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I am closing my bank accounts and moving to credit unions


muscleman
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I did some research recently, and I would like to find a checking account that is:

1. Totally free, with no requirements to meet in order to waive the monthly fees.

2. Preferrably pay an interest on the checking account, but this is not mandatory.

3. Have a lot of brunches and ATMs, so banking will be easier for me.

 

I started by looking at the big four banks. unfortunately none of them met these criteria for their basic banking packages, though I agree that the basic criteria to meet to waive the monthly fees isn't too difficult.

I did consider Bank of America's advantage checking along with a Merrill Edge account, because that would give me free checking account plus free 30 trades per month in my IRA. However, they said in the IRA, if I sell a stock, I cannot use the unsettled proceeds to buy another stock. I have to wait for 3 days, which I do not like at all.

 

Then I found that a lot of non-profit credit unions offer better deals.

I opened an account with BECU.org. They have a lot of brunches in the Seattle area. Not only that, but I can bank with their partner CUs across the state.

Out of curiosity, in their website, I searched for ATMs in Bozeman, MT. (I visited that place this summer and knew it is a very rural area.) There were nearly 10 ATMs nearby. Then I searched for brunches for Key bank, Chase and Bank of America, but I could not find any brunches over there.

 

It seems to me that with so many partner CU brunches, this network is actually more convenient than any of the big banks.

I think what these small CUs offer is more competitive than the big banks.

 

What do you think?

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they don't have branches. but the only time I was in a bank branch in the last few years, I got cashiers check printed out. But I only did this because I didn't want to pay a few dollars to have USAA overnight one to me. I wonder in this day and age, why do people need to go to bank branches?

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usaa federal savings bank.

 

This sounds like a cool bank too, but I bet they don't have as many brunches as BECU and its partners. :)

 

USAA has hardly any branches outside of San Antonio, but what do you need a branch for? You can scan your checks to deposit, and their phone service is excellent for things like loans and credit cards. As Brian Moynihan recently pointed out in an interview, "Everybody is carrying a branch in their pocket right now with a smartphone". Also, USAA refunds up to $3 for ATM service fees (presumably as an alternative to not having a ton of branches). So when B of A charges you to take money out of your USAA account, USAA is there paying that fee.

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I did some research recently, and I would like to find a checking account that is:

1. Totally free, with no requirements to meet in order to waive the monthly fees.

2. Preferrably pay an interest on the checking account, but this is not mandatory.

3. Have a lot of brunches and ATMs, so banking will be easier for me.

 

I started by looking at the big four banks. unfortunately none of them met these criteria for their basic banking packages, though I agree that the basic criteria to meet to waive the monthly fees isn't too difficult.

I did consider Bank of America's advantage checking along with a Merrill Edge account, because that would give me free checking account plus free 30 trades per month in my IRA. However, they said in the IRA, if I sell a stock, I cannot use the unsettled proceeds to buy another stock. I have to wait for 3 days, which I do not like at all.

 

Then I found that a lot of non-profit credit unions offer better deals.

I opened an account with BECU.org. They have a lot of brunches in the Seattle area. Not only that, but I can bank with their partner CUs across the state.

Out of curiosity, in their website, I searched for ATMs in Bozeman, MT. (I visited that place this summer and knew it is a very rural area.) There were nearly 10 ATMs nearby. Then I searched for brunches for Key bank, Chase and Bank of America, but I could not find any brunches over there.

 

It seems to me that with so many partner CU brunches, this network is actually more convenient than any of the big banks.

I think what these small CUs offer is more competitive than the big banks.

 

What do you think?

 

I'm pretty happy with Fidelity. No fees, free checking, they pay interest (not much though), rebate on any ATM fees. I use it as my main broker as well and pay a flat $5 per trade (negotiated). They also have a credit card that pays you a 2% rebate into your Fidelity account. They have a local branch which is convenient for me. And I use the web based check deposit service a lot.

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Even though BAC is my largest holding, I do my banking with a small local credit union.  Triangle Credit Union.  I agree with your observations that you can find better deals at credit unions than at the big banks.

 

TCU are good and patient people. they must be as they employed my eldest child for quite a while!!  ;D

 

That's cool.  I don't know how they are to work for, but I've had my checking account with them for 2 years and have been very happy with them.

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That's cool.  I don't know how they are to work for, but I've had my checking account with them for 2 years and have been very happy with them.

 

They were pretty good but she moved to Grantie State CU inseat as they were closer to her home and were going to pay her more..

 

seemed like a decent place to work though.

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I don't recommend them for checking accounts, but Penfed is very competitive in Credit cards (gas card with 5% cash back) and as a car lender. Sometimes, they have great mortgage deals too.

 

Member since 2007, and i have their credit card as well As a car loan with them. For those without military associated, it costs 25$ to join.

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