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Which major instution I should bank with...

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Mega Contributor

Re: Which major instution I should bank with...


@Open123 wrote:

@longtimelurker wrote: (Everbank/Ally/Barclays for example).  

Barclays has a bank?  Mind giving me the quick pros and cons?

 

Thanks!


I assume you know that Barclays PLC is a global bank, and you are asking about the online US bank...

I use their online savings account for short-term funds, and at the time I opened it was the best rate out there.  Currently it is one of the leaders, but at 0.90%, not a substitute for other income!   It is fee free, takes remote deposits from Android, and no unreasonable limits on ACH transfers (one of my previous banks, TIAA Direct, started a $5K limit on outbound transactions, which made it useless).

Message 31 of 68
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Super Contributor

Re: Which major instution I should bank with...


@longtimelurker wrote:

@Open123 wrote:

@longtimelurker wrote: (Everbank/Ally/Barclays for example).  

Barclays has a bank?  Mind giving me the quick pros and cons?

 

Thanks!


I assume you know that Barclays PLC is a global bank, and you are asking about the online US bank...

I use their online savings account for short-term funds, and at the time I opened it was the best rate out there.  Currently it is one of the leaders, but at 0.90%, not a substitute for other income!   It is fee free, takes remote deposits from Android, and no unreasonable limits on ACH transfers (one of my previous banks, TIAA Direct, started a $5K limit on outbound transactions, which made it useless).


Yes, I didn't realize they had an "online" bank.  90 bps is excellent!

 

Thanks, I'm gonna check them out.

Message 32 of 68
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Frequent Contributor

Re: Which major instution I should bank with...

Enxias- They will, start using your card more heavily and they will warm up to you, that or they must like me alot...

 

Bribro- Pretty much what Hiline said. 

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Message 33 of 68
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Valued Contributor

Re: Which major instution I should bank with...


@HiLine wrote:

@bribro wrote:

@bluesnowman wrote:

I'm with BOFA and Chase. I have had excellent experiences with both of them, however BOFA has the better of the online accounts, while Chase has the better CC portfolio. I also have a ROTH IRA (I opened it a couple of days ago) with Fidelity, and their customer service is good so far. Did I mention Chase has been really generous to me CL wise, even though my income is rather low (I'm a student.) and I will utilize their cards as much as I can. Even Amex or Citi hasn't been as generous to me. 



I've heard this a few times. What makes BofA's online experience better?


The online banking function is extremely well-developed and provides easy access to all financial accounts you have with BofA. BofA banking accounts typically carry more perks than those at other banks: you get free access to select museums, no maintenance fee if you use ATM's for simple transactions, no limit on credit card payments, and access to online shopping and local deals. Having a BofA banking account also gives you more value from their credit card rewards, typically 10% of the regular reward earning rate. Other major banks have a long way to go to catch up with BofA's online banking system.


 

How is that any different from Chase though? You can see your entire JPMC relationship online or via mobile apps, and as I recall Chase invented mobile check deposit technology. Chase account holders also have free access to museums (at least in the Bay Area). There's no limit on credit card payments that I'm aware of. Similar fee structure to BofA for basic checking accounts. You get a 10% bonus on the Chase Freedom credit card.

 

You could have replaced "BofA" with "Chase" in the post above and I wouldn't have known any better. Smiley Happy

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Message 34 of 68
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Blogger

Re: Which major instution I should bank with...


@bribro wrote:

@HiLine wrote:

@bribro wrote:

@bluesnowman wrote:

I'm with BOFA and Chase. I have had excellent experiences with both of them, however BOFA has the better of the online accounts, while Chase has the better CC portfolio. I also have a ROTH IRA (I opened it a couple of days ago) with Fidelity, and their customer service is good so far. Did I mention Chase has been really generous to me CL wise, even though my income is rather low (I'm a student.) and I will utilize their cards as much as I can. Even Amex or Citi hasn't been as generous to me. 



I've heard this a few times. What makes BofA's online experience better?


The online banking function is extremely well-developed and provides easy access to all financial accounts you have with BofA. BofA banking accounts typically carry more perks than those at other banks: you get free access to select museums, no maintenance fee if you use ATM's for simple transactions, no limit on credit card payments, and access to online shopping and local deals. Having a BofA banking account also gives you more value from their credit card rewards, typically 10% of the regular reward earning rate. Other major banks have a long way to go to catch up with BofA's online banking system.


 

How is that any different from Chase though? You can see your entire JPMC relationship online or via mobile apps, and as I recall Chase invented mobile check deposit technology. Chase account holders also have free access to museums (at least in the Bay Area). There's no limit on credit card payments that I'm aware of. Similar fee structure to BofA for basic checking accounts. You get a 10% bonus on the Chase Freedom credit card.

 

You could have replaced "BofA" with "Chase" in the post above and I wouldn't have known any better. Smiley Happy


Did not know Chase offered free museum access. Do you have a list of eligible places?

Chase will not allow multiple credit card payments within 3 days. And they won't let you pay more than the outstanding balance. The user interface is not as visually pleasing, friendly or informative. No tab browsing. 10% bonus is on the Freedom only. No local deals. Minimum deposit requirement for maintenance fee waiver.

I don't see how you can possibly compare Chase to BofA in this regard. Chase ranks below even Citi and Wells Fargo. https://scorecards.keynote.com/viewscorecard.aspx?iid=1&scid=10058&oid=1

Message 35 of 68
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Super Contributor

Re: Which major instution I should bank with...

I find BofA's online banking the most intuitive to use, most secure (where I enter a unique code for relevant changes, forgot the term), and most efficient bill pay. For instance, when entering into Chase or Citi, they have trouble instantly finding my vendors requiring me to fill in the blanks.  BofA has them all listed.

 

With large money wires/transfers, I still feel most comfortable with BofA's online security protocols. 

 

PS - Also, portal to Merrill Edge is much better than most other bank's investment arms.

 

PS 2 - While this may not matter to some - has no fees, dda requirement, and/or other conditions, such as "x" number of debit card transactions. Completely free without conditions, which is important to me.

Message 36 of 68
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Blogger

Re: Which major instution I should bank with...

If you haven't had a BofA online banking experience and are curious about the user interface that Open123 and I talked about, feel free to check out my blog post: http://hiepsfinance.com/2013/03/03/bank-of-americas-credit-cards-an-insiders-view/

Message 37 of 68
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Established Contributor

Re: Which major instution I should bank with...


@Open123 wrote:

I find BofA's online banking the most intuitive to use, most secure (where I enter a unique code for relevant changes, forgot the term), and most efficient bill pay. For instance, when entering into Chase or Citi, they have trouble instantly finding my vendors requiring me to fill in the blanks.  BofA has them all listed.

 

With large money wires/transfers, I still feel most comfortable with BofA's online security protocols. 

 

PS - Also, portal to Merrill Edge is much better than most other bank's investment arms.


I agree. When I had my BofA business checking account, I felt that their online banking is the most secured out of all the banks I've dealt with.

BTW, since I used to bank with them, would they backdate their CC???

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Message 38 of 68
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Super Contributor

Re: Which major instution I should bank with...


@enxinas wrote:

I agree. When I had my BofA business checking account, I felt that their online banking is the most secured out of all the banks I've dealt with.

BTW, since I used to bank with them, would they backdate their CC???


They don't backdate CCs, though they do list "member since" on debit/atm cards.  Aside for posterity's sake, not sure if there's any benefit to it.

 

Their online buisness suite with payroll integration is the main reason why we use them.  We've considered many times to move our business banking to Chase, but find it difficult to replace the ease and familiarity we have with their online banking features.  

Message 39 of 68
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Valued Contributor

Re: Which major instution I should bank with...

I like Chase, they gave me CC: Freedom, CSP

 

while....

 

I used to have WF, but they show me no love. They offered secured CC to me that when I Axe'd them.

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