Never had a problem at WF and been there 15yrs.
Never had a problem at WF and been there 15yrs.
I'm kind of torn on banks. I prefer my Credit Union for about everything but usually the CU's have crappy web sites. On the other band the big boys have good web sites but everything else is terrible.
I would say the one pre-requisite is that the bank has "prefered status" with ATM's. I would pay a ton if i didn't go this route.
All negativity about UI aside, I would suggest UICCU. You can get 4.25% interest on up to 25K in your checking account with no fees. All you need to do is direct deposit your paychecks and use your bank issued debit card 12 times month. If you use a credit card at all, this shouldn't be an issue.
You have to drive to Grinnell to set up the account, but everything can be done remotely after that. All ATM fees are reimbursed at the end of the month, so that isn't an issue. I live in Nebraska and use them as my main bank. I would suggest also setting up a free checking account with a bank close to your house or work that you only use to cash checks.
Personal Rewards Checking | Iowa City, Coralville, North Liberty | IA | University of Iowa Community Credit Union
As someone who works in banking, I'd say it really depends on what you're looking for. Small and large are comparable when it comes to the benefits of a bank (i.e. free checking, assorted accounts, trust - not sure if you're looking for that, but hey, thought i'd throw it in). You may get a higher interest rate with a larger bank, but where they really differ is connivence and customer service. Smaller banks, in my opinion tend to have better service and are far more personable. For that I'd say go with a bank like Regions, Metabank I believe is quite popular, or any of the other small banks. The larger banks, you may run into some problems with service and if there is an issue with one of your accounts, it could end up being a huge headache. That being said, before I had my job, I used US Bank for 6 years without an issue. I've also heard a lot of good things about the service of Wells Fargo, but I haven't been a customer of them, so I can't really speak from experience.
Short version: I'd say pick a large bank, either US Bank or WF. To me, the benefits far outweigh the potential costs.
you don't need a bank, you need a credit union.
I bank with Midland Credit Union in Udale. It is in between Hickman and Douglas by Midamerican Energy and Homemakers. Free online banking and I actually just signed up for their mobile banking as well. They have another branch in Altoona and more but that is not really relevant. Good Luck.
I can't believe no one has suggested Veridian CU (formerly John Deere Credit Union). I've been with them for ~6 years and have always had a great experience. As far as their website is concerned, it's very user friendly.
Here's my Wells Fargo horror story.
I was working full time (42 hours) and going to school full time (20 hrs + 4 hrs of lab) my final semester at Morningside. I needed a loan to cover my last semester tuition of approx. $6,000. Morningside had set up student accounts with WF and suggested I go there. Everything was fine except WF required automatic withdrawal and payments began immediately.
Everything was fine until my final payment before graduation when my payment was scheduled opposite week of my payday. I went into the local branch and notified them that I wouldn't have enough money in my account for another week because of my payday. Was told by a teller that everything would be alright.
Date of loan payment comes and I get an overdraft. I go in to complain and talked to the loan manager and she states they have taken care of this but I need to pay overdraft fee anyway.
OK. They run it through 3 days later and I get another overdraft fee. I go in again and tell them and they now say they can't do anything about it. 3 days later, another fee.
Over $100 in fees. I go in to talk to them again and state I won't be able to pay the next month's payment on time because of the overdrafts. Doesn't matter. 2 more overdrafts.
The next payment comes due and I won't be able to make the payments on time again. Talk to them and state I didn't want the money taken out of account until there is enough in the Friday after note comes due. They can't do this. I close my account because I can't afford to pay the fees. With the full intention of continuing payment. I go into the branch on payday to make payment and am notified the loan is in collections even though I'm less than two weeks late.
The collection company is owned by Wells Fargo. They demand immediate payment of loan balance and call me daily to remind me. Bastages.
Happy ending. I go to my home town bank and tell them of my issue and they loan me the full amount. I pay them on time and have no issues because they worked with me.
After I paid off WF, they wouldn't take the collection notice off my credit report. It stated the loan was still in collections. I had to work for about a month to make certain they did.
I forgot to add they added a 10% fee for collections also. All because they couldn't wait a week for a payment.
If you look around you can find CU's with just as good of online features as the big boys. I banked at WF for a while because I worked there but then we switched to a CU owned by my current employer and IMO their website is better than WF's because there is much less clutter.
IMO CU's and other small guys are much less likely to screw you.
Thank Warren Buffett and WFC. He needed the money worse than you.