I just managed to get a 5% checking account from Nutmeg State - Bankingawesome.com. They are great, but have some limitations because they're a small bank. So, what I've determined for my personal banking:
a) I will keep Nutmeg and have direct deposits sent there. Their online (and especially mobile) banking is a bit clumsy/clunky, so I don't want to do ebills there. However, you can't beat 5% fdic insured up to 10k.
b) I will keep TD banknorth as my online banking/billpay/day to day customer service bank, since they are big enough to have decent online features and good customer service.
c) I will discontinue most, if not all, Bank of America business, as soon as possible. They were totally unhelpful in a variety of bad situations, and have charged me at least $500 in fees.
d) Research, rinse, repeat. I'm sure Nutmeg will eventually discontinue their promotional offer, or another small FCU will come up with a better one, or the banking industry will change. As difficult and problematic as changing banks can be, it is worthwhile every once in a while.
Features I need in a mobile app:
a) mobile check deposit,
b)fingerprint access like paypal
c)easy billpay
Features I need in a bank:
a) Friendly, quick service. Every time I go to BOA, I'm greeted with long lines and unfriendly people. Whenever I go to TD, they give me a smile, a lollipop and friendly advice on how to resolve my situation.
b)Hours that are extended, or ways to still conduct business at weird hours.
c)Grace - without huge fees. This is one of the reasons BOA lost to TD - every single time I overdraft, they charge $35. Like a poor tax in monopoly, this just worsens the situation. Clearly, I've been in a hospital and unable to pay my bills. THAT'S WHY I OVERDRAFTED. OOOH, I KNOW . . . . CHARGE ME MORE AND I'LL BE MORE LIKELY TO PAY YOU. How does that make sense in a business model? If you scathe the people you are hoping to retain as customers, why would they come back to you. Once burned, twice shy. In contrast, TD nicely reminds you that you're over the limit, but still allows the purchase to go through. This allows for less public humiliation, and the ability to recover from financial hardship. It also ensures a loyal customer.
So, to sum up: Bank small and local if possible (Northwest Community Bank and Nutmeg Financial Credit Union). If they can't provide the services you require, choose a big bank that acts like a small bank (TD).
More BOA.
So. This happened to me.
I always thought that the “poor tax” in monopoly was a farce. But it’s legit. Bank of America does it to its customers with some regularity. Let me set the scene.
A math teacher is out on medical leave for several months. He tries his best to pay his bills, but has no access to billpay and therefore doesn’t see that they’ve arrived. Therefore, he is underwater. Like a lot. It must be mentioned here that he also tries to do a lot of good in the world, and that this has also hit his bank account.
Cumberland Farms has a direct link to his checking account to pay for gas. It saves a few cents on gas ($0.10/gallon) by directly debiting the bank account, bypassing the credit card companies.
On Dec. 4th, he pays for $31 of gas at Cumberland. They ask BOA for the funds, and they say insufficient funds. THEN they charge an overdraft fee of $35 (more than the gas). So Check link calls, asks for $51 because of their processing fee.
In all, one bank screwed me for nonpayment and a negative balance (how can it be BOTH?) and another place charged $20 to collect the debt incurred when the first bank refused to pay. They’re basically jerking each other off to the tune of $55 for a service worth $31.
