I am currently with 5/3 Bank. My wife and I are looking to buy a lot and build a house next year. 5/3 is kind of annoying me with the process. The rate is meh, the % down is huge and now they're asking me for a new document every week.

I'm a good customer and don't ask a lot of my bank. When I want a quick and easy transaction with minimal hassle, they're annoying me.

A good friend of mine is Key Bank's wealth management group.

I know the Regional VP for PNC Bank

And the company I run banks with Chase, so I know those folks fairly well.

Since those are the people I know, that's who I'd like to stick with.

Question:
So what say you? Who do you like for banking and why? Any other advice/info about switching banks would be greatly appreciated. I've never done it. Been with 5/3 since my first account in the '90's.

Thanks

Choices:
5/3
Key
PNC
Chase

 

I had 5/3 when I lived in the Upper Midwest but it's been more than a decade.

I have Chase now, but I just float money across it (direct deposit then after monthly spending the leftover goes to on-line bank or Vanguard). United Airline's credit card and Amazon's credit card are both Chase products so same day payments is nice.

You might expand your search and see what credit unions are available. They usually have good rates, and usually participate in large ATM groups that you can use almost anywhere in the continent.

TD bank has great rates on construction to perm loans

If those were my only choices I would go with PNC where you know a regional VP. Having someone you know working there can eliminate most any hassle you might have.

But, for that reason I would find a good local bank and develop a relationship. A local bank can cut any hassle factor you might have and you would generally expect to get much more personal attention. If you call someone you know at a local bank they should be able to take care of any issue you might have - a large regional or national bank - not gonna happen - call the 800 number and pray you get someone who cares enough to at least hear what your problem is, let alone fix it.

I've given up on an actual bank with a branch being the best rate for any loan. If their rates were reasonably close, I'd use them but the delta always seems to be huge.

I’d have two questions:
Which one feels more like a smaller bank?
or
At which one can your friend there make it feel more like a small bank?

I was with Security Pacific when it got bought out by BofA. BofA sucks the round things that dangle under intact male donkeys, but our Sec. PAC. branch manager was assistant manager at the BofA branch and had enough juice to make it seem like the good old days. When we moved here I went into the local BofA, sat down with the manager, and was assured that they were different here, much better than normal BofA. I gave them a chance. They didn’t last six months. We moved to First Bank of San Luis Obispo, a small community bank where the teller could normally deal with any issue, and if they couldn’t they could walk across the floor to any office, including the president or the chairman of the board and get the issue fixed quickly. Then they were bought by Santa Barbara Bank and Trust. Still the same nice people, still trying, but with less flexibility and on anything interesting they usually knew who to call in Santa Barbara. Then they were bought by Union Bank. Most all those same nice people are gone, though the folks there mostly try. Unfortunately, they have almost zero flexibility and on anything interesting, they don’t even know who to call. We ended up moving to Pacific Western Bank, which is not a small bank, but it sure feels like one in the local branch.

quote:

Which one feels more like a smaller bank?

I use a small, local credit union.
It doesn't charge most of the fees that banks charge... and I know the people.
Yes, I realize there are reasons to use a larger institution, but a credit union can do most of what a bank can do.

Think what you are running into is red tape that is going to be common with any alternative.
Regulation from the Feds as a result of 2008.

I just opened a couple accounts.
One with Charles Schwab and one with Investors Bank.
Schwab is a checking account with no limits on deposit amounts or ATM fees also .04 percent interest.
The Investors Bank account is a savings account that pays 2.5% with no min. or fees.
I have not had them long enough to judge them yet.

You'll get a better rate with a mortgage broker...do you have to go with a bank?

Plus the process has changed...much more beaurocracy involved than even 10 years ago last time I bought a house. I am in the process of closing on a house and also was starting to get annoyed at the near daily reach-through for information "where'd you get that money from, whats that check for...?"

I'm not a big fan of major banks, I've been with credit unions for well over 40 years and very happy. Their rates are better and have more flexibility. Navel Federal or USAA if you are a vet are great choices.

I have dealt with many different banks and credit unions in the past 50+ years. To say the least, I am very satisfied with USAA banking. If you are eligible.

Like their ad says " I'm a USAA member for life."

unfortunately I'm not a vet, so I don't qualify for USAA or the like.

“You'll get a better rate with a mortgage broker...”

This has been my experience. I wouldn’t even waste my time asking about a mortgage or auto loan from any of the 3 banks in Jerkwater.

I concur about Credit Unions. Although I'm a 40+ year USAA member and use their checking account and credit card services, the balance of my banking is done with local credit unions for all the reasons others have cited above.

I’ve been with Huntington for years. No issues and they keep a watchful eye on possible fraud.

Smaller is better. And a Credit Union is often even better.
That said, my little Yooper Bank has changed its name to.... Incredibank.
Which is incredibly goofy.

When I used to audit banks, S&Ls, and credit unions in Wisconsin, I went with a credit union. It was the best for most banking purposes. I favor smaller, local banks. For mortgages though, I'd get the best deal where ever I can find it. Nobody keeps the mortgages, so they are of little help if there's a problem.

I would recommend using a credit union. Even if you know a VP, the preferred rate they get you may still not be as low as one might find at a credit union.

I heard a program last week on the radio which talked about how large banks are upset with credit unions, because credit unions do not pay taxes, and therefore can offer lower mortgage rates. One bank manager mentioned she has had people find mortgage rates up to a full 1% lower. She has told those people she cannot complete, to go and get the better rate if they can get it.

Have any of your family members, including parents/grandparents, served in any branch of the military? If so, you can join Navy Federal Credit union, for example.

Certainly there are other credit unions in your area.