What bank do you like?
June 22, 2012 6:09 AM Subscribe
I have Bank of America. What bank should I change to? Should I keep two banks?
posted by pulled_levers to work & money (26 answers total) 5 users marked this as a favorite
So I've looked at some of the previous questions but I am still confused by a few things.
I don't really like using BoA because they charge for ATM use (whereas Charles Schwab and other banks will give you a refund at the end of the month) and their interest rates are pitifully low. At the same time, however, most of my family and friends all use BoA so if I need to transfer money, having BoA is really useful. I am also still on campus edge checking so I don't get hit by any of the fees and minimums that the regular account is subject to--not until fall of next year anyway. Also, they are popular enough that finding a location to deposit money isn't too big of a pain either.
But I'd ideally like to start looking for an alternative bank. I'm not really certain on all of the perks of another bank. It would be nice to not be charged for ATM use and have higher interest rates. Why do you like your bank/credit union? I will be moving around in the next couple of months to different states so it would be nice if the bank isn't one that's only strong in one geographic region of the U.S.
And lastly, is it a huge pain to transfer funds from one bank to the other? I would need to keep a minimum amount of funds in BoA to not incur fees, but I'd like to rest of it in Bank XYZ. What is the best way to go about this? Write a check to myself?
Additional info: I mainly use a debit card. I've never really used a credit card and don't understand them/feel the need to; I'd rather only spend the money that I actually have in the bank.