Looking For A GOOD Bank. Suggestions?

I posted in the Gray Area because my premise is a real-life situation, and there will undoubtedly be conversations about who the corrupt banksters are, and who the "Good Guys" might be.

So here's my query;
For a variety of practical reasons, I need to start a bank account. Based on my principles and ethics, I refuse to do business with the likes of Bank Of America, Chase, Wells Fargo, and based on bad reviews, Ally.
My question to my fellow ATS members is, are there any good, reputable and socially responsible banks out there to do business with? I wish I didn't have to deal with any of them, honestly, but it has come down to being a practical necessity. I live in Southern California, so if you suggest regional banks that I don't have access to, then that's not really a help. I'm open to credit unions if they are flexible and I have reasonable access to locations and I don't get ganked on ATM fees.

The reason I'm asking here is because there are very well-informed peeps around here, and I value constructive input. I don't want this to turn into a "bash the banks" thread, so save all of the real rhetoric for another thread, please. I'm looking for helpful, constructive information and suggestions. Personal anecdotes of your banking experiences are welcome within reason, of course. That will add to the general interest of the topic.

I don't mean to post and run, but I have to run an errand, and I'll be back in a couple of hours, and then I'll check in with the thread. Thank you all in advance for your help and opinions/experiences.

reply to post by moonzoo7


If you live in the US, I would say a local credit union would be the way to go. Stay away from the big players....

reply to post by seeker1963


I have a feeling it will lean towards credit unions...
Thanks!

Good banks do not exist, stuff your cash under your bed

Credit unions.

2nd

local credit union.

reply to post by moonzoo7


If you were in Canada, I'd suggest TD. Have had no issues with them since I opened my account with them in 2000. RBC, Royal Bank of Canada and CIBC were completely useless for me - that's for Canadian members who have the same question.

I'm also going to say credit union, because their fundamentals are different to banks. Banks aren't run to benefit you, they are run to make money from you, all they wanna do is maximize profits for the shareholders, so there will always be problems for the customers.

My wallet.

Its free, I dont charge you anything for putting your money in there, plus theres no interest or additional expenses.

Depending on the amount, if it surpasses the 5-10 million figure however, theres a good chance I'll move to my own island... all you have to know is, the island is still on planet earth and your money will still be safe.

I HATE banks (and agree with the credit union) BUT, keep your eyes peeled. In the last three years I have gotten a free Ipod touch (8 Gig), $200 prepaid Card, a $100 prepaid card- All from opening accounts (with the minimum) and making a set number of ATM purchases- Then close the account.

Sometimes banks will offer deals to new accounts. look around online and profit from a bank for once (while keeping your real money in a credit Union)-

I am ALWAYS ready and looking or new enticements offered from banks to "get my business" which allows me to get something free and close the account.

For Instance, the IPOD (KEY BANK) was done setting up the account during my Lunch Hour (maybe 20 mins) and then making six purchases (I think) with the Debit card in six months. I opened the account with like $200 and used that to make those purchases and then once I had my Ipod I transferred my remaining Funds to my Credit Union (20 more minutes)- This was back when the Ipod I received was selling new for like $250.

reply to post by FraternitasSaturni


Until you lose your wallet...sadly no protection there against lost funds...at least with a bank you have records. I went to unions for years but got tired of giving a good chunk of my paycheck to the union for cashing cheques. Maybe our banks are different here in Canada but I've had no issue with the one I currently use...it's all about shopping for the right bank to use - finding one that suits your needs. With every bank or credit union you are going to pay fees and interest rates - just like with every other service you pay for. Shop around, you'll find something you like.

reply to post by moonzoo7


Financial institutions such as banks and credit unions are lame.

Take a walk on the wild side....financially speaking

Invest your money in the future. Read the handwriting on the wall for investment advice. How about... Surveillance systems, Private prisons, drug companies, energy, rare earth minerals, technology, Chinese Yuan and legal MJ shops in Colo. and Washington about to go country wide soon.

Now is the time for the savy investor to really kick ass in this global economy.

How would you like to coproduce my feature film. I'll even cast you as the guy that gets to kiss all the semi clothed babes. I'm serious!

Originally posted by Charmeine
reply to post by FraternitasSaturni

 

Until you lose your wallet...sadly no protection there against lost funds...at least with a bank you have records. I went to unions for years but got tired of giving a good chunk of my paycheck to the union for cashing cheques. Maybe our banks are different here in Canada but I've had no issue with the one I currently use...it's all about shopping for the right bank to use - finding one that suits your needs. With every bank or credit union you are going to pay fees and interest rates - just like with every other service you pay for. Shop around, you'll find something you like.

edit on 4-12-2012 by Charmeine because: (no reason given)

Credit Unions (at least here0 do NOT charge you to cash checks if you are a member- Check cashing, Coin Star and Checking is all free and they are "member Owned".

-Not sure how it is in Canada... But I LOVE Canada =P

reply to post by moonzoo7


I think it depends, but since you don't like the banks you mentioned...


www.consumersavvytips.org...

Personalized Service While this isn’t the instance in all cases, I have often heard that people who are members of credit unions receive more personalized service than those who are members of large banks. Because credit unions tend to be smaller and cater to a select group of people, there is more personalization between the staff and the members. While banking at a credit union isn’t for everyone, it’s definitely something you should consider looking into. See what service and opportunities your local credit union can offer you.

Personally, I don't trust any of them when the shtf, I would rather make sure I have my funds on me, near me, controlled by me...and make sure you convert something to gold.

reply to post by DarKPenguiN


Credit unions here want to make money, everyone charges interest. Ergo, reasons for us to use banks. Plus that way I don't have to carry cash wherever I go. I like the convenience of a bank card...but yeah, credit unions here charge for everything - even prepaid cards. And even with prepaid credit cards here - you can't book things like travel or pay for certain services over the phone. A lot of companies will only take real credit cards from real banks.

I worked for three days to help a friend out in one small store here. I walked out mid-shift because of the way the store was run. It was just awful.

I guess it depends entirely on your banking needs. If you are a business owner with 100 employees, and conduct your operations internationally, a small credit union will not meet your needs.

If you are a High Net Worth individual, you don't belong in a credit union. They don't have the resources to advise you on how to strategically position your company, your investments, etc.

If you travel throughout the country, a small credit union won't be of much help either if you need to access non-credit union ATM machines to take out cash. You'll get hit with fees repeatedly as you travel, and would be better off banking with a larger bank with a national footprint.

Credit Unions do have their purpose. They are designed for moderate to low income consumers with minimal banking needs. The larger the bank, the more sophisticated the clientele. Credit Unions are not appropriate for consumers with sophisticated and complex banking needs.

Yes, the big banks are not for everyone. Especially consumers that are exceptionally fee sensitive and have minimal banking needs. But they do have a practical function for the right clientele. As much as people on this forum love to trash the mega-banks, they still hold the vast majority of the banking relationships in this country, on both the consumer and commercial side of banking. And you will be hard pressed to convince a Fortune 100 company to move to a local credit union.

In a nutshell, your decision depends on your objective. Personally, if I were just looking at consumer banking, and my needs were minimal, I would consider looking at one of the online banks, such as E-Trade. You can use any ATM machine, and fees are immediately refunded. If you use Online Banking, E-Trade has an excellent online banking platform. Plus, you can see your IRA, Savings Account, Checking Account, etc. all on one screen.

What's the best bank? I was going to say - only half flippantly - "piggy."

I agree with the majority of replies: go with a local credit union. Keep it at home.

I'm in Canada and I use a local Credit Union. Over 20 years, every year I get a cheque from them and they've always been very helpful regarding short term loans, quick pay downs etc.

reply to post by moonzoo7


DO NOT USE A BANK!!!!! Go to your local credit union. At the very least, look it them before you do anything. Your community (including yourself) will benefit instead of all the Wall street bankers.

Originally posted by CookieMonster09
I guess it depends entirely on your banking needs. If you are a business owner with 100 employees, and conduct your operations internationally, a small credit union will not meet your needs.

If you are a High Net Worth individual, you don't belong in a credit union. They don't have the resources to advise you on how to strategically position your company, your investments, etc.

If you travel throughout the country, a small credit union won't be of much help either if you need to access non-credit union ATM machines to take out cash. You'll get hit with fees repeatedly as you travel, and would be better off banking with a larger bank with a national footprint.

Credit Unions do have their purpose. They are designed for moderate to low income consumers with minimal banking needs. The larger the bank, the more sophisticated the clientele. Credit Unions are not appropriate for consumers with sophisticated and complex banking needs.

Yes, the big banks are not for everyone. Especially consumers that are exceptionally fee sensitive and have minimal banking needs. But they do have a practical function for the right clientele. As much as people on this forum love to trash the mega-banks, they still hold the vast majority of the banking relationships in this country, on both the consumer and commercial side of banking. And you will be hard pressed to convince a Fortune 100 company to move to a local credit union.

In a nutshell, your decision depends on your objective. Personally, if I were just looking at consumer banking, and my needs were minimal, I would consider looking at one of the online banks, such as E-Trade. You can use any ATM machine, and fees are immediately refunded. If you use Online Banking, E-Trade has an excellent online banking platform. Plus, you can see your IRA, Savings Account, Checking Account, etc. all on one screen.

Very well put. I use a Credit Union (and love it) but , as you say, I am not high income nor do I travel very often... But absolutely- Business owners and high dollar individuals pretty much HAVE to use banks. My Sisters and her Husband have an Excavating Company and although they themselves hate" banks- There is no way around one for Larger payrolls.

I was assuming the OP is more in a Middle to Low Income situation (like myself) which is why I recomend a Credit Union. But you are 100% correct in what you say.