Banks/Money Managment

longarmwj

New member
For years I’ve used Wells Fargo for my banking needs, including a Roth IRA, Wells Fargo Platinum Credit Card, as well as a basic checking and savings accounts.

Over the last couple of years Wells Fargo has been really pulling on my strings. They like to hold my automatic payments, hold deposited checks (my employer is old fashioned, and still issues an actual check) for “fund verification” at least once a month, causing issues with my automatic bill payments which I then get charges fees for. The issues are the bills will overdraw my account at the very end of the pay cycle, and the check is held long enough that it allows the overdraft fees to hit my account, effectively cutting anywhere from 75-150 out of my final deposited amount. They also have a bad habit of not authorizing transactions until after my account gets that way, and they rack up on overdraft fees. It seems to be a common complaint with them, as I have seen many people online and talked to many people who have had their money played with time and time again by them.

Long story short, I’m fed up with their antics and want a new bank. I want to know who does everyone here bank with, and how do you like them. Little local banks need not apply because I am looking at nationwide banks, unless i decide to look into a credit union, which is a strong option as I have seen some of the amazing rates they can offer people with all levels of credit through my prior car sales experience.

I’ve heard food things about Regions as well as Chase. My plan is to use a new bank just for savings/checking and keep my IRA and credit cards with Wells, as I have not had any issues with either of those accounts.


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Ddays

Hooked
That can be a real hassle. Your employer needs to get with the times. You can always cash your check at the issuing bank & deposit the cash at your bank.
They can't delay anything that way.

I like small banks. We also use a local credit union for a lot of stuff. I was on the phone with mine this afternoon arranging my JL loan & ended up shooting the shit with a manager for 45 minutes.
 

longarmwj

New member
Go credit union. All big banks suck.

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It’s becoming more and more of a likely option honestly. The more I look into it the more I like what i see.

That can be a real hassle. Your employer needs to get with the times. You can always cash your check at the issuing bank & deposit the cash at your bank.
They can't delay anything that way.

I like small banks. We also use a local credit union for a lot of stuff. I was on the phone with mine this afternoon arranging my JL loan & ended up shooting the shit with a manager for 45 minutes.
It won’t be an issue much longer. After January 1st they are getting on with ADP as we are a vendor supplier for their Atlanta headquarters and they’re cutting us a good deal on their services. We’re getting their full benefits and direct deposit package so that will be nice.


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BaddestCross

Active Member
I've been a credit union member for about 25 years, but really only went all-in with them about 8 years ago after I got fed up with all the stuff you listed.

Shit, they give me 2.5% on my checking account. I'm stupid for not using them for everything sooner. Not having a local branch concerned me, but now that everything is electronic, it's no problem. For the times I need to do something in person, most all credit unions will take care of another union's members for things like deposits, withdrawals, and cashier's checks.

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longarmwj

New member
Not having a local branch concerned me, but now that everything is electronic, it's no problem. For the times I need to do something in person, most all credit unions will take care of another union's members for things like deposits, withdrawals, and cashier's checks.

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I never realized that I guess. Interesting.....



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-AINOKEA-

Hooked
I’ve been using USAA for about 12 years now, but I maintain a credit union account so I have a physical venue to go to in case I need something. USAA is awesome to bank with but there are almost no physical locations to use. The plus side of them being nearly completely online is that their website and mobile functions are awesome. Every check I deposit with my phone is ready to use immediately.


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Sharkey

Word Ninja
I’m not necessarily defending WF, but certain holds, deposit restrictions, and other requirements are actually mandated by the feds...not WF. My wife is a banker at WF and constantly has people bitching about things uninformed people think are WF policies when they are really fed requirements.

No offense, but if you are getting constant overdraft fees, chances are pretty good that it’s because you need to do a little better job at managing the dates on which your automatic payments occur in relationship to your deposits. If you set up automatic payments for the day of (or after) payday with a paper deposited check, you are asking for problems.


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longarmwj

New member
I’m not necessarily defending WF, but certain holds, deposit restrictions, and other requirements are actually mandated by the feds...not WF. My wife is a banker at WF and constantly has people bitching about things uninformed people think are WF policies when they are really fed requirements.

No offense, but if you are getting constant overdraft fees, chances are pretty good that it’s because you need to do a little better job at managing the dates on which your automatic payments occur in relationship to your deposits. If you set up automatic pay,ents for the day of (or after) payday with a paper deposited check, you are asking for problems.


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Most of my automatic payments I set up to hit 3-4 days after the check deposits, so typically Monday-Tuesday. The only exception is the car payment which is mandated by Ally on the 15th. Stuff like insurance, phone, etc I have set up to come with enough time to let the check clear. They hold these checks for 6-7 days sometimes though. Once it was as long as two weeks


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notnalc68

That dude from Mississippi
I've been a credit union member for about 25 years, but really only went all-in with them about 8 years ago after I got fed up with all the stuff you listed.

Shit, they give me 2.5% on my checking account. I'm stupid for not using them for everything sooner. Not having a local branch concerned me, but now that everything is electronic, it's no problem. For the times I need to do something in person, most all credit unions will take care of another union's members for things like deposits, withdrawals, and cashier's checks.

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Good to hear. I’m considering this. My company’s credit union doesn’t have a local branch, but I’m considering doing the same as you, since another credit union is opening a branch near my home.

As for investing, I use Fidelity. Fidelity has a credit card that pays 2% back on all purchases, too.

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fiend

Caught the Bug
I have Chase and, without going into detail, suffice it to say that I would have switched long ago absent complaints from my wife about the hassle of switching. You should shop around. I have seen that some small banks and credit unions, as well as some “virtual” banks, have better terms and will cover fees for using other banks’ atms.


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jesse3638

Hooked
I also advocate for credit unions. Something my mom instilled in me...haha. They have been great and like it was mentioned most CU's will allow nonmembers to complete transactions. Typically ATM machines (just for overlanderjk...haha) with the Co-Op or Star logo are fee free. For the times I can't find one I just withdraw cash at a register. Hate paying money to get my money. We use Schools First and Alaska Federal.

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Ddays

Hooked
Typically ATM machines (just for overlanderjk...haha) with the Co-Op or Star logo are fee free.

Do you have to use a PIN number at one of those? :thinking:

Another thing CU's are good for are auto loans. Mine has better rates than competing banks. I refinanced one of my loans with them over the phone & did an e-sign in a matter of minutes.
 

OverlanderJK

Resident Smartass
I also advocate for credit unions. Something my mom instilled in me...haha. They have been great and like it was mentioned most CU's will allow nonmembers to complete transactions. Typically ATM machines (just for overlanderjk...haha) with the Co-Op or Star logo are fee free. For the times I can't find one I just withdraw cash at a register. Hate paying money to get my money. We use Schools First and Alaska Federal.

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[emoji1603]

Do you have to use a PIN number at one of those? :thinking:

Another thing CU's are good for are auto loans. Mine has better rates than competing banks. I refinanced one of my loans with them over the phone & did an e-sign in a matter of minutes.

[emoji1603]


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I have Chase and, without going into detail, suffice it to say that I would have switched long ago absent complaints from my wife about the hassle of switching. You should shop around. I have seen that some small banks and credit unions, as well as some “virtual” banks, have better terms and will cover fees for using other banks’ atms.


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I also have used chase forever. I wanted to switch but the wife also uses chase and she thinks it’s easier to keep the same bank.

My slush fund is with discover though...it was great until she found out about it.


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jesse3638

Hooked
Shred your credit card and don’t do automatic payments.

Control the outflow.

Also solid advice.


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I just use them for my everyday purchases and pay them in full every month. Saving 5% or getting 1-3% in reward points is a little perk over paying with cash or debit. If I want to finance something I always wait for 0% interest promotions. The key is making sure you pay it off I'm the time allotted. Otherwise you get hit with all the accrued interest for that time. That could be anywhere from 18-23.9%. One more payment on the tires we put on the Durango courtesy of syncrony and discount tire..haha. One of the best cards I've found right now is the Costco Citi Card. The rewards are 4% on gas purchases (up to 7k a year), 3% on dinning and travel, 2% at Costco, and 1% on everything else. No annual fee with your membership. I need to sign up still.

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