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National bank account decision

National bank account decision

Old Aug 22nd 2016, 4:30 pm
  #16  
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Default Re: National bank account decision

Originally Posted by tom169
Thanks for explaining things so detailed and also providing reassurance on the financial security aspect. That's the one thing I was concerned most about.

I'm not looking at multi currency, so will rule HSBC out.

I think we will look at Bank of America as they seem to have a large presence in NC.
I'm in NC. I have been using Bank of America for many years now. Overall pretty happy with the service they have offered. If you have a local branch close by then it is definitely worth considering, at least for the initial setup, question etc.
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Old Aug 22nd 2016, 4:34 pm
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Default Re: National bank account decision

Originally Posted by Pulaski
Banks in the US very rarely own mortgages, they only service them.
You still get the perks of it though, free banking etc. I also saved on lots of closing fees by moving my accounts to the same bank as my mortgage.
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Old Aug 22nd 2016, 5:35 pm
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Default Re: National bank account decision

Originally Posted by Pulaski
Banks in the US very rarely own mortgages, they only service them.
On the Banks blurb it says have a mortgage with them, technically they only service the mortgage, but that is not what they put in their literature.

Anyway if the bank services your mortgage it may save you some account fees.

In my case BofA took over the servicing of my mortgage from a smaller local bank which gave me access to the perks of having a mortgage with BofA but with a lower interest rate.
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Old Aug 25th 2016, 8:39 pm
  #19  
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Default Re: National bank account decision

Originally Posted by Pulaski
Chase has no presence in NC, nor, I believe in SC or VA. I had a problem with a Chase mortgage once and was told by Chase phone support to visit a Chase branch. ..... According to Chase's web site, the closest Chase branch is in Kentucky!

Wells Fargo seems to be very popular with many on BE, and I have found their services to be good or great. I don't recall ever having "a problem" attributable to Wells Fargo making an error or "falling short". My interactions with customer service staff have been invariably positive.
We started with Chase 15 years ago, but at that point their service was less than desirable. We moved to Wells Fargo ~ 10 years ago and so far have been very happy with their service. Have checking, savings, college, mortgage and insurance with them. One thing that prompted me to move to WF is that is who my company banks with and so it seems as if pay deposits happen a little more smoothly and quickly being that it is the same bank.
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Old Aug 25th 2016, 8:43 pm
  #20  
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Default Re: National bank account decision

We ended up choosing Wells Fargo.

The main reason being is that mortgages seem better than BoA (although likely will use credit union) and the preferred checking account they offer was better than BoA's Interest checking for the amount of money we'd keep in a checking account.
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Old Aug 25th 2016, 8:50 pm
  #21  
 
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Default Re: National bank account decision

Originally Posted by tom169
We ended up choosing Wells Fargo.

The main reason being is that mortgages seem better than BoA .....
That's not surprising as Wells has about one third of the market for mortgages - and their market share has gone up at the same time as BoA's has gone down. The last time I heard BoA's share of the market was below 10% and falling.
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Old Nov 16th 2016, 10:10 am
  #22  
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Default Re: National bank account decision

As an update to this:

Yesterday I landed in the USA on my K1 visa. On the same day I went with my other half to the local wells fargo (who she now has her main checking account with).

They were very pleasant to me and went ahead and added me as a joint account owner without unnecessary questions to my legal status or anything more than needed to fulfil the patriot act.

I don't have an SSN or ITIN yet and that was fine. She just said to update when I get it, which is fine.

I've already got a working temporary debit card and online banking setup.

Smooth and easy so far.
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Old Nov 16th 2016, 12:44 pm
  #23  
 
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Default Re: National bank account decision

Originally Posted by tom169
As an update to this:

Yesterday I landed in the USA on my K1 visa. On the same day I went with my other half to the local wells fargo (who she now has her main checking account with).

They were very pleasant to me and went ahead and added me as a joint account owner without unnecessary questions to my legal status or anything more than needed to fulfil the patriot act.

I don't have an SSN or ITIN yet and that was fine. She just said to update when I get it, which is fine.

I've already got a working temporary debit card and online banking setup.

Smooth and easy so far.
That's good news, I'm glad to hear it, and not surprised.
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