What bank do you use?

Brandon1

Brandon1

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I’ve currently got Coastal Federal. I like the bank ok, but I’m annoyed at the restrictions on my
money all the time for deposits.

No mobile deposits over $5k, any under $5k are held for 5 business days.

Any deposit in person over $5k is held for up to 10 days.

Crap on that, my buddy with Wells Fargo can deposit his money ASAP from his phone no matter amount.

Wells Fargo good to go or any other suggestions?
 
Truliant also caps mobile deposits at $5k per day.
 
Wells has a mobile deposit cap as well... at least I have a cap. Maybe your buddy has some super duper account? And Wells has never stolen anything from me.
 
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Founders Federal Credit Union, look into local credit unions, I've been very pleased with mine.
3 car loans and my mortgage .
 
You should ask the bank about those restrictions, might just be that you maintain a fairly low balance and these apply to folks with fairly low balances. No judgement, given the interest that they pay I would expect that most folks keep a pretty small balance in the checking account.
 
I know some Buy here Pay here financers. They get lotsa kick backs from Wells when they hit folks for 25+%. Maybe all banks offer that to these guys, but the ones I know use Wells. Hell, Everybody's making money off these No Credit types.
 
USAA, Discover, Wells Fargo (Used to work for them;) and keep them now to have local branch) & TIAA. Different banks for different accounts and needs. If I could only have one it would be USAA.
 
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BatteryOaksBilly said:
I know some Buy here Pay here financers. They get lotsa kick backs from Wells when they hit folks for 25+%. Maybe all banks offer that to these guys, but the ones I know use Wells. Hell, Everybody's making money off these No Credit types.
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There was a time when the largest furniture store chain in America was Heilig Meyers. Founded in Goldsboro, NC, they grew to over 1,000 stores before collapsing 87 years later. Behind the scenes, they were often referred to as “A bank that happens to sell furniture”. :eek:
 
F*** Coastal Federal. They lied to me and pissed me off so I called them and told them I would be there in an hour and I wanted every bit of cash out of my account when I got there. I walked out with close to $20K in my pocket and told the branch manager where they could stick their establishment. Never looked back.
 
I use several, but if I had to pick one it would be Charles Schwab. Customer service and prices are best of the best.

Don't expect a branch down the street, but that hardly matters any more.
 
BB&T has deposit holds as well but I have no idea what they are. They know me at one branch and they have never held my deposits. It’s there one day later or less. If something ever happens I’m sure they would change that even knowing me. Having said this I am not a fan of them for other reasons. My house refinance 10 years ago took forever and because the local VP of Mortgage is a slacker.
 
I like First Citizens. Never had a problem with them for several kinds of accounts.
Quite a while back I did some research on which banks were the most solvent, and they
were the best of the local ones at the time (and far better than the huge banks).
 
BOA because I had a small ira brokerage account that was merged into Merryl Lynch, get no cost banking.
Not linked so they think I'm a whale. Wife has more in hers. SECU for my ebay PayPal, I keep that separate from BOA.

The holds are a shorter now with updated Fed policy.
If you have an overdraft line you may get same day funds access.

SECU gave me grief on a $30K drive up check deposit, pouring rain and they made me come inside. Held the funds 10 days.
Estate check, once it cleared I took it elsewhere.
My gripe was having to come inside, no reason to do that, should have used the ATM. :)
Credit unions can have longer holds.
Have mortgage and SUV loan taken out of my payroll at NC State.

I avoid going inside banks and normally get $20 cashback at checkouts.
I worked in branch banking 15 years.
 
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There are reasons for the holds. Inconvenient to customers at times, but they exist for a reason.


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Been using Allegacy Federal CU since they first opened as Reynolds Carolina Credit Union back in the 80"s. Never had a problem.........so far.
 
At Wells Fargo I used to have caps on my mobile deposits and after maybe a year they just lifted the caps.
 
I use a credit union and a bank. Never had any problems with any size deposits at drive thru or inside. Only problem I had was when I tried to use my debit card to purchase a new hunting rifle and scope. They denied the purchase as I was over a limit that was set that I forget about. One call and limit was lifted for that purchase.
 
Majicmike said:
Help us out Boog? Just wondering the reasons
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It’s basically a risk for the bank if they don’t hold deposits for a certain amount. Let’s say someone drops a $10k check in their account and they’re given immediate availability of the whole thing. They go out and spend all the money but the bank receives notice a couple days later that the check bounces.

The bank force debits the $10k back out of the client’s account, except it’s already been spent and he doesn’t have a balance that would support that kind of debit. His account goes negative and eventually gets charged off either to the bank’s internal collections team or to a third party. If the bank is able to they may settle for a lower amount or they may never get the money back.

The hold is in place to protect the bank and I still see this scenario happen fairly regularly with dollar amounts you wouldn’t think there’d be an issue with collecting.
 
Majicmike said:
Help us out Boog? Just wondering the reasons
Click to expand...

There are a few reasons, not all of which I am completely up to speed on. But one is due to money laundering. Banks are required by law to report certain transactions or patterns of transactions to help prevent certain financial crimes.

Again, I am a process engineer, so don’t work with the financial crimes division, and my explanation of the process will be sketchy, but I’ll try. Illicit funds can be layered in with legit funds, deposited into an account, and then withdrawn into another account. Eventually the illicit funds are untraceable, or at least more difficult to track.

We are also required to watch “patterns” in deposits...for example if someone consistently deposits a $500 paycheck every Friday it doesn’t raise any flags. But if suddenly there is a 10,000 deposit, or withdrawal, it raises a flag. Not a “we are going to report you” flag, but it makes the bank watch closer to make sure no shenanigans are going on. There have been many reported cases of fraud where a relative or something starts making withdrawals from an account, elder abuse and the like.

Also, many terrorist organizations are funded through “legal” means that banks are now pressured to track. Unusual deposit or withdrawal activity raises possible red flags for this as well.

Banks are responsible for tracking millions of transactions per day, and if just one of those gets through that shows negligence on the banks part in preventing fraud it can cost millions in damages and fees.

I’ve never been burdened with having a deposit stall or anything, but the withdrawal one makes sense. Many times people have been held at gun point and forced to withdraw money from an ATM. Imagine if there were no limit, it would make ATM hold ups an epidemic.


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I have accounts with Wells Fargo and SunTrust. Never had a problem with either as far as money goes. I talked with Wells before hand and told them I move money around quiet a bit, and talked about the deposits/withdrawals, and knew what was up before I started. I have had major issues with logging in with SunTrust web access though. Mobile/app or computer, didn't matter, gave me fits. Kelly, Alex (her oldest son, and I) all had issues with it. It is better now, but was aweful last year for awhile.

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Have had Wells since 2001. Have checking, savings, mortgage, 457k, and roth account there. Also have Truliant checking and savings. Have an amex savings (high yeild) also.
 
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UCBI. Was Four Oaks before. Outstanding people, small town banking experience. No gun buster signs on doors.
I would welcome any feedback on experience with them. Been my bank for 15 plus years.
 
I use SECU and have nothing but great things to say about them. I have never had a hold on deposits, checks, etc.
 
NC SECU
BoA for my car loan (owe about 250 on it and then I own it)
5/3 for my home loan
 
So about 9-10 years ago I bought a truck, did the financing at the dealership. Loan was with BB&T ( $10K ). A few months later I get a call from a bank official with BB&T thanking me for the business and asking what else he could do for me. We made an appointment for me to come in for a visit. I ended up taking out a home equity loan of $20K. Somewhere in all this I ended up with a BB&T Visa card with a pretty low rate and I had them put a $5K limit on it.

1-1/2 or 2 years later I'm in the BB&T branch close to work where I had been dropping off loan payments every month. On this particular day I went inside. I gave them a payment on the truck loan and then the equity loan. Then I tried to cash 2 business expense checks totaling about $200 so I wouldn't have to make a separate trip to my primary bank. They wouldn't do it, said I needed a checking account with them.

At the moment it really pissed me off. I'm thinking this place trusts me with $35K of credit but they won't cash 2 checks for $200. By making the two loan payments before asking them to cash the 2 checks I had established I was a customer in good standing with their banks.

I made a concerted effort to eliminate the two loans I had with BB&T as fast as possible. And I haven't done business with them since. Everyone I dealt with at BB&T was as nice as they could be and customer service was excellent until I was treated like an account number and not a person.

I realize this probably could have happened with any financial institution, just so happened my experience was with BB&T.



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fieldgrade said:
At Wells Fargo I used to have caps on my mobile deposits and after maybe a year they just lifted the caps.
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I was on direct deposit for my paycheck for 20 years. Then in January 2016 I went to work for a small company that doesn't do DD. So I started doing the mobile deposit for the first time ever. Had a limit for a while but it disappeared after 18 months or so.

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