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      02-25-2017, 07:14 PM   #1
Our03z4
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What bank do you recommend?

Wife and I are looking to switch to a different bank for our two small businesses and personal accounts. Our current bank only has 8 locations which can be a pain when traveling or needing to use an ATM. Plus they are in the dark ages when it comes to tech with constant issues with their online banking and old school ATMs. They have excellent customer service but that doesn't matter when they fail at everything else.

Our goal is a bank that has a decent amount of branches and teller atms, good mobile app, decent investment options, and strong liquidity. Who would you recommend?
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      02-25-2017, 07:20 PM   #2
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I've always been with a local Michigan credit union. There are shared branches nation wide, so even though I've moved to NC and now to OH, I still have access to do any banking that's needed. Also get great rates and customer service whether direct, or through a shared branch.

Where are you located? What have you looked into? What credit unions are in the area and have a rep that can discuss your options?
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      02-25-2017, 08:20 PM   #3
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Depends on where you are located. Which banks have the most convenient locations to you? Check fees / what you need to do to avoid or minimize fees at those. The days of picking a bank based on the people / service in the local branch ended about 30 years ago so go with best combination of convenience / costs.
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      02-25-2017, 08:23 PM   #4
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      02-25-2017, 09:44 PM   #5
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JPM Chase for both personal and business.

Depending on the business, Silicon Valley Bank.
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      02-25-2017, 10:08 PM   #6
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Chase and it isn't really close.

I've had them all and Chase is consistently the best service, most convenient locations and treat you like family.

I don't recommend investing services at any bank, however.
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      02-25-2017, 11:44 PM   #7
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Yeah I have accounts with multiple banks for business and all of my stuff I do with Chase. Prefer them hands down over any of the other banks I use.

I will say their online interface is not the greatest, however I can pretty much do whatever I want online. Wells Fargo recently updated their online stuff and it's much nicer, but I still don't like them and I hate everything about BoA and Citi.
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      02-26-2017, 12:55 AM   #8
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Bunch of Assholes.

Their rates are on the high side too.

I'd go w/ a local credit union for the best rates.

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BofA...
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      02-26-2017, 08:11 AM   #9
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Chase and it isn't really close.

I've had them all and Chase is consistently the best service, most convenient locations and treat you like family.

I don't recommend investing services at any bank, however.
I use Acorns right now for my mutual funds and have had nice returns so far. For stocks I use Tradeking. Only reason I asked about that is I saw Huntington Bank had some interesting things about their investment division that caught my eye. They even allow you to do option trading and have a customer only investment news to help you pick stocks and such.

It's sounding like Chase is where it's at.
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      02-26-2017, 08:14 AM   #10
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Originally Posted by dreamingat30fps View Post
Yeah I have accounts with multiple banks for business and all of my stuff I do with Chase. Prefer them hands down over any of the other banks I use.

I will say their online interface is not the greatest, however I can pretty much do whatever I want online. Wells Fargo recently updated their online stuff and it's much nicer, but I still don't like them and I hate everything about BoA and Citi.
How long do they hold decent sized checks at Chase? Do deposits go in same day or the next? PNC use to hold some for 7 days but my small bank never does.
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      02-26-2017, 08:43 AM   #11
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BMO or Chase
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      02-26-2017, 09:38 AM   #12
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Quote:
Originally Posted by Our03z4 View Post
How long do they hold decent sized checks at Chase? Do deposits go in same day or the next? PNC use to hold some for 7 days but my small bank never does.
Unless things have changed on check clearing/check floats, all banks hold checks for 7 days to clear. It depends on the bank's policy on when to apply all or part of the deposit to your account during that hold period. Even if the bank reflects the money in your account during this 7 day clearing period, it doesn't mean the money has cleared. If there is a problem during this clearing period and the bank has "fronted" you the money, they will come back to you to get their money back.

Again from my memory on the subject, this applies to cashier's checks, certified checks, money orders, and personal checks. The only check instrument which is payable on demand are Postal money orders.
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      02-26-2017, 09:52 AM   #13
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Quote:
Originally Posted by Our03z4 View Post
Quote:
Originally Posted by dreamingat30fps View Post
Yeah I have accounts with multiple banks for business and all of my stuff I do with Chase. Prefer them hands down over any of the other banks I use.

I will say their online interface is not the greatest, however I can pretty much do whatever I want online. Wells Fargo recently updated their online stuff and it's much nicer, but I still don't like them and I hate everything about BoA and Citi.
How long do they hold decent sized checks at Chase? Do deposits go in same day or the next? PNC use to hold some for 7 days but my small bank never does.
All banks have their own policies for hold periods on deposits of checks from other institutions. They are typically shortest for newer customers. ACH and direct deposits are always going to be faster at providing access to funds.
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      02-26-2017, 10:01 AM   #14
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Originally Posted by zx10guy View Post
Unless things have changed on check clearing/check floats, all banks hold checks for 7 days to clear. It depends on the bank's policy on when to apply all or part of the deposit to your account during that hold period. Even if the bank reflects the money in your account during this 7 day clearing period, it doesn't mean the money has cleared. If there is a problem during this clearing period and the bank has "fronted" you the money, they will come back to you to get their money back.

Again from my memory on the subject, this applies to cashier's checks, certified checks, money orders, and personal checks. The only check instrument which is payable on demand are Postal money orders.
Exactly. We have a large customer who I won't have any problems with checks clearing but it's nice that my back fronts me the money until it clears. With it being an out of state check it would normally take 10 days per their rules. Luckily they can see we've been doing business with this company for many years so they just put it in. Thanks for the great reply!
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      02-26-2017, 10:36 AM   #15
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Quote:
Originally Posted by Our03z4 View Post
I use Acorns right now for my mutual funds and have had nice returns so far. For stocks I use Tradeking. Only reason I asked about that is I saw Huntington Bank had some interesting things about their investment division that caught my eye. They even allow you to do option trading and have a customer only investment news to help you pick stocks and such.

It's sounding like Chase is where it's at.
Who hasn't had nice returns in this market? If you're having it managed for you, you're losing money relative to the market over the long term. 95% (not a made up stat, literally) can't and don't beat the averages, so just invest in index funds. This includes hedge fund managers (IE, better and more informed than you...still can't beat index).

As far as your stocks, you're not beating the market either...so might as well open a Vanguard account and dollar cost average to an index fund.

It's that simple and the best advice you've ever gotten. People will say I'm wrong, but I'm not. People will say they can and do beat the market, but they can't and don't...at least in the long run.

Last edited by BayMoWe335; 02-26-2017 at 10:55 AM..
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      02-26-2017, 11:41 AM   #16
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Quote:
Originally Posted by Our03z4 View Post
How long do they hold decent sized checks at Chase? Do deposits go in same day or the next? PNC use to hold some for 7 days but my small bank never does.
Never noticed, I usually deposit my checks with my phone and forget about it. I'm not sure what your definition of large is, but I'm pretty sure I have never had any check held for 7 days, but all my checks are usually under 10k.

Last edited by dreamingat30fps; 02-26-2017 at 05:55 PM..
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      02-26-2017, 11:48 AM   #17
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Originally Posted by BayMoWe335 View Post
Who hasn't had nice returns in this market? If you're having it managed for you, you're losing money relative to the market over the long term. 95% (not a made up stat, literally) can't and don't beat the averages, so just invest in index funds. This includes hedge fund managers (IE, better and more informed than you...still can't beat index).

As far as your stocks, you're not beating the market either...so might as well open a Vanguard account and dollar cost average to an index fund.

It's that simple and the best advice you've ever gotten. People will say I'm wrong, but I'm not. People will say they can and do beat the market, but they can't and don't...at least in the long run.
I do understand that better than most, trust me. I've been taught by some pretty large players, larger than most people can ever dream of meeting. Just have to get better about implementing what they've taught, it's hard to break bad habits. My accounts with Acorns are all etfs, it's $1 per month until you hit a higher level. It rounds up every bank transaction and puts that money into the account plus we have it transferring money daily. This market has been crazy but we diversify as much as possible for when it goes back down.

I wish I could get into option trading but I had a hard time truly understanding it when they explained it to me. Also have been doing demo accounts on the Forex market and have been getting great results...I know it's different emotionally when using real money. They could make millions in literal mins. Would love to have a good Forex eta but they haven't hit on a true long term winner yet, some did 40% monthly but only held for a few months before dumping. Need to focus on just a few strategies so I don't get too out of line but it's just a test phase right now to see what works well for me.

Thanks for the reply and advice!

Last edited by Our03z4; 02-26-2017 at 12:18 PM..
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      02-26-2017, 12:18 PM   #18
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Originally Posted by dreamingat30fps View Post
Never noticed, I usually deposit my checks with my phone and forget about it. I'm not sure what you're definition of large is, but I'm pretty sure I have never had any check held for 7 days, but all my checks are usually under 10k.
Some are over 10k but majority usually aren't so sounds good. Thanks!
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      02-26-2017, 05:08 PM   #19
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Say what you want Wells Fargo is been good bank for me top notch online banking App works like charm.
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      02-26-2017, 07:21 PM   #20
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Wow so I guess gone are the days of free accounts. Chase wants to charge for everything I do, including putting too much physical cash in. Since when do banks penalize you for putting money in their bank, for them to invest with? Might as well stay with my little bank that is old school and doesn't charge for anything at all. What does Chase do that makes it worth all the fees I'm going to get on 4 accounts?
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      02-26-2017, 09:57 PM   #21
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I'd do a search on my threads about "Banks".

That being said... Not a fan but they are a necessary evil so to speak. I've banked with or know friends and family who have with every big bank there ever was. I've had an account with Chase for over 30yrs. So there's something to be said about history. I also have 2 credit union accounts. And my wife and I have joint accounts with Capitol One as of 3yrs ago when they started opening branches locally. If I were to recommend any big bank, it is Capital One. Overall great customer service, large presence, and lowest fees of any big bank.
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      02-26-2017, 11:59 PM   #22
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Quote:
Originally Posted by Our03z4 View Post
Wow so I guess gone are the days of free accounts. Chase wants to charge for everything I do, including putting too much physical cash in. Since when do banks penalize you for putting money in their bank, for them to invest with? Might as well stay with my little bank that is old school and doesn't charge for anything at all. What does Chase do that makes it worth all the fees I'm going to get on 4 accounts?
Weird I've never been charged a fee for anything and I have a bunch of accounts with them. Maybe I'm just poor and don't have enough cash in the accounts to incur fees.
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