Online Banking...Pros/Cons/Cautionary Tales

[MU82]

One of my biggest pet peeves about the left is that they criticize the crypto space without actually understanding it.  Are people who drone on constantly about crypto or make it a large part of their personality cringe and annoying?  Yup.

I'm not "the left." And it was a joke.

Lighten up, Francis!

[Herman Cain]

I have had relationships with all the major financial institutions for many different type of products .  Personal , Loans Corporate , Securities ,  Trusts .

My theory is go with the Best in Breed for your particular product need .

I agree that for day to day personal banking Chase is the gold standard and AMEX is also superb for charge cards.

For everything else my experience is the relationship with someone who can navigate the system and understands your needs matters the most .

[ZiggysFryBoy]

I'm not "the left." And it was a joke.

Lighten up, Francis!

I'm dead.

[Hards Alumni]

I'm dead.

Oh, he's the worst kind of Democrat.  Centrist.   

[MU82]

Oh, he's the worst kind of Democrat.  Centrist.   

Lean left on most social issues, centrist on most financial issues. It's not really a difficult path to walk; my father was similar, as is my oldest brother.

[Hards Alumni]

Lean left on most social issues, centrist on most financial issues. It's not really a difficult path to walk; my father was similar, as is my oldest brother.

So globally speaking, you're right wing.  I knew you'd live up to your boomer status, eventually!

[MU82]

So globally speaking, you're right wing.  I knew you'd live up to your boomer status, eventually!

Thanks?

[tower912]

Damn kids.

[Hards Alumni]

Thanks?

It was a joke.

Calm down, Francis.  As the boomers say! 

[MU82]

It was a joke.

Calm down, Francis.  As the boomers say! 

Did I seem uncalm? As the Millennials ask.

[Hards Alumni]

Did I seem uncalm? As the Millennials ask.

Did you reply? 

[MU82]

Did you reply? 

I like the winky-face, Hards. It suits you! 

[muwarrior69]

I have been banking with BOA since they acquired my local bank about 15 years ago. Since I have accounts with Merril Lynch I am a preferred customer. Moving money between saving/checking accounts and my Investment accounts with Merril Lynch and Vanguard are seamless. Their cash back credit cards are hard to beat. I get 5.5% on all online and gasoline purchases, 3.5% back on groceries and big box purchases and 1.75% on any other expenses I use the credit card, like my property taxes. The best part is the cash back rewards are tax free unlike interest.

[WarriorFan]

In general I hate banks.  Credit unions are the best.  Some interesting experiences:

NatWest (UK):  When I moved out of the UK I went to the branch to close my account.  The answer... "We don't do that."
Accounts are apparently for life.  I drew it down to 1p and abandoned it.  About 12 years later they contacted me and asked if I'd like to close the account due to permanent low balance.  Made them send me a check for 1p. 

Singapore:  Great for online banking but if you ever need anything from an actual banker, plan to bring your entire life history in documents and wait a half day in a queue to get anything done. 

PNC:  I banked with them for many years but they gradually decreased services and increased fees so I just stopped.

Citi:  Fees on top of fees.  Living overseas I used their parallel accounts in multiple countries.  Nice idea but it never worked efficiently.  I saved a bit of money on wire fees but probably their monthly fees and everything else fees made up for it on their side.  Also, they switched off my credit cards EVERY TIME I made an overseas transaction. 

Chase:  my current bank.  I went in with low expectations but decided to put in enough money to get some kind of preferred status.  Now I have a guy who calls me every quarter to ask what they can do better and who I can call whenever I need any special service.  I'm impressed with how they offer such personal service despite being so huge.  The amount on deposit is LESS than what I had prevously at PNC or Citi where the service was poor and expensive.

Fidelity:  Good and bad.  Very slow settlements and transfers.  I can transfer from my main offshore account to Chase in 1 day (sometimes same day) but from Fidelity to Chase takes 5 days. 

In general the US banking system is dark ages.  Here in Russia we can transfer money immediately by card number or even by phone number and every single merchant uses apple pay.  ATM's don't need cards, just use your phone.  Can pay all bills on line immediately.  Banking accounts have seamlessly integrated apps with excellent security and notification systems so you are aware of all transactions immediately.  Even international transfers are nearly immediate (to all countries except USA).