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I would like to open my first checking account, which banking company would you recommend?
I'm looking for a personal banking account because cash laying around the house is bound to get lost. I'm located in Southern California so there are a variety of options. Have you heard anything positive or negative about Wells Fargo?
All recommendations are appreciated.
All recommendations are appreciated.
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I recommend you consider a credit union. I have accounts with a major commercial bank and a long standing credit union. The credit union definitely provides better service, higher interest rates on money markets and cd's and lower interest rates on loans and credit cards. They also have fewer and lower fees.
I joined a credit union through my previous employer. My brother joined the same credit union through me. I get local service through the Teacher's credit union at the local university.
If your employer or school does not provide you a direct line to a credit union, check with family members. The credit union does not have to be local, as most are in the national network and provide services to other's members.
To find a credit union to join:
http://www.ncua.gov/DataServices/FindCU.aspx
To find a credit union to service your account locally:
http://www.cuservicecenter.com/searchResults.aspx?address=&city=&state=CA&zip=&international=US&radius=20&recordStart=0
I joined a credit union through my previous employer. My brother joined the same credit union through me. I get local service through the Teacher's credit union at the local university.
If your employer or school does not provide you a direct line to a credit union, check with family members. The credit union does not have to be local, as most are in the national network and provide services to other's members.
To find a credit union to join:
http://www.ncua.gov/DataServices/FindCU.aspx
To find a credit union to service your account locally:
http://www.cuservicecenter.com/searchResults.aspx?address=&city=&state=CA&zip=&international=US&radius=20&recordStart=0
voted helpful: eatthatpopcorn
Here are some choices of banks for you that i have found in southern california;
1. Wells Fargo Bank
www.wellsfargo.com
2. Bank of America
www.bankoamerica.com
3. Pacific Western Bank
www.pacificwesternbank.com
4. Union Bank of California
www.unionbank.com
5. San Diego National Bank
www.sdnb.com
I hope these help :)
1. Wells Fargo Bank
www.wellsfargo.com
2. Bank of America
www.bankoamerica.com
3. Pacific Western Bank
www.pacificwesternbank.com
4. Union Bank of California
www.unionbank.com
5. San Diego National Bank
www.sdnb.com
I hope these help :)
Voted as best: mario2001
Which would you recommend?
I can't tell you who to go with currently I use 2 banks, Bank of America and TD, formerly Commerce. (Not availible in your area)
I recommend you don't use Bank of America, I have had nothing but problems with my account. Friends of mine also have many problems. Basically the only reason I still have it is because I have a line of credit with a balance with them. Once that is done I will close my account.
Here are some articles I wish I read before opening my accounts:
http://www.allbusiness.com/personal-finance/2451-1.html
http://banking.about.com/od/savings/a/chooseabank.htm
I read these articles before I posted them and they are making me reconsider my banking choices.
I recommend you don't use Bank of America, I have had nothing but problems with my account. Friends of mine also have many problems. Basically the only reason I still have it is because I have a line of credit with a balance with them. Once that is done I will close my account.
Here are some articles I wish I read before opening my accounts:
http://www.allbusiness.com/personal-finance/2451-1.html
http://banking.about.com/od/savings/a/chooseabank.htm
I read these articles before I posted them and they are making me reconsider my banking choices.
voted helpful: eatthatpopcorn
The fact is that I have to call them on mistakes made on thier part too often. They missed payments I set up to thier own credit cards and expected me to pay late fees because shipping days fell on holidays. When I broght it up to them they refused to drop all of the charges instead offered to meet me half way for thier mistake and drop one but not the other. Unfortunately after speaking to several managers there was nothing to do except pay them. This happened twice among other small things.
You will likely need 2 banks. One of them should be Ing (http://home.ingdirect.com) or Ally (http://www.ally.com). They are an internet based bank, therefore mostly everything you do with them is online (don't worry, choose a good password and you'll be safe from cybercrime). There is no penalty for withdrawing from an ATM with Ally bank, and in fact if a machine charges you they refund the amount. Their interest rates are frequently the highest of any bank and give you multiple checks to use per month. This will be your bank for savings and interest, where you keep the majority of your money.
However there are limits, you can only transfer so much, or only use so many checks, etc. So you need to have a second bank to do your small-time banking. Choose something that is local for the area you live, so you minimize transaction fees and effort of getting to the bank (part of the reason I rarely visit my local bank is it's still about 2 miles away).
Wells Fargo is great for Southern California, I have never had problems with Bank of America.
Every bank is going to have a few bad days with you, a few inconveniences that they'll gladly clear up once they figure out they'll lose one (or many) customers. A teller might be curt or rude, or something. They're all human and have their bad days too, so don't let that make the judgement for you.
You also want to make sure you choose a larger-named bank as your local one, as many banks have failed lately. Most of these are credit unions, some are large name banks but usually they're mediums sized or smaller. A larger bank is less likely to fail, although it doesn't guarantee it. 119 banks have closed this year alone, so be careful!
However there are limits, you can only transfer so much, or only use so many checks, etc. So you need to have a second bank to do your small-time banking. Choose something that is local for the area you live, so you minimize transaction fees and effort of getting to the bank (part of the reason I rarely visit my local bank is it's still about 2 miles away).
Wells Fargo is great for Southern California, I have never had problems with Bank of America.
Every bank is going to have a few bad days with you, a few inconveniences that they'll gladly clear up once they figure out they'll lose one (or many) customers. A teller might be curt or rude, or something. They're all human and have their bad days too, so don't let that make the judgement for you.
You also want to make sure you choose a larger-named bank as your local one, as many banks have failed lately. Most of these are credit unions, some are large name banks but usually they're mediums sized or smaller. A larger bank is less likely to fail, although it doesn't guarantee it. 119 banks have closed this year alone, so be careful!
voted helpful: eatthatpopcorn
I recommend Washington Mutual because they are the only one one offering "real free" checking account.
Washington Mutual: Bank Locations
1000 Orange Ave, Coronado, CA - (619) 435-4142
-quote-
"dakicka
Location: Downtown San Diego, CA 92101
i did look into the three discussed about and it seems that for a basic "Free" checking account, washington mutual is the only "real free" checking account that does not assess a monthly fee with no stipulations. washington mutual also appears to have the most locations in the area and they also do not charge an additional fee on top of the fee that the atm charges you to make a withdrawal."
-end of quote-
Washington Mutual: Bank Locations
1000 Orange Ave, Coronado, CA - (619) 435-4142
-quote-
"dakicka
Location: Downtown San Diego, CA 92101
i did look into the three discussed about and it seems that for a basic "Free" checking account, washington mutual is the only "real free" checking account that does not assess a monthly fee with no stipulations. washington mutual also appears to have the most locations in the area and they also do not charge an additional fee on top of the fee that the atm charges you to make a withdrawal."
-end of quote-
Voted as best: kaliekat
Do they have a "minimum balance?"
They don't have minimum balance in checking account, furthermore, Washington Mutual is no Chase, they were bought a couple months ago.
-quote-
"
Chase CheckingSM
A great everyday checking account! No monthly service fee, no minimum balance requirement - with established monthly Direct Deposit or with 5 or more debit card purchases during each statement period (withdrawals from the ATM or cash advance transactions do not qualify)."
-end of quote-
https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/individuals/checking/page/Get-a-Chase-Checking-Account
-quote-
"
Chase CheckingSM
A great everyday checking account! No monthly service fee, no minimum balance requirement - with established monthly Direct Deposit or with 5 or more debit card purchases during each statement period (withdrawals from the ATM or cash advance transactions do not qualify)."
-end of quote-
https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/individuals/checking/page/Get-a-Chase-Checking-Account
Charles schwab investor checking. The absolute best that I have ever dealt with.
I've used wellsfargo, they constantly nickel and dime you. Bank of America has terrible customer service (don't expect to get anyone on the phone for at least 5 min.) And Wachovia will freeze you account and double bill you over the stupidest of things.
If I were you, go with schwab. No min balance, and the best phone support and website I've ever used.
I've used wellsfargo, they constantly nickel and dime you. Bank of America has terrible customer service (don't expect to get anyone on the phone for at least 5 min.) And Wachovia will freeze you account and double bill you over the stupidest of things.
If I were you, go with schwab. No min balance, and the best phone support and website I've ever used.
source(s):
www.schwab.com
www.schwab.com
Is it all online? I'm not looking for investor checking, just personal checking.
no, you can go to any branch and make deposits/withdraws. It's like any normal checking account, but it also carries interest!
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https://www.dcu.org/personal_banking/checking_menu-index.html
The credit union is based in Massachusetts, I'm in Los Angeles. I have used both Teachers and Kinecta for in person and Kiosk transactions for free. ATM's are also free, but right now I use DCU for savings and a Visa card, so I have no need for traditional ATM transactions, but those would also be free.