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Bank selection

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Sid23

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Aug 9, 2007
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I moved to a new city and have been trying to locate a new bank. After a terrible relationship with BoA, I've decided it makes sense to find a small, local bank or credit union that offers all of the typical features, plus home mortgages, equity lines, business loans, construction loans, etc. I'm planning to do some real estate deals and want to build a solid relationship with the bank I join.

I found a bank that comes highly recommended and meets all of the requirements above, with the exception of home mortgages. They said they refer you to other local lenders when it comes time for a mortgage.

Does anyone have experience with this? Do you think it matters that I can't get my mortgage(s) through them, or is this pretty standard for smaller banks?

Thanks.
 

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WildFlower

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Aug 21, 2009
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I love small local banks. They know your name... they will call if a problem arrises. If your on the road and you need to move money.. a phone call will do. Go in and make deposits so, you get to know the people.

IF you go with a large bank... US Bank. Many people I know that have moved from Wells and BofA have been much happier at US Bank.
 

JayKim

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I love small local banks. They know your name... they will call if a problem arrises. If your on the road and you need to move money.. a phone call will do. Go in and make deposits so, you get to know the people.

IF you go with a large bank... US Bank. Many people I know that have moved from Wells and BofA have been much happier at US Bank.

Yeah I agree, I use Ent federal credit union. I think they are a bank just in Colo. but they have great service Ive never had a issue.
 

hatterasguy

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Jul 29, 2008
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I do all of my banking at a small local bank, and I have my credit card through a local credit union.

I was using Chase for awhile, but they jacked my rates and I didn't like dealing with a bank that has call centers. So I closed all my accounts with them.
 

GlobalWealth

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Many small banks were not caught up in the sub prime and option arm mess and therefore are much better capitalized. Just check out the bank you are interested in and look at their financials. If they go bust, your funds are safe, but it may take up to a month to sort it out. I had a bank I dealt with a few years ago go bust and it took a month to get my funds. As long as the small bank is solid, I would much rather deal with them over a larger bank. if you are looking for a good web based bank that offers interesting investment options, you may also want to check out Everbank.
 

advancedyn

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I just left US Bank and moved to a local credit union. So far, so good. USB started doing goofy stuff like taking MY money out of MY account for no reason. So, I left. Three weeks after I had moved my money money and closed my accounts, they were STILL trying to do stupid stuff like charge me a "low-balance" fee and then an over-draft fee after their first fee put the CLOSED account in the negative. I ended up having to file a complaint with the feds. There were EIGHT instances after the accounts had been CLOSED! I am happy thus far with the local credit union and will probably stay with a local institution unless someone enlightens me to inherent issues I am currently unaware of. Found this thread through a search. LOVE the resources this board offers!
 

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