Help me pick a new bank!
April 1, 2016 8:31 AM Subscribe
I have (correction:had) a bank account in the US with Chase. They have closed my account for an undisclosed reason, so I am now seeking suggestions for a new bank in the US.
Needs:
1. I need to be able to sign up for it without being physically present in the US or having any other bank/credit card accounts in the US.
2. Minimal activity on the account should be ok with the bank.
3. No monthly fee.
Wants:
1. A low minimum balance requirement.
2. Internet banking
Other possibly relevant information:
I can provide a physical address in the US. My permanent address is with close relatives in Michigan.
2. I normally reside in Pakistan.
Needs:
1. I need to be able to sign up for it without being physically present in the US or having any other bank/credit card accounts in the US.
2. Minimal activity on the account should be ok with the bank.
3. No monthly fee.
Wants:
1. A low minimum balance requirement.
2. Internet banking
Other possibly relevant information:
I can provide a physical address in the US. My permanent address is with close relatives in Michigan.
2. I normally reside in Pakistan.
Do you qualify for USAA?
posted by Night_owl at 8:45 AM on April 1, 2016 [4 favorites]
posted by Night_owl at 8:45 AM on April 1, 2016 [4 favorites]
Capital One 360 (formerly ING Direct) should suit you nicely for this; no minimums or fees and it's all online.
posted by Tomorrowful at 8:48 AM on April 1, 2016 [3 favorites]
posted by Tomorrowful at 8:48 AM on April 1, 2016 [3 favorites]
Capital One 360 does have to have a linked account to sign up/do your first funding but I don't know if it has to be a US account.
Other than that I would totally recommend them. I have a Checking and 4 Savings Accts with them. Once you are a member opening additional savings accounts is like a 2 minute process, great for keeping savings goals separate.
posted by magnetsphere at 8:52 AM on April 1, 2016
Other than that I would totally recommend them. I have a Checking and 4 Savings Accts with them. Once you are a member opening additional savings accounts is like a 2 minute process, great for keeping savings goals separate.
posted by magnetsphere at 8:52 AM on April 1, 2016
Ally is good, if you don't mind some of their shady business practices that are theoretically now in the past. Most of the big 20 banks should be able to meet your needs as well as credit unions.
I will note that the undisclosed reasons may be related to things you've mentioned in past asks. If you want to see the sorts of things that will get your account flagged, here's some documentation. If that is what caused your problem with Chase, opening up a new account with a MI address and sending money to Pakistan may be enough to get the new one flagged. Geolocation based on IP addresses is also a factor in spotting weirdness.
Or they might well have just decided that your account wasn't active enough to keep you as a customer. But it seemed like it merited mentioning.
posted by Candleman at 8:58 AM on April 1, 2016 [1 favorite]
I will note that the undisclosed reasons may be related to things you've mentioned in past asks. If you want to see the sorts of things that will get your account flagged, here's some documentation. If that is what caused your problem with Chase, opening up a new account with a MI address and sending money to Pakistan may be enough to get the new one flagged. Geolocation based on IP addresses is also a factor in spotting weirdness.
Or they might well have just decided that your account wasn't active enough to keep you as a customer. But it seemed like it merited mentioning.
posted by Candleman at 8:58 AM on April 1, 2016 [1 favorite]
Another +1 to Capital One 360. It does what you need if you are able to open an account.
posted by osi at 8:59 AM on April 1, 2016
posted by osi at 8:59 AM on April 1, 2016
You ought to find out why Chase closed the account. If you are regularly accessing the account from Pakistan there may be some sort of Patriot Act/AML bullshit that you will run into at any bank.
posted by AugustWest at 9:26 AM on April 1, 2016 [8 favorites]
posted by AugustWest at 9:26 AM on April 1, 2016 [8 favorites]
seconding credit union.
posted by lunastellasol at 9:31 AM on April 1, 2016
posted by lunastellasol at 9:31 AM on April 1, 2016
Citibank don't have monthly fees and excellent internet banking, although to open an account online you must be a citizen or resident alien - I'm guessing that'll be a requirement for most banks offering online registration. If you are neither - it'd be helpful if you chimed in here with your status - then determining if any bank will actually permit you to open an account online without those details would probably be more of requirement vs your other needs and wants.
Also, to Candleman's point, Citibank are *really* vigilant about activity outside your (alleged) home location - when I travel abroad, even though I put travel notes on my account, they're all over my transactions, which often requires calls to the Fraud dept to resolve.
posted by 7 Minutes of Madness at 9:56 AM on April 1, 2016 [1 favorite]
Also, to Candleman's point, Citibank are *really* vigilant about activity outside your (alleged) home location - when I travel abroad, even though I put travel notes on my account, they're all over my transactions, which often requires calls to the Fraud dept to resolve.
posted by 7 Minutes of Madness at 9:56 AM on April 1, 2016 [1 favorite]
Many people answering may not realize what a headache US banking is as a foreigner (are you a US citizen/permanent resident? You didn't mention). My (careful and rule abiding) boyfriend gets his account frozen a few times a year just because of occasional legitimate transactions to/from family in the middle east, and typically those freezes can only be resolved in person.
Most small or online banks that I know of will reject non-permanent-residents, even if they have a SSN and American banking history, because they just don't want to deal with the liability. From what I've heard, you're pretty much limited to the big chains - so maybe try Citi or Bank of America. It's possible that credit unions attached to industries/places that have a lot of foreigners are also more willing to work with you (I've heard that the UN Credit Union is very easy to qualify for and I'd imagine they're pretty familiar with international-centric transactions).
posted by R a c h e l at 10:27 AM on April 1, 2016 [2 favorites]
Most small or online banks that I know of will reject non-permanent-residents, even if they have a SSN and American banking history, because they just don't want to deal with the liability. From what I've heard, you're pretty much limited to the big chains - so maybe try Citi or Bank of America. It's possible that credit unions attached to industries/places that have a lot of foreigners are also more willing to work with you (I've heard that the UN Credit Union is very easy to qualify for and I'd imagine they're pretty familiar with international-centric transactions).
posted by R a c h e l at 10:27 AM on April 1, 2016 [2 favorites]
I love Schwab. Investor Checking is no fees. Always a live person to answer the phone. All ATM fees are refunded. Checks are free. It's a class act.
posted by schmattakid at 10:32 AM on April 1, 2016
posted by schmattakid at 10:32 AM on April 1, 2016
Oh, I see from your question history that you're a citizen. Disregard most of what I said, then - I don't really know enough to speak to citizens living abroad.
You may have luck opening an account with an online-only bank and they're pretty much all awesome for all the other things you want (most have no fees, no minimums, and very capable online banking). Here's one list. Personally, I bank with Ally and I'd never go back to traditional banks...I love having good 24-hour phone service and the general lack of fees.
posted by R a c h e l at 10:32 AM on April 1, 2016
You may have luck opening an account with an online-only bank and they're pretty much all awesome for all the other things you want (most have no fees, no minimums, and very capable online banking). Here's one list. Personally, I bank with Ally and I'd never go back to traditional banks...I love having good 24-hour phone service and the general lack of fees.
posted by R a c h e l at 10:32 AM on April 1, 2016
Also, you might want to look specifically at ex-pat message boards to see what their experiences banking in the US from Pakistan have been.
posted by Candleman at 10:41 AM on April 1, 2016
posted by Candleman at 10:41 AM on April 1, 2016
I'd talk directly to a credit union. Most are wonderful to their customers. (I am a personal fan of BECU.) If you have any military connection in your family, I second that USAA is a good option too. Lastly, though it is a behemoth, Bank of America is surprisingly strong on customer service and has decent banking products.
posted by bearwife at 10:50 AM on April 1, 2016
posted by bearwife at 10:50 AM on April 1, 2016
USAA is great, meets all your criteria, and you don't have to have a military connection for their banking products.
posted by dadaclonefly at 10:57 AM on April 1, 2016 [1 favorite]
posted by dadaclonefly at 10:57 AM on April 1, 2016 [1 favorite]
I'm very very impressed with my Capital One 360 Checking account. My chip/PIN card works great in The Netherlands. No fees. Photo check deposits. I'm going to close out my brick and mortar checking account when I get back to The States.
posted by humboldt32 at 12:16 PM on April 1, 2016
posted by humboldt32 at 12:16 PM on April 1, 2016
Response by poster: To clarify, I'm a US citizen.
And transactions are not usually made outside of the US. I keep the account to pay bills in the US, and for use when I'm actually in the US.
USAA tells me I need to be currently or formerly in the military or be an eligible family member.
posted by bardophile at 2:40 PM on April 1, 2016
And transactions are not usually made outside of the US. I keep the account to pay bills in the US, and for use when I'm actually in the US.
USAA tells me I need to be currently or formerly in the military or be an eligible family member.
posted by bardophile at 2:40 PM on April 1, 2016
I like simple I've been with them a few years and they seem to meet your criteria.
posted by catrae at 2:49 PM on April 1, 2016
posted by catrae at 2:49 PM on April 1, 2016
Seconding schmattakid's suggestion of Schwab investor checking. Everything is done online, bill pay is good. No minimum balance, pretty much no fees that I have paid, and they refund ATM fees internationally! I also regularly use their mobile check deposit feature via their smartphone app.
P.S. If you need to send/receive money to/from overseas, then you also need to open a Brokerage account with them because the bank account can only transact within U.S. accounts. But, with a brokerage account you can wire to/from money overseas and then transfer it internally between brokerage and bank account.
posted by thewildgreen at 10:45 PM on April 1, 2016
P.S. If you need to send/receive money to/from overseas, then you also need to open a Brokerage account with them because the bank account can only transact within U.S. accounts. But, with a brokerage account you can wire to/from money overseas and then transfer it internally between brokerage and bank account.
posted by thewildgreen at 10:45 PM on April 1, 2016
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posted by Oyéah at 8:36 AM on April 1, 2016 [3 favorites]