NSR: Banking advice request

[Mikey]

Was hoping that some of the Maggots might be able to help out with some banking advice.

I moved over from the UK last year to set up a business with a couple of friends (whom I met in Las Lenas actually). Anyway, I’m now fully official, with a H1-b visa and social number. Hence, the time has now come for me to open up a bank account and stop using my UK provider. However, from what I’ve seen thus far of the banking system out here it’s pretty unscrupulous and I’m unsure of which provider to go with. I was considering Wells Fargo as they seem to have the most branches. However we use them for our business banking and I’ve been thoroughly unimpressed with them - ridiculous charges and terrible service.

Basically I’d like a bank that offers the following:

- No ATM charges, regardless of ATM used.
- Credit/Debit cards that allow you to accumulate air miles or some other benefit.
- Decent on-line banking that allows transfers, mgt of all monies on line.
- Low to zero fees.
- A branch in boulder.
- A reasonable level of interest.
- A decent level of personal service. Seen that I’m from Europe I have no transferable credit rating; hence I’m going want a personal banker that knows what they're talking about and that will work with me to build my credit as fast as possible.

I’m not too fussed about number of branches etc – I tend to do all my banking on-line anyway. I just want a single branch local to me.

If anyone has any advice or indeed knows of a decent personal banker based in Boulder then I’m all ears.

Thanks,

Mikey

[RootSkier]

- No ATM charges, regardless of ATM used.
- Credit/Debit cards that allow you to accumulate air miles or some other benefit.
- A reasonable level of interest.

Nope. Not gonna happen at a normal "in person" bank.

You will always pay for other banks' ATMs.

You need credit cards separate from bank account to accumulate miles.

Open an account at ING Direct for 4.4% interest on savings. Good luck finding a local bank that will pay anywhere near that.

As far as good local service, check into some local credit unions.

[Evmo]

Hey Mikey,

Cant necessarily find all the answers for you, however First Republic does address the ATM issue. They actually refund any fees you get in other banks' ATMs back to you.

Doubt their interest is anywhere close to ING (what Root said), however it is nice to not have to worry about that $4 withdrawal fee...

[Below Zero]

You will always pay for other banks' ATMs.

Not at Compass Bank. Just save your receipts and then cash them in. It's great. Thumbs up for Compass Bank.

[Brock Landers]

^^^Agreed. Youre most likely going to want to separate your shit, credit cards, bank cards, savings account. ING is awesome, set up an online savings account with them. Its easily transferrable to/from other accounts (like your checking). Also, where are you located? Thats is big- Bank of America is huge on the EC and there are ATMs everywhere but I dont think its the same out west. They also have credit cards, but you dont get interest or miles on the credit card balance. Get a separate VISA card, though the best ones have an annual fee. I think theres a report on credit cards in Consumer Reports from a year or so ago. To have the perks youre asking for , youll have to sacrifice the convenience of having it all at one bank.

[mr_gyptian]

I have everything with Wells and have received great service so far. Granted I compare them to BankOne in Chicago, home of the $3 fee to speak with a teller.

seriously though, Wells is at the very least the most convenient in CO and the West.

[ski_adk]

You might want to try looking into a credit union. I'm not sure about the current rules/laws of membership, but if you can get into one, they're awesome. Basically, it's a bank that's owned by the membership. Mine has great customer service, no ATM fees, and reasonable interest rates. These are non-profit enterprises, so they're not out to rape their client base like corporate banks do.

[denmeado]

i know the pain...as a recent import myself.
As per the other responses, split it up, annoying but necessary.
I kept my Aussie ING account (6% interest!) linked to an AU savings account for transferring. Then Wells fargo here, gives you a fee free checking account if you link a automatic deduction savings account to it (no interest virtually but avoids the fees) this also has a visa card attached to your checking....which you'll need (online purchases etc) because no one will give you/me a credit card! Irregardless of your foreign credit history. The best you can hope for is a "credit card" where you put down $300 and they give you $300 credit...um, not sure what that does for me, but apparently after a year you can move on to the real thing...
..hope that helps...and if you find any deals approaching what you're after, please post up, I'm interested.

[TrailRider]

You might want to try looking into a credit union.

BINGO! Stay away from Banks if you can. Big banks would like to crush credit unions into bug spit.

[funkendrenchman]

I have everything with Wells and have received great service so far. Granted I compare them to BankOne in Chicago, home of the $3 fee to speak with a teller.

seriously though, Wells is at the very least the most convenient in CO and the West.

Agreed, but there is a ridiculous $5.00 non WF ATM fee.

[mr_gyptian]

I've never been hit with this since I've been back in CO. However, when I had lowly checking account only status before I moved to Chicago I got dinged early and often when using non-WF ATM's.

Are you guys suggesting splitting up your holdings only if you are a foreign national? If not at least in my experience the convenience alone outweighs any supposed risk spreading.

[Big E]

this also has a visa card attached to your checking....which you'll need (online purchases etc) because no one will give you/me a credit card!

Considering that I get at least 1 CC application a day, and most people in this country have something like $15k in CC debt, I find this inconceivable.

[mnflyfish]

I second Root's advice on a Credit Union. I have my business and personal accounts through a Cr. Union. Everytime I go in I talk to the same person, our's has great on-line services, and they are extremely easy to work with. That said, Wells is a HUGE client of mine and my wife might be an employee in the near future. They are a big bank so the personal service you're used to from the UK won't happen but they will have the experts on staff to help with the transition from the UK to the US.

Good Luck,
Jay

[Obstruction]

Third or fourth on the credit union.

Use this locator to find one near you. (national credit union trade association)

http://www.creditunion.coop/cu_locator/index.html

[Mikey]

Thanks for all the responses guys - much appreciated.

Sounds as though a credit union may be a good option. I'll do some research and see what's available locally in Boulder. Provided they've got good online banking this sounds the ticket. Funnily enough Credit Unions are really popular in Ireland but never seemed to catch on in the UK - not sure why that is.

Also liking the sound of the ING account. I've been banking for years with Cahoot in the UK, which is purely an online facility. They've been great, and i run all of my accounts through them.

However as Denmeado points out, for non-us nationals life isn't so easy. I have a pathological hatred for credit cards - tools of the devil. However i now find myself in the strange position whereby in order prove that i'm worthy of credit i need to get myself into debt. What if i'm not interested in getting into debt? Am i the only one that finds this whole system somewhat counter intuitive?!

Mr Gyptian - will also bite the bullet and look into Wells. Like the idea of having everything centralised like that.

Thanks for all the advice,

Mikey

P.S. We had the whole ATM fee thing in the UK a few years back, then the government passed a law outlawing it.

[TurxSki]

Washington Mutual (WaMu) seem "progressive" as far as no charges, etc., go. Looks like there's 5 in Boulder.
ING is fine, but CITI-bank offer a 5% online savings account...
CITI-bank are ok for everyday stuff too, as far as I can tell.

[Staircase]

Just because you get a credit card does not mean you have to go into debt. The best way to build some credit is to use your credit card for all purchases and pay the full amount due every month. Do not let the balance carry over from month to month.

If credit cards are used properly (only buying things you can afford), they will benefit you greatly in the points you recieve from airlines and retailers. They also provide you with protection from fraud.

It really sucks when someone steals your ATM/Debit Card, uses it to make purchases, drains your checking account, takes your bank weeks to figure out the problem and finally put the money back in your account. This does not happen with a CC.

[davey]

Nope. Not gonna happen at a normal "in person" bank.

You will always pay for other banks' ATMs.

You need credit cards separate from bank account to accumulate miles.

Open an account at ING Direct for 4.4% interest on savings. Good luck finding a local bank that will pay anywhere near that.

As far as good local service, check into some local credit unions.

UFBdirect>ING
they have 5.28% with no minimum

[HaoXianJhao]

Banco de Haoxianjhao

Incredible Money market savings account,

Free checking,

Free online banking,

Seriously PM me for an application

[P_McPoser]

Hey Mikey, just look into some local CUs and some big banks and do a combo of what works best. My finances are set up like this:

Local Credit Union
(Portion of check Auto Deposit in Savings, Auto withdrawn Car payment, built in "savings" amount each deposit)
(Portion of check Auto deposit in Checking, all other bills paid from here)
(auto loan)

Wells Fargo
(Portion of check auto deposit in checking, my "spending money")
(Credit Card)
(Mortgage)
(Home Equity Loan)

I found that wells won the rate war on Credit Cartds, Mortgages, and Home Equity loans at the time, while the local CU kicked butt on the auto loan and interest rates (relatively high revolving balance from auto deposit and paying bills)

[hutash]

I don't live in Colo. so I can't say a specific bank, but I would dump Wells Fargo, and find a local business bank with real bankers who are interested in you and your business. The big banks only care about your deposits. But working with a real banker he/she can deal with things like building credit, loans, et cetera. You can add credit cards with miles as you find them, and your US credit improves. You may pay more for some services at a business bank, and you may want to change some services down the road, but this is a good way to get established.