I need some advice please. I presently bank with a regional bank, 1st Bank, and recently with NFCU, and have been strongly considering signing up with BOA. My banking needs include both personal and business.
I've banked with 1st Bank for 1.5 years. They are one of the largest Colorado banks, relatively low fees, no frills, low minimum deposits to avoid business checking fees, limited to 3 states, including AZ and CA. When I meet with bank rep at my primary branch, I receive rather lackadaisical resposes both regarding their conservative credit options and seemingly limited business services. They recently offered secured credit card options, but they pulled them recently. Their CC cash rewards are a nominal, 1%.
I have met with Bank of America bank rep a couple times this past week. Very professional, private offices vs bullpen, national footprint, lots of bells and whistles but the fees go up quickly unless you maintain their hefty daily deposit requirements. They also offer secured personal and business cards, if needed. Upside on unsecured CC products and int rates. I have not banked wth a national bank for some years, so not sure of their customer service.
I love NFCU since I joined in Feb 2020, and am open to moving more personal banking over to them. Their website says their business banking division is tied up with PPP loans, and from what I've read here, operate a bit differently than NFCU's personal banking. I do plan to reach out to them tomorrow to see if I can reach one of their business bankers.
Optionally, I might consider opening accounts with BOA, while maintaining my accounts with 1st Bank, to keep my options open with both national and local FI relations. I'd maintain my NFCU account either way, and am still looking at more CU options.
Or, do I simply pass on BOA for now, hold tight with my "no frills" bank, 1st Bank, and mix and match with NFCU, and perhaps Cap One Sparks and/or AMEX for business CCs?
One of my primary questions, is BOA really worth the value for higher fees/minimum deposits structures for all the services they reportedly provide?
Backstory, Ch7 discharge 3/2019, burnt US Bank and Chase so not options.
Thanks @M_Smart007 ! I'm going to call NFCU today to check on availability of their bus reps servicing my area. The office closest to me only supports personal lines service, but there is a full service branch office in Aurora, CO.
For BoA Advantage Plus personal banking side, you can ACH push $250 monthly from NFCU to BoA to trigger the DD. That should be sufficient to avoid the $1500 minimum daily balance requirement.
Thank you @AllZero . I appreciate the ACH push idea to avoid BOA's monthly checking fee.
I just had a great conversation with NFCU's Business Solutions department regarding their services. He confirmed they cannot take bus apps yet due to demand from all the PPP loans, but will hopefully be back at it soon. In the interim, he sent me required documentation for the phone based Bus Solutions app. They offer free checking and also interest bearing checking starting at .35% (vs .01% at 1st Bank) with a minimum of $5k deposit to avoid a $20/mo fee, and Money Market Bus Savings at rates higher than that. Their Business CC app is an loan form and primarily based on personal credit scores, so will wait on this for now.
Calling @Anonymous 
@EverForward I'm not familiar with NFCU business side. From reading @SouthJamaica posts, I think they are not as loose compared to the personal side.
@AllZero Thanks, that's what I was generally understanding as well from earlier posts. If I move forward with NFCU Bus Solutions, I'd wait a while before apping for their bus CC. Hopefully, bus checking and savings, would at least help build relationship with Navy to support my personal approvals, SL and CLIs.
I spoke with BOA bank rep again this morning as well. If I can get past their hefty deposit requirements, they may be viable, but need to get comfortable with that first.
The more I learn, the more I appreciate some of the "no frills" benefits that I currently have at 1st Bank. ;-) One of the big ones for me is with 1st Bank, $500 is available same day for your deposits, whereas others are more commonly $200-250.
@Anonymous Thanks, yeah, the only hope I'd have is BOA's Bus secured card which I recently heard about, but even at that, I know it might take time. And, knowing they require PG, gives me some pause, especially if I have all my eggs in one basket. I've seen than in action with US Bank a couple years ago.
The more I learn, the more I'm leaning towards moving away from the BOA idea. I know WF has a Bus secured card as well but that might not be much better. Just wish there were more rebuild options available, as I currently run all expenses through my bus debit card and don't want to do that forever.