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If you use a Big Bank, you deserve to be treated like crap

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Sorry guys, no more sympathy from me.

If you continue to use a Big Bank like Bank of America or Wells Fargo, you deserve to be treated like shit.

I hate them, but it’s not their fault. It’s your fault.

After I’ve warned you for years how duplicitous and scammy these banks are, you continue to use them because you’re too lazy to switch away (which takes approximately 1 week of your life). There are plenty of other options that offer better service, higher interest rates, and no fees. But no. Your indolence rules the day.

This article shows you precisely what I mean: For banks, being terrible to YOU…is great for their business.

“First came the unhelpful bank tellers. Then the unexplained monthly fees. Then the fumbled mortgage application.

When Richard X. Bove encountered this string of bad experiences at his Wells Fargo branch in suburban Tampa, he didn’t sit quietly and fume like other Americans who have grown frustrated with their banks. He began by moving his business to a bank down the street — then he used his platform as one of the nation’s most outspoken bank analysts to tell his story to thousands of clients.

But instead of trashing the bank and its stock, Mr. Bove in his Tuesday note shared his latest epiphany: catering to customers may actually distract from the pursuit of making money in the new world of finance. What really matters, he now believes, is pushing products and managing risk.

“I’m struck by the fact that the service is so bad, and yet the company is so good,” said Mr. Bove, an analyst with Rochdale Securities.”

Amazing. This is actually in print in the New York Times.

Do you guys get it? Banks are not governed by the same laws of customer service, supply, and demand that other companies are. It has to do with the multi-billion-dollar lobby they employ…andthe extraordinary capital required to become a nationally known bank (I’m looking at you, horribly marketed credit unions)…and the complicated regulatory environment.

It doesn’t matter!

You can try to change the banking system. And you will fail.

Or you can change your BANK…and you will live a life knowing they’re not trying to screw you at every turn.

By the way, if you look deeper, you realize that this odd paradox of treating customers horribly — and still growing — is common in other industries, too.

For historical reference, let’s look at airlines, one of our famed industries featuring legendary technology and safety. Yet as a business, airlines are truly dysfunctional. As Warren Buffett famously said, “…if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.”

In the 90s, airlines began surveying customers to find out their biggest pain points. The response came back loud and clear: Customers were tired of being cramped into too-small seats. They wanted more legroom, damnit!

Like any rational business, airlines responded. In 2000, American Airlines rolled out a new initiative called “More Room Throughout Coach.” They heavily advertised their roomier planes and patted themselves on the back for listening to customers. Then they waited for the customers to come.

The result?

Revenue dropped like a rock. Customers claimed they were willing to pay for more legroom…but they weren’t.

Think about it: When we shop for an airline, what do we do? We shop almost exclusively on price: We go to Orbitz and scan down the left side of the pagefor the cheapest fare.

Airlines have responded accordingly. No more frills. No more friendly attractive flight attendants. No more upgraded planes.

We deserve it.

Yes, there are regulatory issues and scammy lobbying at play here too…but at a fundamental level, if companies can get away with offering poor service and consumers don’t bolt, they will.

Like airlines, banks continue treating us like shit. We let them get away with it. They keep on doing it and making billions of dollars.

By the way, these Big Banks know I hate them. I have a friend who works at one Big Bank. She told me she saw a report outlining “Digital Influencers,” and I was on it. Pretty cool, I said. Then she told me I was considered a “Negative Influencer.” PERHAPS IT’S BECAUSE I CALL THEIR FAT ASSES OUT BY NAME FOR SCAMMING AMERICANS IN A NEW YORK TIMES BESTSELLING BOOK AND A BLOG WITH 350,000+ MONTHLY READERS.

Oops. Looks like I won’t be doing any partnerships with these companies any time soon.

You have a choice.

You can sit around, bemoaning the state of banks and complaining about your airline. Or you can actually make a choice. Not to make a political statement. But simply to have a better life.

When you start using the right companies — companies you trust, companies that treat you with respect, and companies where it just works — there’s nothing like it.

It’s not just the money and time saved, although that’s reason enough to switch. It’s also the peace of mind knowing they’re not just waiting for an opportunity to screw you. They’re actually committing to taking care of you and your financial needs.

It’s rare having even a few trusted companies on our side. For example, when I order from Amazon, I know it’ll come on time or earlier. And if something’s wrong, I know I can get it fixed instantly.

I’ve found a few companies that I do business with for my banking and credit cards.

Here today are my recommended companies. After an exhaustive search, these are the actual accounts I decided to personally use. They let me spend less than 1 hour/month on my finances.

These are affiliate links because I trust and recommend the products.

If you’re new to this site and want to get my other recommendations for the best accounts, sign up (free) here.

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95 Comments on "If you use a Big Bank, you deserve to be treated like crap"

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Chris
Chris
3 years 10 months ago
Here’s my two cents. I bank with Wells Fargo. I haven’t had to talk to anyone there within the last year and a half: – Their ATMs let me deposit checks, cash, unicorn tears, and good intentions; magically reading the handwritten dollar amount from the checks, and giving me confirmation of the total deposit amount, and an email receipt. I have a Gmail filter that automatically stuffs these receipts away for data entry into my tax software (business account). – Their online banking lets me automate the movement of money from wherever to wherever else whenever I want, just like… Read more »
Chris
Chris
3 years 10 months ago

Can’t argue with that, Ramit! I know they’re always circling like vultures. When I used to make deposits in the store, they always tried to sell me on a savings account. They were pushy and hard to work with.

Julie
3 years 10 months ago

I use Schwab for checking, ING for savings and an Amex. I deposit checks via mail or their app. I transfer money online. It’s not laborious or inconvenient at all.

David Shefchik
3 years 10 months ago
I have 2 checking accounts: one at Wells Fargo and 1 with Schwab. I only keep a couple bucks in the WF one, just to use on the off-chance that I’d want to deposit cash some time. But I mean, ask yourself how often are you really going to be depositing cash? I use direct deposit to get all my money into Schwab, but when I get a check from grandma or a roommate I’ll just use their (awesome) mobile app to deposit it with a photo. The wf checking account isn’t horrible, but things like the atm refunds and… Read more »
David
David
8 months 12 days ago

Schwab Bank is a small bank?!

I’m glad the bank treats you well, but a simple Google search turns up lots of people who aren’t happy with them too. Big, small, does size really matter? OK, terrible choice of words.

I thought you were going to say some small credit union, or Simple Bank (which has impossibly good customer service, not just for a bank, but for any business), or Ally, or any one of the new innovative startups that have the financial backing of large commercial banks but somehow cut a deal to maintain their autonomy.

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[…] If you use a Big Bank, you deserve to be treated like crap is a post from: I Will Teach You To Be Rich […]

Ryan
Ryan
3 years 10 months ago
When people choose complacency, they often times get what they have deserve. In this case, banks that offer ho-hum service. Yes, these financial institutions know that people are inherently lazy and will choose the default option over taking an active approach. As the saying goes: Following the path of least resistance is what makes the river crooked. As somebody that is invested in WF and BOA, I like knowing that people are lazy. I have no problem making money off of the lazy and ignorant. With that being said, I closed my WF account last April because of a poor… Read more »
Jonathan Locker
Jonathan Locker
3 years 10 months ago

You post a link to ING Direct. They were recently acquired by Capital One.

Do you still endorse the idea of moving a savings account to them even though they are now part of a big bank?

Varaneka Laxmi
3 years 10 months ago

Thank you so much for sharing the better options to switch to because Wells Fargo has been delaying my DIRECT deposits and even had the nerve to suggest I apply for a different checking account, which would delay my money access even further! That’s recent. I thought of switching to a credit union.

Dallas
Dallas
7 months 23 days ago

Wells Fargo has been delaying my direct deposits for years. I googled this article because of my desire to drop kick them to the gutter.

Is WF making money off my deposit or what??

I’m heading to my local credit union this Friday!

I attempted to refinance through them as well, but met a road block. They really don’t care about their customers!!

I was able to refinance to a 15 year mortgage via an online company with ease.

RK
RK
3 years 10 months ago
Ramit what about smaller, regional banks? I don’t know what banks are out on the west coast but on the east coast you have banks like Citizens Bank, M&T, First Niagara, Alliance, Apple Bank, etc which do not have the presence of a Chase (which is littered all over the place here in the NY area, and I mean that – littered). I currently have accounts with Chase and M&T and while I am still waiting for Chase to F up and treat me badly, M&T has been a very pleasant experience. My only gripe with them is that their… Read more »
Kevin McKee
3 years 10 months ago
ING Direct is owned by Capital One – Market Cap $32.7 Billion American Express – Market Cap $66.0 Billion Charles Schwab – Market Cap $17.3 Billion I personally have no problem with big banks, but I don’t go writing a post entitled “If you use a Big Bank, you deserve to be treated like crap” and then suggesting people use big banks. Ramit, do you want your readers to be treated like crap? By your logic, big banks treat people like crap and you are recommending that your readers use big banks. Seems like you aren’t at all angry with… Read more »
Michael
Michael
3 years 10 months ago

Bank of America — Market Cap, $85.8 Billion
Wells Fargo — Market cap, $179.7 Billion

Kevin McKee
3 years 10 months ago

You must be a billionaire if you live in a world where a company with a $66.0 Billion market cap is small.

In the real world, each one of the products Ramit just recommended comes from a big bank, which is extremely hypocritical considering he promotes his affiliate partnership with big banks at the bottom of a post where he says, “Looks like I won’t be doing any partnerships with these companies any time soon.”

Kevin McKee
3 years 10 months ago

Maybe you should add an FAQ on your site that explains “big” means “a company with poor customer service”. In the rest of the world, “big” is a size.

Diana
Diana
3 years 10 months ago
My checking account is with Bank of America and I LOVE IT! Who cares if there’s poor customer service. You get what you pay for and my account is free. I use the ATM exclusively so customer service is a non-issue. The convenience of the ATM locations, ease of withdrawals and deposits, make any other checking account pale in comparison. I have tried other banks and the inconvenience when making deposits and finding an atm when I’m traveling was not worth it! I do have my savings accounts at a better bank but for everyday checking you can’t beat the… Read more »
David Shefchik
David Shefchik
3 years 10 months ago

How can you say that you use their atms “exclusively”? That sounds like a TON of wasted time when you’re in dire need of some quick cash. Or do you just ALWAYS plan ahead?

ysg
ysg
3 years 10 months ago
Heh, no surprise. When I was still in High School, it was nigh for that moment of opening a checking account. I was clueless. My dad is a branch manager at a credit union. He gave me the options: 1) ACME Bank Corp. or 2) Little Credit Union. The vast bureaucracy and other crap made me think this: Who will give a damn about me or my interests in that vast network? What if I have a problem, will anyone bother taking my issues to heart? I picked the credit union. I don’t get “financial services” — if someone can… Read more »
ysg
ysg
3 years 10 months ago

I’ve looked at other credit unions and have always gotten from them easy to understand replies, from people, that work in the said building who’s hand I can shake and talk to face-to-face. And this is why they have an incentive to care, their customers are not in Los Angeles and they are located in Dallas Texas. Their customers are all within a 50 mile radius. If you crap on your customers, they will leave you. It’s that simple. So treat the people right or look for other forms of employment.

Ben
Ben
3 years 10 months ago

What are your thoughts on PNC? I have been a PNC customer since they acquired National Bank & Trust, and I have never been happier with a bank before. In my experience, they are friendly, helpful, and the one time I was charged a fee that I did not expect, they reversed the charge and corrected their mistake. (A whole 25 cents for writing a check from my reserve account because they accidentally gave me checks for that account rather than my primary checking.)

ysg
ysg
3 years 10 months ago

Pretty obvious. If you get decent rates and they treat you like a human, then it’s a good bank. If my credit union were to treat me like crap, I would have taken my business elsewhere.

Ben
Ben
3 years 10 months ago

What are your thoughts on PNC? I have been a PNC customer since they acquired National Bank & Trust, and I have never been happier with a bank before. In my experience, they are friendly, helpful, and the one time I was charged a fee that I did not expect, they reversed the charge and corrected their mistake. (A whole 25 cents for writing a check from my reserve account because they accidentally gave me checks for that account rather than my primary checking.)

Richard
Richard
3 years 10 months ago
You are STILL buying into the banking BS ! Why do I need multiple accounts ? This is how banks nickle and dime you. Why can I not have a single account that is mortgage, checking, credit card, etc. Anything extra in there above what I owe on the mortgage reduces the interest payments…. but is available to be withdrawn. 24/7 helpdesk with REAL people. Able to use ANY BANK that is Mastercard affiliated for ANY transaction (it’s in their license agreement… they just don’t like you to know about it!) We had a pure internet bank launch with these… Read more »
Vladimir
Vladimir
3 years 10 months ago

I’ll be an international student next year in the US. Orange Savings requires you to be a resident. Which other savings account do you guys recommend?

ysg
ysg
3 years 10 months ago

I’d recommend looking at the area around where you will be studying. If you find a credit union, e-mail them and ask about what they have to offer to you and any requirements that you need to meet.

Also, have you tried contacting Orange and explaining your situation and if there is a way around around it or some other kosher solution?

Steve
Steve
3 years 10 months ago
Ramit — I agree with you. Two big banks I used for years showed their true colors to me when I had to battle an identity thief. BOA and Sovereign offered no shelter from the shit storm I have been fighting since late March, 2012. Their Consumer Fraud Protection Units are…frauds. No protection given. None. I de-automated our finances for a month, until we found a local bank that we liked. It was a hassle, but I re-connected all of our vendors to our new account. So far, so good. I am not naive enough to believe that the new… Read more »
Kon
Kon
3 years 10 months ago
Ramit, you just went from trusted advisor to hack. I’m all for telling it how it is but this post is so far from that it’s embarrassing. It’s a chance to jump on someone’s bad experience and use it to push your own agenda. Don’t misunderstand me, I’m all for you making some money from your links because you put so much great free material out there however this is verging on misleading. The source you cite “Decided to write Tuesday’s note when Wells Fargo rejected his application to refinance his mortgage, even though he had already withdrawn the application.”… Read more »
Kevin McKee
3 years 10 months ago

Yes this guy works at Wells Fargo. I’d still like to see a rebuttal to the information he provided instead of just an ad hominem attack on the poster himself.

Kon
Kon
3 years 10 months ago

Thanks Kevin.

Yes I work at Wells. But I’ve also worked at other banks and seen the good work that they do in the community. None of that changes that I was a fan of yours until today. I think your post was off base in the way you presented your advice of finding a higher paying savings account, looking to lower fees and finding a credit card that is suitable. Going after me personally confirms that. Way to go.

Geoffrey Williams
Geoffrey Williams
3 years 10 months ago

Kevin McKee he works at Wells Fago and “forgot” to disclose that before he spun everything to make Wells Fargo look good. He was actively mislleading; which yes, makes him less creditable.

Zac Bissonnette
Zac Bissonnette
3 years 10 months ago

Oh to be enough of a Kool Aid drinker to take to the internet to defend the honor of your employer Wells Fargo.

Ya know, that great, honorable institution that does a lot of good in the community: like referring to African Americans as “mud people” in internal communications: http://www.dailykos.com/story/2009/06/07/739768/-Wells-Fargo-Targeted-Mud-People

Why ANYONE would open an account with these creeps is totally beyond me.

LANG
3 years 10 months ago

How about for us Canadians ?

So far the only thing that comes to mind is the :

No Fee Checking Account with President’s Choice
and ING Direct Canada Savings Account

How about credit card ?

Shaleen
3 years 10 months ago
Definitely. Anyone stupid enough to bank with a big bank deserves everything they get. And there is no excuse for it other than laziness. I bank with a small bank in Boston called Leader Bank, and even though I had to go slightly out of my way and didn’t have ATMs every two blocks, they know my name, help me out whenever I have a problem, and don’t screw with me every chance they get the way other banks would. I once had a payroll issue at work and bounced about 5 checks (because I use the IWTY system and… Read more »
Stanley Lee
3 years 10 months ago

Hmm…the ING direct operations in Canada got acquired by one of the big banks here. I wonder what that would mean for ING Canada going forward…

Will
Will
3 years 10 months ago
Interesting article. I’d tack on and say the main reason banks don’t change is because of managing perception is easier and cheaper than instituting change as you pointed out with the Airline seats. They spend lots of money and time (like our Friend Kon here) to manage perception rather than institute any sort of change because in the long run it allows them to keep the same practices and policies in place, and continue making money. Reminds me of Toll roads, when a state can’t afford to finance a road all the way they put up toll booths to help… Read more »
Rowyn
Rowyn
3 years 10 months ago

Same boat as Chris — I’ve been with Wells Fargo for years with no real complaints. I moved my savings to ING to get a better rate (back when those existed…) but as long as I live in cities with plentiful Wells Fargo ATMs I have nothing to complain about. If they start charging me stupid fees or I have to move or travel, then maybe I’ll be willing to pay the (logistical) switching costs.

Jimmy Gandhi
Jimmy Gandhi
3 years 10 months ago

I have business and personal accounts with Wells Fargo and my experiences have been nothing but good.

Wells Fargo actually sent a banker to my office to set up my business accounts for me. I haven’t been hit with any hidden fees and I got a couple of overdraft fees waived by them. Granted I use the Wells Fargo banks that used to be Wachovia which was always known for its customer service.

My only complaint with Wells Fargo is they don’t have enough branches. But they have an ATM branch a block from my office.

Kinze
3 years 10 months ago
I have used Schwab’s checking account since reading Ramit’s book years ago. The only problem I had was depositing cash and checks. This was before Schwab’s mobile deposit app. Earlier this year I opened an Bank of America eBanking checking account so I can deposit cash and checks at their atm’s. However, BoA charges a $3 ACH fee if I try to transfer any funds from that account to another bank. I just use that account to pay off my credit cards instead if there is any money in it. When I describe this to friends, they just think it’s… Read more »
Marc @ TheIdealState
3 years 10 months ago

Ramit, nice leg work. Accountability of expression and behavior is a necessity in our the era of Knowledge Work – otherwise clown shoes like Kon and their brethren can draft specious case after case, which usually can mount an influence over those that do not account for their heuristics and subsequent biases.

Keep doing your thing. I adore my network of Knowledge Workers. I grow so tired of those that that wish to sit at the table yet bring nothing to it.

Jimmy Gandhi
Jimmy Gandhi
3 years 10 months ago

In my view credit unions are over-rated.

Many credit unions claim to support social justice or claim to be social conscious. I have doubts if those sentiments translate into anything that has a positive effect on society. Credit unions I’ve encountered have lethargic staff, short hours, and very few branches limited to a specific region. Many credit unions have websites that look as if they haven’t been updated since 1990s.

Pat
Pat
3 years 10 months ago

Love your detective work, Ramit! We belong to a credit union and love, love, love them! When we refinanced our mortgage it got sold to WF. Not so much love there, and they are so big that when you call them you don’t get a local office so it feels like they are just pushing you through the system. Frankly, as the article says, I don’t think they care. It’s all about making money and that they know how to do.

Marc @ TheIdealState
3 years 10 months ago

Kevin McGee, just wanted to give you props, nice addition with your replies.

The wise Knowledge Worker should only be interested in best available truths, objectivity and solutions – anything else is garbage and a waste of our precious time.

Susan
Susan
3 years 10 months ago
I do most of my banking with a tiny bank that used to be a credit union (until members demanded more financial services). I have been so satisfied with their customer treatment that I continue to bank with them, even though I moved 500 miles away. I can just call up (I know the tellers by name) and have whatever I need done taken care of, with e-mail or snail mail confirmation (my choice) right away. I pay no fees for checking, savings, or other accounts (except my mortgage–which I refinanced when it hit rock-bottom). My daughter uses a tiny… Read more »
Ryan
Ryan
3 years 10 months ago
Instead of calling them “big banks,” maybe a better way to put it is “banks that have outgrown themselves.” There are a lot of huge companies that realize that it’s not costly to provide stellar service along with a good product. Companies like: Southwest Airlines, Virgin Airlines, Apple, Amazon (and Zappos), Quiktrip, and American Express. These big companies provide products that are mostly average, but the customer service experience is out of this world. They value their customers and realize that without them, they have nothing. In return, their customers reward them with business. And yes, Capital One did acquire… Read more »
Varaneka Laxmi
3 years 10 months ago

LMAO @ Kon exposure

Eric
Eric
3 years 10 months ago

Ramit, love the post and the comments even more. Some of your commenters are pure entertainers 😉

CL
CL
3 years 10 months ago
I’d really like to see Ramit review Simple.com, which used to be BankSimple. It’s not open to the general public yet, though. The cool Goals feature is just like what he suggests for automating savings into subaccounts. Plus, the Reports feature is similar to Mint, if banks let Mint work within your account. It’s a wonderful bank that hasn’t opened its doors to everyone yet. I feel more comfortable parking my money at Simple than at ING Direct, which is owned by Capital One. I know that Ramit thinks that it’s fine to keep money at ING Direct, but I… Read more »
Dirk T. Sanchez
Dirk T. Sanchez
3 years 10 months ago
Alright- great post! Keep it up! I joined a credit union a LONG time ago, and have never suffered from lack of any services. I don’t see why people just don’t drop their big banks, why it’s even a question for anyone. But, people will always do things against their own best interest, like voting for Republicans for example… I would be free of *** completely, except my mortgage was sold to them, and I seem to be unable to refinance to get out of the loan with them, because according to Zillow, my house is now worth less than… Read more »
Steven Haddox
3 years 10 months ago

One link: http://simple.com. Banking will never e the same again 😀

Tevya
3 years 10 months ago
I’m a former Wells employee, and you nailed it. While I respect them as a company, you’re totally right. I take one exception: they do offer one thing that no small or online banks offer. I can have checking, savings, credit card and all the same, in business accounts in one place. Plus (and here’s where no one else seems to have figured it out) only one online account. I don’t have to login separately for biz & personal, I can transfer instantly between, and all without extra fees and with billpay. I’m still waiting for ANY online bank or… Read more »
Stephanie
3 years 10 months ago
Hi Tevya, I posted about this yesterday — I’m with Chase, and they offer the same account integration, which is super-convenient for me as a sole proprietor. But I’m embarrassed to say they’re charging me $15/mo for the business account and $10/mo for personal, so I’m eager to get out. I’ve called Ally, ING, & Schwab, and none of them offer this yet. If you find a viable alternative, please post about it here, and I’ll do the same! Thanks, and in the meantime I’ll revisit Ramit’s model — though it sounds like I’m in the same boat as you… Read more »
Tevya
3 years 9 months ago
Stephanie, I figured Chase had the same. Here’s what I think is the best bet: http://simple.com. They have what looks to be the very best online banking ever. They also do check deposits via your smartphone, all kinds of financial analytics and awesome tools. To do not currently have business accounts. However, unlike Ally and those others, business accounts are on their “to-do” list. They intend to add them at some point. So that’s where I’m placing my bets, and hope to receive my invite to sign up any day. Then I can at least move my personal account away… Read more »
Raul Felix
3 years 10 months ago

Ramit,
What, currently, is the best credit card to get to rebuild your credit?

Sara
Sara
3 years 10 months ago
Ten years ago, my Freshman year, I got my first cc- from BOA. It was a disaster dealing with them, even though I was a responsible consumer. I paid it off, closed the acct ( even though it was supposed to hurt my score) and swore never to deal with them again. I opened my first checking acct that yr too. Sov bank- then independence. Never had issues, so I opened a business acct there two yrs ago. However, my personal checking suddenly starts getting maintenance fees —after 10 yrs of loyalty! I was so upset, I closed both accts… Read more »
Matt
Matt
3 years 10 months ago

I am surprised that USAA wasn’t mentioned. I have backed with them ever since I heard of them and did the research. I realize that some of their products are exclusive to military but their customer service has been phenomenal over the years and I wouldn’t ever consider moving anytime soon without a huge reason. I use a local bank with a small amount for any check casi

Matt
Matt
3 years 10 months ago

Cashing needs and life is good. (Sorry, mis-typed on a tablet)

Billy Murphy
3 years 10 months ago

Good post- great reminder I need to get all of my money out of these banks and into other banks. From what I hear from some other entrepreneurs who’ve tried it, if you approach smaller local banks, often you can get substantially better deals/rates than any other bank can give you, with a simple meeting or two- because they want your business, and are actually interested in relationships with customers.

Greenwich "Author"
3 years 10 months ago

I have been using ING direct and ally bank with the automatic savings that you had mentioned in your previous posts. It has been of a great help in saving.

Matt
3 years 10 months ago

Thanks for the recommendations Ramit. I’ve been looking for a bank with higher interest rates. This may work out well.

Phil Jensen
3 years 10 months ago

Kind of a timely post.

I had some frustrating issues with the bank (one of the big banks here in Canada) recently and I’ve been tempted to switch.

Really haven’t made a decision since it’s going to be kind of a hassle, but I’m fairly tempted to move everything over.

Good post.

Cheers

Phil

Insiya Hussain
Insiya Hussain
3 years 10 months ago

Super-helpful post, Ramit. Have read the book but this serves as a useful reminder just when I was getting to set up all those accounts.

I would say though that choice of credit card should be much more personalized though. Not everyone values travel points as much as other benefits like cash back or rewards point. So it really depends. To fellow readers: check out bankrate.com for help.

sriks
sriks
3 years 10 months ago

DCU all the way!! i have like checking, savings and a credit card no problem at all. I can visit most of the credit unions for my banking needs. I hardly use ATM’s so dont have much problem.

Stephanie
3 years 10 months ago

Ramit, thanks a million for the kick in the pants and the direct links. Can you recommend any business checking accounts? I’m a sole proprietor, and have a credit/debit card for my business checking account at Chase; Schwab and ING don’t offer the same combination of benefits (checking ability + card). I could still link a Schwab personal checking account to a business account elsewhere, but I do want to sever ties with Chase. Any suggestions welcome.

Tamara
Tamara
3 years 10 months ago

Thanks for this post, Ramit. Even though I read this in your book, it is good to have a reminder of these kinds of things. I would appreciate more posts like this.

I cannot switch to the checking account you recommended just yet, as it is connected to an investment account and there’s no need to start that until we pay off our debt, so it was just an extra kick/incentive to stay on track for that. Thanks again.

ap
ap
3 years 10 months ago
I agree with what your saying in some aspects. I have been with Bank of America since 2004, the main reason I got them was because their ATMs are every where. I could always avoid ATM fee charges whenever traveling around the US for work. I have had zero issues with them! I only have direct deposit payments going into that account. Then pay bills from there, like credit cards monthly. I keep the account at very minimum levels, I always transfer all my money out into my ING account for better saving interest rates. My BofA account is very… Read more »
Rob
Rob
3 years 10 months ago

I just opened a checking account at Chase today and with direct deposit of my pay check (or 5K balance) it is free of a monthly charge. Aside from the $2 for non-Chase ATMs, every other charge is 100% warranted. If you are a D-Bag who can’t manage his money and is constanty NSFing your account, you deserve to pay fees! Most of the whining towards the WFs and BoAs of the world is from people who expect banks to be a freaking charity for their inresponsibility.

BrokersWiki
3 years 10 months ago

I live in Slovenia and the situation with the big banks is awful here. It just looks like situation is not much different around the globe.

Sunil
3 years 10 months ago
The following is a letetr sent to my bank (Chase) one week before I closed my account:This letetr is to notify you of my intention to close all my bank and credit accounts with your bank. This includes my Chase Total checking account, my Chase Plus savings account, my Amazon.com VISA (administered by Chase), and my Sony VISA (administered by Chase). In addition, I intend to sell all mutual funds in any retirement accounts that invest in your bank. I would like you to understand why I have decided to sever all financial ties with your bank. JPMorgan Chase has… Read more »
Courtney
Courtney
3 years 10 months ago

I’ve actually never had a problem with Bank of America. I started with Fleet bank student checking, and then Fleet was acquired by BOA. So I’ve been with them for over 10 years now. I’ve never been charged a monthly fee, I’ve never had a minimum balance, and back when I was a college kid and would bounce checks, I would politely ask them to waive the overdraft fee and they always did it. I wonder if I’ve been grandfathered in because of my student checking setup, and that’s why I don’t pay fees or have monthly minimums.

Rebecca
Rebecca
3 years 10 months ago

Hi Ramit and others,

I’ve been planning to ditch Wells Fargo for ages. My question: what should I do with my Wells Fargo credit card? I have no problem closing my checking and savings, but should I just keep the credit card to help with my credit score? Or is it better to cancel the card and sever all ties with Wells Fargo?

Akin Berry
Akin Berry
1 year 1 month ago
Thanks Ramit! I just came across this blog while searching for articles and web-forums about how bad big bully banks have become. This is refreshing knowing I am not the only one to notice this. I had Bank of America for many years and stayed with them worrying the next bank could be worse and out of sheer convenience (excessive ATMs in California and online access). My sister told me about Discover, but I was skeptical as someone hyping up another candidate for president (voting for the lesser of the 2 evils mindset). After checking the recent reviews and verifying… Read more »
Louis Rabalais
Louis Rabalais
11 months 12 days ago
For many years we have used a credit card with U.S. Bank. We borrowed a few thousand dollars and thought things were fine because they constantly lowered our payments. We figured that one out. One day we were buying groceries and told our debit card had no money. We contacted our local bank to find that U.S. Bank had withdrawn all our money, even our savings account. They claimed we had sent them this money! We explained there must some mistake and demanded the money be returned. They said this was impossible. Our local bank fortunately had not completed the… Read more »
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8 months 24 days ago

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7 months 29 days ago

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7 months 23 days ago

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Mrs, Renee Phillips
7 months 22 days ago
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The Wise Guy
The Wise Guy
6 months 23 days ago

What a SCAAAAAAAAM!!!

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6 months 11 days ago

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gray
gray
6 months 10 days ago
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6 months 8 days ago

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Micheal Leo
Micheal Leo
6 months 3 days ago
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Mrs Helley
Mrs Helley
5 months 12 days ago
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lucia
lucia
4 months 27 days ago
Hey Guys!!! get a blank ATM card that can withdraw $3,000 daily. I got mine from a group last week Wednesday this group is called foundationhackers and i have been using this card for close to two months now and i have no problem using it. all you need to do is to be smart and you will not be caught. The card withdraws money from any ATM machines and there is no name on it, it is not traceable and now i have money for business and enough money for me and my 2 kids. I came in contact… Read more »
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3 months 8 days ago

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joy
joy
2 months 24 days ago

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Benjamin
Benjamin
2 months 20 days ago

Charles Schwab shut down my account without telling me why and sent checks for my balances. I had about 10 checking accounts so I could budget better (I liked to physically see the money separated) but only used the ATM or checks about once a month. When I called to figure out what happened they refused to tell me anything. Their customer service is professional and their system is great but they just do it because it’s profitable and really are just as big as the rest.

MikeA
MikeA
22 days 19 hours ago

Are you kidding? American Express (huge bank, horrible customer service sourced out to boiler rooms in India and the Phillapines. Charles Schwab – huge bank/investment service. The reason we use big banks is because all banks treat us like shit. You went through that entire blog and the best you could do was list two banks that treat people like shit. Really?

Don’t quit your day job.

Angela
Angela
9 days 13 hours ago
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2 days 6 hours ago

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