Many people choose huge banks, such as Citibank, for their nationwide coverage, but there are also lots of people choosing local banks for their contributions towards local communities.
That is a tough one. I don't know that you can say that local community involvement is significantly different between the mega banks and locals, unless you choose a mega bank that has no local branches. The big ones still give their local branches a budget, or perhaps encourage the enterprise to do coordinated local events, like Toys for Tots or a food drive in hundreds of locations. It is still in their interest to be community oriented anywhere they have a brick and mortar branch.
I think a better decision point is on the product offerings and technology. Mobile banking, fraud detection, and Internet services (online bill pay) are a big decision point. My household is divided between mega bank and local bank, and the sophistication levels between the technology platforms are wildly different.
Plus, we have gotten incorrect answers and lousy customer service from both sides. I could tell you a long story about trying to set up a monitored account for a tween kid with local bank that was a trainwreck.
TL:DR - technology platforms vary, not so much local involvement.
@Pamtha should of gone with a joint checking account rare for someone that young (where I work usually won't do it for anyone under 16 but they do make exceptions) then link it to your online banking I'm sure there are other thing that can be con to controll tha account too. Also glad to see a parent teaching banking at a young age
My checking account is with an online-only bank, which I suppose has the benefits of neither? There's no local charity or community involvement, and also no benefit of branches everywhere. I'm with them because they have no fees, plain and simple. My former employer paid me with checks, so I had a hard time finding a decent checking account that didn't require direct deposit or a large daily balance to waive fees.
That being said, just yesterday I was looking into the local credit union that I plan on joining as soon as I am eligible. It only serves school employees, so once I get my teaching credential in the spring and get a job with the district, the first thing I will do is open an account there and setup direct deposit with them.
@Collin1000 I hope their technology platform is top notch and you did not have to mail them your check every week. And unless you need big money for a trip or a Craigs List purchase, getting cash back at the store saves a trip to the ATM
@Pamtha Yeah, they had image check deposit. At first it was iOS only so I had to scan and upload into my computer, but now there's an Android app for mobile check deposit, which was nice. I went into CVS once and bought a pack of gum and asked for $40 cash back and the guy looked at me like I was nuts. I told him that he was my bank teller for the day :D
I have a minimal credit union account to access their notary services and get early access to the Broadway shows they sponsor in our area. Everything else is with Bank of America because they offer all kinds of free services (payroll, Quickbooks integration, no-fee business accounts, etc) if you maintain your business and checking accounts with them. Their ATMs also don't require a stupid envelope and deposit slip.
For years I used a small, local bank. Unfortunately, they started growing, and growing, and growing, and growing, gobbling up smaller banks. As they grew, their customer service seriously deteriorated.
The final straw came when they bought the naming rights for a hotly contested baseball stadium in my mom's town, essentially endorsing the project. The town had voted down the stadium proposal, residents were up in arms and didn't want it. The town supervisor and his cronies went ahead and pushed through the $38 million project anyway. (The Feds are investigating but nothing's come out of the investigation yet.) Several years later, the Can-Am league team that plays there has yet to pay rent on the stadium.
Adding further insult to injury, the baseball team initially received permission to set off large fireworks displays about 6 times per season. Instead, they set them off about 18 times each season. May not sound like a big deal, except the stadium is a) surrounded by residential homes, and b) right next door to an overcrowded animal shelter. The homeowners can at least leave home to escape the noise of the fireworks, the animals have to suffer through it. My mom lives about 2 miles away from the stadium and on summer nights, you can clearly hear the booming of the fireworks. I can't imagine how loud it must be right next door to the stadium.
Okay, stepping off my soapbox now. Sorry about going on my rant and tangent. Anyway, no, I now use 2 large national banks.
Federal credit union. No fees, great customer service, and everything, except withdraw cash, can be done on the computer or smartphone, even depositing checks.
When I moved to Texas back in mumblety-mumble, I joined a local credit union which expanded, then expanded again, then became a bank. I still have accounts there, but I moved the bulk of my business to another local credit union. I enjoy being a customer instead of an account number. And I rarely if ever have any need for services beyond direct deposit and ATMs (although my credit union provides quite a lot of services).
@gommiebears Our credit union is a military one, but they'll let just about anyone in; veterans, veteran's kids, veteran's kid's kids. Not sure exactly where they draw the line. All our family has accounts there, even hubby's Ex. And it's pretty big institution.
When I was in high school, I needed a checking account because I had just gotten my first job. Well, we went to the local bank first. They were total snoody dicks to me. Flat out refused to open an account, even with a cosigner. Went a few blocks down to PNC. Opened an account in about 15 minutes, and they explained what steps I could take to avoid all maintinence fees and crap like that. So far I've only ever been hit with one fee, as opposed to the likely hundreds of dollars the local bank would have sucked out of me by now.
I work for what I would call a local to Mid-sized Bank, we are the largest bank in one of the states that we cover and we are a growing bank, we had nothing to do with the bail out, and I banked there for years before getting a job there. I have seen it change and not always for the best the managers and staff always try to help people. I'm not going to say that we can tell when some one is BSing use but you can get a strong vibe sometimes and I have seen managers truly go above and beyond for people who truly need help. that said I have been growing more disappointed in the local Credit Union that I am a member of they got rid of the teller lines and cross trained their staff, they great you at the door a little creepy when the lady greeting you is looking like she's about to walk through you not help you. over all I'd say have a couple account spread around though avoid the the mega ultra large ones BOA WF find a credit union that's in a national network (mine's not) if you travel a lot
@Foxborn I still have an account with Capital One after they bought out ING Direct. Once I'm eligible for my local credit union (see above) I plan to close my CapOne account.
That is a tough one. I don't know that you can say that local community involvement is significantly different between the mega banks and locals, unless you choose a mega bank that has no local branches. The big ones still give their local branches a budget, or perhaps encourage the enterprise to do coordinated local events, like Toys for Tots or a food drive in hundreds of locations. It is still in their interest to be community oriented anywhere they have a brick and mortar branch.
I think a better decision point is on the product offerings and technology. Mobile banking, fraud detection, and Internet services (online bill pay) are a big decision point. My household is divided between mega bank and local bank, and the sophistication levels between the technology platforms are wildly different.
Plus, we have gotten incorrect answers and lousy customer service from both sides. I could tell you a long story about trying to set up a monitored account for a tween kid with local bank that was a trainwreck.
TL:DR - technology platforms vary, not so much local involvement.
@Pamtha should of gone with a joint checking account rare for someone that young (where I work usually won't do it for anyone under 16 but they do make exceptions) then link it to your online banking I'm sure there are other thing that can be con to controll tha account too. Also glad to see a parent teaching banking at a young age
Both. We have a smaller, local branch that we do most of our business with; but keep an account open with a larger chain for convenience.
Nothing could ever again make me give money to the national banks after the bailout fiasco. Local all the way!
My checking account is with an online-only bank, which I suppose has the benefits of neither? There's no local charity or community involvement, and also no benefit of branches everywhere. I'm with them because they have no fees, plain and simple. My former employer paid me with checks, so I had a hard time finding a decent checking account that didn't require direct deposit or a large daily balance to waive fees.
That being said, just yesterday I was looking into the local credit union that I plan on joining as soon as I am eligible. It only serves school employees, so once I get my teaching credential in the spring and get a job with the district, the first thing I will do is open an account there and setup direct deposit with them.
@Collin1000 I hope their technology platform is top notch and you did not have to mail them your check every week. And unless you need big money for a trip or a Craigs List purchase, getting cash back at the store saves a trip to the ATM
@Pamtha Yeah, they had image check deposit. At first it was iOS only so I had to scan and upload into my computer, but now there's an Android app for mobile check deposit, which was nice. I went into CVS once and bought a pack of gum and asked for $40 cash back and the guy looked at me like I was nuts. I told him that he was my bank teller for the day :D
@Collin1000 No fees for that I know a lot of banks charge for debit transactions since the bank pays the fees for a Debit transaction
I use a Credit Union that's large enough to offer advanced technology and full services but at minimal cost.
@shawk I have a suspicion that your credit union deposits at another bank though
I have a minimal credit union account to access their notary services and get early access to the Broadway shows they sponsor in our area. Everything else is with Bank of America because they offer all kinds of free services (payroll, Quickbooks integration, no-fee business accounts, etc) if you maintain your business and checking accounts with them. Their ATMs also don't require a stupid envelope and deposit slip.
A local CU because fuck banks.
For years I used a small, local bank. Unfortunately, they started growing, and growing, and growing, and growing, gobbling up smaller banks. As they grew, their customer service seriously deteriorated.
The final straw came when they bought the naming rights for a hotly contested baseball stadium in my mom's town, essentially endorsing the project. The town had voted down the stadium proposal, residents were up in arms and didn't want it. The town supervisor and his cronies went ahead and pushed through the $38 million project anyway. (The Feds are investigating but nothing's come out of the investigation yet.) Several years later, the Can-Am league team that plays there has yet to pay rent on the stadium.
Adding further insult to injury, the baseball team initially received permission to set off large fireworks displays about 6 times per season. Instead, they set them off about 18 times each season. May not sound like a big deal, except the stadium is a) surrounded by residential homes, and b) right next door to an overcrowded animal shelter. The homeowners can at least leave home to escape the noise of the fireworks, the animals have to suffer through it. My mom lives about 2 miles away from the stadium and on summer nights, you can clearly hear the booming of the fireworks. I can't imagine how loud it must be right next door to the stadium.
Okay, stepping off my soapbox now. Sorry about going on my rant and tangent. Anyway, no, I now use 2 large national banks.
Federal credit union. No fees, great customer service, and everything, except withdraw cash, can be done on the computer or smartphone, even depositing checks.
I keep choosing local banks and they keep getting bought by bigger banks.
When I moved to Texas back in mumblety-mumble, I joined a local credit union which expanded, then expanded again, then became a bank. I still have accounts there, but I moved the bulk of my business to another local credit union. I enjoy being a customer instead of an account number. And I rarely if ever have any need for services beyond direct deposit and ATMs (although my credit union provides quite a lot of services).
Another happy credit union user and another fuck banks.
I utilize both. Need to find a credit union that would let me join.
@gommiebears Many, but not all, will let you join if you make a charitable donation to one of their selected causes.
@gommiebears Our credit union is a military one, but they'll let just about anyone in; veterans, veteran's kids, veteran's kid's kids. Not sure exactly where they draw the line. All our family has accounts there, even hubby's Ex. And it's pretty big institution.
When I was in high school, I needed a checking account because I had just gotten my first job. Well, we went to the local bank first. They were total snoody dicks to me. Flat out refused to open an account, even with a cosigner. Went a few blocks down to PNC. Opened an account in about 15 minutes, and they explained what steps I could take to avoid all maintinence fees and crap like that. So far I've only ever been hit with one fee, as opposed to the likely hundreds of dollars the local bank would have sucked out of me by now.
Trying to avoid human interaction when it comes to banking. I love Ally.
@galmaegi Indeed, I am a huge fan of Ally. Switched to them after Perkstreet shuttered.
@Collin1000 I wonder @barney is also an Ally customer.
@galmaegi I love purple.
I work for what I would call a local to Mid-sized Bank, we are the largest bank in one of the states that we cover and we are a growing bank, we had nothing to do with the bail out, and I banked there for years before getting a job there. I have seen it change and not always for the best the managers and staff always try to help people. I'm not going to say that we can tell when some one is BSing use but you can get a strong vibe sometimes and I have seen managers truly go above and beyond for people who truly need help. that said I have been growing more disappointed in the local Credit Union that I am a member of they got rid of the teller lines and cross trained their staff, they great you at the door a little creepy when the lady greeting you is looking like she's about to walk through you not help you. over all I'd say have a couple account spread around though avoid the the mega ultra large ones BOA WF find a credit union that's in a national network (mine's not) if you travel a lot
@Foxborn and stay far far far away from capital one, they are owned by the devil the rest just sold their souls
@Foxborn I still have an account with Capital One after they bought out ING Direct. Once I'm eligible for my local credit union (see above) I plan to close my CapOne account.
@Collin1000 I have never heard anything good about Cap One
@Foxborn Correction: I'm with CapitalOne360.com which is different I guess than the standard CapitalOne.com banking.