[juny]

I'm thinking about closing down my account at the federal credit union and opening up an account at another bank since I've graduated college. I was wondering what bank soompiers use and the pros & cons of that bank. At first I was only going to consider a brick and mortar bank like Bank of America, but I'm considering online banking too because of their high interest rates for savings accounts. Of course brick and mortar and online banks each has its pros and cons...
Please discuss! I'm such a newb at this

[HERMIT]

Probably the most basic consideration could hinge simply on just how accessible you want your money to be.
If you are a cash and carry / ATM kind of person, then a bank like BofA (among other big chains) would suit you because they have ATMs all over the place. If you were banking with lesser-known banks that don't have established ATM presence, you could be saddled with the headache of paying extra and unnecessary ATM fees because you would have to resort to withdrawing on non-network ATMs.
Given the current economic climate, at the very least make sure that whatever institution you use is FDIC insured.

[rhaize]

Get wamu. It's free. Alot of people use them.

[incyphe]

^ yes good advice. Online savings is a smart idea too. The two big ones don't have minimum balance requirements, and offer high returns. (HSBC and ING Direct).

So have two accounts!

[HERMIT]

Get wamu. It's free. Alot of people use them.

Uh, WAMU is no more. It's JP Morgan Chase now.

The Beauty of Washington Mutual's Collapse.

[incyphe]

lol my previous reply was directed at Hermit's post about BofA... I should've just used the Quote button. lol

[Dr Facepalm]

lol washington mutual i still have my account but practically dont use it

HSBC is safe and fine but they have like no ATM machines in this country besides in like new york and florida

Citibank? Chase? maybe

[je_amourx]

I started with Regions then switched to Bank Of America, it's fast, everywhere, and pretty trustworthy. Online banking with BofA is not bad at alll

[chula]

i've had the same checking account since i was 18 and that bank is National City now but for savings, i use ING.

[Alaka'i]

nvm...you should check out wamu

[hailing from ny]

I have both Bank of America and Chase. I dunno what the interest rate on their savings accounts are, I believe ING Direct has great rates (based on their ads).

[tlydia]

I have Bank of America but I hardly use it. I'm currently using two different credit unions. I actually prefer them over banks.

[jon]

Banks and credit unions are quite different beasts. Banks are there to make money and to return their profits to shareholders. Credit unions exist to serve its members and return the profits back to their members in terms of higher dividend/interest.

Unless you are moving out of town and your CU no longer has any branches in the new area, I don't see any reason to close your CU acocunt if it has served you well over the past few years. Many credit unions allow you to use the ATM of other credit unions without a fee allowing for a wider network of ATM's. If you have a job after college, you should be able to get direct deposit into your CU savings or checking account as well.

You do hear a lot of big banks going under but very few CUs going under. Part of it has to be with CUs being more careful in their lending practice. Also it has to do with less corporate greed and less compensation for the top executives.

I have accounts in both large commercial banks and CUs, but I would encourage you to consider keeping your membership in your federal credit union.

[Tuffcore]

Does anyone use ING and can comment on how they are?

[chicken fly lice]

Wells Fargo is good for personal banking.

[erure]

I've used Bank of America since I was 16 when I opened my first checking account. I've never really had a problem with them, except this one time when I made a deposit of $2000 in cash and Bank of America didn't make the deposit. If I hadn't my receipt, things would have been hellish to say the least. Except for that one incident, BoA has been good

[dave4418]

Try Bank of America or JP Morgan or Wells Fargo. They are three of the strongest banks out there amidst this market turmoil.

B of A bought JP Morgan, itself and amazing company.

[badboy yardy]

well, wamu had the best returns but their future is uncertain with JPM taking over. surprisingly, their interest rates are still active.

[[HyuNi]]

^

That's what I'm saying!
I really enjoyed banking with WaMu.
They had great customer service, and they have/had the greatest intesrest rates

Their Online Savings account is still at 4.00% APY
and they still have great 12 month CDs at 5.00% APY

If anything I would bounce on the CD because once it's locked in for the year, Chase can't change the terms.

[AnikiJin]

Yup Same here. Wamu is far best bank I have ever dealt with so far. Can't believe it is gone though.. pretty sad...