More U.S. Banking questions

TD Banknorth I mentioned before.

Hello FB! I am a long-time reader, first-time responder, but since this is a topic that I definitely have much experience with, I thought I’d give my take on it.

From the time that I was around 16 til recently (age 24), I have had Washington Mutual checking/savings accounts. When I was young in high school and just depositing you know, bday/xmas/work checks, WAMU was fine, because I wasn’t doing day-to-day adult purchases. Now that I’m older and have relied on it heavily, I began to realize how terrible their customer service is, how inconvenient it is to end an account that was jointed with someone, (aka, my mom from years ago), and how they keep pulling out money for so-called “monthly fees,” but never explain what it’s for. The past 2-3 years had been a real struggle with them, and a few months ago I decided to open an account with a local work-connected, state-wide credit union, and it was one of the best financial decisions I think I’ve ever made.

I am all for community-owned organizations where there is more transparency and not so much bureaucracy, and this is what I receive at my CU. The tellers are friendly, but I generally do all of my transactions online – which is easy to navigate, and that has made balancing my checkbook a breeze. I also haven’t had any “mysterious fees” disappear from my account since I’ve joined them, and that alone has made the experience worth it. The only thing that I wish I had that I got with WaMu is free checking, (it’s like $10/pack whenever you order), but I don’t write enough checks regularly for it to be a deal-breaker.

I would research credit unions as soon as you get to Texas, if not now. Some are tied to jobs and you can only get membership into it if you work at certain places, others are based on what church you go to, what clubs you’re in, or some are open to all, so I’m sure you can find one that works well for you. Good luck, and let us know which bank/institution you end up going with!

Hi FB! I have recently found your site and I am already addicted.
I lived in the States between 2001 and 2006 (my husband and I went to Los Angeles for grad school) and had only but good experiences with Bank of America. I then moved to Vancouver, bc, and kept the BoA accounts with us at zero cost. Transferring money back and forth from Canada is a bit of a pain, but hopefully you won’t have to deal with that.
BTW, have you heard about xetrade.com? Take a look, it’s great for transferring money between countries(better for some countries than others). I know that you are not afraid about figuring out somewhat sophisticated tools (well, it’s not that sophisticated, you just have to learn how it works), so I think you’ll find very useful. And maybe write about it in the future?
My husband used it to transfer to Spain and my best friend regularly uses it for Australia. Both speak wonders about it.
Congrats on the site, I love it.

Well, I agree that for the move, and for getting into the country and setting up an ING account, it's good to use a large bank like WaMu or something similar (I have friends who like Wachovia). However, what I would recommend is that once you are set up in TX, join a local credit union. They still have insurance (should be FDIC insured), and because they are member owned, they have a vested interest in keeping members happy. There is a national Coop (http://www.co-opfs.org/public/locators/atmlocator/) that allows you to use ATMs free of charge if you are using your credit union account, and when it comes to getting a car loan or mortgage, often credit unions are able to finance you at better rates that bigger banks. But I do think it's a good idea to have at least one account at a bigger bank, too. (Here's a list of CUs near or in Austin, TX: http://www.google.com/search?hl=en&q=credit+unions+in+austin%2Ctx&btnG=Search)
(Not good at hyperlinks w/in comments, yet.)

I think you should look into Wells Fargo. It’s a nationwide bank so it’ll have locations across the U.S. for ATM withdrawals, even in SuperAmerica gas stations here in Minnesota so you don’t even have to go to a bank to take money out without an ATM fee – I love that. It’s stable even in this craziness going on. It’s free checking accounts have all you’re asking for above I do believe. I use this free checking and then link it to my INGDirect account for all my long term savings. I have a Wells Fargo basic savings account for my short term savings, overdraft protection, etc. It works very well for me.

I would look for a credit union that you could join. Many have memberships that are based on where you live or where you work.

I have one that is connected to my work and I can open unlimited basic checking accounts and savings accounts for free, free bill pay, I can use any other federal credit union’s ATM for free, I get 10 free transactions at other banks ATMs (although the ATM’s bank will usually charge a fee, but my credit union won’t charge me anything additional) and I get really good service because its small and I know everyone that works there. Try this website to find one that would work for you: http://www.creditunion.coop/cu_locator/index.html

well, there’s Wells Fargo and Bank of America – the two banking giants that would probably fulfill all your banking needs. I bankwith WF – which has free online bankng, no minimum (as long as you also open a savings account with them, or set up automatic deposit), etc etc. Also bear in mind that when you first move here, and get your SSN number and ll taht, you’ll apply for a credit card – chances are that they’ll give you a secured credit card since you won’t have any credit history. This is one of the most anoying things – that your credit history from Canada does nt transfe over, even though they use transunion, experian and uhm..whatever the other one’s called!

There’s always Bank of America and Compass. I only have a small bit of experience with Compass (they’re pretty regional or at least were). Compass at the time didn’t have any fees really (obv they NSF fee etc) and would reimburse you for ATM fees from other banks and didn’t charge you a fee.

Wachovia, Chase

That said, I’d look into getting a credit union. Eligibility is usually an industry, relatives, tied to a company (e.g. American Airlines), county you live in (Tarrant or Dallas most likely for you) etc. I’ve never had fees or minimums (ok $5 to open a savings account), it’s “owned” by you, the member.