Best Banking Options (Savings/Checking)?

[MB2714]

I would print form first then go back in and do online application I think they can do it online but thay still have to have the physical form on file with your signature so even if you complete app online still print and mail form to them. Call lake Michigan Members Services at 1-800-242-9790 for details

[Anonymous]

Yeah, I see they also have chat available on the site.  With the crazy rates though, I don't understand why people would want to bank anywhere else (unless you like having physical branches).  3.00% interest rate is unheard of and is higher than most CDs.  The only somewhat annoying requirement is 10 debit transactions a month, but even then, that's relatively little in what you can earn.

Having the max ($15k) in an account will net you $450 in interest per year.  I'm thinking I might make the jump as LMCU seems to be 10 times better than even the nearest competitors (and they aren't really that near ).

[Anonymous]

I found the answer to my previous question about how to make the actual donation via a chat rep on their website:

"When you apply online if you are instant approved you will be able to fund your account online. In that funding includes a place for the ALS Donation. If you aren't instant approved then you would mail in a check for the donation."

I'm assuming they check your credit or else I haven't a clue how they determine whether you're an instant approval or a pending approval.

[OptimalFICO]

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@Anonymous wrote:

I'm not sure if this technically belongs here or not.  Most banks now a days do a hard pull when you open a checking account, so I figured why not.

What do you guys think are some of the top banks out there for savings and/or checking? I am currently with a local bank, but their rates are pathetically low, so I'm looking to move my money elsewhere.

I really like USAA because of their clean and smooth layouts, and just professional looking overall.  Their rates are a bit lower than I expected, however, with a max of 0.41% (I would fall in the 0.26% bracket anyways).

Ally has been another option I was looking at, but their website layout and funtionality isn't the best (or so I've read and heard).  Their interest rates are hard to beat though being 0.84% regardless of your balance.

Has anyone had experience with either bank and would you recommend them, or possibly a different bank altogether?

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Is anyone familiar with Ally and hard inquiries for new checking accounts?  I have a savings account with them but I have been given conflicting info. One rep said they'd do a soft inquiry but not to worry cuz it would take several of them to ding my credit, lol, and another said Ally would perform a hard inquiry of all three CRAs cuz it would be considered a new account even though I have a savings account! (but if I only wanted to open another savings account, this would only entail a soft pull). Has anyone had any actual experience with this?

[jsucool76]

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@OptimalFICO wrote:

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@Anonymous wrote:

I'm not sure if this technically belongs here or not.  Most banks now a days do a hard pull when you open a checking account, so I figured why not.

What do you guys think are some of the top banks out there for savings and/or checking? I am currently with a local bank, but their rates are pathetically low, so I'm looking to move my money elsewhere.

I really like USAA because of their clean and smooth layouts, and just professional looking overall.  Their rates are a bit lower than I expected, however, with a max of 0.41% (I would fall in the 0.26% bracket anyways).

Ally has been another option I was looking at, but their website layout and funtionality isn't the best (or so I've read and heard).  Their interest rates are hard to beat though being 0.84% regardless of your balance.

Has anyone had experience with either bank and would you recommend them, or possibly a different bank altogether?

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Is anyone familiar with Ally and hard inquiries for new checking accounts?  I have a savings account with them but I have been given conflicting info. One rep said they'd do a soft inquiry but not to worry cuz it would take several of them to ding my credit, lol, and another said Ally would perform a hard inquiry of all three CRAs cuz it would be considered a new account even though I have a savings account! (but if I only wanted to open another savings account, this would only entail a soft pull). Has anyone had any actual experience with this?

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When I opened my account I got a soft pull, and they soft me every so often, I guess to make sure I don't owe anyone a ton of money. I opened my account a few years ago though, so things may have changed. 

[OptimalFICO]

Did you open a savings account, checking or both?

[jsucool76]

I initially opened a money market, but later opened a checking with them. The checking was opened a couple months ago (I actually forgot about it) but I never got a HP for that either. I think they just soft you in order to make sure you're not in any trouble. They don't want you to owe people money that they're holding. 

[OptimalFICO]

It would be nice to get official confirmation right?! I keep getting conflicting responses... some reps say soft pull, others (even asking them to double check with supervisors) say hard pull. Very frustrating. I'm wondering if the process is automated or if it might depend on the rep processing the account opening.

Thanks for your input!

[jsucool76]

I applied online. I had to call in to verify some stuff afterwards but never got an hp on my report. I'm surprised about those responses, Ally CS has always been very good with me and I've never had any issue. They even stayed on the phone with me once through an online transaction (that turned into a phone transaction when it got denied) and a CSR sat there with me and manually approved my transaction (stayed on the phone with me for almost an hour) since it kept getting denied for no reason. 

I hate when CS doesn't know what they're talking about though. 

Edit: "Charles: We do confirm your personal information with 2 of 3 credit reporting agencies, however, this does not affect your credit score." Just got this response from a CSR. 

Edit 2: 

Jamie: Okay, great. To open an interest checking account it is a hard pull, it is a soft pull to open an online savings account and money market account. It is simply just a credit inquiry when opening a CD account.

Jared: What do you mean simply just a credit inq? chexsystems, or a Hard inq, or soft inq?

Jamie: It is simply to verify your name and address. it would not be a soft or hard pull

 Jamie: Sure, I can understand. A hard credit pull would be just for our interest checking account.

Jamie: Yes. Each time an account is opened we will do a hard or soft credit pull or simply just the credit header inquiry. (Asked if you get inq even if you're customer)

This person does seem to know more about they're talking about though. 

Conflicting answers are great  

[OptimalFICO]

LOL Welcome to my world. I've been asking via their Online secured email so that I would have the response in writing, and also via the chat feature. I've never had issues with Ally either. I looked them up on depositaccounts.com and they got pretty terrible reviews about CSRs not knowing what they are talking about etc. I didn't understand that as it hadn't been my experience until this issue came up! It's almost comical. Definitely a huge training issue for Ally.