@M_Smart007 wrote:PenFed as my main bank, I just cannot!!
The website and external accounts are torture.
I concur.
I have one checking/saving with PenFed and plan to expand my business with them by getting one CC sometime soon. I see how it goes.
For primary checking account(s), I do recommend to do it with major banks nearby you like Chase or BOA, instead of small CUs (their platform can be buggy or delayed). For checking, it is good to check the quality of the services like fees (monthly?, in-bound/out-bound fee?), free check, early deposit, APY, same day transfer between external accounts, the needed time to deposit a check via phone (at some places, it can take ~3 weeks!!!), no plaid, etc.
I almost cound NOT find an optimum bank to cover all while I use a few e.g. BOA/Chase/SoFi to cover what I need.
Fico8: EX~EQ~TU~840 (12 month goal~850).
@xenon3030 wrote:I have one checking/saving with PenFed and plan to expand my business with them by getting one CC sometime soon. I see how it goes.
For primary checking account(s), I do recommend to do it with major banks nearby you like Chase or BOA, instead of small CUs (their platform can be buggy or delayed). For checking, it is good to check the quality of the services like fees (monthly?, in-bound/out-bound fee?), free check, early deposit, APY, same day transfer between external accounts, the needed time to deposit a check via phone (at some places, it can take ~3 weeks!!!), no plaid, etc.
I almost cound NOT find an optimum bank to cover all while I use a few e.g. BOA/Chase/SoFi to cover what I need.
What are you finding that isn't covered by either BOFA or Chase? Genuinely curious as I've used one then the other for pretty much all my adult life and while BOFA was enamored of stupid fees (they refunded all but I just got tired of dealing with them) and Chase until recently has been really fantastic imo, but I've not been lacking in features and their tech is on point.
Well deposit rates I guess, but when short term Tbills are paying higher than any of the HYSA accounts here I'm a little skeptical of using them.
None of them looks optimum, while using three should meet the purpose. By opening a Merryl Edge and linkning it to BOA, one might bypass the check fee while any transfer between BOA-ME is free of charge. Here are the summaries:
- BOA: Money hungry for fees (in-bound/out-bound transactions), no free check, no APY for checking.
- Chase: No free check, no APY for checking.
- SoFi: Free check (not using for transactions due to plaid), early DD, APY for checking.
I need to keep BOA checking to keep my premium rewards tier. While BOA says keeping either of checking or ME would be sufficient, several users mentioned losing their tier after closing BOA checking while having an active ME.
@xenon3030 wrote:None of them looks optimum, while using three should meet the purpose. By opening a Merryl Edge and linkning it to BOA, one might bypass the check fee while any transfer between BOA-ME is free of charge. Here are the summaries:
- BOA: Money hungry for fees (in-bound/out-bound transactions), no free check, no APY for checking.
- Chase: No free check, no APY for checking.
- SoFi: Free check (not using for transactions due to plaid), early DD, APY for checking.
I need to keep BOA checking to keep my premium rewards tier. While BOA says keeping either of checking or ME would be sufficient, several users mentioned losing their tier after closing BOA checking while having an active ME.
I guess I'd question why Chase in that lineup at all? Chase and BOFA really don't do much differently and many FIs do transfers better until you're at the CPC level where you get wire transfers for free.
Admittedly I've not written a check in a very long time, I actually can't remember when the last time I wrote an actual check was. I think maybe I did a counter check for something maybe nearly a decade ago, but even for things like earnest money deposits I find most places will happily accept a wire transfer (cause duh) after a little cajoling.
It's been over 30 days and my external transfers and mobile deposits are still being held every time. This time customer service advised that they will continue to do this and it may change in the future or not..... but I can find better elsewhere that will not place such a long hold on these types of transactions even after I establish a good relationship and I will not continue to pay wire transfer fees or use paypal just to get money into Penfed within 24 hours. I do like how quickly direct deposits are made available with them but I move bill money through transfers and they make that hard to do so it doesn't work for me as a main checking account but others may not have this problem and it can still be a good fit based on some others comments so good luck to all 
@Revelate wrote:
@xenon3030 wrote:None of them looks optimum, while using three should meet the purpose. By opening a Merryl Edge and linkning it to BOA, one might bypass the check fee while any transfer between BOA-ME is free of charge. Here are the summaries:
- BOA: Money hungry for fees (in-bound/out-bound transactions), no free check, no APY for checking.
- Chase: No free check, no APY for checking.
- SoFi: Free check (not using for transactions due to plaid), early DD, APY for checking.
I need to keep BOA checking to keep my premium rewards tier. While BOA says keeping either of checking or ME would be sufficient, several users mentioned losing their tier after closing BOA checking while having an active ME.
I guess I'd question why Chase in that lineup at all? Chase and BOFA really don't do much differently and many FIs do transfers better until you're at the CPC level where you get wire transfers for free.
Admittedly I've not written a check in a very long time, I actually can't remember when the last time I wrote an actual check was. I think maybe I did a counter check for something maybe nearly a decade ago, but even for things like earnest money deposits I find most places will happily accept a wire transfer (cause duh) after a little cajoling.
I haven't written a regular personal check since 2011 and outside of the odd cashier's check (maybe 2 or 3 ever) I haven't used checks at all since then.
@Revelate wrote:
I guess I'd question why Chase in that lineup at all? Chase and BOFA really don't do much differently and many FIs do transfers better until you're at the CPC level where you get wire transfers for free.
Chase has same day external transfer for free (BOA charges for any external transfer).