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Thread: Banks/Money Managment

  1. #1
    Nothing but a Thing longarmwj's Avatar
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    Banks/Money Managment

    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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    Old Timer BaddestCross's Avatar
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    Go credit union. All big banks suck.

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  3. #3
    Addict Ddays's Avatar
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    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.

  4. #4
    Nothing but a Thing longarmwj's Avatar
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    Quote Originally Posted by BaddestCross View Post
    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.

    Quote Originally Posted by Ddays View Post
    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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    Old Timer BaddestCross's Avatar
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    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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  6. #6
    Nothing but a Thing longarmwj's Avatar
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    Quote Originally Posted by BaddestCross View Post
    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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    Been Around the Block -AINOKEA-'s Avatar
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    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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    Word Ninja Sharkey's Avatar
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    Banks/Money Managment

    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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  9. #9
    Nothing but a Thing longarmwj's Avatar
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    Banks/Money Managment

    Quote Originally Posted by Sharkey View Post
    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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  10. #10
    Knows a Thing or Two 19YJ94's Avatar
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    Quote Originally Posted by BaddestCross View Post
    Go credit union. All big banks suck.

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    Yeah, I agree. Credit Unoins.

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