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Message
Looking for a bank
Posted on 7/30/08 at 7:06 pm
Posted on 7/30/08 at 7:06 pm
Family just moved to Phoenix and we need a bank that has branches here since our old bank does not. I guess Capitol One knows what is not in the wallets of people in this area. I'm thinking either Wells Fargo or Chase. Local, small banks, especially in AZ, scare me a little. I remember there being a link to a website that shows the rankings/stability of banks. I tried to search for it but no luck. Does anybody know what the site is? Thanks
4
Posted on 7/30/08 at 7:19 pm to Luther Mahoney
quote:
Family just moved to Phoenix and we need a bank that has branches here since our old bank does not. ....
I'm thinking either Wells Fargo or Chase. Local, small banks, especially in AZ, scare me a little....
It's a flip of the coin on Wells vs. Chase (I bank with both)...
Bank of America is here too, but I do not bank with them.
both have lots of branches and giveyou typical big bank service (which means they want to sell you something every time they see you)...
Arizona Bank and Trust is a good small bank. Meridian is on "death's door" and their service sucks. M & I, Compass and US Bank are here also...
Desert Schools is an excellent Credit Union that I also bank with...
Hope that helps!
Posted on 7/30/08 at 7:20 pm to Luther Mahoney
quote:
Local, small banks, especially in AZ, scare me a little
Why?
I bank locally with Fidelity Bank and I wouldn't have it any other way.
Local decisions and my money is kept in state.
Posted on 7/30/08 at 7:22 pm to Will Cover
quote:
Why?
I bank locally with Fidelity Bank and I wouldn't have it any other way.
Local decisions and my money is kept in state.
Fidelity is a good bank
Cover, you're out here in the Valley?
Posted on 7/30/08 at 7:32 pm to Will Cover
quote:
Local decisions and my money is kept in state.
I wonder to what extent this is actually true.
Posted on 7/30/08 at 7:36 pm to Will Cover
quote:
Why?
I don't know. One of the first days we're here front page of the paper talks about two Scottsdale-based banks failing. I banked with a Louisiana bank before they were bought by Capitol One and another before they were bought by Bank One.
It comes down to my ignorance on how banks cover themselves. It seems banks are failing and I thought a bigger bank would be able to absorb more punishment than a small one.
Posted on 7/30/08 at 9:35 pm to lsu_tiger_az
quote:
Cover, you're out here in the Valley?
No, I misread earlier what was written.
I am actually in Prairieville and I bank with a little local bank, Fidelity Bank, not to be confused with the many other and bigger Fidelity banks around the nation.
Posted on 7/30/08 at 9:37 pm to Cold Cous Cous
quote:
wonder to what extent this is actually true.
I do as well, but I know that my money has a better chance of staying here than it does at Chase.
Even though I haven't had to borrow money from my bank, I like the fact that the decision is made local and while their decision can depend on a credit score, it also matters as to who you are and who you know.
Posted on 7/30/08 at 9:38 pm to Luther Mahoney
quote:
It comes down to my ignorance on how banks cover themselves. It seems banks are failing and I thought a bigger bank would be able to absorb more punishment than a small one.
Could be true, but I only use my local bank for my personal checking account.
Any investments are done through INGDirect, only because of their rates that they offer. Local and national banks can't compete.
Posted on 7/30/08 at 10:41 pm to Will Cover
chase is worthless. the only benefit they have is that they have 432,000 atms.
This post was edited on 7/30/08 at 10:42 pm
Posted on 7/31/08 at 7:12 am to sheek
I agree.
I left them quite a while back after I deposited a $1500.00 check into my checking account.
Balance totaled just over $2400 or so I thought. $1500.00 check was placed on hold for 14 days (never was notified until the 2nd week). Meanwhile, I purchased a TV and a few other small ticket items, that ended up costing around $1300.00.
Next thing I know, I received 7 NSF charges from Chase. I asked them, if I didn't have the funds, why did you approve my debit card for all 7 transactions and at that time, it was their policy to do so.
She offered to refund 1/2 of the NSFs, but she could have refunded all of them. I decline her offer, paid the NSFs in full and dropped Chase. Now when I get a chance, I try to tell everyone my story about my banking experience with Chase.
I left them quite a while back after I deposited a $1500.00 check into my checking account.
Balance totaled just over $2400 or so I thought. $1500.00 check was placed on hold for 14 days (never was notified until the 2nd week). Meanwhile, I purchased a TV and a few other small ticket items, that ended up costing around $1300.00.
Next thing I know, I received 7 NSF charges from Chase. I asked them, if I didn't have the funds, why did you approve my debit card for all 7 transactions and at that time, it was their policy to do so.
She offered to refund 1/2 of the NSFs, but she could have refunded all of them. I decline her offer, paid the NSFs in full and dropped Chase. Now when I get a chance, I try to tell everyone my story about my banking experience with Chase.
Posted on 7/31/08 at 7:54 am to Luther Mahoney
quote:
It comes down to my ignorance on how banks cover themselves. It seems banks are failing and I thought a bigger bank would be able to absorb more punishment than a small one.
This isn't necessarily true. The ability of a bank to absorb punishment is in their capital position, which is obviously relative to the asset size.
Also, the bank's ability to identify risk in their portfolio will further enhance their "coverage" as reserves should be adequate to prevent dipping into capital to cover losses.
The IndyMac's of the world were holding subprime shite, something that most of your local bank's won't be holding. They'll be holding commercial and consumer credits for the most part while maintaining a relatively vanilla investment portfolio.
A quick scan of the bank's financial statements would indicate, to some extent, what type of risks the bank is exposed to.
ETA: That being said, nothing can prevent a "run" on a bank once a mob mentality sets in. But without asset quality concerns, a run is unlikely.
This post was edited on 7/31/08 at 7:57 am
Posted on 7/31/08 at 8:11 am to Luther Mahoney
quote:
Local, small banks, especially in AZ, scare me a little. I remember there being a link to a website that shows the rankings/stability of banks. I tried to search for it but no luck. Does anybody know what the site is?
Just a little tip that most people don't know about ... the books on most of the large banks (Chase, capital1, regions) don't look nearly as good as most local, smaller banks. Those larger banks tend to hand out loans to riskier customers. Smaller banks are typically more conservative on the loans they hand out, and hence are safer.
The biggest example I have in the Baton Rouge area is Hancock Bank. They are probably one of the safest, most solid banks in this area in terms of their "books" and the potential for them to fail.
This post was edited on 7/31/08 at 8:15 am
Posted on 7/31/08 at 8:35 am to sheek
quote:
chase is worthless. the only benefit they have is that they have 432,000 atms.
:kige:
Posted on 8/1/08 at 7:43 pm to Luther Mahoney
If either you, your spouse or a parent were military then you are eligible for USAA. Customer service is A+++.
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