Banking in Los Angeles, with low balances and many cash deposits.
February 13, 2012 4:45 PM   Subscribe

People of Pasadena ... and the rest of Los Angeles. How do you carry a low balance in a bank or credit union, and not get charged for having less than $100? Also, unlimited access to the CO-OP ATM network, for cash deposits.

Moved my money away from BofA, to the nearby Lockheed FCU. Great, right? And then I discovered that having less than $500 after the first three months incurs a monthly $5 low balance fee.

So I'm currently looking for a new credit union, to escape the monthly fee. I think I've looked at a good amount, but nothing has come up yet. Some have laughable online banking systems that are hosted on a remote site, or surprising features such as only 5 free ATM transactions (and not just withdrawals) per month. I deposit cash about 5 times a week!

I'm hoping for:
- no monthly fees AT ALL. I don't have the direct deposit that would waive the usual monthly fee.
- unlimited, free access to the Co-op network, for cash deposits
- no membership fee (or a low one) for opening the account
- good online banking system

I have an account with Ally, and the only thing that stops it from being perfect is the (understandable) lack of cash deposits. :(
posted by Xere to Work & Money (4 answers total) 4 users marked this as a favorite
Mine is First Entertainment and I think it has all of those things. I can't recall being charged a fee for anything in ten years. It used to be you had to work in the entertainment industry, but I think they've relaxed that.
posted by drjimmy11 at 4:49 PM on February 13, 2012

From the website:

We want you to be a member! There are no elaborate initiation ceremonies or secret handshakes involved. Membership in First Entertainment Credit Union is open to the employees, their families and retirees of companies served by First Entertainment, and to most individuals who work, live, attend school or worship in the Greater Los Angeles Area.

Here’s how to get started:
Just open a First500 Savings Account with a minimum deposit of $5.00 plus a one-time non-refundable membership fee of $5.00. Members are eligible for other services including: Value and Advantage Checking, Debit and Visa® Cards, Money Market accounts, Term Savings Certificates, online banking with and Internet Billp@yer, helpful loan programs including Home Loans, plus auxiliary benefits like discount auto buying services.

posted by drjimmy11 at 4:51 PM on February 13, 2012

I'm with LA Financial
They have free checking as long as you don't receive paper statements. Checking Accounts
posted by amapolaroja at 5:09 PM on February 13, 2012

Kinecta FCU meets all those requirements.
posted by SLC Mom at 6:26 PM on February 13, 2012

« Older Desk or near-desk exercise options   |   How to record a Google video chat session? Newer »
This thread is closed to new comments.