Any deals for opening a new bank account??

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nayr626

CAGiversary!
I've been meaning to open a bank account, but I just haven't really bothered. Are there any deals for opening a new bank account?? I know, U.S bank is offering $75 with a new account, but I'd rather have a more mainstream bank. I can't find anything on the Bank of America site or Chase's, so I thought i'd ask here.

Thanks.
 
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SunTrust used to have something like that but I don't think they still do. Wachovia used to as well but they aren't Wachovia anymore. I'd stay away from the two banks you mentioned though(never tried U.S.) as I've personally had bad experiences with them and know a couple of other people that have as well.
 
I haven't seen any promotions like that which involve "normal" bank accounts since the interest rates went to pot. I know Wachovia might have had a deal where a small amount of money (~$50) would get sucked out of your regular checking account at regular intervals and put into another account which would yield decent interest on that stupidly small amount of money. I think there was some rewards crap too, like you'd get a dollar each time you used your Visa check card for a purchase. Seemed like it was more trouble than it was worth to me...
 
I've always wanted to start a Bank account with Flagstar because they open at 7 and close at 7 and usually offer 100 with a new checking/savings or something like that.

I personally have a chase account and love it, they have a rewards mall thats better then bing cash back was and I use that frequently. But like all banks nowadays you'll need direct deposit or they will charge you monthly.
 
I'm pretty sure that ING has some deal or another with their "Orange Accounts". It just depends on if you want an online only bank. I'd also check out your local credit unions. But if you want a pretty much national bank, Wachovia/Wells Fargo aint bad, even if there isnt a 'deal' right now.
 
Watch out with Chase. They will require a direct deposit of at least $500 a month (all in one shot) starting in February or charge you a fee. It's why I'm switching to another bank myself.
 
I would stay far away from the national banks personally, especially Bank of America and Chase. BoA has been known for years to nickel and dime their customers to death. I personally bank with ING. I believe they give $25 on an initial $250 deposit, with no fees. If you want a referral, PM me.
 
[quote name='XxFuRy2Xx']Watch out with Chase. They will require a direct deposit of at least $500 a month (all in one shot) starting in February or charge you a fee. It's why I'm switching to another bank myself.[/QUOTE]

yea we got that mail as well last week

if you dont do it (direct deposit 500 at once ) or make like 5 debit card transactions a month your checking account will be charged 6 bucks per month or 72 per year

total BS
 
[quote name='XxFuRy2Xx']Watch out with Chase. They will require a direct deposit of at least $500 a month (all in one shot) starting in February or charge you a fee. It's why I'm switching to another bank myself.[/QUOTE]

Agree about the "watch out" part... I don't know why I continued to bank with them for so long. Their transition from WaMu to Chase was, for a period of three months, very inconvenient for me.

I joined TechCU (SF Bay) early last year and have never regretted it. Investigate your local credit union, as there should be at least one nearby.
 
Changing banks always sucks. I second the local credit union. I opened an account with Lake City Bank. They are pretty small so you may not be able to find them. I like them because they give 3.04% interest compounded monthly up to $50,000, so I use it for my savings/checking. The catches are the typical direct deposit at least one time a month, and the more atypical 8 debit card transactions a month. So I just make sure I use it for lunch 8 times a month. Look at service and I think you'll be more happy local. You can probably get $50 or something with a big bank but usually the service hassle down the road doesn't make it worthwhile.
 
I need a new bank because mine got rid of free use of other ATMs and they are a small bank.

I'm thinking TD Bank, any opinions?
 
[quote name='slidecage']yea we got that mail as well last week

if you dont do it (direct deposit 500 at once ) or make like 5 debit card transactions a month your checking account will be charged 6 bucks per month or 72 per year

total BS[/QUOTE]

This is probably part of Chase's response to the new regulations voted in by Congress that limit how much they can charge for transactions. It's not "total BS," it's a new structure to recoup any lost revenue.

There is no better way to protest this than by withdrawing all of your funds and closing your account with them. :D
 
[quote name='slidecage']yea we got that mail as well last week

if you dont do it (direct deposit 500 at once ) or make like 5 debit card transactions a month your checking account will be charged 6 bucks per month or 72 per year

total BS[/QUOTE]

The days of free checking are (or are about to be over). Now that the feds have changed laws preventing banks from making big bucks from Overdraft Fees and other charges, just about all the banks, local and national, are eliminating free checking, and making requirements in regards to Debit Card usage, minimum balances, and / or direct deposit to avoid the fee. So far Bank of America remains the least restrictive of the national banks, but I expect they're going to change soon too.

Buyer beware with local banks and credit unions. Most of them have really strange rules and policies, and only have a very limited number of branches, so good luck finding an ATM when you need it.
 
I like BoA because theyre open 7 days a week where I live...
I have heard of U.S. Bank. They took over Horizon bank. They dont seem like they are in any trouble (comparatively speaking) therefore I see no reason to be hesitant to open an account...unless the provisions/stipulations are ridiculous. Also dont forget the fact that all banks are FDIC insured for up to $10,000...so if your bank goes under and loses all your money, you will be reimbursed for up to $10,000 by the U.S. Federal Government (I guess if you have over 10 grand, youre a little screwed...but this is CAG, so I think were on the safe side).

As for myself, I use a credit union because the overdraft fees are only like $10 instead of $25 like in every bank around here...so do your homework and make an informed decision. The drawback is they are not open on weekends like BoA is (my g/f has an account at BoA and it has come in really handy to be able to roll into the bank on a Sunday).

P.S.: Every bank where I live at (that I have been to) has free checking. It seems arcane at this point and time to go back to how it was before... (When there was no free checking and banks advertised it as a means to sway customers...now a days it is expected.) I think people would be very upset and peeved. I know I would...and would probably change banks if that were the case. That would be very, very stupid IMHO for a bank to start charging checking fees at this point (on top of being charged fees for using my debit/credit card at the grocery store/restaurant). If anything, banks will get rid of their blanket "privilege pay" features that cover overdrafts and make it an opt-in system. That is what some of the local banks/CU's here are doing, therefore I see no reason to implement checking fees...they will simply make their current policies and services conform to new regs.

Buyer beware with local banks and credit unions. Most of them have really strange rules and policies, and only have a very limited number of branches, so good luck finding an ATM when you need it.
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I dont see your point here. I guess there could be the odd CU out there that *only* has 1 branch, but here in WA where Im at, my local CU has more ATMs around than the local banks do...and they are all surcharge free and give out $5's in addition to $20's. IMHO, CU's are the way to go. Of course, there are always exceptions...but for where Im at, the local/national banks cant even touch the the local CU.
 
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I think people are getting a little excited on the topic of the new Chase fees. Almost everyone should still qualify for free checking. Even if you don't hit the single direct deposit of $500 which isn't really that high of a number... All you have to do is use your debit card 5 times in a month. You can easily do that in a day sometimes lol. I also like that they have their ATM in every Speedway gas station.
 
I don't know why everyone is getting so bent out of shape about a big bank. I have had a credit union for around 15 years. While they are short on ATM's, I hardly ever use cash anyways and I can use the any CO-OP ATM for free (there is one in EVERY 7-11 I've ever been too) and the only requirement I have to follow is having a savings account with $25 in it all times. If you balance drops below that they close your account for you.

As for chase, I do think they are ridiculous, but did have an account there last year because they gave me $100 for opening an account with $100. It sucked having to remember to use the debit card 5 times a month to not get a fee, but it was worth it to get $100 of extra spending money for christmas. I got the offer via a mailer back in june and I've gotten more since then but it's one per person per calendar year, multiple family members and my girlfriend have all gotten these offers in the mail though and used them. I don't know if it's an everywhere thing, or just SoCal.
 
^That's why I originally went to Chase a few years ago, the free $100. Looked on FW as they are more financial deal friendly and there are actually $125 new Chase account coupons floating around.

FW linked to this site: http://www.hustlermoneyblog.com/cha...pon-til-1312011-nationwide-via-ebay-usps-atm/

You get the coupon a the post office in the address change packet or on Ebay for a buck or two. Sure beats my $100 and the $75 my friend just said he got on a new account at US Bank or PNC... I forget which he said it just appeared he didn't know anything about it until he asked what the deposit was. :)
 
[quote name='RedRingOfDeath']I like BoA because theyre open 7 days a week where I live...
I have heard of U.S. Bank. They took over Horizon bank. They dont seem like they are in any trouble (comparatively speaking) therefore I see no reason to be hesitant to open an account...unless the provisions/stipulations are ridiculous. Also dont forget the fact that all banks are FDIC insured for up to $10,000...so if your bank goes under and loses all your money, you will be reimbursed for up to $10,000 by the U.S. Federal Government (I guess if you have over 10 grand, youre a little screwed...but this is CAG, so I think were on the safe side).
[/QUOTE]

You're completely wrong here. The FDIC insures accounts up to $250,000 per depositor, per insured bank. I don't know where you got $10,000 from, but that amount is so far off it's laughable.
 
Yes, it is $250,000 now, but that is temporary through 2013 I think. Then it goes back to $100,000 that it has been for several years. The more important thing is if you have that much money in a bank PM me and we'll make arrangements :).

Buyer beware with local banks and credit unions. Most of them have really strange rules and policies, and only have a very limited number of branches, so good luck finding an ATM when you need it.
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Obviously know the rules of the bank you are getting into. But my bank offers free ATM withdrawels at any ATM and reimburses up to $20 of external bank ATM fees a month. Not that I use ATMs (credit card 95% of my transactions), but I think it makes the number of ATMs they have a moot point.
 
[quote name='RedRingOfDeath']

P.S.: Every bank where I live at (that I have been to) has free checking. It seems arcane at this point and time to go back to how it was before... (When there was no free checking and banks advertised it as a means to sway customers...now a days it is expected.) I think people would be very upset and peeved. I know I would...and would probably change banks if that were the case. That would be very, very stupid IMHO for a bank to start charging checking fees at this point (on top of being charged fees for using my debit/credit card at the grocery store/restaurant). If anything, banks will get rid of their blanket "privilege pay" features that cover overdrafts and make it an opt-in system. That is what some of the local banks/CU's here are doing, therefore I see no reason to implement checking fees...they will simply make their current policies and services conform to new regs. [/QUOTE]

Not sure if you've been reading the news lately or not, but just about all banks everywhere either already have or are planning to eliminate free checking in the very near future. Some banks make it easy to be free, like BOA, who only requires a direct deposit, but the flip side to that is an endless mountain of other ways they will nickel or dime you. Other banks require a high minimum balance or certain number of debit card purchases, but have lower fees elsewhere. Regardless, despite whatever opinion you may have, free checking is a relic of the past.
 
My local bank just started charging $6 fees a month if I don't maintain a balance of at least $1,000 so I'm looking to change. Since it's a checking account the balance is all over the place and I don't want to start getting charged. I was looking into Chase, is this $500 direct deposit thing just in deposits or do I have to maintain a $500 balance in there? My bi-weekly work check will easily cover the deposit part but I go as low as $100 in checking at times after paying the mortgage and other bills.
 
[quote name='crowbb']My local bank just started charging $6 fees a month if I don't maintain a balance of at least $1,000 so I'm looking to change. Since it's a checking account the balance is all over the place and I don't want to start getting charged. I was looking into Chase, is this $500 direct deposit thing just in deposits or do I have to maintain a $500 balance in there? My bi-weekly work check will easily cover the deposit part but I go as low as $100 in checking at times after paying the mortgage and other bills.[/QUOTE]

Here is the new Chase policy as I've come to understand it. I may need to re-read it.

I will be charged $12 each month my account balance is less than $1500.

UNLESS . . .

. . . I have monthly direct deposits totaling at least $500.

I don't know where everyone is getting the $6 fee but my letter showed $12 MONTHLY.

:whistle2:?

FYI, direct deposits are automatic deposits into your account thru your employer or something such as a Social Security monthly check, etc. It's not just going to the bank and filling out a slip and giving them the $$$$. That is NOT "DIRECT Deposit".
 
I like USAA and Navy Federal... But you have to be in the military or dependent to get those... They have some good investment opportunities... USAA refunds any ATM fees so you can use any ATM with no fees... Navy Federal currently has some great CD and other rates...
 
Wow thanks for reminding me about Chase. I got the letter awhile ago too. Dang, I miss WaMu's free checking! Anyhow, there's only one US Bank in my area. There's a good chance I'll switch to that. Has anyone opened a free checking account there recently - are they going to change they're "free checking" like other banks soon?

http://www.usbank.com/checking/free.html
 
Yeah I used to have Commerce until it became TD. It was kind of inconvenient since there aren't many of them and ATMs are kind of rare. But service wise I remember them not having any kind of overdraft overage, but not there was no minimum amount of money required to keep it active. This was 3 years ago, so things might have changed. I switched to chase after, but I'm looking to switch to bank of America due to Chase's new 1500 minimum requirement.
 
Same with the $12 fee from Chase. Don't know where people are getting the $6 fee or use debit card 5 times, because this is not the case starting 2/8/2011.
 
[quote name='NSYNC']Same with the $12 fee from Chase. Don't know where people are getting the $6 fee or use debit card 5 times, because this is not the case starting 2/8/2011.[/QUOTE]

mine says charged $10/month. doesn't mention using the debit card at all.

to avoid the fee you have to do one of the following:

-1 direct deposit of $500 or more
-keep a minimum daily balance of 1,500 or more in your checking account
-keep an average balance of $5,000 or more in combination of deposit accounts and/or investment accounts
-pay $25 or more in qualifying account fees ( not including the monthly service fee) -- not sure what this means? maybe like overdrafts?
 
[quote name='RonnieWrecked']mine says charged $10/month. doesn't mention using the debit card at all.

to avoid the fee you have to do one of the following:

-1 direct deposit of $500 or more
-keep a minimum daily balance of 1,500 or more in your checking account
-keep an average balance of $5,000 or more in combination of deposit accounts and/or investment accounts
-pay $25 or more in qualifying account fees ( not including the monthly service fee) -- not sure what this means? maybe like overdrafts?[/QUOTE]

That's actually exactly the same one that I received. Looks like people are getting different requirements. I for one will be closing my account next week.
 
I actually just opened a savings and checking account with ING. I still have a BoA checking account, but that's only for my bills. I funnel a couple hundred a month into the ING savings account (which gives me 1.125% as opposed to the .005% or some number BoA gives). Whenever I need money, I just transfer from the ING savings to the ING checking. And you also get something like a .25% interest on the ING checking also. That and they have plenty of ATMs to go through, but they are an internet bank, so if something were to happen you may not have all your money on hand immediately. It's something you've got to consider depending on how you want to use the account, I suppose.
Also, ING has no minimum balance and no huge fees, as far as I know, also.
 
[quote name='RonnieWrecked']mine says charged $10/month. doesn't mention using the debit card at all.

to avoid the fee you have to do one of the following:

-1 direct deposit of $500 or more
-keep a minimum daily balance of 1,500 or more in your checking account
-keep an average balance of $5,000 or more in combination of deposit accounts and/or investment accounts
-pay $25 or more in qualifying account fees ( not including the monthly service fee) -- not sure what this means? maybe like overdrafts?[/QUOTE]

This is what was in my letter as well... I think the debit thing and $6 is a current policy (it is on their website, here.) If I've intepreted what I've been told before, I think most of us have grandfathered free checking accounts from WaMu- if you opened one with Chase itself, you'd have to meet the requirements. Which all change in February.

Luckily, I meet some of the other requirements, so I don't have to rush to switch... but I do intend to find another local bank that suits me better. (I'm focusing on BECU and Timberland right now.) The banks can re-coup their overdrafts fees on someone else, I'm not paying to use my own money.
 
I was with WaMu but am now getting Chase's new fee policy. It's either $500 direct deposit, $1,500 daily balance or a $12 fee. Luckily I also have BoA and Wells Fargo who still have free checking.
 
I know what direct deposit is. I'm required to use it at my job. My only question was is just having the deposit enough or do I need to maintain a balance since I routinely run my balance down to a hundred or 2. Your post answered my question anyway thanks.


[quote name='TXboxGuY']Here is the new Chase policy as I've come to understand it. I may need to re-read it.

I will be charged $12 each month my account balance is less than $1500.

UNLESS . . .

. . . I have monthly direct deposits totaling at least $500.

I don't know where everyone is getting the $6 fee but my letter showed $12 MONTHLY.

:whistle2:?

FYI, direct deposits are automatic deposits into your account thru your employer or something such as a Social Security monthly check, etc. It's not just going to the bank and filling out a slip and giving them the $$$$. That is NOT "DIRECT Deposit".[/QUOTE]
 
How about civilian Navy employees?

[quote name='H4Y4TO']I like USAA and Navy Federal... But you have to be in the military or dependent to get those... They have some good investment opportunities... USAA refunds any ATM fees so you can use any ATM with no fees... Navy Federal currently has some great CD and other rates...[/QUOTE]
 
Yes ING is a good pace to get into I opened a savings account in 05 when they had something like 4% now its 1% something but its better then a lot of other places. I've got one of my emergency accounts there and another account that saves for a new car, a little bit every month
 
I actually started out with WaMu, which then changed to Chase. Unfortunately, their attempt to recoup the fees that they can no longer get due to regulation is annoying to me, and I don't feel like paying $12 just because I forgot to use my debit card x amount of times (I hardly use it).

I'll be closing my Chase account and going on over to Wells Fargo/Wachovia. Namely because I'll be able to easily meet all of the requirements necessary to avoid any checking fees without much trouble. Also, I have one really close to my home.

It's going to be a pain to switch banks, but hopefully Chase will get the message.
 
[quote name='XxFuRy2Xx']Watch out with Chase. They will require a direct deposit of at least $500 a month (all in one shot) starting in February or charge you a fee. It's why I'm switching to another bank myself.[/QUOTE]

Wow, good to know. I'll be looking into a new bank account like wells fargo or wherever is giving something free.
 
Well, I closed my Chase account and opened a US Bank free checking (they also have a free student checking too btw) account this week. My closest branch is inside of a grocery store which sucks, but they're opened later than most banks which is a plus. They said they have no plans to change their free checking like other major banks. Lol, they even had a sign infront saying "We still offer FREE Checking!"

Another option for those looking for free checking is to to check your local smaller banks. Most should offer it. One I talked to required a small one time membership fee of $5 though.
 
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