I've had the same youth-student bullshit bank account since I was like 14, and thinking of switching to a legit bank account. What do you guys use and why? Also worth noting that I can get access to my dad's Merrill advisor if I wanted, if I opened a BofA account.
| +85 | Bathroom War Crimes | 22 | 7h |
| +56 | for you youngins (under 40, ideally under 30), what do you want out of life? | 33 | 1d |
| +35 | We all should've gotten in tech | 22 | 3h |
| +29 | Stealth-Listening Devices | 8 | 10h |
| +13 | Totally random question | 6 | 17h |
| +12 | Companies with products that track terminal/analytics desktop usage | 1 | 3d |
| +12 | Pickleball Manhattan | 4 | 12h |
| +9 | Ordering Valium Online: Key Considerations | 0 | 2d |
| +8 | LinkedIn Shitposts | 3 | 2d |
| +7 | my advisor looks a little too good | 7 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Used to use a small bank in my hometown where my dad helped me get by first debit card when I was 16. In college I opened a Chase account. My experience with Chase was pretty miserable so after I graduated, I opened an online bank account with Discover. It's been very convenient to use, and the customer service is amazing. I spent $6,000 at E11even in Miami, called Discover and told them it wasn't me, and they just gave me my money back. They're amazing.
Chase sucks
update on my e11even situation: after 3 months of disputes and long calls with my bank, i thought i had won, i thought i had done what has never been done before. i had been reimbursed for 6 thousand dollars worth of expenses.
but. at the very last second, e11even came back and fucked me in the ass. they finessed me with raw video footage of me spending money in every room. video footage of me doing fat lines of cocaine of off beautiful fake boobies. i have been charged with filing a fraudulent dispute and am going to jail.
I usually keep 2-3 checking accounts open at a time. One with a major brokerage (Fidelity, Schwab, etc) for easy access to fund brokerage accounts and for free ATM fee reimbursements. Then I will usually have rotating checking accounts based on any current checking account promos such as the one below (that is just one example). Most people prob won't go through the hassle of doing this but I've been doing it for years and its basically a hobby at this point. Its also essentially free money for connecting your direct deposit, which is what you would have done already. I never do the ones that require ridiculous amounts of minimum balances though. Just be warned the bonuses are in fact considered taxable income and will be reported to the IRS every year.
https://www.bankofthewest.com/campaigns/personal-banking/checking-offer…
What’s the downside of taking advtange of the promos like the one you linked
The downside is that the income is taxable and it can be a tedious process. Read the fine print and follow the rules to a T or you won’t get the bonus. But not really anything else besides that. Opening and closing a bank account doesn’t count against you in the same way that churning credit cards would.
I use Schwab because it has no minimum balance requirement, no OD fee if you have cash funds in an investment account to draw on, no monthly fees, no foreign transaction fees, and unlimited worldwide ATM fee reimbursement.
Find a credit union and start there. Always had the best experiences there. Will agree with the other responses about having an account with your brokerage for the flexibility that provides too.
Also, if your dad's advisor is actually worth anything and has any kind of sense they'd step in to ask for your business regardless. Otherwise, he should be working at Northwestern Mutual.
I don’t have a high enough net worth. Need to give him 250k for his service, unless I opened a BofA checking account, at which point I could essentially piggieback off my dad’s account w him
disagree. if he worked at NWM he'd ask for the business right away but he may not even be in a position to help. if he was smart, he'd build rapport and then send OP to merrill edge so he's at the firm but doesn't require any ongoing maintenance. I turn away clients all of the time who don't meet my requirements, regardless of connections, and without exception they appreciate the honesty (I literally say "you don't need me yet").
as for me, I use wells fargo because I grew up with wachovia and I have an account at the bank I work at (have to have an account here to be a bank client though). wells sucks hairy balls.
credit unions will give you best services but could be technologically impaired, regional banks likely won't have good tech. digital banks will be super convenient but if you need one-off stuff, will be a pain.
wife has BofA and seems to work just fine. I got my mortgage through chase and their tech is way better than wells as is their customer experience, no idea on checking account stuff. if I were you, I'd think about the BofA route, because you can always get your dad's FA to light a fire under somebody's ass if you have an issue
I literally can't think of any reason to have a savings account, get a checking account with Schwab and put your savings in the market since it comes with a brokerage account. All kinds of perks including free withdrawals from any ATM, no minimum, etc.
Liquidity, man. You should probably have 6mo liquid minimum. I call it my "F*** You account" I'm sitting on a year's worth of expenses cash just in case work annoys me too much.
Navy Federal Credit Union
For those interested, you need to have a military connection to join (e.g. current service/being a veteran, family member in the military, etc.), but they're good. Pentagon Federal Credit Union is pretty good too (they had great mortgages rates last year).
Capital one because I also have a credit card with them and wanted to streamline. No complaints so far.
Guy I know's parents are wealthy and use UBS PWM, and so he tires to flex with his UBS card. I said nobody outside finance knows, and he said "oh, they know"
That makes him sound like a dick, but he's a nice guy
I like BofA. If you build up an asset balance at a Merrill Lynch brokerage account, you get pretty solid credit card rewards ($100k+ gets you 5.25% back on dining, 3.5% back on travel, and 2.6% back on all purchases). Also gets you some ancillary perks like access to their equity research reports if you don’t get those through work
Digital UI is a little clunky on the desktop site, but the app usually works fine. If you ever need cash (lol), their ATMs are everywhere
Bank: TD because they were nicer than Midlantic back in the Commerce days. They've become more annoying but momentum is hard to overcome.
Chime , Sofi
Chase, mainly because I can use any ATM worldwide and get fees refunded. ATMs also typically give you the best exchange rates.
Ea consequatur enim qui quasi. Sunt magnam dolorem dolorum alias ad ipsa. Quidem ut maxime quo eligendi itaque sapiente similique.
Provident ut quibusdam reiciendis expedita et eligendi rerum. Voluptatem quis est aut vero mollitia voluptatem. Numquam excepturi omnis qui est.
Voluptatem illum est vitae eaque nisi optio sapiente. Ipsa assumenda maiores enim quibusdam sit sit doloribus. Reiciendis quod ipsam et alias quisquam. Recusandae dolore labore non qui ipsum suscipit at. Sit quis fuga distinctio eaque quo dolorem modi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Sapiente consequuntur quis reprehenderit dolore veritatis ratione. Consequuntur et quae ut aperiam ut dolore officiis veritatis. Magnam sapiente qui molestias rerum libero.