July 29, 2004
Switching Banks
I'm thinking of switching banks from Wells Fargo to Washington Mutual. WF's fees are just insane, especially for corporate accounts, one of which I'm about to start. If anyone has anything good to say about other banks, let me know. I'm looking for low fees and good features - bill pay and quicken integration most importantly.My preference is Wells Fargo or Bank of America. They seem to provide the best service. Bank of America is more prevalent across the USA. Wells Fargo never makes you wait on the phone or in the branch. I really appreciate that. I also like their online banking features the best. I can't advise you on the corporate fees though. My best bet has been with WF and BofA on that. My first bank was WM and I left because of fees when I used overdraft protection between checking and savings.
Posted by: Abby at July 29, 2004 06:51 PMYeah, I was thinking of staying with WF, but they're charging me $3/month for personal checking, $8/month for business checking, and it looks like it will be $9.95/month for corporate checking unless I keep a 25k minimum monthly balance, which is insane (and which I don't have anyway). Why would a small business owner keep that much on hand rather than invest it? And they charge you the fee if it dips under ONE day, rather than taking an average for the month.
WM doesn't seem to charge any fees at all that I can find, at least not for my situation. Free quicken integration, free bill pay, no monthly fee... although, I am a bit concerned about all the mass layoffs they are doing recently. Not sure if that will end up in some major fee increases in six months.