51–60 of 66 posts
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I work in payments too. I don't know how this happens using an ACID DB. Everything is done within a transaction and extra checks are done to make sure that payments/debits happen ONCE and all once.
Probably two separate databases.
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I was just thinking of switching all my accounts from Chase to Wells Fargo because Chase isn't located in my new town. This is a good reminder as to why I should choose a different bank. Thanks for posting.
Why Wells Fargo specifically?
However their account opening practices from years ago, and this is a good reminder they are unscrupulous.
I am being somewhat selective as I have a private client account with Chase which has been really nice, and Well's is one of the banks that offers such concierge services.
I'll admit though I only really like the low fee stuff, like free ACH/Wire Transfers, Free Bank Checks, and ATM-fee reimbursement - no limit. Not to mention they waive tons of fees for having credit cards with them.
Some of the higher value fees like using their investment manager, I don't take part in. I manage most of my retirement and savings in TDAmeritrade, Betterment and Robinhood accounts. I still maintain a rather high cash balance at my bank but I make sure to keep it below the FDIC insured amounts.
Anyways, I asked Well's to call me about their services a week ago through their website - I guess they don't want my business - oh well.
I have a state credit union account from my days as a TA in school - but they don't provide many loan services for home purchase / car purchase however I tend to use products that generate 0% interest loans on cars and home use I used Better.com because those guys are killin it - they gave me a low rate and just promised to transfer to the bank of my choice (Chase).
The only reason I really want to switch off chase is that I have to do a lot in person because of new federal compliance rules. I was setting up a Last Will etc for my wife and I and we wanted a complex beneficiary rule on cash accounts and Chase was going to make me drive 3 hours to a branch to set it up. Just seems like if something happens to me and my wife (car crash or something) it would be tough to get the cash to the right place and my attorney is telling me it'll all end up in probate.
Super morbid, but that's what made me start shopping.
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A lot of credit unions have sub-par mobile and web offerings. I have accounts with 2 credit unions but I rarely use them because of this reason. So if you're going to look for a credit union take that into consideration.
In fairness, a lot of banks have subpar mobile and web offerings too.
Wonder if anyone has tried PNC or TD bank.
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I was just thinking of switching all my accounts from Chase to Wells Fargo because Chase isn't located in my new town. This is a good reminder as to why I should choose a different bank. Thanks for posting.
Use a local credit union. None of the big national banks have demonstrated that they can be trusted.
Car loans / Home Loans get bought up by Chase and you can service all that sort of thing in one web interface. I'm worried that local banks will make me switch back to snail mail days - I'd have personal access but boy I just want to be able to do it all virtually.
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In fairness, a lot of banks have subpar mobile and web offerings too.
Yeah - I wanted a bank with equal or better web / mobile offerings to Chase. I've been very happy with theirs. Wonder if anyone has tried PNC or TD bank.
So you won't have a problem finding something better.
USAA is probably the best your going to get but they aren't open to everyone.
I've had accounts at probably 20 different banks due to churning bank account bonuses. I never had PNC before but I did have a TD account. Wouldn't recommend that one because when I signed up online it only made a shadow account and I had to go to a branch to "really" open the account to be able to use it. Of course, they didn't tell me this I had to call and be like wtf?
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Why Wells Fargo specifically?
Specifically was considering Well's because they are less than a 5 minute walk from my house in NC - which is kind of rare in NC - most places are drivable. However their account opening practices from years ago, and this is a good reminder they are unscrupulous. I am being somewhat selective as I have a private client account with Chase which has been really nice, and Well's is one of the banks that offers such conc…
https://www.bankofamerica.com/preferred-rewards/
Fidelity let's you set up all your accounts with them (including checking) as transfer on death accounts, which would avoid probate. Mine are all TOD. I have primary a secondary beneficiaries.
If you have a high cash balance you should really put it in a high interest earning account, Discover Bank, Ally, etc. Since those are all online only banks then they know how to do things without having to visit a branch. There's a zero percent chance a bank that doesn't have branches will tell you to visit a branch to do something.
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If there is no fee, keeping it open can help your credit score; a major factor for your credit is what percentage of your available credit you use, so having a credit card you don’t use simply adds to your total available credit.
Honest question: Shouldn't credit be measured solely on the basis of currently available money and monthly income? (+how responsible you were with previous credit repayments) I don't comprehend how having a cc but not actually using it leads to being trusted more
I am guessing that data has shown people who utilize less of their available credit are more likely to not default. Whether that is morally better or not is up to you.
As for the reason this is the case, I am guessing it has to do with resisting temptation and not living right at the edge of your means. Having credit but not using it shows that you have a buffer between where you are and destitution.
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If there is no fee, keeping it open can help your credit score; a major factor for your credit is what percentage of your available credit you use, so having a credit card you don’t use simply adds to your total available credit.
Yes, I know of the reasons for keeping arbitrary credit accounts open, but the system is fucking stupid and I'd rather close accounts with banks/creditors that do stupid shit than give them an excuse for existing. Be the change you want to see, etc etc.