Comments on: What Features Are Most Important For Your Primary Bank? My Thoughts and Recommendations http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/ Simple, applicable personal finance advice for the modern world Sun, 22 Nov 2009 01:50:09 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rosa Rugosa http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-772305 Rosa Rugosa Wed, 09 Sep 2009 00:27:54 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-772305 Just executed my first online bill payment transaction. Took all of a minute, and I saved what will be the the first of many stamps I'm sure. Thanks for the nudge! Just executed my first online bill payment transaction. Took all of a minute, and I saved what will be the the first of many stamps I’m sure. Thanks for the nudge!

]]> By: Megan http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-719615 Megan Tue, 07 Jul 2009 01:12:08 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-719615 I am slowly but surely getting away from my brick-and-mortar bank--partially because we're planning on moving across the country, where said bank has no offices, and partially because I am sick and freaking tired of overdraft fees. As of this moment, I have my "emergency fund" and "moving money" in an ING Orange Savings account, and I have opened two "fun money accounts" (one for me and one for my husband) at Charles Schwab. I figured moving our fun money to Charles Schwab was a good move when we were hit with overdraft fees of over $100 because my husband missed a decimal when he balanced his fun money checkbook. He was off by $.10, and they charged us $100. It just makes me ANGRY. Anyway. I learned from another financial blogger that you can remove the possibility of overdraft from your account at Charles Schwab, you just have to ask them. And once you've asked, if you only have $30 in your account, and you try to spend $35, your debit card doesn't let you. Which is amazing. Note: As I understand it, that only works with debit card purchases (which is perfect for a separate fun money account), and you can still bounce checks if you write them from the account. I've not tried it, though, so I don't know. All of which is a long-winded way of saying that I 'm with Todd (#7), Kenn (#32), and t (#104) in their support of Charles Schwab. And, in talking to one of their very helpful, very American customer service representatives on a SUNDAY, if you'll believe that, I learned that they are working very hard to set-up online transfers from their checking accounts to outside institutions. The person I spoke with was very apologetic that it wasn't up and running yet (which is the only reason I haven't moved our primary checking account), but that it should be in the next few months. FYI. I am slowly but surely getting away from my brick-and-mortar bank–partially because we’re planning on moving across the country, where said bank has no offices, and partially because I am sick and freaking tired of overdraft fees.

As of this moment, I have my “emergency fund” and “moving money” in an ING Orange Savings account, and I have opened two “fun money accounts” (one for me and one for my husband) at Charles Schwab.

I figured moving our fun money to Charles Schwab was a good move when we were hit with overdraft fees of over $100 because my husband missed a decimal when he balanced his fun money checkbook. He was off by $.10, and they charged us $100. It just makes me ANGRY. Anyway. I learned from another financial blogger that you can remove the possibility of overdraft from your account at Charles Schwab, you just have to ask them. And once you’ve asked, if you only have $30 in your account, and you try to spend $35, your debit card doesn’t let you. Which is amazing.

Note: As I understand it, that only works with debit card purchases (which is perfect for a separate fun money account), and you can still bounce checks if you write them from the account. I’ve not tried it, though, so I don’t know.

All of which is a long-winded way of saying that I ‘m with Todd (#7), Kenn (#32), and t (#104) in their support of Charles Schwab. And, in talking to one of their very helpful, very American customer service representatives on a SUNDAY, if you’ll believe that, I learned that they are working very hard to set-up online transfers from their checking accounts to outside institutions.

The person I spoke with was very apologetic that it wasn’t up and running yet (which is the only reason I haven’t moved our primary checking account), but that it should be in the next few months. FYI.

]]> By: Jenn http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-375270 Jenn Mon, 15 Sep 2008 21:37:54 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-375270 So very late posting to this discussion... My family has been banking with Everbank (everbank.com) for 5 years now. I think they meet your criteria and the one time I've needed customer service (lost wallet) they've been very responsive. I highly recommend them. So very late posting to this discussion… My family has been banking with Everbank (everbank.com) for 5 years now. I think they meet your criteria and the one time I’ve needed customer service (lost wallet) they’ve been very responsive. I highly recommend them.

]]> By: Yan http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-367064 Yan Tue, 02 Sep 2008 23:06:48 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-367064 WaMu disappointed me badly recently. I honestly think they are going to hell with their customer service WaMu disappointed me badly recently. I honestly think they are going to hell with their customer service

]]> By: Marty http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-365422 Marty Sun, 31 Aug 2008 13:42:34 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-365422 To C-Stam: I searched Google for a credit union or bank named Midwest Financial in Illinois, paying 7% interest. No luck, what is the website? To C-Stam: I searched Google for a credit union or bank named Midwest Financial in Illinois, paying 7% interest. No luck, what is the website?

]]> By: aaron http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-361075 aaron Sun, 24 Aug 2008 03:40:59 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-361075 NetBank was SO much better than ING. But when the FDIC closed them down ING took over. (OK, so NetBank had one downside) ING is still much better than ANYTHING else I've found. NetBank was SO much better than ING. But when the FDIC closed them down ING took over. (OK, so NetBank had one downside) ING is still much better than ANYTHING else I’ve found.

]]> By: Marty http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-360526 Marty Sat, 23 Aug 2008 03:44:55 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-360526 I used ING Direct for a while and really liked it, but the interest rates continued to go down. I switched to E*Trade for both checking and savings and love it. I can withdraw from any ATM and the fees are automatically refunded, and I get an email for every deposit, bill-pay, ACH transaction. The checking account pays 3% interest if your balance is at least $5,000, which is not a problem when the interest is that good. My only complaint is small - I have to logon to the website and download a QIF, I can't automatically download transactions from within Microsoft Money. I used ING Direct for a while and really liked it, but the interest rates continued to go down. I switched to E*Trade for both checking and savings and love it. I can withdraw from any ATM and the fees are automatically refunded, and I get an email for every deposit, bill-pay, ACH transaction. The checking account pays 3% interest if your balance is at least $5,000, which is not a problem when the interest is that good. My only complaint is small – I have to logon to the website and download a QIF, I can’t automatically download transactions from within Microsoft Money.

]]> By: Tilley http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-360420 Tilley Sat, 23 Aug 2008 00:41:07 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-360420 I use a local bank for check deposits. All my other money, including my payroll is direct deposited into a high-yield "Rewards Checking Account" with Lee County Bank and Trust, and look up the "BIG ACCOUNT". I am getting 6% APY annually, free ATM refunds (up to 10 per month) and free Bill-Pay. I use a local bank for check deposits. All my other money, including my payroll is direct deposited into a high-yield “Rewards Checking Account” with Lee County Bank and Trust, and look up the “BIG ACCOUNT”. I am getting 6% APY annually, free ATM refunds (up to 10 per month) and free Bill-Pay.

]]> By: James http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-360249 James Fri, 22 Aug 2008 19:54:06 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-360249 I love USAA. I can use any ATM and they refund any fees the ATM owner charges (up to a liberal limit I've never come anywhere near). Free web bill pay and bill presentation for a lot of places. I can deposit checks by dropping them in the mail in pre-paid envelopes, or if I drop the envelope off at a UPS Store, it's credited the next day. But the coolest feature is that I can deposit any check by simply scanning it on my scanner. I love USAA. I can use any ATM and they refund any fees the ATM owner charges (up to a liberal limit I’ve never come anywhere near). Free web bill pay and bill presentation for a lot of places. I can deposit checks by dropping them in the mail in pre-paid envelopes, or if I drop the envelope off at a UPS Store, it’s credited the next day. But the coolest feature is that I can deposit any check by simply scanning it on my scanner.

]]> By: grant http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359956 grant Fri, 22 Aug 2008 09:27:24 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359956 - Like many other commenters, I can’t believe that some people will stay with banks that charge them so many fees. You might have a different view if you lived in the UK. I've changed banks twice now and probably won't again - I am not convinced it's worth two days (minimum) of my time to check and doublecheck the mistakes invariably made by UK banks to earn .000N& more interest... - Like many other commenters, I can’t believe that some people will stay with banks that charge them so many fees.

You might have a different view if you lived in the UK. I’ve changed banks twice now and probably won’t again – I am not convinced it’s worth two days (minimum) of my time to check and doublecheck the mistakes invariably made by UK banks to earn .000N& more interest…

]]> By: shannon http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359833 shannon Fri, 22 Aug 2008 05:13:06 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359833 I NEVER chime in on discussions, but I feel so strongly about about this topic I had to break that rule. As a small business owner who has multiple accounts (ING for savings, Commerce for LLC, and Webster for sole proprietorship) I have discovered that I hate banks! I am almost ready to be the crazy lady who hides her money in her mattress! I have never had a bad experience with ING or Commerce but my past experiences with Webster (a Connecticut based bank that is AWFUL) Bank of America, Wachovia, and Peoples United have left me very skeptical. I have come to realize that no matter how good of a customer you are, they don't care! They are a business and their main purpose is to make money any way they can. Unfortunately, over the past 10 years increasing fees and the questionable practice of the order in which debits and credits are applied have become the norm. I really hope that the destructive practices of the banking industry will become a focus of consumers, because we really are letting them take money from us that they should not have a right to. I NEVER chime in on discussions, but I feel so strongly about about this topic I had to break that rule. As a small business owner who has multiple accounts (ING for savings, Commerce for LLC, and Webster for sole proprietorship) I have discovered that I hate banks! I am almost ready to be the crazy lady who hides her money in her mattress!
I have never had a bad experience with ING or Commerce but my past experiences with Webster (a Connecticut based bank that is AWFUL) Bank of America, Wachovia, and Peoples United have left me very skeptical. I have come to realize that no matter how good of a customer you are, they don’t care! They are a business and their main purpose is to make money any way they can. Unfortunately, over the past 10 years increasing fees and the questionable practice of the order in which debits and credits are applied have become the norm.
I really hope that the destructive practices of the banking industry will become a focus of consumers, because we really are letting them take money from us that they should not have a right to.

]]> By: Spider http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359782 Spider Fri, 22 Aug 2008 03:33:59 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359782 <i>The savings accounts have a limit of 6 withdrawals… that seems to be a standard thing, at least with many online banks.</i> This is not a standard thing to any one bank, this is <a href="http://www.nasafcu.com/l2.aspx?ci=377" rel="nofollow">Federal Regulation D</a> and it applies to anything considered a 'savings' account. (Money Markets count to this.) As for what I look for? Flexibility in account setup (ways to avoid fees are fine, I don't pay fees and I've had several accounts that could potentially charge me fees) and people at the bank who know what they're talking about. 18 year old tellers are all well and good, but I'd like to actually be able to sit down and talk to a banker in person when I want to do so. The savings accounts have a limit of 6 withdrawals… that seems to be a standard thing, at least with many online banks.

This is not a standard thing to any one bank, this is Federal Regulation D and it applies to anything considered a ’savings’ account. (Money Markets count to this.)

As for what I look for? Flexibility in account setup (ways to avoid fees are fine, I don’t pay fees and I’ve had several accounts that could potentially charge me fees) and people at the bank who know what they’re talking about. 18 year old tellers are all well and good, but I’d like to actually be able to sit down and talk to a banker in person when I want to do so.

]]> By: Constantin Steff http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359767 Constantin Steff Fri, 22 Aug 2008 02:51:33 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359767 I checked ING Direct website but I don't see any checking account offerings from them. Am I missing anything here? I checked ING Direct website but I don’t see any checking account offerings from them. Am I missing anything here?

]]> By: volksdaven http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359713 volksdaven Fri, 22 Aug 2008 00:40:37 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359713 One thing ING can not handle is any international transactions you may need. Even though they are owned by a large dutch bank, they won't take international transfers. Even if you route that transfer through a domestic bank and send it in as an ACH. Sad really. I use E*Trade now and I love them. They have a broad range of products, great rates and decent customer service. One thing ING can not handle is any international transactions you may need. Even though they are owned by a large dutch bank, they won’t take international transfers. Even if you route that transfer through a domestic bank and send it in as an ACH. Sad really.

I use E*Trade now and I love them. They have a broad range of products, great rates and decent customer service.

]]> By: t http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359552 t Thu, 21 Aug 2008 20:58:16 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359552 I use ING for savings and Charles Schwab for checking. As long as you open a brokerage account linked to your checking account, both the checking and brokerage accounts are free. Schwab has no minimums, unlimited ATM fee refunds, a competitive interest rate for a checking account, free pre-paid deposit envelopes, free checks, and wonderful customer service. Both ING and Schwab have impressed me with their excellent customer service; heck, someone from Schwab called me when my account was first opened just to make sure all of my questions were answered, etc. My system sounds a bit wacky, but it works for me. I didn't see why I had to pay fees to access my money, and neither does Schwab. I use ING for savings and Charles Schwab for checking. As long as you open a brokerage account linked to your checking account, both the checking and brokerage accounts are free. Schwab has no minimums, unlimited ATM fee refunds, a competitive interest rate for a checking account, free pre-paid deposit envelopes, free checks, and wonderful customer service.

Both ING and Schwab have impressed me with their excellent customer service; heck, someone from Schwab called me when my account was first opened just to make sure all of my questions were answered, etc.

My system sounds a bit wacky, but it works for me. I didn’t see why I had to pay fees to access my money, and neither does Schwab.

]]> By: Jim A http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359516 Jim A Thu, 21 Aug 2008 20:26:12 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359516 I agree with Debbie M. The "slime factor" is a big deal. I just left a bank that seemed to change their policies every time I needed something from them. I would also not use a bank that only supported IE. On-line banking makes be very concerned about security issues. My current bank is okay with Firefox, but uses flash cookies despite a policy statement that they do not track you through cookies. The web support team has promised to "get back to you soon" on the question of what they use flash cookies for. I agree with Debbie M. The “slime factor” is a big deal. I just left a bank that seemed to change their policies every time I needed something from them.

I would also not use a bank that only supported IE. On-line banking makes be very concerned about security issues. My current bank is okay with Firefox, but uses flash cookies despite a policy statement that they do not track you through cookies. The web support team has promised to “get back to you soon” on the question of what they use flash cookies for.

]]> By: kathryn http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359488 kathryn Thu, 21 Aug 2008 19:50:50 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359488 I use a combination of ING Direct and a local bank. ING for the good interest, a local bank for access. We chose the bank on the following criteria: 1. Access to a teller. (I actually avoid using ATMs as much as possible. Easy access to cash encourages impulse spending, at least for me.) This bank has a branch within a quick walk of our house, another on the way to my work, and another a short walk from my daughter's school. AND they have extended hours (open til 7pm weeknights AND hours on Saturday and Sunday. Inside hours, not just drive through. In fact we opened the accounts on a Sunday afternoon.) 2. Easy online access. This is really important for me. I used to have accounts at a local credit union...and I liked them, until their I had trouble with their on-line access and downloads and was told "We only support Windows." (I have a Mac.) Too bad for them. Bye-bye! 3. No/low fees. 4. Interest rates. Of course, only an FDIC bank. - K. I use a combination of ING Direct and a local bank. ING for the good interest, a local bank for access. We chose the bank on the following criteria:

1. Access to a teller. (I actually avoid using ATMs as much as possible. Easy access to cash encourages impulse spending, at least for me.) This bank has a branch within a quick walk of our house, another on the way to my work, and another a short walk from my daughter’s school. AND they have extended hours (open til 7pm weeknights AND hours on Saturday and Sunday. Inside hours, not just drive through. In fact we opened the accounts on a Sunday afternoon.)

2. Easy online access. This is really important for me. I used to have accounts at a local credit union…and I liked them, until their I had trouble with their on-line access and downloads and was told “We only support Windows.” (I have a Mac.) Too bad for them. Bye-bye!

3. No/low fees.

4. Interest rates.

Of course, only an FDIC bank.

– K.

]]> By: C-Stam http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-3/#comment-359457 C-Stam Thu, 21 Aug 2008 18:37:10 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359457 I recently switched banks and these are some of the things that I found out while researching. I used USBank for 6 years and mainly kept them due to complacency. They have many branches and it made sense for me to keep my money in a bank that was so large and accessible. But, I finally got tired of not earning any interest and being charged for every non-usbank ATM that I used by the bank that owns the ATM AND USBank. I looked around for the available features and these are the ones that I realized were important to me: FDIC (almost every bank has this, why bother with ones that don't), Online bill pay that is easy to use (after reading about it I realized I wouldn't like Metavante's), some amount of interest (I found many that gave from 2-4% interest (as of June 2008) and ATM reimbursement. I consulted some websites in my search for my new bank for my primary checking account; http://www.bankrate.com/brm/rate/chk_sav_home.asp and http://bankdeals.blogspot.com/ were very helpful. Especially the offshoot of the bankdeals website: http://www.highyieldcheckingdeals.com/ You can go through and find your state and it will give you the best percentage APY and you can see his blog posts about the bank and deals that they have. Extremely helpful. I realized that I never actually go inside the bank except to make deposits sometimes, mostly I just used the ATM, and only because I would get charged everywhere else. After looking around I decided on Charles Schwab's high yield investor checking. I get unlimited free ATM reimbursements, free checks and prepaid envelopes, free online bill pay (same system that USBank used, but the updated version!) and a very easy to use and friendly website. And I have dealt with customer service and they were very friendly to me (and were in the United States too!). I also decided to open a credit union account with Midwest Financial in my resident state of Illinois, they give you 7% interest simply by signing up for online statements and using your debit card 10 times a month. I use this account mainly as a secondary savings account (can't beat 7% interest!) I am very happy, I have saved over 50$ so far just from ATM reimbursement (more if you count what US Bank would charge me) and have earned 10$ in interest, just from a checking account. I was timid to switch from a brick and mortar Bank to strictly online, but I'm very glad I did. I recently switched banks and these are some of the things that I found out while researching.

I used USBank for 6 years and mainly kept them due to complacency. They have many branches and it made sense for me to keep my money in a bank that was so large and accessible. But, I finally got tired of not earning any interest and being charged for every non-usbank ATM that I used by the bank that owns the ATM AND USBank. I looked around for the available features and these are the ones that I realized were important to me: FDIC (almost every bank has this, why bother with ones that don’t), Online bill pay that is easy to use (after reading about it I realized I wouldn’t like Metavante’s), some amount of interest (I found many that gave from 2-4% interest (as of June 2008) and ATM reimbursement.

I consulted some websites in my search for my new bank for my primary checking account;
http://www.bankrate.com/brm/rate/chk_sav_home.asp
and http://bankdeals.blogspot.com/ were very helpful. Especially the offshoot of the bankdeals website: http://www.highyieldcheckingdeals.com/

You can go through and find your state and it will give you the best percentage APY and you can see his blog posts about the bank and deals that they have. Extremely helpful.

I realized that I never actually go inside the bank except to make deposits sometimes, mostly I just used the ATM, and only because I would get charged everywhere else.

After looking around I decided on Charles Schwab’s high yield investor checking. I get unlimited free ATM reimbursements, free checks and prepaid envelopes, free online bill pay (same system that USBank used, but the updated version!) and a very easy to use and friendly website. And I have dealt with customer service and they were very friendly to me (and were in the United States too!).

I also decided to open a credit union account with Midwest Financial in my resident state of Illinois, they give you 7% interest simply by signing up for online statements and using your debit card 10 times a month. I use this account mainly as a secondary savings account (can’t beat 7% interest!)

I am very happy, I have saved over 50$ so far just from ATM reimbursement (more if you count what US Bank would charge me) and have earned 10$ in interest, just from a checking account.

I was timid to switch from a brick and mortar Bank to strictly online, but I’m very glad I did.

]]> By: BayouBucks http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-2/#comment-359453 BayouBucks Thu, 21 Aug 2008 18:31:12 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359453 I got an ING Direct account courtesy of the FDIC when NetBank went insolvent. I very quickly became disenchanted with ING. Their website was painful to use and didn't integrate well with Quicken. I found Charles Schwab and moved my ING accounts in short order. I maintain two credit union accounts from previous employers: one of them has convenient branches in my town if I need to interact with a teller, and I keep both because sometimes one has a better auto loan rate than the other. I got an ING Direct account courtesy of the FDIC when NetBank went insolvent. I very quickly became disenchanted with ING. Their website was painful to use and didn’t integrate well with Quicken. I found Charles Schwab and moved my ING accounts in short order. I maintain two credit union accounts from previous employers: one of them has convenient branches in my town if I need to interact with a teller, and I keep both because sometimes one has a better auto loan rate than the other.

]]> By: Middle Class Hick http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/comment-page-2/#comment-359434 Middle Class Hick Thu, 21 Aug 2008 17:44:56 +0000 http://www.thesimpledollar.com/2008/08/19/what-features-are-most-important-for-your-primary-bank-my-thoughts-and-recommendations/#comment-359434 Trent .. I like your order .. but I would put one thing at the top of this list. I have a teenager, and how they handle "kid's accounts" is more important to me than anything else. My son's mother and I are not together and he needs access to his funds all the time. He has an ATM card and 2 savings accounts. He cannot access the second savings account without me co-signing and it not ATM accessable. So he is at his mother's and wants some of his available cash for a present or popcorn at a movies, he can swing by an ATM. I make him save 70% of everything he makes in his "untouchable account" and 50% of all gifts. This way when he graduates college I will match that account and this is his spending $ for college (I have a separate account for tuition). The four things that are deal breakers for me are no fees for having or normal use of an account, free online banking and bill pay (and transfers of funds between accounts), customer service and ease of use (ie. extended hours on work days and weekends), and FDIC insurance. These are absolutes, no way I will work with a bank that does not meet my expectations on these. Interest rates and a paper checkbook .. eh .. with online bill pay I pay checks all the time, and my checkbook only goes through 10 checks a year (mostly for the boy and school). Interest rates don't matter to me much unless it is my primary savings accounts at my brokerage account. I have had such a long relationship with them - I call them and ask for an increase and I usually get it. I also have to have investment options at my brokerage house. For me, I put everything in my brokerage account, earning 5% interest. I transfer to my IRA or add more to my securities accounts when I get enough in the money market account for a rainy day and to remain liquid. I use the money market account for all checks (through online bill pay). I use my local account for any rebate checks, birthday money, etc. I get. I also send me a $1000 a month check from my money market account to cover my mortgage (automaticlly drawn from my local savings) and also for spending money and costco (since they don't take credit cards and I don't write checks). Trent .. I like your order .. but I would put one thing at the top of this list. I have a teenager, and how they handle “kid’s accounts” is more important to me than anything else. My son’s mother and I are not together and he needs access to his funds all the time. He has an ATM card and 2 savings accounts. He cannot access the second savings account without me co-signing and it not ATM accessable. So he is at his mother’s and wants some of his available cash for a present or popcorn at a movies, he can swing by an ATM. I make him save 70% of everything he makes in his “untouchable account” and 50% of all gifts. This way when he graduates college I will match that account and this is his spending $ for college (I have a separate account for tuition).

The four things that are deal breakers for me are no fees for having or normal use of an account, free online banking and bill pay (and transfers of funds between accounts), customer service and ease of use (ie. extended hours on work days and weekends), and FDIC insurance. These are absolutes, no way I will work with a bank that does not meet my expectations on these.

Interest rates and a paper checkbook .. eh .. with online bill pay I pay checks all the time, and my checkbook only goes through 10 checks a year (mostly for the boy and school). Interest rates don’t matter to me much unless it is my primary savings accounts at my brokerage account. I have had such a long relationship with them – I call them and ask for an increase and I usually get it. I also have to have investment options at my brokerage house.

For me, I put everything in my brokerage account, earning 5% interest. I transfer to my IRA or add more to my securities accounts when I get enough in the money market account for a rainy day and to remain liquid. I use the money market account for all checks (through online bill pay). I use my local account for any rebate checks, birthday money, etc. I get. I also send me a $1000 a month check from my money market account to cover my mortgage (automaticlly drawn from my local savings) and also for spending money and costco (since they don’t take credit cards and I don’t write checks).

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