Banks in the USA 3 part question: locations and ratings
August 16, 2010 11:20 AM Subscribe
Banks in the USA 3 part question: locations and ratings
1. How do I find a list of US bank with walk-in branches in 2 different states? I'm interested in banks with branches in both Virginia (Southwestern: Roanoke) and California ).
2. Is there any downside to banks that operate in more than one state?
3. How are banks "rated" -- can I get the equivalent of consumer reports comparison for banks?
1. How do I find a list of US bank with walk-in branches in 2 different states? I'm interested in banks with branches in both Virginia (Southwestern: Roanoke) and California ).
2. Is there any downside to banks that operate in more than one state?
3. How are banks "rated" -- can I get the equivalent of consumer reports comparison for banks?
2. Let me rephrase - yes there is - in that by definiton it has to be one of the national banks, which in general are less user friendly/more fee heavy. But from a safety/regulatory perspective no there is no difference.
posted by JPD at 11:42 AM on August 16, 2010
posted by JPD at 11:42 AM on August 16, 2010
1. There are only so many "national" banks out there--I think you may just have to brute force this. E.g., look around where you live (I assume) in VA or CA, and not the national banks--Citi, Bank of America, WaMu, etc. Then check their websites.
2. There is a notion that smaller regional banks are less likely to be involved in the shenanigans that, oh, caused the global financial meltdown. I don't think of this as a question about operating in more than one state so much as operating in more than one business. If you want your bank always to be there, the safest bet is to use a bank (more likely, a credit union) that just takes deposits and makes small loans to its customers. Your interest rate will be low (they're all low these days), but at least the bank is not likely to be making risky bets with deposits.
3. Use Bankrate's Safe & Sound ratings.
posted by Admiral Haddock at 11:46 AM on August 16, 2010
2. There is a notion that smaller regional banks are less likely to be involved in the shenanigans that, oh, caused the global financial meltdown. I don't think of this as a question about operating in more than one state so much as operating in more than one business. If you want your bank always to be there, the safest bet is to use a bank (more likely, a credit union) that just takes deposits and makes small loans to its customers. Your interest rate will be low (they're all low these days), but at least the bank is not likely to be making risky bets with deposits.
3. Use Bankrate's Safe & Sound ratings.
posted by Admiral Haddock at 11:46 AM on August 16, 2010
the Safe & Sound ratings are an utter waste of time and concern. As long as you are below the 250k limit then you literally do not care about the banks B/S. If you have more then 250k then open an account at a second bank.
posted by JPD at 11:49 AM on August 16, 2010 [1 favorite]
posted by JPD at 11:49 AM on August 16, 2010 [1 favorite]
Your interest rate will be low (they're all low these days), but at least the bank is not likely to be making risky bets with deposits.
As JPD said, this is not really something normal people need to worry about. Any legitimate bank or credit union will have FDIC insurance which means unless you are over the fairly high account value limits you will not lose any money from a bank going under.
The more important things to worry about are the fees, rates, and features that any given bank or account has. I like the Bank Deals blog for reviews of various accounts and banks, although their focus is mainly on rates (which are pretty much universally bad right now).
posted by burnmp3s at 11:59 AM on August 16, 2010
As JPD said, this is not really something normal people need to worry about. Any legitimate bank or credit union will have FDIC insurance which means unless you are over the fairly high account value limits you will not lose any money from a bank going under.
The more important things to worry about are the fees, rates, and features that any given bank or account has. I like the Bank Deals blog for reviews of various accounts and banks, although their focus is mainly on rates (which are pretty much universally bad right now).
posted by burnmp3s at 11:59 AM on August 16, 2010
Response by poster: Yeah, I get that FDIC covers me. My wife and I are not wealthy enough to hit the limits.
It sounds like these national banks can charge higher fees because they deal with different regulations?
I did not know Wells Fargo and Wachovia were part of the same hydra. The reason for the bank is more-or-less easy banking when we travel and do transactions with family.
As for rating, for me it's about customer satisfaction and customer service mostly, and quality of in-person and online banking experience.
Good thoughts, and I'll be checking out the Bank Deals Blog! Thanks all!
posted by artlung at 12:20 PM on August 16, 2010
It sounds like these national banks can charge higher fees because they deal with different regulations?
I did not know Wells Fargo and Wachovia were part of the same hydra. The reason for the bank is more-or-less easy banking when we travel and do transactions with family.
As for rating, for me it's about customer satisfaction and customer service mostly, and quality of in-person and online banking experience.
Good thoughts, and I'll be checking out the Bank Deals Blog! Thanks all!
posted by artlung at 12:20 PM on August 16, 2010
There is a notion that smaller regional banks are less likely to be involved in the shenanigans that, oh, caused the global financial meltdown.
Unfortunately this is just not true. I hate to be on the too big to fail bandwagon but if you want security hop on a too big to fail bank.
posted by An algorithmic dog at 12:53 PM on August 16, 2010
Unfortunately this is just not true. I hate to be on the too big to fail bandwagon but if you want security hop on a too big to fail bank.
posted by An algorithmic dog at 12:53 PM on August 16, 2010
Best answer: Consider a credit union. Many of the credit unions have a network of "shared branching" and ATMs so even if there is not a branch of your particular credit union close by, you can probably use another credit union's branch almost just like it was your own. For instance, I have accounts with Alliant Credit Union which does not even have any branches in my state, but I can go into a local credit union to deposit or withdraw with no trouble. Plus, credit unions are generally less evil.
posted by rabbitrabbit at 3:02 PM on August 16, 2010
posted by rabbitrabbit at 3:02 PM on August 16, 2010
Response by poster: rabbitrabbit -- that is a really interesting concept. "shared branching" as a search brings up some options.
I never considered that a credit union could meet the "cross-state" requirement. Will investigate further. Thanks!
posted by artlung at 3:29 PM on August 16, 2010
I never considered that a credit union could meet the "cross-state" requirement. Will investigate further. Thanks!
posted by artlung at 3:29 PM on August 16, 2010
Best answer: In general, yes large national banks are more fee heavy and offer lower interest rates on deposit. However, they offer far better access. There are likely to be many more locations convenient for you to access and a wider range of services.
It will depend a lot on what kind of products you will use. Again, in general, the more involved your relationship with the bank the more benefits you'll get (higher balances, more products IE: credit card, loan, investment account, etc).
It is usually pretty easy to get an account with few fees and lots of features.
I would focus on location first, check out some account options online and then try to find a banker at a branch who, hopefully, knows what they're doing and talk about your financial situation so they can make some good product recommendations.
The quality of service you get and how well the account(s) you end up with work for you will depend a lot on how well the banker does their job and they can be very hit-or-miss.
posted by VTX at 8:01 PM on August 16, 2010
It will depend a lot on what kind of products you will use. Again, in general, the more involved your relationship with the bank the more benefits you'll get (higher balances, more products IE: credit card, loan, investment account, etc).
It is usually pretty easy to get an account with few fees and lots of features.
I would focus on location first, check out some account options online and then try to find a banker at a branch who, hopefully, knows what they're doing and talk about your financial situation so they can make some good product recommendations.
The quality of service you get and how well the account(s) you end up with work for you will depend a lot on how well the banker does their job and they can be very hit-or-miss.
posted by VTX at 8:01 PM on August 16, 2010
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2. No
3. Rated for what? All of the big banks sort of suck the same way.
posted by JPD at 11:41 AM on August 16, 2010 [1 favorite]