Also don't forget about credit unions.
this post was submitted on 10 Nov 2024
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I use a local credit union. I am extremely unsatisfied, and they are widely viewed as the best credit union / banking option in the region.
Want to make a purchase or pay a bill over $1,500? Have to call the credit union! And they'll want to know exactly what you are spending this money on before they'll approve it. That's right: They will withhold your own money from you if your large expense isn't satisfactory to them.
Fuck you, BECU. One of these days I'll switch to another credit union or back to one of the big banks.
That's unfortunate; I've used the same credit union for about 22 years and have never had any issues like you describe at all. My experience has been incredibly smooth and I've never had any issues with availability of funds coming into or out of my account. Hopefully you can find a better one.
I have found another local one with a higher limit, but I don't know if they are as invasive and, frankly judgmental, about it when you need to exceed that.
Credit unions used to have some limitations, like no national or regional reach, but now they link their ATMs in networks together, and depositing a check is as simple as taking a picture with your phone. They've given me good loan rates, relatively good interest rates on checking accounts and CDs, and I always get a human when I call. Your money is insured up to $250k through the NCUA, basically the credit Union version of the FDIC. And you own part of the credit union, and the income stays local. There probably isn't a perfect financial institution, but credit unions can be close.
Its all good, I'm in an open relationship with my money.
If you want to invest in a mutual bank that invests only in New England farms and small businesses check out Walden Mutual. They have high yield savings accounts.