Best Bank in Austin?

November 8, 2007 1:15 PM

Bank recommendations in Austin?

So, I'm moving to Austin this month, and need to open a bank account. Local? National? This is my first bank account (yeah mooching off parents for too long) so I'm not even sure what to look for. I'll be doing direct deposit for my paychecks, and I guess "free checking" is the big banking catchphrase. I really just need a checking account, as I've yet to accrue any sort of savings.

So, I'd like to hear your recommendations, advice, establishments to avoid, etc.

Thanks!

posted by theRussian to work & money (13 comments total)

You know that bank that shares its name with part of the title of a song from The Music Man?

Not that one.
posted by bluishorange at 1:23 PM on November 8, 2007 [1 favorite]

I've been with Bank of America for 12 years and have never had a complaint. They have a lot of branches and stand-alone ATMs in Austin so you can always get ahold of cash easily, without having to use an out-of-network ATM (same when you're traveling). They offer free checking with a monthly direct deposit.
posted by puritycontrol at 1:28 PM on November 8, 2007

I highly recommend University Federal Credit Union. Their staff are friendly and excellent. I've had the CEO personally reply to e-mails. And I never would have imagined that a local credit union would make it so easy to bank from overseas.

The only caveat is that you have to be a member, employee, or student of one of the qualifying organizations, or have an immediate family member who is. I'm not sure whether paying a one-time $15 to join Wheatsville to get eligibility is worth it.
posted by grouse at 1:29 PM on November 8, 2007 [1 favorite]

You might want to read past Consumerist stories on Bank of America.
posted by grouse at 1:31 PM on November 8, 2007

I opened an account with Frost Bank when I moved to Austin in '96, and have stayed with them ever since (even after a move to Houston). Great PERSONAL customer service, and conveniently-located branches.
posted by mrbill at 1:40 PM on November 8, 2007

united heritage credit union's "heritage checking" accounts yield 6.01% apy if you (1) sign up for e-statements, (2) make at least 10 debit card transactions per month, and (3) set up either (a) a monthly auto-debit for a bill or (b) a monthly direct deposit. from what i hear it's a steal of a deal. if you meet the requirements, you get the monthly 6.01% apy dividends on the first $25,000 of your checking account balance and get all atm fees (from any atm) refunded at the end of each month.
posted by ncc1701d at 1:59 PM on November 8, 2007

University Federal Credit Union, as grouse pointed out, is a great local Credit Union. One thing to keep in mind, however, is that they have a $32.50 overdraft fee for every charge. It's quite substantial for a bank that caters to college students who overdraft too often.

If you do go with UFCU, or any bank for that matter, look into getting a $100 or $200 line of credit so if you accidentally overdraft they can pull the money out of that line of credit and just charge you a $3 fee for the auto-transfer.

Other than that, I second the recommendation for UFCU.

My work banks with Frost Bank. I believe they are a state-wide bank and we've had a lot of good experience with them. They are very professional and friendly.
posted by lockle at 2:11 PM on November 8, 2007

I've been with Frost for quite some time and appreciate them.
posted by Addlepated at 2:26 PM on November 8, 2007

Thirding UFCU.
posted by pogo at 3:00 PM on November 8, 2007

Oh dear lord, I wouldn't consider anything other than UFCU. We joined through our membership with Wheatsville Food Co-op, but there are dozens of ways you can become a member.
posted by spikeleemajortomdickandharryconnickjrmints at 5:16 PM on November 8, 2007

STAY AWAY FROM VELOCITY.

Those bastards are thieving, conniving, angry, horrible people. I was APPALLED with how I was treated by a "local" bank.
posted by Espoo2 at 5:17 PM on November 8, 2007

I've been with Wells Fargo since 1996. Never had a compliant, and typically have excellent customer service.

Watch out for the overdraft issue, it's a killer when you're starting out on your own. Seconding the small line of credit that is only used for overdraft protection. Wells Fargo offers this service for free, last I checked.
posted by Pants! at 6:33 PM on November 8, 2007

A co-worker of mine has had an epic and stunningly bad customer service experience with Bank of America in Austin, for what it's worth. They were incompetent, could not communicate with each other and probably just plain unwilling to do anything to help him clear up his problem.
posted by picea at 6:53 AM on November 9, 2007