radion

Hi guys,
With the wealth of knowledge on here, can you recommend a good bank to use in Florida, or big bank that's nation wide.

I'm in the process of noting all this stuff and got to say, I'm impressed on what I have found out so far, with all your help of course...

Thanks to all...

Jerseygirl

Try the search function located at the top of the page. Go to advanced search...there have been loads of threads about the pros and cons of various banks.

Ray

I like Wachovia ...now taken over by Wells Fargo
BOA ..super crap ...

fatbrit

Some of them may even still be trading!

penguinsix

First things first: do not get rid of your UK bank account if at all possible. Keep only a few pounds in there if need be, but reopening an account in the UK after you've arrived in the US is a total pain in the butt. It's worth keeping it alive just for a 'what it' or some other need for a UK bank account. You never know.

Second, what bank to use really depends on your location and banking needs. There are major banks that have branches in many (but not all) states (there are a series of laws that make it difficult on 'out of state' banks to open branches in some states, which is why they often buy each other out). You'll also find regional banks, popular in say the NE or the South, but with little to no presence elsewhere. Then you'll have local banks and credit unions, often with very good rates and services but without some conveniences you might need (limited online banking, difficult currency exchange, etc).

Are you going to be traveling a great deal in the US?
Do you want to move money back and forth to the UK with the account?
Are you looking to develop a 'connection' within a bank locally to assist in buying a house, getting a business loan, etc?
Are you still using checks or are you all electronic for payments, ATMs, etc?

Once you have a bit of an idea feel free to throw out some names that you are seeing located in your general area. It is nice to have a branch within a short drive for those few occasions (once or twice a year when you have to go in for business).

radion

First things first: do not get rid of your UK bank account if at all possible. Keep only a few pounds in there if need be, but reopening an account in the UK after you've arrived in the US is a total pain in the butt. It's worth keeping it alive just for a 'what it' or some other need for a UK bank account. You never know.

Answer: OK will do that, was anyway for other things...

Second, what bank to use really depends on your location and banking needs. There are major banks that have branches in many (but not all) states (there are a series of laws that make it difficult on 'out of state' banks to open branches in some states, which is why they often buy each other out). You'll also find regional banks, popular in say the NE or the South, but with little to no presence elsewhere. Then you'll have local banks and credit unions, often with very good rates and services but without some conveniences you might need (limited online banking, difficult currency exchange, etc).

Answer: OK, but what is the difference between a bank and a credit union??

Are you going to be traveling a great deal in the US?
Answer:...No, all bar holidays eventually

Do you want to move money back and forth to the UK with the account?
Answer:...No I want to settle the bulk of it in the USA

Are you looking to develop a 'connection' within a bank locally to assist in buying a house, getting a business loan, etc?
Answer:...Well I can buy a good house outright but that connection would be good for credit building so I don't know

Are you still using checks or are you all electronic for payments, ATMs, etc?
Answer: All electronic at present.

Once you have a bit of an idea feel free to throw out some names that you are seeing located in your general area. It is nice to have a branch within a short drive for those few occasions (once or twice a year when you have to go in for business).
Answer: I wanted a bit of an idea before getting to Florida so I can get started if approved on my DV visa application.

Many thanks for your advice on this

lansbury

The best way to describe it is a credit union is akin to the old style building society in the UK which was owned by its members and run for the members.

A US bank is the same as a UK bank owned by shareholders and in it to make money for the shareholders.

We have an account with Wells Fargo because now they own Wachovia we have access to their ATM virtually anywhere we are likely to go for free. It is more common here to charge a fee to use an ATM than in the UK. As a rule of thumb if the ATM isn't one owned by your bank expect a fee.

Any savings we would put into a bank savings account is with a local credit union and likewise any borrowing we might do comes from that credit union. Better interest rates than Wells Fargo, and being smaller and local more friendly, helpful and less red tape when doing business with them. Any money in a credit union is insured to same amount as it would be in a bank.

radion

Thank you for that explanation lansbury,
I fully understand the concept now and thank you for that

Bob

which isn't worth shit tbh...bank has 100 years to pay you back if it loses it etc

JayBowyer

Just don't go with Wells Fargo. They are swindling PITA's Sort of on the scale that some UK banks are. Just awful experiences with them - too big for their boots and will slap a charge on you whenever they can, to tell you "computer says no" or similar.

Honestly, I would go with a smaller, little town bank. You get personal service and decent service from many of them. I'm not really a big corporation type of person - I don't think they have the ability to really concentrate on the individual, since they spend most of their time working out how to be enormous and how to use computers to be as impersonal as possible...

meauxna

I have to thumbsup this.
I'd just add that credit unions will offer the same attitudes & service.

penguinsix

From the answers you provided it seems that a small regional or local bank (or credit union) would be fine for you. The only caveat is get a demo or take a look at their online banking offerings before you get an account.

I think the slightly more personal nature of the smaller bank will be a long term benefit, especially if you are looking to join a 'community' etc. If you are living in a larger town then it might not be an issue and they are all sort of faceless and you're request for money might as well be:

"Darling Fascist Bullyboy, Give me some more money, you bastard. May the seed of your loin be fruitful in the belly of your woman, Neil."

One other option, if you are going to be a professional expat moving around a lot or work for a big company that will pay the fees or maintain a significant balance, you can look into 'private banking' options with Citibank or HSBC. I have a private banker I can call who handles my account--I need a wire to Hong Kong they do it, I need more checks, fedex'd to my hotel, I want to stop an electronic payment or something weird, I have the guy's cellphone number and harass him. Quite cool.

dunroving

I'd say do both. Big bank for when you want to do complicated stuff (my credit union just could not figure out how to transfer money overseas, for example, and did it through Wachovia), and small bank for personal service, etc.

Norri

I'm with Wells Fargo, and the hook up with Wachovia gives a lot more options to use ATM's across the country without being raped for fees.

Ray

I'm with you ..they have gone way out of their way to
assist me ...even visiting me at home ...