Need Advice Recommend your bank?

Easy - PNC

- They have local branches - they are in MD, PA, etc
- They have plenty of flexible checking options
- They don't require 10-20k balances to get good perks.

For instance, I have one account that I keep a 2k minimum in (which is just an average per month - not daily - another huge benefit) and by doing that I get not only free ATM access at PNC and any other bank, but REFUNDED ATM fees so when the other guy charges you.. PNC pays you back.

Most other checking accounts limit ATM access now, or charge for other bank access (leading to double dipping). Or require large 10+k minimum daily balances to get the preferred checking levels.

PNC doesn't have any of that... plus they offer free online AND free PC banking (quicken). PC Banking is often an upcharge everywhere now because everyone does online (web) banking free.

The branch near fudruckers/ihop has been very nice to deal with. The rep who opened my accounts a year ago still recognizes me by name when I come in.

I did a ton of research when switching away from Suntrust and PNC has been a winner up and down.

 

You doing international venture banking or something? I've never had a problem but I also only do basic stuff.. deposits.. coin counting.. withdrawals.. gift visa cards.. etc.

I did see some different tellers when I was in on Monday, but that was the first time I didn't see 3 of the familiar people I normally see.

The lady (short indian girl who I forget her name) who helped me open my accounts was extremely helpful and pleasant... I opened my two accounts, and all my custodian accounts and even got ATM cards for the custodian accounts so my kids have their own ATM cards to start learning.

What I love the most is not paying bank fees.. or ATM fees for that matter. Every bank I researched had some limits on ATM that were just annoying, even if I probably wouldn't hit them.

Navy Federal got eliminated for my needs because they don't offer quicken banking for free. PNC's ATM refunds are not capped like NFCU's are either.

PNC requires a minimum balance of $2500 to get the 'good' stuff - but that just means I pulled some out of my savings and leave it there to avoid all fees. The savings in fees a year far outweighs any interest I would earn on the money elsewhere. If you don't like a min balance, you can get a free account, and any cycle where you have over $2k in, you get the ATM refunds too.

The one thing NFCU has better is better interest rates on their checking accounts, but we're talking the difference of 0.1% or less.

I looked at all the local chains...
Wachovia, Suntrust, Chevy Chase, Cardinal, Middleburg, etc.. no one came close to PNC for just simple checking, ATM, and PC banking needs.

 

BoA charges you for using non-BoA ATMs in all their accounts. And their interest checking requires at least 5k in deposits. Doesn't offer free savings accounts ($5 fee) or custodial accounts ($1 fee).

Yuck

 

You don't pay any fees if you maintain the requirements - which are 5k on the middle accounts, and DD on the free account. But why worry about who's ATM you use at all? Most banks require 5, 10, or 20k in combined assets to get the premium checking accounts without fees. They also require daily balances, so if you dip below for just a day, you could be at risk of paying. The 'free' accounts typically don't have free ATM usage at other banks or other low thresholds you are likely to hit. BoA is worse in that they don't offer free ATM usage on any of their accounts.

The popularity of 'free checking' really means the banks all shifted their fee structures (no suprise there) and getting ATM without fees is quite a perk now.

USAA is nice for those that can get it - but the ATM refunds are not unlimited (capped) and USAA membership is limited to

* Active, retired and honorably separated officers and enlisted personnel of the U.S. military.
* Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
* Adult children of USAA members who have or had a USAA auto or property insurance policy.1
* Widows and widowers of USAA members who have or had a USAA auto or property insurance policy.

PNC is open to everyone - does not charge for other people's ATMs and for the lowest balance requirement around (2k) you can get unlimited ATM fee refunds with no monthly fees (even if you don't maintain the 2k balance).

Many people's running accounts are grandfathered so they don't always see the going rates/fee structures new clients would get.

 

Thanks for that - I was digging and missed that. I still find it's perks on par with the B+ banks around here - except for the focus on deposit from home (since they have no local branches) which is nice. I expect most banks will move this way in the next 2-3 years.

I couldn't find their checking interest rate.. but I would expect it to be similar in nature to NFCU which was 0.15 at the top tier. But I'm not sure why people would put much value in the checking interest rate - its so tiny and if you want a return, move that money elsewhere like a savings account and just move it into checking if you need it. I do this between Discover Bank (who bought out E-Trade Banking) and my PNC accounts. But since the prime rates have been so low in the last 3 years, so has any savings interest rates. At one point they were almost 5% before they tanked.

My criteria is slightly different from most people because I use PC Banking - which is not common anymore. But after getting fed up with Suntrust over a year ago I did all the research and ended up at PNC. Haven't had a regret yet - and literally have not paid a PENNY in any sort of fees to the banks since migrating. I take that back, after checking I've paid one fee.. an international wire transfer fee - which every bank charges you for.

Since migrating, I'm saving on avg $200 a year from not paying acct fees, ATM fees, etc. I had left BoA earlier (after they bought Nationsbank.. which had bought Crestar) when I migrated to Suntrust.

It's nice to have ATMs be like they used to be.. which is just walk up and use one. No need to worry on whose it is, or how much they charge. When you are in Vegas and they charge $5 or more per ATM... who cares! That's a nice feeling.