Should I Change Banks?

We just switched from Bank of America to a bank in Arkansas that we found on checkingfinder.com (heard about it on the Dave Ramsey show). It's a great website, and all of the banks are small but financially stable banks that pay great interest rates on checking balances if you view statements online, use direct deposit, and use your debit card like 10 times per month.

We even closed our money market account that we kept our emergency funds in because we could get a much better return if we put the money in our checking account. They have some Texas banks in the area as well if it is important for you to have a local branch.

We've been with BOA and been happy with them over 20 yrs. Personally, I don't see a reason to change for us.

We have several accounts with them, everything is free, no fees and we've never had any issues. We are rarely at the bank anyway so if my branch were to close and I happened to have a need to physically go to the bank, I'd just go to another location that remains open in my area.

We do the majority of our banking online so it does not matter where the physical address for the bank is located for me. I think it is important to have the consistancy of a long term loyal customer, especially as far as our business is concerned.

Good luck, whatever you choose!

I don't the true answer to if any are doing really well.

We are with Compass and don't like them. We've had Identity Theft issues and our bank didn't notify us of any suspicious transactions. I would prefer a heads up and to know someone else is watching our account or at least our debit/check card and credit cards. We are looking to switch companies also. However, we've heard about Bank of America also and have been reluctant to switch to them. I've heard local banks are good choice. I'm going to be checking into some of them.

We just switched to Chase 6 months ago from a local credit union because we felt they might go under. Chase is one of the top 3 as far as stability and we love the rewards debit card, I just got a $50 Macys gift card for redeeming points, you earn points every time you use your card :)

I'm pretty surprised to hear that about BOA. But, they're bleeding money from their acquisition/merger of Countrywide right now...

Anyhow, I'm pretty loyal to Wells Fargo. I've had business accounts with Chase and Compass, as well as manage the banking for my elderly Grandmother (she used a local bank up until recently). I used to work for Wells (7+ yrs) and know them intimately inside. FYI - I don't gain anything for this, I left 3 yrs ago to run my own company...

Determine what is important to you...for me it's ease of use with Online Banking. Wells has the best rated online banking sites nationally. It is very friendly and just easy to use. Compass is awful.

Also (this is just a quirky thing) I want to be able to bring my change jar into my bank and have them run it in their coin machine without charging me (I hate the grocery store coin machines). And, many banks just don't have coin machines anymore, but Wells puts them in all of their free standing locations.

Account types... I have had a Portfolio Management Account (PMA) for years. It's free and you get every one of their perks, provided you keep $5000 in combined accounts (I think it can include your credit card balance, and maybe Home Equity loans, but not Mortgage). They have all sorts of other accounts too. I used to know them all, but they've changed things around since I was there.

Last, but not least, WF is probably the most solvent institution out there right now. They have been around since 1862 and aren't going anywhere. They are very conservative. I've met former CEO and current CEO and they really know their stuff. I never got that slimy feeling being a part of their institution, and EVERY time I deal with BOA/CW I feel like they're out to get me (we negotiate with their mortgage servicing division). My husband worked for CW for a few years before WF, and he said it was a viper pit, and that corporate mentality can easily convey to the consumers.

Hope this helps!
C.