep my deposits there until I figure out whether I will be staying in TX.

Any suggestions?

[Wino]

I have a Chase account. Despite what many people seem to think, I've had zero problems with them. There are tons of local banks in TX, though. I once had an account at a single-branch bank located in Sealy, TX, and its card was the only one I could use when I was in Indonesia (ATMs). Imagine being stuck somewhere for 9 weeks without a supply of cash. Were it not for my "tiny bank" card, I would have been hurting, financially.

[snafu]

Do the CU's you currently use have affinity agreements with any of the CUs in Tx? A phone call could verify if you can't find it on-line. There are valid reasons for choosing CU rather than banks who constantly charge new fees for services. How do you manage your finances? Do you mostly use on-line banking Do you need brick & mortar personal CU banking? Does the outlet need to be near residence or employment for personal visits? You'll need a list of ATM locations. Most financials now allow scanner deposits and electronic transfers so location of 'home' account might no longer matter.

There may be negative impact on FICO type score if you have no history with your financial institution until you've established yourself.

[Wino]

There may be negative impact on FICO type score if you have no history with your financial institution until you've established yourself.

How could this happen? FICO is based on credit only. Opening a new bank account doesn't impact your credit. Closing the old account might have an impact, especially if there is a credit card linked to it that is also closed, and said credit card has a balance due. That would impact your debt to available credit ratio and thereby your credit rating.