SouthwestMDW
Topic Author
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Bank Of America Or Chase?

Thu Feb 15, 2007 3:16 am

I'm trying to find a new bank. I'm trying to decide between Bank of America and Chase because those are the two national banks that have service in my area. I want to go to a national bank so that I can have access to ATM's without paying any fees when I travel, and I would like to have Online Access and hopefully Free Checking. I'm leaning more towards Chase, but I was wondering if people who went to these two banks had any pros/cons of them. My current bank is not nationally known, and the online access rarely works and I'm sick of having to pay ATM fees when I travel.

Any advice would be great.

Thanks
 
IFEMaster
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 3:25 am

I have checking, savings, CC and home loan with Bank of America. I also have a Chase CC card.

The online banking with BoA is pretty good; there's not much I can't do, and their BillPay service is excellent. Checking is free with a regular, direct deposit income.

Chase have also been good to me with the CC service. I have their Signature Visa, and again their online banking is good. I've never had any problems with things like balance transfer or requesting credit line increases, and whenever I've called, they've been polite and courteous and efficient.

Both have charged my transaction fees when I've used their card (ATM and CC) overseas.
Delivering Anecdotes of Dubious Relevance Since 1978
 
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KaiGywer
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 3:32 am

Bank of America caters to illegal aliens, so if you wanna support them, feel free. Otherwise go Chase.
Should Banks Give Accounts To Illegal Aliens? (by IFEMaster Feb 13 2007 in Non Aviation)
“Once you have tasted flight, you will forever walk the earth with your eyes turned skyward, for there you have been, an
 
EWRCabincrew
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 3:39 am

Quoting KaiGywer (Reply 2):
Bank of America caters to illegal aliens, so if you wanna support them, feel free. Otherwise go Chase.

BofA bites for overseas transactions. We are thinking of using HSBC. They are everywhere I go for work and everywhere in the US that I go to. too.
You can't cure stupid
 
WellHung
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 3:56 am

Quoting KaiGywer (Reply 2):
Bank of America caters to illegal aliens, so if you wanna support them, feel free. Otherwise go Chase.




If you plan to link a savings or money market account, B of A is the way to go. Chase is good for rewards credit cards, HELOCs and such, but their savings/money market rates suck. Of course you can always open the B of A money market by itself, you just won't have instant transfers.
 
Pope
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 6:40 am

Quoting WellHung (Reply 4):
If you plan to link a savings or money market account,

Based on what? I've found that local banks have much higher MMA rates than BoA. In fact, about a year ago, BusinessWeek wrote that BoA was intentionally keeping it's rates low to discourage new deposits because of concerns over market concentration leading to stricter regulator scrutiny of future acquisitions.

HSBCOnline has high interest MMA with a teaser 6% rate for 3 months and then something like 5.15% thereafter.

Using ATM's is the same around the world, you always get hit with a fee. A local bank here in town Compass Bank offers to refund fees anywhere in the world for use of non-owned ATM's as a way of building up the depositor base.
Hypocrisy. It's the new black for liberals.
 
MaidensGator
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 6:48 am

Quoting IFEMaster (Reply 1):

Both have charged my transaction fees when I've used their card (ATM and CC) overseas.

Chase hit me with a pretty hefty fee for using their credit card in Canada. Discover and Amex don't charge you, so I try to use those exclusively when out of the country.

Quoting EWRCabincrew (Reply 3):
BofA bites for overseas transactions. We are thinking of using HSBC. They are everywhere I go for work and everywhere in the US that I go to. too.

I used a BOA ATM card in England a couple years ago with no fees. I checked with my local branch before I went and they told me which network to look for on the cash machines. I can't remember which it was, but I got cash daily for three weeks with no fees.
The first thing we do, let's kill all the lawyers.
 
WellHung
Posts: 3299
Joined: Mon Feb 23, 2004 8:50 pm

RE: Bank Of America Or Chase?

Thu Feb 15, 2007 7:24 am

Quoting Pope (Reply 5):
I've found that local banks have much higher MMA rates than BoA.

My B of A money market is at 5.37% APY for balances over $50,000. It's 5.11% up to $50,000. Plus, you have the convenience of a major bank with linking to accounts, ATMs, etc. The best Chase can do with similar balances is about 2.5%. What kinds of rates are you seeing for your locals?

Quoting Pope (Reply 5):
HSBCOnline has high interest MMA with a teaser 6% rate for 3 months and then something like 5.15% thereafter.

Through April 30. It's 5.05% after that. $1 minimum is nice though.
 
LOT767-300ER
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 7:35 am

Youre in Northern Illinois and you are thinking about Bank of America? Stop yapping and go to Chase.

I have both. The reason is that there is no Chase in Daytona Beach and I need to takeout money here and back home in Chicago.... Nearest ATM is in Universal Studios in Orlando for Chase.

That being said, I would get the United Mileage Plus Debit card and credit card from Chase if I were you. I have both of these (and I also have a British Airways VISA from Chase) + Savings and Checking. Easy to use and no problems.

Oh yea one more thing, finding a Chase in Chicago is easier than finding a cubs fan at Wrigleyville...and finding a Bank of America is as hard as finding a Cubs fan at Comiskey.
 
AirframeAS
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 8:29 am

Primary account: Washington Mutual. (Its a family thing, but I still love WAMU!)
For school: Bank of America; AS Mileage Plan checking account....need the miles!
A Safe Flight Begins With Quality Maintenance On The Ground.
 
SouthwestMDW
Topic Author
Posts: 296
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 12:43 pm

I've decided to with Chase. I went and talked to somebody today. They were great about transferring everything. I'm glad to be going to Chase and being done with "First Midwest Bank". Thanks everybody for your replies.
 
halls120
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 12:55 pm

Quoting Pope (Reply 5):
Using ATM's is the same around the world, you always get hit with a fee. A local bank here in town Compass Bank offers to refund fees anywhere in the world for use of non-owned ATM's as a way of building up the depositor base.

Which is why I belong to a Credit Union. We have free withdrawals in virtually every 7-11 ATM location, and when I can't use a network ATM, I get up to $10 refund per month for ATM's that have a fee.
"Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself." Mark Twain, a Biography
 
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falstaff
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 1:46 pm

I used to be a Boatmans Bank man. Then they got bought by Bank of America. So I left and joined a credit union, Educational Employees Credit Union.
When I moved to Michigan joined a credit union; Dearborn Federal Credit Union. I am not a big fan of large banks. Just too many fees and BS. I stronly believe in credit unions.

Quoting Halls120 (Reply 11):
Which is why I belong to a Credit Union. We have free withdrawals in virtually every 7-11 ATM location, and when I can't use a network ATM, I get up to $10 refund per month for ATM's that have a fee.

You have to love a credit union. Every now and again I get a ballot in the mail to vote on directors, officers, and other issues. When was the last time someone at a bank got that.
My mug slaketh over on Falstaff N503
 
jetBlue
Posts: 349
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 1:55 pm

Chase.

B of A has a website that's completely non-user friendly. It's just annoying.

jetBlue
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hawaiian717
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 2:21 pm

I know you already made your decision, but I'm going to chime in anyway.

My parents had a horrible experience with Chase when dealing with a fraudulent charge on a Chase/Mileage Plus Visa. Took months of going around in circles and them doing nothing before it was finally straightened out. We have no plans of ever doing business with them again.

BofA doesn't exactly have a great reputation either, but I haven't had a lot of problems with them. When I have to interact with them, I try as much as possible to do it in a branch rather than over the phone. Their online site works great for me; every now and then I'll see comments about how people need IE for online banking, but I've never had a problem using Firefox on Mac or Linux. As already alluded to, they do have agreements with a few overseas banks that allow you to use them without a surcharge.

I'll agree though that credit unions will often be a better deal, with better service and higher interest rates. There is a network of credit union ATM's called The Co-Op and if your credit union participates, you can use any other participating ATM for free, and many will allow you to make deposits too (most of the time, you can only make deposits at your bank's own ATMs).
 
deltairlines
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Joined: Mon May 24, 1999 4:47 am

RE: Bank Of America Or Chase?

Thu Feb 15, 2007 3:10 pm

I'm a BofA guy all the way through. The biggest thing with me is that they can be found pretty much anywhere in the Lower 48 - a big help, since I'm travelling all around the country quite a bit. LA, St. Louis, Florida, Northeast - I can find a BofA there quite easily.
 
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Jetsgo
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 5:58 pm

Quoting JetBlue (Reply 13):
B of A has a website that's completely non-user friendly. It's just annoying.

Total opinion, and in my eyes, BS. I have used BofA for three years now and their website has always been extremely clean and easy to use.
Marine Corps Aviation, The Last To Let You Down!
 
FriendlySkies
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Joined: Fri Aug 13, 2004 3:57 pm

RE: Bank Of America Or Chase?

Thu Feb 15, 2007 9:33 pm

Good choice on Chase.

I was going to switch (I'm currently BoA), but there are ZERO Chase locations (not even a single ATM) anywhere in ATL, where I go to school, or Greenville (SC), where I co-op. So...maybe Wachovia.
 
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KaiGywer
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RE: Bank Of America Or Chase?

Thu Feb 15, 2007 9:43 pm

Like many others in this thread, I am also using a credit union. Used to be Northwest Airlines Federal Credit Union, now Wings Financial Credit Union.
“Once you have tasted flight, you will forever walk the earth with your eyes turned skyward, for there you have been, an
 
WellHung
Posts: 3299
Joined: Mon Feb 23, 2004 8:50 pm

RE: Bank Of America Or Chase?

Fri Feb 16, 2007 12:56 am

Quoting Falstaff (Reply 12):
You have to love a credit union. Every now and again I get a ballot in the mail to vote on directors, officers, and other issues. When was the last time someone at a bank got that.

You don't even have to have an account at a bank to vote on officers. All you need is a share.
 
ConcordeBoy
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RE: Bank Of America Or Chase?

Fri Feb 16, 2007 12:59 am

I'd say Chase, all the way.... absolutely love the service (and the CO mileage for a checking account Big grin) I get from them.

But of course, heavily biased here, as Bank of America has no presence in S.Louisiana.
Faire du ciel le plus bel endroit de la terre c'est impossible sans Concorde!
 
rojo
Posts: 2288
Joined: Tue Sep 05, 2000 6:08 am

RE: Bank Of America Or Chase?

Fri Feb 16, 2007 1:57 am

I bank with Wells Fargo and HSBC USA. Wells offers good coverage in the West and South and HSBC offers good coverage in NY and Florida. The main reason I bank with HSBC is the HSBC Direct - Online Savings Account which offers a 5.25 APY starting from US$1.00 with new money earning 6.00 APY through April 30. They also do not charge an ATM fee for withdrawing money from my Online Savings Account at any ATM, I get a Free Checking with no direct deposit required and HSBC Credit Card has an Foreign Transaction Fee of 1% compared to AMEX 2% and Chase or Citibank 3%.

Quoting IFEMaster (Reply 1):
Both have charged my transaction fees when I've used their card (ATM and CC) overseas.

First you have to differentiate between a currency conversion fee and an Foreign ATM fee some banks only charge the first, others charge you both. I wonder why people haven't talk about Bank of America being a member of the Global ATM Alliance that allows unlimited ATM withdrawals in BNP, Scotiabank, Westpac, Barclays, Deutsche Bank, etc. therefore, you can save the Foreign ATM fee.

My advice to SouthwestMDW would be to see what you value most from a bank (ex. if you are a heavy branch user, therfore, you have to pick a Bank like BofA wich closed 2006 with 5,757 branches in the US and almost 12,000 ATM machines. If you save a lot, then go to a Bank like HSBC, which offers an excellent APY for your money starting from US$1 or open a Free Checking and Savings account online from WAMU which offers no ATM fees at any ATM worldwide and 5.00 APY for your savings)
 
TACAA320
Posts: 7153
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RE: Bank Of America Or Chase?

Fri Feb 16, 2007 3:34 am

Wells Fargo Bank all the way !!!!!


filler


filler
'Science without religion is lame, religion without science is blind'. Albert Einstein
 
NWDC10
Posts: 904
Joined: Sat Dec 20, 2003 10:15 am

RE: Bank Of America Or Chase?

Fri Feb 16, 2007 6:36 am

Boycott Bank Of America, they are giving out loans to illegals with out SS #'s. Robert NWDC10
 
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asuflyer05
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Joined: Wed Feb 25, 2004 8:53 am

RE: Bank Of America Or Chase?

Fri Feb 16, 2007 6:43 am

I started with BofA when I lived in Arizona and never had a problem. When I moved to Jersey I got mixed up in the whole Fleet/BofA merger. They cashed my paycheck and deposited it into the wrong account. It took over 2 weeks for them to trace the check and deposit the money into my account. Everytime I called to find out what was going on, no one in customer service knew what happened so I needed to start the process over. After that fiasco I switched to Wachovia and I also have the HSBCDirect online savings account (5.05% no minimum balance!)

I am in the process of moving back to Arizona and will probably end up switching to Chase.

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