I am looking into switching my bank for basic checking. Which is better regarding the fees and services? I looked them up on line. Bank of America has a straightforward answer regarding fees, no monthly fee if the balance is over certain amount. Paper statement is free. I like that. With Wells Fargo, it took some work to find monthly fees. No fee if the minimum balance is met. I couldn’t find anything about paper statement. I assume that means they will charge you something. What was your experience?
I am closing my account with BofA because of all the service fees and poor customer service. Look into a credit union. I have had a good experience with Capital One.
Honestly, H and I moved our accounts to our local credit union several years ago, because of fees both BOA and WF charged for various things. He’d had BOA since before I’d met him, and I was with Wells Fargo. Our CU charges no fees, and only a $5 minimum balance. Paper statements are free, Transfers are free. Everything is free. We can even use other CU’s around the US when traveling. We have never regretted making the move.
I cannot imagine even wanting a paper statement that I then have to shred and dispose of securely. I’ve been a customer of Wells Fargo since 1978 [well … Crocker & then transmuted into Wells Fargo], and I have found it very simple to avoid ever paying a monthly fee. For me, their ATM locations are perfect. Those are the things I look at.
How do you use other credit unions around the country? That was a big concern having branches all over the country.
Many (most? all?) credit unions have reciprocal agreements with other credit unions so you can use ATMs without fees.
Admittedly, I don’t remember the last time I used an ATM but my CU doesn’t have any ATMs out near where I live so I would use another CU’s.
Wells Fargo is not as national as BofA. When D was at school back east in a town that did not have a Wells Fargo affiliate, I opened up a joint BofA account with her (my branch was only six blocks down the street from my “own” bank) to make easy to plop money in so she could withdraw as needed. With the proper balance at Wells Fargo, you can use any of the networks on the ATM/debit card. I have never incurred an extra charge anywhere in the world. [My experience is limited to England, Scotland, Italy, Germany & Greece.]
Our credit union has reciprocal agreements with other credit unions around the country. Additionally we can use 7-11 ATMs for free. Excellent customer service. Would never use BofA or Wells Fargo.
Two of our credit unions participate in a larger network that gives us branch access all around the country. I can pop over to the shared branch here in town and make deposits into or withdrawals from both of those credit unions even though they are based in two other cities half a continent away: https://co-opcreditunions.org/locator/
We have both Wells Fargo and Chase. I like having the back up in case something happens with one of the accounts. Anyway they send paper statements. We don’t have any charges because of our balances.
We have been very happy with Schwab High Yield Checking, which we have used for a couple years. Well reivied at https://■■■■■■■■■■■■■/d/charles-schwab-high-yield-investor-checking-1000070b/ There are even better reviewed (mostly online-only) banks there but we already had a Schwab account & so it was easier for us.
We use a regional bank…and a credit union. Never have had difficulty accessing my money. We,get free ATM use anywhere because of our bank balances.
We switched to BAM when so left college, and was moving to east coast. Within a few years, Wells Fargo took over many local banks. Still, I have had excellent service with BAm with my dad and son, and several personal,issues.
Besides credit unions, consider also somewhat non-traditional banks which may have lower/no account fees and ATM fee rebates. For example:
- Banks associated with brokerages (e.g. http://www.schwab.com/public/schwab/banking_lending/checking_account ).
- Banks associated with insurance companies (e.g. https://www.statefarm.com/finances/banking/checking-accounts/checking ).
- Online accounts which may be lower cost than the regular accounts at the same bank (e.g. https://home.capitalone360.com/lp-360checking and https://www.ally.com/bank/interest-checking-account/ ).
^Add Fidelity to that list. No fees, free checking, no minimums, free ATM/reimbursement of ATM fees nationwide. My college kids do their banking through Fidelity, too.
https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview
Please don’t get me going about B of A. Both of my kids have it…got college student accounts when they went to college. Horrible customer service…horrible.
We were trying to solve a credit card fraud situation and I had POA for my kid. I had mailed a copy to B of A. The customer service rep uttered the dumbest sentence I’ve ever heard.
“Mrs. thumper…you mailed your POA to,the wrong PO box.”
My response…
“Well…if you know it went to the wrong P O Box…where is it now…because clearly it was in yoir possession.”
I have BOA - needed a bank that had branches in many locations (I travel for my job extensively). I like their app and can easily transfer $ to my S in college or deposit checks without actually going to a branch. I also like their “Museums on Us” program where I can visit many museums for free on the first weekend of the month. I receive my statement electronically. I don’t have any charges typically.
"Wells Fargo is not as national as BofA. "
My guess is that what really matters is how prevalent those branches are in the OP’s home town (or places he will frequent). Their nationwide presence is less relevant.
I have had some very bad experiences trying to get funds as beneficiary of someone who had a WF account. They were working nicely with the executor for months/years and then suddenly told him that they planned to turn all funds over to the state as abandoned! We have no interest in having funds with them since that experience.
Thank you for stating the obvious @Pizzagirl. That is exactly the point. Nationwide presence IS relevant IF you are concerned about access in any state. Wells Fargo has no presence in some states. There are other solutions when that is the case.