My D has her checking account with Wells Fargo. She is tired of it and is looking for a bank without so many fees…she asked me to ask everyone on CC to recommend a good bank. She is also looking into local Credit Unions as well…
Anyone know a good bank/checking account?
I use a brokerage account for my checking and just added one for my kid. No limitations on ATMs and no picky fees. (Fidelity, Schwab, E*Trade all are basically the same)
@ProfessorPlum168 sounds good. I’ve heard good things about the Schwab checking account.
it really depends on what services she uses/needs, and her geo location. Many banks offer a ‘free’ checking account with direct deposit. Both of my kids use BofA checking. Of course, like most millennials, they write few physical checks and do most banking online. BofA ATM’s are plentiful in the towns in which they work and live.
I’ve had a Fidelity Cash Management Account for years and DS started one a few years ago. You don’t need a brokerage account.
Technically speaking, Fidelity’s Cash Management Account is a brokerage account, but has most of the same features as a checking account. This is the one I use as well and it’s awesome for the simple reason that I can just go to any ATM without having to think about paying non-bank fees since they reimburse back the non-bank fees.
Schwab’s works the same as well.
Ally, who needs a local bank today? Even ATMs will be gone soon enough, cash back in the store is how my kids get cash if they ever need it. Venmo for paying each other. We have a CU as a necessity for our move and it is dreadful. Literally a joke.
Why is she paying fees at WF? As long as she has a direct deposit, the checking account should be free to run. If she isn't managing her money, that will cost wherever she is.
Wells Fargo also has free accounts that do not require direct deposit. H gets paid with a paper check, direct deposit is not available. The only time we pay fees is if we do more than 6 online transfers between checking and savings accounts. I just remember to go to an ATM or branch if I need to do more transfers a month. It isn’t usually an issue.
Haven’t been with a big bank in 20+ years. Local credit union provides free e-pay, electronic deposits and more - with direct deposit.
Credit union fan here. Ours participate in large national networks for free ATMs. Some also participate in a national network of shared or joint branches that allow you to use another credit union’s branches when you need full service.
Another Fidelity checking account user. Everyone in our family has an account there.
If you are paying any fees at all for a checking account these days, including using any ATMs that aren’t associated with your bank worldwide, you should be looking for a new place to do your banking business because there are definitely better options out there.
Avoid Fidelity. Their website has been down too many times lately. We have brokerage accounts at Fidelity, Etrade, Schwab, and Vanguard. Schwab wins hands down.
All savings accounts have a limit of 6 withdrawals per month. That’s a federal regulation. Really not a big deal as that is 1 per week plus 2 extras per month. They don’t want you using your savings account as a checking account.
“Avoid Fidelity. Their website has been down too many times lately.”
I access it daily with zero issues. Honestly can’t remember having it be down for me.
I’ve never had an issue with Fidelity down either.
Also, I like their two-factor authentication the best to log in for phone usage. Whereas many banking apps let you in with just a thumb verification, Fidelity has an extra layer that takes some getting used to but I’ve come to appreciate it.
Dos - just google it. Lots of unhappy talk. We encountered too many outages after 10 pm Pacific. Those are just irritating, but talk about having a limited window to sell your stock options, and the site being down, mobile and app and all - during trading hours. No one had any clue when it would be up. Unacceptable. No apologies from them either. We are moving every penny out of Fidelity as soon as we can. I even posted in the Say It thread on that major recent outage day.
BOA for us. Free student checking. The best online app. Also the ATM network. Usually one in campus and every airport I’ve been to it seems. Also many students may need to occasionally make a cash deposit. Tips. Gifts etc. Lastly for us it has come in handy when a debit card was lost. Went to a financial center and walked out with a new one in less than a half hour. Other one was canceled and three charges with old card that were reversed. Someone picked it up and used it to buy gas multiple times in a very short window. D doesn’t have a car. Signed an affidavit and was good to go. No hassle at all. Money reappeared a few days later.
I also think the Fidelity account is a good option.
Like best college questions. We will all have some level of selection bias at work. Myself included naturally.
Since my son took longer to graduate, Capital One changed him from a student account to a regular account, requiring a minimum balance. DS was usually careful about maintaining that balance but did miss a few times by a smidge. After suffering those fees, he moved his account to Ally, then promptly landed a good job. I doubt he will ever go back to Capital One or any other big bank - they lost my millennial. It seems the big banks haven’t a clue how to appeal to millennials.
Thanks for all the suggestions! She found a local credit union she likes that reimburses her for using out of network ATMs. But she is still looking…
The only potential trade offs with a CU that I can think of as opposed to a brokerage firm account is to make sure it’s in a network of CUs, otherwise any servicing is with that one place only; limited phone servicing hours; and possibly little to no online servicing, especially with a phone. That’s a biggie, as any paper checks I deposit these days is via phone.