Looking to leave Bank Of America Vol. ASAP

[edshoecator]

I miss the ING days of 5% savings

 

[mtchap]

I never hear anyone talk about CUs outside of NT.
I use Chase cause there's branches all over the place and Quick Pay is convenient as hell.

Can y'all put me on to credit unions?
Why should I make the switch?

i unfortunately am stuck with Bank of America because I have a business checking account that CUs don't offer.

But, for my personal checking and savings accounts I'm a member of a Southern California CU called logix.

basically, your a member of the CU so in return they offer you cheaper easier credit to obtain, better auto and home loan options, and much more attractive checking and savings services. The customer service is tremendous as well.


I actually have a good relationship with them, and they were the only ones to take a chance extending credit with low interest to a young kid with a spotty credit history. 5 years later I still have my accounts and the guy that opened my account moved up and it's w more personal experience.

 

[miamib30514]

This thread proves how uniformed the general public is about deposit banking. Touting one bank for reasons that all of them have and disparaging others for reasons their own favorite has as well. 

Deposit banking is all about convenience, can you get your money when you want it? If you are looking for a deposit bank to gain interest you will be wondering where it all went wrong when  you've made less than a 10 cents for the year.

Loans you should be shopping around in every case so it doesn't matter where you're at when that time comes.

Bank where you can get your money and deposit it with the greatest of ease.

 

[crcballer55]

 
I miss the ING days of 5% savings

Northpointe Bank is currently offering 5% on their checking account.

http://www.northpointe.com/

The catch is you need one auto debit/credit, 15 bill pays and/or debit card transactions, & online banking.

I just signed up, so we'll see how it goes. So far, the online UI isn't the greatest, but it would be another $200 in interest than what I'm making at my CU that's paying 3%.

Capital One 360 (formerly ING) also has a good online and mobile platform. The .7% interest isn't much anymore, but it's A LOT better than BoA.

Go to a credit union, but be warned that they're not all that convenient. Ex. I deposited 4k cash into my local credit union and had 3k on hold for a few days, that **** had me hated but oh well

It's illegal to put cash on hold. If they have questions where it came from, they'll file a SAR and the FBI or IRS can look into it.

 

[RustyShackleford]

I miss the ING days of 5% savings

I think Penfed had a 7% &-year CD at one time.

Before the crash, stuff is wild. And I remember all the hustles to take advantage of the deals going on

 

[lightweight champion]

Working at a financial institution, I've seen many people who know near nothing about banking and they range from retail to construction to business owners and even to doctors. Everybody needs help, some might not even know it. Some people have been paying 5% on their mortgage for 15 years and are comfortable making the payment every month but don't know they can refinance the loan to 15 years and reduce the interest to 3.5% and save thousands for the rest of the term.

 

[bravelude]

Don't be scammed about 'interest' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You should NEVER HAVE TO PAY A BANK to hold your money.  NEVER!!   Go do research.  

 

[RustyShackleford]

Don't be scammed about 'interest' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You should NEVER HAVE TO PAY A BANK to hold your money.  NEVER!!   Go do research.  

What are you even screaming about brah.

 

[jsflip]

Have you considered online banking? I've been with Ally  for 4 years -- no complaints.

- free checks / check card (it's an interest checking account)

- no maintenance fees

- no minimum balance or deposit to open

- no ATM fees (you're automatically reimbursed for any ATM you use)

Simple; makes sense. Like it should.

 

[crcballer55]

Working at a financial institution, I've seen many people who know near nothing about banking and they range from retail to construction to business owners and even to doctors. Everybody needs help, some might not even know it. Some people have been paying 5% on their mortgage for 15 years and are comfortable making the payment every month but don't know they can refinance the loan to 15 years and reduce the interest to 3.5% and save thousands for the rest of the term.

Same goes for most financial products. Just because you're comfortable with the payment doesn't make it the best deal out there. Life Insurance prices have taken a dive over the past 3 years too.

 

[ddh1122]

Also, if you're a student you can avoid the fees if you go to Wells Fargo (not sure they do that at other banks, assuming they may). One of the only reasons I even chose going to Wells Fargo on the spot

 

[edshoecator]

 
Same goes for most financial products. Just because you're comfortable with the payment doesn't make it the best deal out there. Life Insurance prices have taken a dive over the past 3 years too.

I got in when you can walk in and just ask for 500k and they'd give it to you.

Should I try and refi based on todays standards or just send the extra $100-200 a month to stay on track for 30 year to be paid down in 15?

 

[capital sb]

@Edshoecator I would say it depends on your current interest rate. You can refi to a 15 year mortgage at 2.75% currently.

 

[bravelude]

 
I got in when you can walk in and just ask for 500k and they'd give it to you.

Should I try and refi based on todays standards or just send the extra $100-200 a month to stay on track for 30 year to be paid down in 15?

Do the math!  If not, let the experts entertain this idea for you.  You can't GUESS.  You need numbers to show you.

No one knows your situation, no one knows how deep you are into the mortgage, what type of loan you have, what your cash flow scenario looks like.

 

[crcballer55]

 

 
Same goes for most financial products. Just because you're comfortable with the payment doesn't make it the best deal out there. Life Insurance prices have taken a dive over the past 3 years too.

I got in when you can walk in and just ask for 500k and they'd give it to you.

Should I try and refi based on todays standards or just send the extra $100-200 a month to stay on track for 30 year to be paid down in 15?

It depends what your current rate it, what your scheduled payoff period is, how long you'll be in the house, and what the closing costs are.

 

[slicknick951]

I'm with BoA and don't mind it, and they're everywhere, but chase quickpay is so damn nice I'm hurt BoA doesn't have an equivalent option. 

BOA has a option to transfer to people with accounts at BOA. I use it all the time with my family to split bills or whatever the case may be.

Im sure its similar to Quick pay with chase

 

[edshoecator]

Do the math!  If not, let the experts entertain this idea for you.  You can't GUESS.  You need numbers to show you.

No one knows your situation, no one knows how deep you are into the mortgage, what type of loan you have, what your cash flow scenario looks like.

Since its income property I get different aprs. I'm asking in general cause I haven't dealt with current regulations. I want to purchase another house so if refi is gonna help or hinder me I'd like to hear about it

 

[bravelude]

Since its income property I get different aprs. I'm asking in general cause I haven't dealt with current regulations. I want to purchase another house so if refi is gonna help or hinder me I'd like to hear about it

Thats why, no one knows and you need to be specific. Is your next property going to be another investment property? I believe investment props are higher in rates.

Whats your equity situation like?

 

[Itachi]

BOA has a option to transfer to people with accounts at BOA. I use it all the time with my family to split bills or whatever the case may be.

Im sure its similar to Quick pay with chase

I never even peeped that under the transfers tab in the app. I'll have to look into it 

 

[edshoecator]

Thats why, no one knows and you need to be specific. Is your next property going to be another investment property? I believe investment props are higher in rates.

Whats your equity situation like?

owe 136k, value at 600k.

Me and the wife are done with tenants and being land lords so we're looking for a single family.

Based on new regulations we dont qualify to keep both houses cause everything in L.A. is high 4s right now.

 

[bravelude]

owe 136k, value at 600k.

Me and the wife are done with tenants and being land lords so we're looking for a single family.

Based on new regulations we dont qualify to keep both houses cause everything in L.A. is high 4s right now.

but income flow man. i think you are fine. you are a smart man. cash flow is good. cap gains is absurd cuz or obama the crook.

i dont see any sense in refinancing 136k into a 15 year?

 

[edshoecator]

but income flow man. i think you are fine. you are a smart man. cash flow is good. cap gains is absurd cuz or obama the crook.

i dont see any sense in refinancing 136k into a 15 year?

Thanks.

I'm at 4.25% right now but these rates are enticing.

I need to retire and move to a podunk city in the middle of nowhere, lol.

 

[slicknick951]

BOA has a option to transfer to people with accounts at BOA. I use it all the time with my family to split bills or whatever the case may be.


Im sure its similar to Quick pay with chase

I never even peeped that under the transfers tab in the app. I'll have to look into it 

It should be under send money to someone then you can put account number or cellphone number associated to the account i believe