local bank suggestions

[juldea]

EDIT: oops, this was supposed to go to b0st0n. I'll leave it here in case any of you have any ideas, too.

Also, seriously, USAA is the roxor. The deposit issue is the only thing that makes things rough, and it's my job's fault for not doing direct deposit.

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I'm pondering opening an account with a local bank, since my new job doesn't do direct deposit and therefore I'll have to mail all my paychecks to Texas to deposit them. (My bank there has enough awesome benefits to validate any other trouble I'd have banking from afar.)

What local banks are offering awesome benefits for opening a checking account right now? What banks should I avoid?

Thanks b0st0n. Enjoy the weather.

Comments

[dirkcjelli.livejournal.com]

If you can figure out a way to get checks to them without mailing, ING may be the way to go...

Banking of the future, ING...

[juldea.livejournal.com]

If I knew of a way to get checks to places without mailing, I would just use the bank I already use. It has a "deposit via scanner" option, but I don't own a scanner.

[dirkcjelli.livejournal.com]

Does your job have a scanner?

[juldea.livejournal.com]

I won't say "no" because I'm sure the big boss's office does, but I don't know myself to have access to one.

re: banking of the future

[etherial.livejournal.com]

Their checking accounts don't let you write paper checks. Fundamentally, that's the only reason to have a checking account.

[anitra.livejournal.com]

You currently bank with USAA, right? In general, avoid the big name, multinational banks. Bank of America, Fleet, Sovereign, etc. - they don't care about personal checking/savings (even if they give bonuses when you open your account).

See if you can find a Boston-based credit union that you're eligible to join. It will provide a similar experience to USAA, but with a local physical presence. I googled "Boston credit union" and came up with a few of them.

In my opinion, if you can't find a credit union, stick with mailing your checks to Texas.

[juldea.livejournal.com]

Hmm, okay. b0st0n has suggested Cambridge Savings, which I might check out - they seem to often be offering bonuses, too, but are smaller. :)

I don't know what the difference between a bank and a credit union is. And really, all I'm looking for is a local "depository" - I'll be setting up an automatic transfer through USAA to whatever bank I open, so that when I get my paycheck, I deposit it, then go home and transfer the funds from X bank to USAA. I don't really expect to need anything out of a closer bnak other than a place to deposit, and hopefully a neat bonus for using them in the first place. ;)

[anitra.livejournal.com]

Back when I started college, my parents set me up with their credit union after a debacle with Fleet (long story, not really relevant). When I got various jobs in Worcester, I always sent my checks back to them in pre-paid envelopes that they supplied. In many ways, it was even easier than trying to get to a local bank branch; I just needed to wait 3-4 days for my deposit to clear. I only closed my account with them after I married Andrew & realized I'd be in Worcester for good ;)

I figured you were only looking for a local depository - it's unlikely that you'll be able to do that without fees at the big banks. Smaller banks should be OK, though.

As to the difference between a bank and a credit union:

• A bank is usually a publicly-owned company, traded on the stock market. Their #1 priority is to make a profit and pass that on to their stockholders. They are insured by the FDIC.


• A credit union is NOT publicly owned, instead they are owned by their membership. They return their profits to their customer-members, so their #1 priority is customer service (usually). They are required to limit their membership in some way, either by trade, company, or geographic location. They are insured by the NCUA

Technically, USAA Savings Bank is neither a "bank" nor a credit union, but a federal savings association. As far as I can tell, it operates exactly like a credit union, so it's probably just a difference in how it is regulated and/or insured.

[juldea.livejournal.com]

Yeah, I have USAA pre-paid deposit envelopes, but it takes more like 5 days to get to Texas and get processed. I don't HAVE to get a local "depository," but I thought I'd check to see if any banks were doing awesome specials I could cash in on for this purpose. ;) When I delivered pizza in Okahoma, I joined a local bank so I could deposit my tips and transfer them to my USAA account, as they were much more a source of income than my paycheck from Papa John's was. ;)

Thanks for the information. I'll check some things out.

[etherial.livejournal.com]

I think Cambridge Savings Bank is giving away $50 for new checking accounts.

[juldea.livejournal.com]

Joy!