Prepping to switch from BofA to NFCU

MontegoMack · ‎07-17-2017

BofA. Ugh.

I want to switch to NFCU (I've been a member for about a year) as my primary financial institution, but of course, I'm a little hesitant. I realize that I don't go to the ATM as often as I did 10 years ago - especally with being able to get cash at the POS. I use person-to-person pay every couple weeks, but I guess I can pay by check (who does this anymore?).

What am I going to miss with having experience with a big bank and its conveniences? What should I do to make the transition as seamless as possible?

AmEx Platinum - AmEx BCP - Chase Freedom - NFCU Platinum - Chase Amazon Prime - Citi Costco - Citi Best Buy

Appleman · ‎07-18-2017

Do you pay a monthly fee on your BOFA accounts (checking)?

If you do not, I would leave the BofA account open as more of a rainy day or emergency fund. It is pretty easy to set up NFCU so that you can transfer money between accounts if you need. I think having an alternative way to get access to credit/cash is a good idea.

Guyatthebeach · ‎07-18-2017

@MontegoMack wrote:
BofA. Ugh.

I want to switch to NFCU (I've been a member for about a year) as my primary financial institution, but of course, I'm a little hesitant. I realize that I don't go to the ATM as often as I did 10 years ago - especally with being able to get cash at the POS. I use person-to-person pay every couple weeks, but I guess I can pay by check (who does this anymore?).

What am I going to miss with having experience with a big bank and its conveniences? What should I do to make the transition as seamless as possible?

I've been a member of NavyFed for over a year. One of the best financial moves I made after my bankruptcy. I think they have better rates than most banks.

I go to the branch once a month and do everything else online. So far no problems1

Guyatthebeach

Blodreina · ‎07-19-2017

@Appleman wrote:
Do you pay a monthly fee on your BOFA accounts (checking)?

If you do not, I would leave the BofA account open as more of a rainy day or emergency fund. It is pretty easy to set up NFCU so that you can transfer money between accounts if you need. I think having an alternative way to get access to credit/cash is a good idea.

This. My primary banking is done with an online bank/account. However, I have several accounts that have physical locations. I seldom need to use it, but it has come in handy (e.g., getting a large money order).

UncleB · ‎07-20-2017

I 'second' keeping the old BoA account for a rainy day... that's what I've done with my old Wells Fargo account.

In my case I use USAA for my primary banking, and I couldn't be happier. I know your question was regarding NFCU but my situation closely mirrors your own. In my case, I either send myself a "direct deposit" each month or keep the minimum required on deposit at WF to get the monthly fee waived.

As pleased as I am with USAA I've found that occasionally I need a cashier's check or to deposit some cash, and it's nice having an option that doesn't require waiting a few days (for a cashier's check) or jumping through hoops (to deposit cash). If you live near a NFCU branch these might not be a concern, of course. If I lived near a NFCU branch I would strongly consider moving everything to them myself.

Anonymous · ‎07-24-2017

I 'third' keeping you BOA account. I do most of my banking online, but I'm not fond of keeping too much cash around. I have Navy for savings and to pay for the credit accounts I have with them, a Discover cashback checking that I'm testing out as a potential main checking, my old Chase and OCCU accounts from my school days. Even though the credit options aren't the same, there is safety and convenience when banking with a larger entity. The main gripe I have with Navy and Discover is how quickly (or not) transactions are posted. I've even purchased a cute little book to use as my registry to keep track of spending.

If I use my account via Paypal, it can take up to six days to post. Whereas with Chase, every transaction, even external transfer, are available for viewing within 24 hours. Eventually I'll have to close chase because of fees, but I will miss the convenience.

Anonymous · ‎07-24-2017

IMHO having a local bank for emergency cash is a good idea. BoA's basic checking account requires a $1500 minimum daily balance to avoid fees. I would consider switching to their basic savings account which only needs a $300 minimum daily balance. It won't really earn any interest but for piece of mind it's worth it. It comes with an ATM card just in case you need access to funds after hours.