Which is the best bank in the States?

[dohko]

Ok.. I know this might be a bit off topic, but I need help from the community that live in the US.

I'd appreciate it if you took the time to go through this thread and then post your reply.

I'm a US citizen but haven't lived there in all my life, and I'm soon moving into the US. I'd like to open a savings account and maybe later on a credit card. I'd like to know which is everyone's favorite bank and why do they prefer them and maybe which banks should I avoid.

(maybe after having some suggestions I could open a poll and see what everyone votes for.)

Yours,

Dohko:)

[kevincollateral]

my online savings acct at washington mutual is earning 5.00 apy.

wamu ftw

used to work there also. good bank...good people.

[Ryudo]

Don't think one exists in general terms.
I just went with wells fargo because they are half a block from my apt,never had any real issues with them but it's just a bank to me
Before that I used Keybank..meh.
Just dig some info for wherever you choose to live on convenience and what options you want and what each bank offer appeals to you most. *shrug*

[skyz]

i use citibank

i still have my free student account

once i made an understandable error when my hotel posted an authorization charge and later is was almost doubled which caused a bunch of overdrafts

i called them up and pointed out that the debit authorization and debit charge were not the same so though it was my error not theirs i asked if they would reverse the $300 + charges and they did

i never bounce checks normally actually i almost never write checks

they have also resolved two charges that were incorrect with no effort from me other than my informing them that i disputed them

they are not the most ethical company in banking practices (they were involved in the enron/worldcom scandals) but on a personal level they have served me well

plus they are everywhere so if i find myself somewhere far away they will most likely still be a branch close by

[ericjosepi]

That one in the Caymans where the rich bastards avoid taxes is pretty good...

[mikec]

When I was a younger I had accounts at a bank that later was merged with HSBC. I then went to a regional savings bank because they were friendlier. I then relocated and use a small bank that is only in my state.

Where are you planning on living? There are some banks that are national in scope, some regional and some operate only in a state or two. Now don't forget that there are some internet banks. Some may even issue credit cards. You might want to see if you can open an account now, even if you aren't in the States.

[tokenuser]

There is only really on truly national bank in the us - Bank of America. All others major brands (Wamu, Wachovia, Wells Fargo, Chase, etc) are realy superregional banks ... but rapidly getting to the point of having branches in all states.

I am currently a Wachovia customer (chequing, savings, and brokerage accounts), but have been with Wells Fargo in the past. Picking someone local to where you live is best from the perspective of ATM fees.

To be honest, if they were available locally, I would probably move over to HSBC - since they are a global bank.

[Bohemian_Beauty]

I use a credit union, but I suggest WaMu. They're really friendly, and they don't dick you around as much as the other banks do.

[skyz]

There is only really on truly national bank in the us - Bank of America. All others major brands (Wamu, Wachovia, Wells Fargo, Chase, etc) are realy superregional banks ... but rapidly getting to the point of having branches in all states.

I am currently a Wachovia customer (chequing, savings, and brokerage accounts), but have been with Wells Fargo in the past. Picking someone local to where you live is best from the perspective of ATM fees.

To be honest, if they were available locally, I would probably move over to HSBC - since they are a global bank.

citibank is global

[mikec]

Citibank is global but they aren't in every city/state the way Bank of America seems to be.

[Heyseuss]

Bank of america is neither national, global, or a good bank. There are no good banks in america, it's like stepping back in time, when you try banking in america. They are all dictated by the corrput federal reserve banks anyway, my advice is pick a local one, and have a back-up bank that you have an open account with, but do nothing to.

[tokenuser]

citibank is globalIndeed they are - but unlike HSBC, Citigroup are taking a heavy hit because of the whole sub-prime mortgage debacle and their credit card business (ie < 20% hit on HSBC's 52 week high, vs Citigroups >50%). HSBC is a much more stable company.

Bank of america is neither national, global, or a good bank. BofA is national. You just might not realise it - especially with their aquisition of LaSalle last year, that gave them a presence in 22 states - some that they were already located in, but others they weren't. Expect rebranding of the LaSalle locations next month. They are also not global, but have reciprocal relationships with major banks in Europe, SE Asia, Aus/NZ, Canada, and South America. So, they have global reach, and are probably already in your wallet through their ownership of MBNA (largest credit card provider in US).

All the same, I don't like them just because of their fees. They will drain your account dry by nickle and diming you with fees.

[skyz]

Indeed they are - but unlike HSBC, Citigroup are taking a heavy hit because of the whole sub-prime mortgage debacle and their credit card business (ie < 20% hit on HSBC's 52 week high, vs Citigroups >50%). HSBC is a much more stable company.

well i am not investing in citbank that's for sure and at this point i don't have that much money - i just want them to be there wherever i happen to be ;)

[tokenuser]

well i am not investing in citbank that's for sure and at this point i don't have that much money - i just want them to be there wherever i happen to be ;)Savings are FDIC insured ... investmetns unfortunately are not. Citi is a safe place to hold your money, but they are going to have to start making up for their loses somehow ... and I suspect that will be via something similar to BofA's fees.

[Heyseuss]

BofA is national. You just might not realise it - especially with their aquisition of LaSalle last year, that gave them a presence in 22 states - some that they were already located in, but others they weren't. Expect rebranding of the LaSalle locations next month. They are also not global, but have reciprocal relationships with major banks in Europe, SE Asia, Aus/NZ, Canada, and South America. So, they have global reach, and are probably already in your wallet through their ownership of MBNA (largest credit card provider in US).

All the same, I don't like them just because of their fees. They will drain your account dry by nickle and diming you with fees.

Depends what you mean. They aren't in some states at all and/or, having one affiliate ATM per state doesn't count. Last time I lived in Colorado, the lone single BoA ATM was in Denver, 4 hrs from me. I've been with BoA since late 96, they're not new to me. Nations Banc is their east coast bank and they are still only located sparsely. I've never heard of any relationships with international banks, and I still bank in UK and Australia all the time.

Chase and Citi are part of the federal reserve. Even if you aren't a customer with them, your income tax goes to polishing their big doors.

[tokenuser]

Depends what you mean. They aren't in some states at all and/or, having one affiliate ATM per state doesn't count. Last time I lived in Colorado, the lone single BoA ATM was in Denver, 4 hrs from me. I've been with BoA since late 96, they're not new to me. Nations Banc is their east coast bank and they are still only located sparsely.The aquisition of LaSalle last year fixed that. (October?)

I've never heard of any relationships with international banks, and I still bank in UK and Australia all the time.
Australia/NZ - via WestPac (who suck just as hard as BofA for customer service and fees)
UK - via Barclays

[Heyseuss]

The aquisition of LaSalle last year fixed that. (October?)

Never heard of LaSalle.

Australia/NZ - via WestPac (who suck just as hard as BofA for customer service and fees)
UK - via Barclays

Isn't Westpac named something else now ? I have ANZ and Commonwealth. Barclays is good, I have Midlands in england which I think became HSBC.

[mikec]

NationsBank bought BankAmerica in '98 and created Bank of America. LaSalle Bank was a bank based in Chicago and operates in 20 states, including CO, it became Bank of America on 10/1/07. Bank of America has a small stake in China's #2 bank. They also operate in India. They sold some Latin American operations that were under another name.

[Tiki]

If you're in the northwest, which you're probably not, use Columbia Bank. Everyone there is helpful and it's a bank that won't try to rob you.

[AriaStar]

Washington Mutual. I've been with banks on both sides of this country, and that's the one bank I felt most dedicated to working with me when there were issues. As my ID was stolen when I was 18, and I still deal with it, a bank willing to help me if very important. BofA and Wells Fargo both weren't helpful, and someone tried to open an account in my name at Wachovia a few years back and Wachovia was EXTREMELY unhelpful in terms of providing tapes to the police, saying they needed a court order. Since I lived on the other side of the US at that point, I was unable to go to court to file for one.

I've got a business account still with Columbus, a small one-branch bank 300 miles from where I live and I need to close it and open a new WaMu account. Like right now.

[tokenuser]

Isn't Westpac named something else now ? I have ANZ and Commonwealth. Barclays is good, I have Midlands in england which I think became HSBC.Westpac is still Westpac. Has been since the early 80's when it changed its name from Bank of New South Wales.

[lordbyron]

The best question to ask is what state in the US are you moving to? People are debating on what banks are global or in every state in the US. Who cares if the person in going to be in one state only. I travel a lot and bank with Chase, and if I need cash and don't see a Chase atm I use the first one I see. Hell if I am in town I use the first atm I see.

Why does a bank have to be global to be good? As long as it is FDIC. For my business we use a small bank and its really friendly they do not have teller windows, when you walk in there are a bunch of desks you sit down at one and they go and do the deposit for you while your sitting down relaxing. They even have stickers and suckers for the kids. When my 3 year old son hears bank he always wants to go.

[dohko]

The best question to ask is what state in the US are you moving to?.

I'm gonna move to Provo, Utah.

Thanks to everyone for their replies, I read it all and everything is acceptable:)

[Heyseuss]

I'm gonna move to Provo, Utah.


Poor bastard.

[acidburn]

Something to keep in mind when choosing a bank for your savings account is the state tax laws.

Here in MA if you earn interest in a savings account at a bank that is based out of state you pay taxes on the interest.

I have no idea if that's tax law everywhere in the US, but could be worth looking into.

[dohko]

Poor bastard.

At least I'm going to get quality education...

[tokenuser]

At least I'm going to get quality education...Oh. I thought you said you were moving to Utah ;)

[tokenuser]

Something to keep in mind when choosing a bank for your savings account is the state tax laws.Regardless, you pay tax on savings (hence the 1099-INT form) at atleast the federal level.

But to be honest, unless you are parking 1000's of $$ in a money market account, the 0.03%pa earned isn't going to push you into a new tax bracket.

[Ryudo]

Oh. I thought you said you were moving to Utah ;)

UofU is a great University..but since he said Provo ..then it means *sigh* Byu.....poo.






Poo.





Poo.

[acidburn]

Regardless, you pay tax on savings (hence the 1099-INT form) at atleast the federal level.

But to be honest, unless you are parking 1000's of $$ in a money market account, the 0.03%pa earned isn't going to push you into a new tax bracket.

I see your point, but in my state you pay more just because you are using a bank that isn't in the same state. I was just noting something to look out for.