Bank Recommendations

We are looking to consolidate our bank accounts into one local bank. Currently our services our split between a credit union (not local) and Wachovia. We do not plan on leaving the CU totally but we want to find a local, full service bank that treats its customers well as our primary bank. We are officially tired of Wachovia -- too many fees for holding onto a substantial chunk of our money. Maybe they are the best in the area but I would really appreciate your input to other recommendations. Ideally this local bank will:

- allow a certain number of zero fee ATM (including other banks) usages per month
- have a strong on-line banking capability including bill payment (utilities, mortgage, etc.)
- have a very low and reasonable fee structure

thanks in advance.

 

We have been very happy with PNC. All ATM transactions are free (they reimburse for any second and third party fees)

We were with Chevy Chase but their customer no-service attitude drove us away.

I thought that Wachovia was one of those banks in trouble?

 

Wachovia is now part of Wells Fargo.

 

Been with Middleburg Bank since moving here in 1997...they probably don't meet all your criteria re: fees, but their service is outstanding!

 

QFE

 

Uh...I wish I had that problem! Two accounts at the same bank are covered.

 

I too use BofA. Just as an FYI the FDIC limit is as follows:

The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.

 

We've been with Presidential Bank for 8 years now. Even though we're online banking customers, we can use their branches when needed. The closest branch from here is in Reston, but we rarely need to use it. www.presidential.com

 

Here is a good reference

http://www.fdic.gov/deposit/deposits/index.html

Specifically, the $250,000 insurance covers separate accounts in what are called Ownership Catagories
The most common ownership categories are:

• Single Accounts
• Certain Retirement Accounts
• Joint Accounts
• Revocable Trust Accounts

So when splitting up accounts make sure you understand the ownership catagories. It is possible to have two accounts under one ownership catagory and both would count toward the $250.000 maximum.

http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html

Howver for the majority of us, I imagine the following quote from the FDIC explains it all

Last time I looked at my bank accounts, it was not even close.

 

thanks for the responses y'all and the discourse on FDIC insurance. Any more recommendations out there?

thanks again.

 

Well let me tell you my strategy that has worked quite well over the years...

Part 1) I too use a CU (not local either) where I have my paychecks direct deposited. They have a 'Bill Pay' service that is awesome so I pay all of my bills online for FREE. Your CU may have the same thing. You should find out. That's the simple part, now here's where it gets interesting.

Part 2) I also have an account with Chevy Chase Bank because it's nice to have access to so many local branches, especially since my wife still gets paper paychecks and expense reimbursement checks. Having the local branches makes it easy for depositing, getting to my cash without fees, special needs such as the occasional Cashier's check, etc...but other than writing checks to pay for daycare, that's all I use Chevy Chase for. Also to avoid any fees make sure you maintain the minimum balance at all times. I have the 'Interest Checking' which states "No fee if you maintain a minimum daily balance of $750".

Part 3) I also have an ING Direct Orange Savings Account. This is the best part and really brings it all together. At any given time I only like to keep enough money in my checking accounts to cover expenses for 2-4 weeks. The rest sits here in my Orange Savings Account drawing very good interest as compared to most other savings accounts out there. I have this account linked to both of my checking accounts and am constantly transferring money between them. You just can't make more than 6 withdrawals from the savings account per month.

Result: I never pay bank fees, never have to buy stamps, get great interest rates on my savings, and confuse the hell out of my wife whenever I try to explain this...but really it's a piece of cake.

Good luck.

 

As Ozgood mentioned, we use PNC bank and have been for about three years. Their customer service is outstanding, they have a lot of local branches, and you never pay fees for ATM transactions, and it does not matter where you go. I can even withdraw money from an ATM in Germany, and will be reembursed.

Their online banking is pretty good. With Chevy Chase we had some problems where they paid a bill online, and took the money out when they cut the check to the payee. When at one point we had an issue because we accidentally paid a bill twice, it was almost impossible to get our money back, the payee did not cash the check and sent it back to the bank, the bank claimed not to have it ... it took forever, and people were so rude. At PNC the money comes out when the payee cashes the check, the way it should be. When they take it out when the check is cut they use your money to make money. If it stays in your account you make money. Oh yes, our checking accounts accrue interest at PNC.

Just some things to think about.

Marianne

 

This is our setup now except using Wachovia which is what we want to leave. However we are not the best at remembering to transfer funds over to wachovia to keep above the minimum balance or occasionally avoid overdraft situation in checking. They have mishandled overdrafts in the past and also screwed up our kids simple accounts and we have had to battle them each time to correct. So now our plan is to maybe use a local bank other than wachovia for the primary bank instead of the CU.

With PNC, Middleburg or other local bank, can you transfer funds electronically easily and regularly from an outside institution (like my CU or even ING) into a local checking account? The more transparent the process the better.

thanks again all. Hopefully this thread will continue to grow with bank recommendations for all to share and learn.

 

I've been looking at similar thing. We are at Chevy Chase now and have to pay for out-of-network ATMs and don't earn interest. PNC looks like it has a minimum balance to not be charged a fee. I've looked online at the Charles Schwab checking (www.schwab.com), which Kiplinger's recommmends. I can't find the catch yet, and may make the switch, although it's not local so deposits I guess are mailed in. No ATM fees, pays interest, no minimum balance, no fees, free online billpay.