OT: impact of terminating primary bank account

[Ken Robb]

We use several banks but First Republic is very accommodating and treats us like valued customers on every visit. They reimburse any fees involved when we use ATMs from other institutions too. Their rates on CDs have often been better than most local institutions as well if not quite matching the highest paying online banks.
A few years ago when my bike shop owner pal was complaining about the hassles and indifferent customer service he was experiencing with his banks of 20 plus years I suggested First Republic. A couple of weeks later I walked into his shop and heard "Hi Mr. Robb" and there was the branch manager of First Republic. She was there to open an account for my pal and his shop. He was impressed.

[572cv]

The bank I was with for many decades was recently acquired, by a large out of state bank. I wanted to keep our money local, be able to call someone up, etc. It was some work to get recurring payments, etc, worked out, but it was a successful effort. I see no downsides on the service side of things. No downside on the credit rating side that I can see. Good luck with your move.

[robt57]

I moved the bulk of our bank from BOA for less. Woulda closed out CC with them too if did not want to apply for all new CCs. Just use them like AMEX card for points anyway...

Savings with 2 year of bill backup, moved. ACH Direct Deposit, moved.

FUKHUE BOA....

[Gsinill]

Thanks all, a lot of good info!

[John H.]

I ended a 20+ year relationship with Wells Fargo a few years ago.
I wanted interest on my account and the only way they would do that was if funds were "untouchable for a period".
It was also during the time where they were taking heat for rampant false accounts.

I moved all of my funds to Schwab.
Only downside is a have to mail in checks greater than 5k (because there is no branch close to me).
I do 99% of my deposits online, and Schwab refunds any ATM fees from other banks.

[rice rocket]

Originally Posted by pasadena

no effect on credit score with changing banks.

Yes and no.

A lessor known score is your ChexSystem score, where's your are scored on how you handle your banking transactions and if you have any derogatory marks.

While not technically a credit score, it can affect your ability to open deposit accounts.

Some more info:
https://www.investopedia.com/what-to...ystems-5179535

[B4_Ford]

Two words: Credit Union

Most credit unions have agreements with each other so you can use any credit union ATM at no charge. Mine also has an agreement with US Bank so members can use withdraw cash from any U.S. Bank ATM with no fees. Most of my banking is electronic these days so the issue of there being a limited number of branches is less significant than it was 10-20 years ago.


I have bad ideas…

[robt57]

Agree, That is where we went for bulk of banking we pulled outta BOA.

Originally Posted by B4_Ford

Two words: Credit Union

Most credit unions have agreements with each other so you can use any credit union ATM at no charge.…