Best Bank To Open An Account

[miamidoc2b]

I am finishing residency soon (yah baby) and am looking top open up a new bank account. I am not too familiar with which banks are good and which are not. Anyone here can recommend a bank? I am in the NYC area. With all the financial turmoil going on lately, it would be good to have input from people who are in the know. Thanks.

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[countingdays]

I am finishing residency soon (yah baby) and am looking top open up a new bank account. I am not too familiar with which banks are good and which are not. Anyone here can recommend a bank? I am in the NYC area. With all the financial turmoil going on lately, it would be good to have input from people who are in the know. Thanks.

Whatever has an atm by your home or in your hospital.

 

[MCAT guy]

I am finishing residency soon (yah baby) and am looking top open up a new bank account. I am not too familiar with which banks are good and which are not. Anyone here can recommend a bank? I am in the NYC area. With all the financial turmoil going on lately, it would be good to have input from people who are in the know. Thanks.

I've worked for a few banks.

I would recommend:

Chase or Wells Fargo, if you want lots of perks (i.e. phone apps, digital advances like depositing checks with camera phone, more technology options on internet banking).

If you don't need all the extra frills, you can go to a mid-sized local bank. Having worked in this industry, I can tell you that service will be much better at the smaller NYC only banks.

Chase is great though if you want a big bank.

 

[miamidoc2b]

Thanks for the replies.

From the above replies, it seems like there is no difference between one bank over the next?

I already have a joint chase account and want something different with no annual fees and some decent perks if possible.

 

[PMPMD]

USAA if you can get in. I think you have to be related to someone in the military.

 

[lushmd]

USAA if you can get in. I think you have to be related to someone in the military.

Agreed. USAA is awesome. Great for insurance too.

 

[deleted126335]

I am finishing residency soon (yah baby) and am looking top open up a new bank account. I am not too familiar with which banks are good and which are not. Anyone here can recommend a bank? I am in the NYC area. With all the financial turmoil going on lately, it would be good to have input from people who are in the know. Thanks.

If you are joining a private practice group, see if the group does business with a small local bank. You might get a few perks and things like mortgage applications will be a breeze and cheaper. (More common in smaller cities)

 

[MCAT guy]

Agreed. USAA is awesome. Great for insurance too.

USAA is really amazing. Definitely take advantage if you have the opportunity.

 

[MCAT guy]

Thanks for the replies.

From the above replies, it seems like there is no difference between one bank over the next?

I already have a joint chase account and want something different with no annual fees and some decent perks if possible.

There is very little difference. Decent perks, just use Chase. It is a good bank for being large. Unless you want a credit union type bank, which will tend to offer better pricing because there is less need for margin.

 

[235009]

E-Trade max rate checking has served me very well over the years. You can use any ATM anywhere and they will refund the fee you were charged. This is really the best "perk" any checking account can give you.

There are 2 downsides though:
1. There is a $5k minimum to avoid paying a fee (shouldn't be a problem at this stage i'm assuming)
2. Deposits are a huge hassle and the best way to get around that is to have another bank account you can deposit money to (i have chase) and then transfer money over using the online system.

Despite the name "max rate" the interest rate has dwindled down to 0 but again the one perk of ATM fee refunds has made me stick around for several years now

 

[Sufenta]

I am very happy with Ally. No branches tho, they are only online. But I have direct deposit, so doesnt matter to me. No fees, no min balance. All ATM fees refunded at months end. Free bill pay, guaranteed by a set date. Then if the bill is late, they will cover the fees. Pays better interest rate than most... savings 1% and even the checking 0.5%. And really good, courteous, customer service. But you must have a decent credit score or they will decline to give you an account.

 

[miamidoc2b]

Thanks for the replies guys.

I looked into USAA and it seems I would be able to open a checking account.

I have never had an online bank ONLY. Although I have only been to the actual physical branch of a bank a handful of times, it just seems odd to not have a physical presence around at all. What is the downside of banks that you can access online only? Also, what is so great about USAA?

 

[235009]

What is the downside of banks that you can access online only?

i really haven't run into any deal-breakers yet. the biggest problem i've had so far is that i couldn't get a certified check on short notice but you can easily get around that if you have another account with chase (unfortunately i needed way more than was in my chase account). Also E-Trade does have physical branches ...there are just VERY few of them: https://us.etrade.com/e/t/home/etradecenters

 

[core0]

Look for a local credit union. Little or no fees. Good service. Everything a bank used to be. There are CU service centers all over so if you are traveling and need to do some banking its relatively easy.

 

[countingdays]

I am finishing residency soon (yah baby) and am looking top open up a new bank account. I am not too familiar with which banks are good and which are not. Anyone here can recommend a bank? I am in the NYC area. With all the financial turmoil going on lately, it would be good to have input from people who are in the know. Thanks.

Find out where you are going to live. Walk from there to the nearest subway station. If you pass an atm on the way, use that bank unless it charges a fee for checking.

Benefits are insignificant compared to convenience.

If you are making a significant amount of money with the interest rate on money in your checking account, you need to find a better place to keep your money than a checking account. To me, interest on a checking account is just one more tiny number to have to include on my taxes without providing a meaninful benefit.

You don't need to bank and get loans in the same location, so that stuff doesn't matter.

 

[cchoukal]

Find out where you are going to live. Walk from there to the nearest subway station. If you pass an atm on the way, use that bank unless it charges a fee for checking.

Benefits are insignificant compared to convenience.

If you are making a significant amount of money with the interest rate on money in your checking account, you need to find a better place to keep your money than a checking account. To me, interest on a checking account is just one more tiny number to have to include on my taxes without providing a meaninful benefit.

You don't need to bank and get loans in the same location, so that stuff doesn't matter.

I agree, although I'm surprised at the level of insight from others on this thread. My feeling is they're all FDIC insured (up to a certain amount that's probably far larger than you'll want in "cash" anyway), and the only other differentiator is the ATM convenience. I have Chase and Wells Fargo (I live in CA but spend time in Chicago and Mpls, so I've got ATM coverage in spades). I think the level of perks has a lot more to do with your opening balance than which bank you choose.

 

[MCAT guy]

I agree, although I'm surprised at the level of insight from others on this thread. My feeling is they're all FDIC insured (up to a certain amount that's probably far larger than you'll want in "cash" anyway), and the only other differentiator is the ATM convenience. I have Chase and Wells Fargo (I live in CA but spend time in Chicago and Mpls, so I've got ATM coverage in spades). I think the level of perks has a lot more to do with your opening balance than which bank you choose.

Worked in finance since '07. Transitioned to medicine.

I'm talking about fees in loans/services, competitive products, innovative tools and convenient options.

If all you want is checkind and don't care about mortgages, loans, internet services, technology, applications on smartphones or tablets, fees for services and margin in their products, then you are right. It doesn't really matter where you go.

That's why I said, it depends on what you want. USAA is great on many products. The bigger banks have a lot more services and tools at their disposal.

 

[jennyboo]

I do the rare cash or **paper, snail-mail** check deposit at a bricks-and-mortar bank w/local branches and put the rest into Fidelity. I then e-transfer much of it to Fidelity.

I take money out of any ATM using the Fidelity ATM card -- Fidelity reimburses all "foreign ATM" fees for any machine you use, no matter what bank it belongs to.

Works well for me. I don't keep a whole lot in the bricks-and-mortar bank.

 

[imfrankie]

I like Charles Schwab.
Can get a checking account with free stuff like any ATM, plus they have all the other services including brokerage accounts, 401k, mortgages, etc.
Excellent telephone service, everytime.

 

[hivoltage]

I like Charles Schwab.
Can get a checking account with free stuff like any ATM, plus they have all the other services including brokerage accounts, 401k, mortgages, etc.
Excellent telephone service, everytime.

WARNING: the following statement is a positive.

Im a HUGE HUGE HUGE HUGE fan of charles schwab checing account. ITs AWESOME. REimburses everything including any atm fees incurred. plus when you call schwab you are speaking to a qualified, interested individual who addresses your concern.Doesnt just parrot a script.

FIDELITY INVESTMENTS does an equally good job. I have a fidelity acct as well but this is my brokerage account just didnt wanna mix the two

I tried to see which customer service was better a few years ago by calling each of them up schwab and fidelity and asking the rep who answered the phone the same exact question and judge their responses.. PRetty much equal. They are both phenomenal.

 

[MCAT guy]

Agreed here. Charles Schwab is excellent, especially if you get into investing and 401ks. I don't think their mortgage products are so hot, they aren't really that competitive except maybe on a few jumbo ARM type products. But their online tools are great.

 

[pgg]

Another vote for Schwab.

Also consider a credit union if there's a good one you're eligible to join. I've had far, far better service from my credit union (Navy Federal) over the last 15 years than any other bank I've used. 3 mortgages and 5 vehicles through them in that time.

We use USAA for all of our insurance but haven't tried their bank.

 

[Ronin2258]

Another vote for Schwab.

Also consider a credit union if there's a good one you're eligible to join. I've had far, far better service from my credit union (Navy Federal) over the last 15 years than any other bank I've used. 3 mortgages and 5 vehicles through them in that time.

We use USAA for all of our insurance but haven't tried their bank.

I have used USAA bank, credit card and insurance services. They have been the best bank out there, at least for me. In addition to the above, they have a house hunting service, an apartment search service.

I also have accounts and Navy Federal. I like their services as well.

The two in my corner? Saved my fanny more times than I care to remember.

 

[icristi58]

+1 for schwab

 

[Doctor4Life1769]

OK. USAA or Schwab?

Can civilian folks qualify for USAA or is it military only?

 

[PMPMD]

OK. USAA or Schwab?

Can civilian folks qualify for USAA or is it military only?

I think you have to be somehow related to someone in the military, either active or reserves.

 

[PMPMD]

OK. USAA or Schwab?

Can civilian folks qualify for USAA or is it military only?

From usaa.com:
Active, retired and honorably separated officers and enlisted personnel of the U.S. military.
Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
Adult children whose eligible parents have or had a USAA auto or property insurance product.1
Widows and widowers of USAA members who have or had a USAA auto or property insurance policy.

I like to post first and confirm the truth of my posts later.

 

[DrMunkey]

I again parrot what others have said... We use USAA for banking, auto/home/valuable property insurance, investment accounts, car loans when we had them and have been 150% satisfied with them. Their customer service is consistently #1 and I would recommend anyone eligible to get in on it. My stepfather was retired military, so that's how I qualified.

 

[Doctor4Life1769]

Well, for us who don't qualify. What's the perks of using Schwab?

 

[MTGas2B]

Thanks for the replies guys.

I looked into USAA and it seems I would be able to open a checking account.

I have never had an online bank ONLY. Although I have only been to the actual physical branch of a bank a handful of times, it just seems odd to not have a physical presence around at all. What is the downside of banks that you can access online only? Also, what is so great about USAA?

I've been using USAA as my primary checking for almost ten years now. Works great. Depending on where I've lived I haven't always had access to other accunts at a local bank. Never a problem.

Things I like about USAA banking as my primary checking account
-Use any ATM: Even if you get charged fees, they are reimbursed once a month up to $15 per month

-Deposit from your phone: My wife still get checks from her job, but no problem. She takes a picture with her droid USAA app, and within about 20 minutes or less its posted to our account.

-Good customer service: When I've had problem, which isn't often, customer service has been great about gettings things straightened out.

-Covenient funds online funds tranfer: So, USAA isn't my only bank (I have accounts at four different banks) but I can use USAA's funds transfer site to move money between all of them. Limted to $5000 per day when go to or from non-USAA accounts, but handy since not all of my other banks have great online funds transfer features.

-Four star checking gets interest: Okay, not a lot, but once my balance gets over $1000 (which didn't happen much as poor resident/med student) I start getting interest. No changing account type or anything like that.

 

[Ronin2258]

Forgot one thing about USAA:

Since it is not openly traded like BoA and the larger banks (they are not traded at all,) their investments come back to you as a small dividend in December. It may seem like a small matter, but being responsible for the account holders and not stockholders kind of warms the cockles of my heart.

Don't worry about physical checks. Got access to a scanner that can do jpg greyscale at 200dpi? You have near instant deposit at any time for up to $10,000. I have used it to deposit several checks. I say near instant in that a few of my checks had some funds put on hold until the issuing bank cleared them. Since I don't have a cell phone to do pics, the scanner does quite well (been archiving records in pdf files.)

Access to a person in their phone service is quick and easy compared to other banks. It beats what you see from 0:40 from here:http://youtu.be/rmA4Z0b6RpE

 

[MTGas2B]

I would add one other nice things USAA vs. a big national bank. My wife was a long time Bank of America customer. As we/she moved, we discovered bank accounts at Bank of America are like having accounts in different bank. Her accounts are in Oregon, where she grew up. Washington, where we lived for for a while had a completely different set of accounts, so every teller deposit was a hassle because they had to process it for Oregon. We moved to California, its another whole different system. Its caused lost paperwork and poor handling of customer service issues.

 

[BLADEMDA]

I would like to read JPP's opinion on banks but here is mine:

1. I have multiple accounts across the spectrum from the local bank to the National Investment Brokerages.

2. Get to know somebody at the local or Regional bank. Some call them "Personal Bankers" or just the branch Manager or Assistant Manager.

3. Some Groups get preferential treatment at certain banks. Think ARs and what that means to a bank. This results in lower rates, no or low fees and higher interest on your checking account.

4. What do you want out of a bank? Are you "old-school" like me who expects quality, personal service? Or, are you new school and don't mind 100% internet banking for Universal ATM access with no fees and unlimited checking.

5. Remember, there are advantages to making a phone call or e-mail to the Branch Manager or Personal Banker to handle money transfers, wiring funds, etc. This can be performed while you are working at your job during banking hours.

Blade