The best checking accounts to keep

[xenon3030]

You can use SoFi without using Plaid (to fund your account or move fund from it, simply use the other checking accounts e.g. Chase that use the standard ACH transfer system).

[TryItAgain]

If something requires plaid or any 3rd party bank authentication I always run away, no matter how bad I want it.  

I am getting instant ACH transfers from Chase to BoA, Regions, PNC and Capital One. Next day to Penfed, Nfcu, USAA and GTE CU. Hope that helps.

[butterpecan]

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@TryItAgain wrote:

If something requires plaid or any 3rd party bank authentication I always run away, no matter how bad I want it.  

I am getting instant ACH transfers from Chase to BoA, Regions, PNC and Capital One. Next day to Penfed, Nfcu, USAA and GTE CU. Hope that helps.

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@TryItAgain Which of these FI in your experience has the better overdraft protection?

[TryItAgain]

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@butterpecan wrote:

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@TryItAgain wrote:

If something requires plaid or any 3rd party bank authentication I always run away, no matter how bad I want it.  

I am getting instant ACH transfers from Chase to BoA, Regions, PNC and Capital One. Next day to Penfed, Nfcu, USAA and GTE CU. Hope that helps.

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@TryItAgain Which of these FI in your experience has the better overdraft protection?

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I never really deal with overdrafts @butterpecan , but do have a $k3 overdraft LOC with Penfed, and NFCU 15k Navcheck, both draw from the line if an overdraft occurs at no fee.  So I'd say one of those is best for me, however if you do not have those overdraft lines then I am unsure which is best with the other banks you listed.  Generally it's pretty easy to get a 1-3k overdraft line from the credit unions though it will cost a hard pull usually.

[butterpecan]

@TryItAgain 

Hi, thank you for the breakdown. I want an overdraft line of credit as a security buffer like what you are describing. I have never really had any more than a $200 buffer through BofA but I am leaving them for another FI so I am wondering about overdraft because back when I got it 12 years ago with BofA it was sort of just automatically available. Now it is different, exactly by what you said with LOC protection vs just a normal courtesy pay product included with the account. A line of credit is maybe what I might add. Thanks!

[TryItAgain]

I'm not sure where most of your banking is, and it's pretty easy to get say a $500-1k min line from PenFed and NFCU, but if I had a choice I'd pick Navy Fed.  Only because Penfed's OLOC is just that, only for overdraft, can't pull from it unless you force an overdraft.  Where as say a $1-3k NavCheck Navy PLOC works the same on overdrafts, but you can also request free checkls for the line and write a check if you ever want to draw from it.

Either way though, ask for the max, and let them counter so you don't just get the $500 minimums.

[butterpecan]

@TryItAgain I just opened Navy Fed last month, I was acutally planning on asking for a PLOC after I have had the account there for while. My credit card is also brand new through them. Thanks for the explanation. I do want the ability to write a check to myself if needed in a bind vs just the overdraft protection noted with PenFed. Great info, I definitely am bookmarking this for later. Thx.

[NoMoreE46]

@butterpecan ,

FYI,

Mention to DH Wells Fargo has the option of linking a Wells Fargo credit card to cover overdrafts.   

Overdraft Protection – Wells Fargo

Apparently, there might be a transfer fee of $35 and the overdraft coverage is considered a Cash Advance.    However, when it had kicked for me, I never got assessed the fee.  (I paid the overdraft the next day.)

[butterpecan]

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@NoMoreE46 wrote:

@butterpecan ,

FYI,

Mention to DH Wells Fargo has the option of linking a Wells Fargo credit card to cover overdrafts.   

Overdraft Protection – Wells Fargo

Apparently, there might be a transfer fee of $35 and the overdraft coverage is considered a Cash Advance.    However, when it had kicked for me, I never got assessed the fee.  (I paid the overdraft the next day.)

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@NoMoreE46 

Fantastic, thank you for that. DH just opened the Wells Fargo checking account last week and actually was approved for $10k credit card so that overdraft coverage linking is a huge plus. Thanks so much. 

[NoMoreE46]

Certainly and Congratulations on his approval.