Author Topic: Pros and Cons of Different Banks  (Read 4173 times)

Offline aygart

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Re: Pros and Cons of Different Banks
« Reply #45 on: January 02, 2019, 11:34:59 AM »
Here are the banks on my list:

Citi - longest relationship, though just running $1 in bill pay and $1 in direct deposit to keep fee free. Biggest pro IMHO is how they handle online bill pay for payors that get a paper check. Unlike other banks there's no way for that to cause an inadvertent overdraft.

TD - been with them since the days they were commerce bank.
Pros - local branches and next day fund availability on check deposits (occasionally they'll put a hold until just before the end of the next business day, but that won't cause an NSF or NCF).

Cons - low limits (daily, weekly, monthly) on mobile check deposit, but that's mitigated a drop with their physical presence.

Chase - Opened to gain Freedom 10+10 a"h. Keeping open just because I have so many Chase CC. Keeping fee free with $250 monthly direct deposit.

Pros - Excellent technology, check and deposit images online.

Don't use the checking account much to be able to comment beyond this.

USAA - Opened at a time when they had it available to everyone (though without mobile deposit - which became available later, probably when they closed general available).

Pros - Excellent funds availability, high mobile deposit limits, ATM fee reimbursement, no fee for incoming wires, desktop deposit with any scanner, excellent ACH hub to move funds between accounts in various institutions with great funds availability.

Cons - Zelle only available on mobile app (as far as I can tell), low limits for Zelle transfers (though it's mitigated a drop with ACH functionality combined with funds availability and ATM fee reimbursement.

Schwab

Pros - Worldwide ATM fee reimbursement. Possibly other pros, but I opened the account solely for this purpose and fund on an as needed by ACH.

Cons - Need to open a brokerage account. No Zelle.

Fidelity - Recently opened after issues with CUs were raised, and was looking for a decent alternative for my HSA. Found their HSA to be better than the one I had with Elements Financial (Previously ELFCU - Eli Lilly Federal Credit Union), and once I was there I also opened a Cash Management Account for free outgoing wires.

Pros - Cash Management Account, can do trading and "checking" in single account (unlike Schwab that opens a Schwab Bank account and a separate linked Brokerage account), very competitive APR options available for Cash Balances, FREE outgoing USD wires.

Cons - Very cumbersome online interface, no Zelle, TERRIBLE funds availability, extremely long telephone wait times to speak to someone (might have been Year End related), international wires require sending in a form with instructions and potentially a week before it's available (also requires Medallion Signature Guarantee).

smallbusinessbank.com (aka Gardner Bank)

Pros - No fees or minimums for account or for Remote Check Capture.  Despite somewhat cumbersome interface, nice calendar view of bill-pay/ACH. Despite being an online bank, itís actually a one or two branch local community bank in MO (IINM), you can develop personal relationships.

Cons - Useless mobile app.

The vast majority of the various items which you use various banks for are all included in CPC.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline rileywiles23

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Re: Pros and Cons of Different Banks
« Reply #46 on: January 02, 2019, 12:29:22 PM »
The vast majority of the various items which you use various banks for are all included in CPC.
Minus the eventual shut down
Life is as good as you make it...

Offline a good yeshiva bachur

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Re: Pros and Cons of Different Banks
« Reply #47 on: January 02, 2019, 12:41:54 PM »
You asked:

And I responded by showing you who actually owns it.
that much i figured, what i cant understand is if its a yes or no?

Offline ExGingi

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Re: Pros and Cons of Different Banks
« Reply #48 on: January 02, 2019, 12:42:57 PM »
The vast majority of the various items which you use various banks for are all included in CPC.

א"ר אושעיא מאי דכתיב צדקת פרזונו בישראל צדקה עשה הקב"ה בישראל שפזרן לבין האומות

Also, IINM CPC has qualification requirements that the ones I mentioned don't.

ETA:


הצד השווה of all the banks I mentioned is that there aren't that burdensome requirements to be fee free. Of all the above TD is the only one of the banks that I deal with that requires a minimum daily balance to avoid a monthly service charge.
« Last Edit: January 02, 2019, 01:45:10 PM by ExGingi »
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Offline ExGingi

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Re: Pros and Cons of Different Banks
« Reply #49 on: January 02, 2019, 12:48:04 PM »
that much i figured, what i cant understand is if its a yes or no?

IINM most Halachic authorities don't consider interest paid or earned from US Public companies a problem. I guess it's a case of AYLOR.

That being said, I once bought shares in a public company, which I later realized was majority owned (and controlled) by a couple of Israeli partners. I was unable to get a clear answer of whether there are Ribis issues (most, if not all of their business was conducted in Europe and some African and Asian countries IINM) so I liquidated my position. Was also looking once at investing in a certain publicly traded US company. During my research I found out that insiders had a very significant (IIRC might have even been a majority) ownership stake, they seemed to be Jewish, and activities weren't anything I was comfortable with, so I took them off my radar screen.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline a good yeshiva bachur

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Re: Pros and Cons of Different Banks
« Reply #50 on: January 02, 2019, 12:52:10 PM »
IINM most Halachic authorities don't consider interest paid or earned from US Public companies a problem. I guess it's a case of AYLOR.

That being said, I once bought shares in a public company, which I later realized was majority owned (and controlled) by a couple of Israeli partners. I was unable to get a clear answer of whether there are Ribis issues (most, if not all of their business was conducted in Europe and some African and Asian countries IINM) so I liquidated my position. Was also looking once at investing in a certain publicly traded US company. During my research I found out that insiders had a very significant (IIRC might have even been a majority) ownership stake, they seemed to be Jewish, and activities weren't anything I was comfortable with, so I took them off my radar screen.
thanks for explaining

Offline aygart

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Re: Pros and Cons of Different Banks
« Reply #51 on: January 02, 2019, 04:22:39 PM »
א"ר אושעיא מאי דכתיב צדקת פרזונו בישראל צדקה עשה הקב"ה בישראל שפזרן לבין האומות

Also, IINM CPC has qualification requirements that the ones I mentioned don't.

ETA:


הצד השווה of all the banks I mentioned is that there aren't that burdensome requirements to be fee free. Of all the above TD is the only one of the banks that I deal with that requires a minimum daily balance to avoid a monthly service charge.
You aren't CPC from when it got everyone past 5/24 for the CSR 100k?  :o
Look back then and you will see how easy it is to become CPC.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline ExGingi

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Re: Pros and Cons of Different Banks
« Reply #52 on: January 02, 2019, 05:58:48 PM »
You aren't CPC from when it got everyone past 5/24 for the CSR 100k?  :o
Look back then and you will see how easy it is to become CPC.
Didnít need it then.

Easy to become and maintain despite not keeping significant balances?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline tzifanya54

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Re: Pros and Cons of Different Banks
« Reply #53 on: January 02, 2019, 08:09:13 PM »
Didnít need it then.

Easy to become and maintain despite not keeping significant balances?
Yes. I keep an average of 2k between savings and checking for both me and my wife, and we are both still CPC no issues.

Offline aygart

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Re: Pros and Cons of Different Banks
« Reply #54 on: January 02, 2019, 08:30:59 PM »
Didnít need it then.

Easy to become and maintain despite not keeping significant balances?
yup. Maintain is mostly irrelevant.


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Offline S209

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Re: Pros and Cons of Different Banks
« Reply #55 on: January 03, 2019, 02:30:35 AM »
You aren't CPC from when it got everyone past 5/24 for the CSR 100k?  :o
Look back then and you will see how easy it is to become CPC.
Link?
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Offline aygart

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Re: Pros and Cons of Different Banks
« Reply #56 on: January 03, 2019, 10:37:12 AM »
Link?
I woould need to search for it. Once I would need to do that so can you. IIRC it was even on DDMS. Just search for CPC or Chase Private Client.
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Offline S209

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Re: Pros and Cons of Different Banks
« Reply #57 on: January 03, 2019, 11:28:52 AM »
I woould need to search for it. Once I would need to do that so can you. IIRC it was even on DDMS. Just search for CPC or Chase Private Client.
I searched for it but didnít find any concrete steps to take, just that it seems they arenít too mkpid and it canít hurt to ask. Also that once youíre on, youíre good.
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Offline pcgeek

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Re: Pros and Cons of Different Banks
« Reply #58 on: January 23, 2019, 04:38:32 PM »
BOA is okay as long as you can do everything online. If you ever need to call them for something, be prepared to wait on hold for 1 hour. A problem I've never had at Chase or any other bank for that matter.

Offline ExGingi

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Re: Pros and Cons of Different Banks
« Reply #59 on: January 23, 2019, 04:44:52 PM »
BOA is okay as long as you can do everything online. If you ever need to call them for something, be prepared to wait on hold for 1 hour. A problem I've never had at Chase or any other bank for that matter.

What exactly makes them okay? @aygart's experience? Telephone (lack of) customer service?

IMHO they are definitely the big bank to avoid.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan