Bank of America, US Bank, or other?

November 4, 2005 9:08 AM

Bank of America, US Bank, or other?

I live in the St. Louis area and bank with Commerce Bank. I hate their online banking website. Simply put, it sucks. I know several people that have left Commerce over that very issue and I think I'm about ready to do the same.

It looks like the main contenders are US Bank and Bank of America. Normally I'm all about supporting the little guy, such as my Credit Union. However, My credit Union has something like two ATMs in the St Louis area and they are both inconvenient in relation to where my wife and I live and work. This is generally not an issue for me but she uses the ATM much more than I do. So, ATM convenience is a must as well as a good online banking site.

I'd like to hear about your experiences with BofA, US Bank (doubleplusgood if you have experience with both), or even other financial institutions if the experience is releveant to the St. Louis area.

posted by horseblind to work & money (33 comments total)

For a big corporation, Bank of America has treated me pretty well. They have accounts that are free of fees and their debit and credit cards have excellent security features (e.g. your photo and signature embedded on the front of the card). They got me a good rate on my car loan in 2003 and they were the first bank to issue me a substantial credit card after my credit woes. Plus they recently started offering that "Keep the Change" program with their debit cards where they match 100% for the first three months.
posted by kindall at 9:21 AM on November 4, 2005

I am formerly from the St. Louis area and currently reside in Columbia, MO. I'm an ex-BoA accountholder (formerly NationsBank, formerly Boatmens, whose history BoA seems to be trumpeting in their latest commercials). Their new "intelligent" touchscreen ATMs were a travesty when I was a customer. They were stupidly slow and most common tasks were needlessly complicated. Their online access, however, is very good. Everything you need is easily available and the site is organized well. Their Billpay is the best I've used. They have branches all over the place.

My wife still has an account with US Bank (formerly Firstar, formerly Mercantile, formerly Roosevelt... do I detect a trend here?). From the little I've seen of their online site, it's not the greatest, and is a little clunky. Branches don't seem to be as plentiful, at least here in Columbia.

If you're still interested in CUs and are worried about ATM access, most credit unions belong to the CO-OP Network, meaning you can go up to an ATM at just about any CU and use it, fee-free. Many take deposits as well. Many also belong to the CU Service Center Network, which will let you go into any member and deal with a teller. Several other miscellaneous ATMs, like those in gas stations, also belong to the CO-OP network for some strange reason. I'm not complaining. On the whole, credit unions' online banking is probably less-than-ideal, but gets the job done. Most of them farm it out to other companies that specialize in providing online service for CUs.

We dropped BoA to join the local CU, and really aren't too sad about it. We only really miss BoA's online access, which was way nicer and slicker.
posted by zsazsa at 9:23 AM on November 4, 2005

Strangely, my credit union has fabulous on-line access (as far as I know, anyway -- it's always served me fine).

Unfortunately a CU in Washington's not going to help you a lot.
posted by Captain_Tenille at 9:26 AM on November 4, 2005

I like Bank of America. They've got a new debit card program that rounds every purchase to the nearest dollar and transfers the difference from your checking account to your savings account.

I was deployed to Iraq for a year and had no problems handling all my affairs and payments back home with Bank of America online banking.
posted by viewofdelft at 9:27 AM on November 4, 2005

I've been at Bank of America for the 10 or so years I've been in Seattle. I've never had any problems. There are atms everywhere. The online banking works fine for me. In the past, I don't know, 6 years I think a payment got "lost" at one end or the other maybe twice. Both times BofA fixed the problem quickly (it was always the merchant's fault, according to them). Otherwise I use it to pay a few bills, transfer money between accounts, etc. It's never let me down.

People complain about BofA's fees, paying to see a teller, etc. I guess those things just aren't an issue for me. With my account I have direct deposit of my paychecks, and there are no fees as long as I do everything at the atm that I can (e.g. deposits). I'd rather do that anyway.
posted by sevenless at 9:27 AM on November 4, 2005

I cannot speak to Bank of America, but US Bank is nothing to crow about. Their web site is underwhelming in terms of functionality and useability, considering how good it would be if they were trying harder, and how important it is to their patrons.
posted by Hildago at 9:34 AM on November 4, 2005

USAA bank, in Texas, is absolutely the way to go, even if you aren't in the armed services. The best customer service, the best online banking interface... and they refund $10 worth of other banks atm fees every month (they don't charge anything themselves).

If you get electronic deposit, there is no better bank in the world...
posted by ewkpates at 9:38 AM on November 4, 2005

I'm with BofA, but I'm changing. Their online banking is fine, but I object to them charging me $2 every time I use a non-BofA ATM -- especially since I'm also charged $1.50 or so by the ATM's bank. I'm moving to Washington Mutual, which doesn't charge the fee and which everyone I know is a huge fan of. They may not have a presence in St. Louis, though...
posted by littleme at 9:40 AM on November 4, 2005

I've been with US Bank for a long while now, having also become a customer through the United Postal/Firstar/etc. acquisitions. I've never had a major—and very few minor—problem with them, and any glitch was almost immediately resolved by a pleasant chat with a teller or branch manager.

I do my online banking through Quicken, which plays nice with US Bank. I can't speak to their online billpay or other services, but they seem to have conveniently located branches and ATMs (including ATMs in most QuikTrips around town, a big plus) and I love the staff at both of the branches (near home and work) I routinely use.
posted by bradlands at 9:44 AM on November 4, 2005

Sub-question: with either BofA or USB can I set up and change electronic payments via Quicken, without having to go to the bank's website?
posted by horseblind at 9:49 AM on November 4, 2005

I have used Bank of America for years and I love it. I have never had any problems. Their website is fabulous and I use it for everything - online bill pay, tracking my checking, savings, and credit card accounts, and transferring funds. You can even transfer funds to another Bank of America customer online, which is great for roommates, family members, etc. It's all free.

The ATMs are everywhere. I have never in 5 years had to use a different ATM because a) Bank of America is everywhere and b) if not, I just use my debit card to get cash back somewhere.

I also travel to Europe fairly regularly and they have partnerships with several European banks to use their ATMs for no charge. This has saved me a TON of money because ATMs provide the best exchange rate.

When it comes to groceries, restuarants, coffee shops, etc., I always support the "little guys". But when it comes to banking services I have found it pays to go big.
posted by peppermint22 at 9:51 AM on November 4, 2005

I had a Bank of America business account up until 2002 when someone got our ABA/routing and charged almost $1000 in porn. (1) BoA was not very cooperative in getting the money back; I had to call all 3 of the porn payment processors and fortunately they were cooperative in returning the money; (2) BoA was clueless about putting any kind of block on the account after I closed it to prevent further charges; and (3) BoA's customer service is a bureaucratic hierarchy; you'll be shuffled around a lot if you need anything done over the phone beyond simple questions. And (4) when you do online banking, you'll constantly be harangued about whether you're in Georgia, which gets annoying... something to do with their buyouts several years ago, I suppose.

Anyway, we dropped BoA and got a regional bank after that, and I can say I'm much happier with the service.
posted by rolypolyman at 9:52 AM on November 4, 2005

And I should add in 2001 when I need a check reprint, they transferred me 4 times and it took 20 minutes to get it done.
posted by rolypolyman at 9:53 AM on November 4, 2005

Hidalgo is spot on about US Bank's online presence. Recently I saw a USA Today poll that showed 52% of people don't even use online banking, which shocked me. I absolutely love it, and am always reminded of how it could be done better every time I log in at their homepage.

I have a friend who has Wells Fargo checking and they auto-organize your expenses into categories based on where the purchase was made. I am totally jealous and have thought of switching for that feature alone.

As far as their practices go, purely anecdotal evidence around the midwest suggets US Bank is slow. They have some "5 star service gaurantee", a list of bullet points that, if encountered in the course of service, will net you $5. You'll be so pissed off so frequently that you won't even have the energy to complain and get your $5. Only twice of the dozens of odd times I've complained/had something go wrong was I actually credited the 5 bucks.

IANA banking expert, but their transaction recordings online are also very, very slow. Slow enough to the point that they'll somehow lump in a breakfast purchase at a restaurant multiple days in a week and transpose them to the same date, a long with a gas purchase two days prior to either of those transactions.

I know some of this is related to the merchants themselves, but on more than one occasion this has screwed me over and resulted in a negative three cent balance followed by a $30 over-drawn charge. I read in another banking thread on askmefi that this is intentionally coded, but yeah... definately not thrilled with their service.
posted by prostyle at 9:55 AM on November 4, 2005

I hate US Bank. Hate them. Loathe them. Would never do business with them again. They're the standard corporate behemoth the doesn't give a rat's ass about the littly guy (i.e. you), and is only out there to make a quick buck. I banked with them for ten excruciating years. No, fifteen! They fucked me over again and again with all their little niggly policies and charges.

This spring I opened an account at a credit union and left US Bank. (And how suddenly US Bank proclaimed they would do anything to keep me as a customer! "What can we do to keep your business?" Fuckers.) Yes, the credit union only has four ATMs in all of Portland, but so what. I can use the ATM card at many other credit unions without a fee, and I can use it as a debit car anywhere else and just get money back.

US Bank sucks.
posted by jdroth at 10:08 AM on November 4, 2005

Prostyle's comments regarding US Bank's online facilities are spot-on. The interface is clumsy, the information isn't updated in real time, and it's even sometimes inaccurate (!!!). The credit union I switched to — a local credit union with only three branches — has a better online system than US Bank. (And the credit union updates every transaction in real time.)

Another thing: good luck guessing when your deposits at US Bank will be available.

One final rant: we currently use US Bank for our business, and we hate it. (The person who would need to approve a switch isn't involved in day-to-day operations and so doesn't care.) They're always ticking us with $2 here and $7 there. It's insane. We get a sick delight in calling to complain about every single fee. We take turns. Not that it does any good.
posted by jdroth at 10:14 AM on November 4, 2005

I can't bitch about US Bank enough. They will absolutely rape you up the ass with over-draft charges if they can. I managed to get something like $300 overdraft charges once because I deposited my first paycheck at another ATM, and it took a week for the cash to get placed in my account, meanwhile they were charging me $35 over draft charges on many small purchases.

I also recently got hit with overdraft charges when my debit card was authorized rather then actually charged.

Also, their website is seriously underwhelming. It's useable, I guess, and the online bill payment is nice (they'll actually mail the checks for you, but I think most banks do this)

But anyway, I am definitely not very happy with them.
posted by delmoi at 10:35 AM on November 4, 2005

As far as their practices go, purely anecdotal evidence around the midwest suggets US Bank is slow. They have some "5 star service gaurantee", a list of bullet points that, if encountered in the course of service, will net you $5. You'll be so pissed off so frequently that you won't even have the energy to complain and get your $5. Only twice of the dozens of odd times I've complained/had something go wrong was I actually credited the 5 bucks.

I have a funny story about that. I went to a branch down-town to use their ATM, but it was out of service so I had to go in. Not a big deal, I thought, but they gave me a $5 credit on that. That was nice.

Still doesn't make up for all the fucking overdraft charges they've given me, of course.
posted by delmoi at 10:38 AM on November 4, 2005

I love BofA -- their online bill-pay is great (I haven't written a check in months!) and there are literally ATMs everywhere I go (including airports, which is nice). I switched to them when I had a mortgage bought by them and they offered fee-free checking. However, if you don't have a mortgage with them, in order to use all of the online services and have no fees, I think you have to carry either $5000 in your checking/savings account or $15k(!) in your money market account. (at least this was true a couple years ago when I refinanced my mortgage). I don't think you can control BofA with Quicken, but their website says you can download your banking information in an M$ Money or Quicken format.

My fiance is with a credit union and likes it as well. His has good online services (although not as great as BofA) and there are a few free-use credit union ATMs in this town. I think he has to carry $50 in his savings account for no fees. Some credit unions reimburse for the fees charged by the other bank's ATM.

It really just depends on how you use your money.
Do you like paying all your bills online? Do you go to the ATM frequently? Is there one near your home/work/places you frequent? How much do you generally keep in your accounts? Do they have/do you need overdraft protection?
posted by j at 10:40 AM on November 4, 2005

At least here in Washington, Bank of America offers free checking if you have direct deposit of your paycheck, with no minimum balance, or with a $500 minimum balance if you don't have direct deposit. Can't imagine their account offerings are that different elsewhere.
posted by kindall at 11:32 AM on November 4, 2005

My workplace banking used to be with Fleet, which was bought out by Bank of America. I was really apprehensive about the change, because they're such a big company, but I have to say I have been blown away by their service and professionalism.

Their customer service has been truly outstanding for me. Recently, I was stuck with someone else's restaurant bill on my debit card - an accident. The charge even put me into overdraft. I called BoA, got a human right away, explained the problem. They not only pursued the matter with the restaurant and cancelled the charge, they also cancelled the OD fees and gave me a temporary credit -- from BOA funds -- to cover the mistaken charge, based only on my claim. This would never have happened with my old bank. I've had a few smaller issues that were resolved politely and professionally, as well. I am surprised by how much I like them.
posted by Miko at 11:34 AM on November 4, 2005

Another vote for Bank of America. Online bill-pay and the rest of the website features are great, no hassles, customer service experiences have been excellent.

I have my personal accounts there, and my wife and I have a joint checking account there; she's about ready to switch her personal accounts from Citibank to BofA, I think.
posted by enrevanche at 12:09 PM on November 4, 2005

My debit card has been stolen not once, but TWICE..each time resulting in about $400 of random charges..

Bank of America covered the charges, no questions asked, within HOURS. I'm a big fan.
posted by pencroft at 1:33 PM on November 4, 2005

Well Bank of America must hate me specifically. I've never gone in and not had a problem. Example: I go to a teller to buy travellers' cheques and they don't want to take the money out of my account, but want me to go upstairs to the ATM, get money from there and then come back down get back in line and use cash to buy the traveller's cheques. e.g. 2, They tell me to change my savings account and that the new account won't have service chargers. Then I realize they're taking $7 out each month.

They have a good interface for online transactions, and plenty of ATMs. But any time I have to see a teller, the teller's give the impression of being annoyed by having to provide banking services.

Their overdraft protection seems to be based on some annoying system. Instead of overdraft protection, its an affiliated line of credit that they draw from if the account would become overdrawn. And if that's not annoying enough, if you're going to go $5 over, they don't just take $5 from the line of credit, they take $100.

They also don't have daily interest chequing accounts, but no one around here seems to have them.

I would absolutely change to another bank, if I weren't too lazy to change my direct deposits and if I weren't moving soon anyway.
posted by duck at 2:13 PM on November 4, 2005

If you have a decent savings account, it's worth looking at non-local investment banks.

I'm extremely happy with Fidelity's online offerings, and I get no-fee ATM usage as well (no fee from Fidelity, and they reimburse me for fees charged by other banks up to some limit that I forget, because I've never hit it).
posted by I Love Tacos at 2:45 PM on November 4, 2005

Instead of overdraft protection, its an affiliated line of credit that they draw from if the account would become overdrawn.

Um, that's the very definition of overdraft protection. No? The bank lends you money if you overdraw your account. Is there some other kind?
posted by kindall at 2:46 PM on November 4, 2005

Um, that's the very definition of overdraft protection. No? The bank lends you money if you overdraw your account. Is there some other kind?

No, I mean this is a seperate account. So overdraft protection would normally mean that your chequing account can go into a negative balance (and yes, obviously that's because they're lending you the money and charging you interest). So if you looked at your statement it would say your balance was -$15.43 or whatever. So when you deposit money it gets added that that balance and presuming you've deposited more than $15.43, it brings your balance back on the postive side and you no longer owe them money and they're not longer charging you interest.

But what B of A does is they create a whole separate line of credit account and then when you're going to go into overdraft, they transfer money (and more than you need) from the credit line to the chequing account. The result is that when you deposit money in your chequing account, it doesn't pay your debt. If it were up to them it they would just take some tiny minimum payment from your account each month and let you keep paying them interest forever even if you had a million dollars sitting in your chequing account.
posted by duck at 3:07 PM on November 4, 2005

I'm a BofA customer, and their website is great (yes, you can download for MS Money and Quicken). That said, I think that they are a faceless corporation and I would like to be done with them (tolls have since been removed).
posted by Four Flavors at 3:24 PM on November 4, 2005

People still pay ATM fees? A good bank will refund you the fees charged by the ATM operator. I have two accounts like this. My Keypoint Credit Union checking account requires direct deposit to get free refunds. My E*Trade brokerage account allows five refunds per month but has a $160/year account service fee. However, the service fee is just to discourage inactive accounts and there are a million ways to get it waived automatically. I've never had to pay it.
posted by ryanrs at 3:43 PM on November 4, 2005

Bank of America has ATMs all over St. Louis. There's one in every Schnucks (if not a bank itself). And they've always been really nice to me about rescinding overdraft fees.
posted by neda at 4:26 PM on November 4, 2005

I had BofA for a few years. I remember that I got sacked with fees for using my ATM card x amount of times in a month and if my checking went under 500.00, I got sacked with fees per day that it was under. Same with the savings acct. Fees on transfer from savings to checking.

I have UsBank now. I got them when they were Firststar and had this workplace checking acct deal. I get charged no fees whatsoever. The only thing that ever caught me off guard is that you have to ask for overdraft protection from your savings acct. It isn't assumed to be there.

Do I know you? I think I do. You may be the person who brought me gin and pudding and smokes after I walked out of said job I got the workplace checking through.

The USBank on Southwest and Brannon has the oldest drive through vacuum tube machines I've ever seen.
posted by pieoverdone at 4:40 PM on November 4, 2005

No, I mean this is a seperate account. So overdraft protection would normally mean that your chequing account can go into a negative balance (and yes, obviously that's because they're lending you the money and charging you interest). So if you looked at your statement it would say your balance was -$15.43 or whatever. So when you deposit money it gets added that that balance and presuming you've deposited more than $15.43, it brings your balance back on the postive side and you no longer owe them money and they're not longer charging you interest.

I have never ever seen a bank that did overdraft protection this way.
posted by kindall at 5:42 PM on November 4, 2005

Seconding USAA. Fabulous bank, fabulous service. And the no-ATM fees *anywhere* is awfully nice.
posted by sirion at 1:04 PM on November 5, 2005