Berkeley Parents Network: Banks and Banking

Berkeley Parents Network

Banks and Banking

Berkeley Parents Network > Reviews > Legal & Financial Services > Banks and Banking

Questions about Banks

Looking for Socially Responsible Bank
Looking for a good local bank
Local Credit Union for line of credit?
Time to switch banks?
Bank for personal and business use
Good bank for in-person checking account
Is ING Bank safe? Other high-interest savings?
ING Orange Bank
Banks for Kids' Accounts
Small Business-Friendly Bank

Related Pages

Looking for Socially Responsible Bank

Sept 2007

... in Berkeley or nearby, for CD's and a checking account. autumn

For a socially responsible bank, try a Credit Union which may be very locally supportive, or the very green San Francisco Based New Resource Bank http://www.newresourcebank.com/ . New Resource helps various non-profits (e.g. City CarShare), among other efforts. Bryce

We bank at the Cooperative Center Federal Credit Union-they invest in the community, are local, you get real people on the phone.

Looking for a good local bank

April 2007

After yet another bad experience w/ Bank of America, I am ready to find a new bank for both checking and savings. Prefer a local bank that still believes in customer service. Recommendations please? Amy

I've finally found a banker and a bank who wants to specialize in customer care! Call Jack Lucas at Bank of the West, Orinda, to get started. Then go to any of the branches. Jack has pulled me through some messy situations and manages to always champion my causes! Julie G

I love Bank of the West. I use it for business and the people in our branch are very friendly. Also, I think that they still answer their own branch phones so that if you need to call them, you're able to talk directly to your own branch. Judy

If you want personal service from an excellent bank, call Brandy Smith (510) 558-2319 at the Mechanics Bank. I've been with Mechanics Bank for 38 years, and I have not had one problem in all that time. They put the customer first.

I understand your frustration with Bank of America. I was a customer for close to 30 years and have an excellent credit score (low 800's). Twice I was charged exhorbitant fees $35.00 each, for insufficient funds that amounted to being overdrawn by $15 in my account. There unwillingness to waive fees after all my years of being a customer, prompted me to go into my local branch and see what they could do. They refused to waive fees too! Right then and there, I pulled all 6 of our accounts (including all three of my children's savings accounts) and went across the street to Wells Fargo. That was the best thing I could have done. Wells, albeit another large bank, was great about setting me up with the right account to avoid ever being overdrawn. Good Luck. fed up with BoA

I too was looking for a new bank when Bank of America, after 10 years of good experiences, started treating me very poorly. We were using their online Bill Pay service and for some reason, the automatic payments we make (mortgage, etc.) reverted to being drawn from an old account that had very little money in it. We were charged really high overdraft fees, given the run- around on the phone (after long, long hold times) and then in- person, at our branch, were told that branch employees no longer had the power to override charges. These decisions are now made by the computer - no joke. They have an algorithm that determines how ''valuable'' a customer you are and that determines your fee. I am apparently about 20% valuable despite having had car loans, home equity lines, and credit cards with them that have always been paid on time and are now paid off. I think that's the catch. If you don't owe them a lot of money that you're paying interest on, they couldn't care less.

I wanted to use a bank that still had personal service but had a large network of ATMs. I chose Wells Fargo. I have a personal banker, I have his direct phone line (shocking! no voicemail tree!) and there are actually more Wells ATMs than BofA.

Wells Fargo is still based in San Francisco, which makes me feel good. BofA, although originally from SF, is now headquartered in North Carolina.

By the way, if the plentiful-ATM thing weren't such an issue for me, I'd bank with Bank of the West in a heartbeat. bite me, BofA

I was surprised to see Bank of the West recommended. Maybe it really depends on the personnel. The El Cerrito branch appears small and intimate, but when I opened my kids' savings accounts (under $200 each) , one account was free and the other had a monthly fee. They weren't able to explain it so I could understand why (different types of minor accounts), but more troubling was that they could not correct the account with the fee, so I closed my accounts there. JJ

If you're eligible, I recommend Cal State 9 - the staff are like your old fashioned personal bankers. Cal State 9 has been our bank for 10 years, and they've taken care of any problem we've had promptly and professionally. They have all the services of the big guys - online banking, credit cards, loans etc., and it's great to support a local business. Their ATMs are scattered around, and you can also use the ATMs in any 7-11 for free. The Berkeley office is on Shattuck just south of University. happy with our bank

Local Credit Union for line of credit?

June 2006

I am looking to establish a home equity line of credit. I am wondering if it is wise to do so through a credit union. Would I get a better rate than through the bank, which has quoted me a rate of prime plus 0.25%? I don't know much about credit unions, and as far as I know I have no access to one through an employer or professional organization. Are there any local credit unions that are accessible to the average person that I might be able to approach? Would I also need to have another account with them in order to get a home equity line of credit? Would appreciate any and all education. Thanks Amy

Regarding establishing a home equity line of credit through a credit union versus a bank, I'm a mortgage broker and if my clients have good credit and need a HELOC only, I steer them towards banks that offer great rates like prime plus 0% or Prime minus .25%. Try Fremont Bank or National City Bank, or do an online search. Jessica B

Time to switch banks?

May 2006

We're tired of paying expensive annual fees AND quarterly fees to our long time, very user friendly brokerage/banker. We do a lot of online banking and online bill paying. A safe deposit box would be handy, too. The Washington Mutual and Wells Fargo name seem to be popular. If you'd like to comment (good/bad) about your banking services, please do! Anon

I really love Mechanics Bank...or at least their office at the top of Solano, I don't see the other branches. They know most of their customers by name, and always call when there's an overdraft so you can run in and fix the situation before getting dinged. My wife does most of her banking online and seems satisfied with their online presence. They're even dog-friendly and hand out treats to the pets. Also, to make up for the fact that their ATMs aren't as available as other national banks, they reimburse your account for ATM fees. Best of all, I get warm fuzzies dealing with a local bank that I know has a stake in our community, instead of a big faceless multinational. My wife talked me into switching to them from Wells Fargo several years ago and once again, she was right. jeff

We have been using Washington Mutual for about a year now and have been happy with them. We basically do everything online. Their online bill paying tool is very easy to use - and free. my two cents

Why not try a credit union? You can use other credit unions' ATMs (there are several in downtown berkeley), none of the insane fees the big banks like BofA will finagle you with, and a lot of them offer online billpay - and CD accounts with fairly competitive interest rates. the little guy

I have banked with Wells Fargo, BofA, Washington Mutual, 3 Credit Unions and Bank of the West. And overall I have found it is who you know at the Bank. The Bank Representative that takes care of the customer. I work with Frank Sacarro, a premier banker with Bank of America. I am not sure which branch he maily works with, but I make all deposits at Albany bank and some poeple know him there. He is great. He is upfront about the charges, fees, and different accounts you can maintain. Wells Fargo, Credit Unions, Washington Mutual, and Bank of the West All Lie. They want the account, then they don't tell you about holds if you are a new account, the charges for cashier checks if you have one acct versus another, and are not good at explaining accounts in detail. The little things like charges per mo., Check fees if re-ordered, if you talk to a banker fees, and if you view the acct online fees. I could go on. Point: Frank Sacarro is amazingly great at customer service and does work with BofA. Look him up. He is wonderful to work with. A Banking Diva

Good bank for in-person checking account

March 2006

Our brokerage checking account increased their fees to $125/year, unless we keep 25k in the account, so we're looking for a change. We like the ability to bank online and see checks, transfer funds, pay bills online. Will need to make cash deposits in person on occasion so ''internet banker'' is not a good fit. Does anyone have a recommendation for a reliable, long term, free/low priced checking account? anon

We switched a few years ago from Wells Fargo to Washington Mutual, and have been very happy. Free checking, free online bill paying (which was the reason I switched--Wells wanted $7 a month for a service that actually saves them money), convenient ATMs and branches. Happy WaMu customer

Bank for personal and business use

March 2006

Both our business and our personal accounts are with Bank of America. Too bad such nice individuals work for such a lousy institution. This week's saga involves the bank cancelling my atm card because THEIR information was compromised. They informed me by snail mail. We found out when the card was refused, very embarassing. Email and phone are not in their toolbox, apparently.

Their letter advised that I check on-line banking for fraud. I tried, but they cancel access to on-line banking, ''as a matter of course'' when your atm card is cancelled. The phone numbers that they tell you to call can never help, etc.

Looking for a replacement for personal and business. Can anyone recommend a bank that has reasonable branch coverage in N Calif, less nit picky fees, on-line account access, and possibly some idea between departments of what folks are doing and how to help? nc

Hi, I have had a bank account with ING for the last 20 years, It is a real bank and they have tons of branches all over the world. ING is a Dutch bank and I highly recommend them. Nicolette nicolette

Sorry to hear about your bad experience with BofA. It's hard to find a bank with the conveniences/coverage of a large one, without getting a lot of bureacracy and inefficiencies, not to mention sometimes impersonal ways of handling customers. We've stayed with BofA mostly because, when we travel, we have lots of access to ATMs without the rip-off charges, whether on the east coast, or in Europe. So, I try to keep a minimal amount of money in BofA, with the rest in an interest-bearing account like ING-Orange. I will funnel money from ING to BofA for online bill paying, which is a real convenience that some of the smaller banks can't handle very well. If your workplace allows, you can auto-deposit just a small amount of money into the BofA account, which keeps it free of charges. You have to work them, as much as they're trying to work us, unfortunately. anonymous

I have had an excellent experience with City National Bank. They do not have as many Nor Cal locations as some but I have used them for 3 years first for personal and then for small business banking. Always very professional, felt like we were treated really well, branch staff greeted me by name, etc. Ask for (Mr.) Amika Prasad in downtown SF office. Loyal CNB customer

Is ING Bank safe? Other high-interest savings?

March 2006

Is ING Bank a safe place to deposit money? Are they a ''real'' bank with the usual safeguards and security? Are there any other banks which offer a high rate of interest for a relatively small amount of savings in a savings account? Thanks!!! small nest egg, big dreams!

I've banked with ING for several years now, and have never had any trouble. They're insured by the FDIC, which I assume makes them as safe as any other bank. Internet only banks can keep their costs low because they're not paying for the bank building or for salaries for tellers and other employees who deal directly with the customers.

However, you can get better interest these days from Emigrant Direct -- another internet bank, insured by the FDIC, also with a minimum deposit of $1. They're currently offering 4.5% interest vs. just 3.8% from ING (ING is running a promotional deal where you get 4.75% on new deposits for a limited time period, but that deal is over in another month or so -- and then all of your money, including the new deposits, goes back to 3.8%). I have had an account with Emigrant for about a year and have had no trouble with them either. There's another bank called HSBC whose rate is slightly higher - 4.8% (I'm pretty sure that's not a promotional rate). I haven't switched to them because a difference of 0.3% isn't big enoug to motivate me -- plus, since they tend to compete, when one goes up, often the others do too (ING has been trailing the others for a while though). You can track rates through www.bankrate.com . Happy saving! Diane

I haven't checked to see if ING is FDIC-insured but I can tell you that I've been very happy with them. There's no brick & mortar bank; everything is done over the phone or via the internet. But it's very easy to move one's money and the interest rates are great. satisfied customer

I love ING Bank! I switched all of my savings over to them about a year ago, after hitting a wall with Wells Fargo's terrible, fee-driven service. I have the Orange Savings account, which was very simple to set up and has a great interest rate (3.8%). I do all my banking online, and it's easy to transfer money between my checking account and the ING account; the only catch is that it takes a few days for the transactions to go through, so you have to plan ahead.

For checking accounts, I highly recommend Mechanics Bank (http://www.mechbank.com) - it's a small community bank. They don't have many branches, but you can use any ATM and have your fees reimbursed (!!), and there's no fee if you do direct deposit. Their customer service is fantastic - much better than any of the big banks. Kristine G

I opened an account with ING Direct about a year ago and have been happy with their service. At the begining you have to jump through a few hoops for security purposes while setting up your checking account with ING Direct. There will be a lag time of about 2 days from transferring from ING to your checking account, but the interest rates are great and just about the best you can get.

However, the best rate I have found within the last month, is with Emigrant Direct (emigrantdirect.com). Same thing as ING just better rates. I just started an account with them to try it out. Not sure I am sold on the lay out and found for the first few days I was getting unsolicited emails, but those have slowed down and the verdict is still out and their interest rates are the highest I can currently find (at 4.5%). Check out this link. I think this might help a bit. http://money.cnn.com/2006/03/20/pf/savings_moneymag_0604/index.htm Joshua, Fellow Ing & Emigrant User

Ing is a 'real' bank. It is based in the Netherlands and is one of the largest banks in the world. I can't comment on any accounts that they are offering here, but they do have to adhere to US banking laws for the business that they do here. jan

ING Direct is perfectly safe (FDIC insured) and legit - they are a big dutch financial company (I think ING stands for International Netherlands Group.) A good place to find out what banks give the best interest is the finance board at fatwallet - http://www.fatwallet.com/c/52/ - there are lots of people there who have accounts in multiple banks and shuttle the money back and forth to the bank with the highest interest rate. I can't be bothered, but there is lots of good financial advice there. Right now the best savings acct. interest is HSBC Direct but that is always changing. michael

My husband and I began with ING direct last year and we love them! Easy to set up and save, not so easy to take out. Great for those of us who might spend impulsively! As far as I know they still have the best savings rate as well. Julie

I just started banking with ING, so I hope it is safe. It's a FDIC member. Citibank just introduced its e-savings account with 4.5% APY. jp

ING Orange Bank

May 2005

I've been getting lots of solicitations from this ING bank, and have seen billboards and such around, too. I finally read one, and it sounds like a good deal - a bank with no physical locations, but it gives a good interest rate. Has anyone opened an account, and are you happy with them? Thanks julie

We opened an ING account about 2 years ago, after receiving a few junkmail solicitations. We're very happy with it. The interest rate is great--and is only going to improve as Greenspan continues to push rates up! It's easy to navigate online and the phone customer service has been very helpful, too. Happy Orange

I've had ING for at least 6 months now. It's got a better interest rate than most banks out there and it's quite user- friendly. Once you're a member you can refer others and get a kickback bonus if your referrals sign up for an account. Caroline

We've used ING since it first opened for business in the US, having had a good experience with it in Canada. We've used the savings accounts and CDs. Very good service, very easy, clear website, excellent rates and no hassle. I think it's a great deal. We especially like the fact that you can open as many accounts as you like for no fee and no minimum balance, so we have various saving accounts, for kids' education, for vacations, etc. that we can add little amounts to regularly. satisfied customer

I opened an ING orange savings account a little while ago and love it. It's really easy to move money back and forth between it and my checking account, through their voice-mail system. I haven't had any problems with it. And the rate of interest is so much better than what I was able to get elsewhere. They sometimes have deals in which they'll give you $25 for opening up an account - you might want to look for that. a happy customer

Yup! We love Orange. They have a great interest rate for a plain savings account, which means your cash is liquid, if that's how you're looking to keep some $$$$ around.

the great thing isthat there are no minimums & you can refer family members and get a referral fee! When you refer your spouse, for example, and s/he opens and funds an account (even with $1!!) you receive a $10 referral bonus and they get a $25 opening bonus! I have friends with quite a few children, and they have referred all the way down the line, making a few hundred dollars.

We have had nothing but GREAT experience with them, and are thinking we might even get our home loan with them because it sounds like a great deal. The ONE thing that is kind of annoying to me is that you have to remember your individual account number; they don't let you log on with a name or ''handle'' -- but that is a minor inconvenience for the great rate, IMO. -making my $$ work!

I opened an account with ING Direct in January of this year and I'm pleased so far. The savings rate is good. I've started directing more money to the account automatically from my checking account. I look forward to hearing what others have to say about the online bank. anon

I'm very happy with ING Direct. I have been with them for over a year and they keep raising the interest rate they pay. As a financial professional I have to say that interest rates are so low these days that you should have the majority of your savings in real estate or the bond or stock markets. However, for the money you want to put into a very safe and very accessible condition, ING is excellent. When you want to move your money to a checking account, they make it very easy to do that by phone or over the internet. Not only that but they give you a little bonus ($25 I believe) if you are referred by a current customer and the current customer gets $10 too. If you don't already know another ING customer, I'll be happy to be that person. Lindy

My wife and I have been ING account holders for a bit over a year now, and we've been pretty satisfied. The interest rate is definitely better than all the other banks I surveyed, and they'll raise it to keep that edge, as everyone else's rates go up. Yes, it's all ''virtual,'' and that takes some getting used to. You can link up to 3 of your other accounts at other banks and move money back and forth, as needed. The quickness of the transaction hasn't been as fast as I'd like-- while ING has said 2-3 business days, it usually takes at least a week, before your money is actually deposited or transferred. So, don't expect to transfer your money and be able to grab it right away. If you leave yourself some cushion, you'll be fine. The one time I called their customer service, it was polite and friendly. Email responses had also, generally, been helpful. Jim

I am thrilled with Ing Orange Bank. Excellent interest rates which keep going up. No frills, and they don't drown you in email messages. I also contacted them for a mortgage on a home I was purchasing two months ago--they had the lowest rates and best terms I could find. I was able to talk directly to very helpful representatives (no mu-sack and delayed wait times, or many push buttons on the phone) and they faxed all materials to me instantly. They wanted way lees paperwork than another agent I was working with. I ended up not using them as my agent finally agreed to meet their terms (which resulted in a huge rebate to me) and be there in person at the closing, which Ing cannot do. In the end, he wasn't there, so I maight as well have used Ing. I am really impressed.

My only complaint is that when the money transfers, it takes a day or two more than I expected it should, so be careful if you have tight deadlines. A Happy Customer

Yes, I have had an account with Ing Direct for over a year. I like their service, and have closed my savings account at local bank which gave me hardly any interest, but had to keep $ in it with a minimum balance in order to avoid service charges. I have my Ing account linked to my checking account and transfer money online easily and within 2-3 business days. I have no complaints! Anon.

My husband and I set up an ING account about a year ago, and we're very happy with it. We have it linked to our Bank of America account where our paychecks are deposited, and you can easily transfer money back and forth so you can use B of A's ATMs while keeping the bulk of your savings in ING, where it gets higher interest (about 3 percent, last time I checked). The website is easy to use too. Kelly

Hi Julie, I've had an account with ING for a couple years now and haven't had any problems with them. For your convenience, you just need to have another account with a real bank like Wells Fargo or B of A where you can access your checking account (that's linked to the ING account) online. You should expect to be able to transfer money in and out of the ING account with a few days notice electronically. Also, they do provide you with financial compensation if you recommend someone who ends up signing up for an account (such as an account for your husband or child, etc...) which I didn't know until after I'd signed up for both my husband and me (so I lost out on this referral benefit). It is a bit of a hassle to try to get into the ING account online since they do ask for several security questions, but I don't mind too much since it is for my own protection. Anyways, if you have any other questions, feel free to email me. Christine

I have used ING Direct for years for myself and the kids. We love it. You can link all your other accounts and transfer funds easily from any banks you deal with. The interest rate is the best you can get from a standard savings with no fees attached. Happy ING customer

I started an account for my son, who is now 5 months old, with ING Direct as I wanted something which would earn interest while we figured out what other kind of investment instrument we wanted to have for him. I figured it was a good short- term account to put some money aside and earn interest at the same time. I have called customer service a couple times and have had all my questions answered (and it was a bit complicated setting up the account as I had checks made out to Nathaniel who obviously can't sign his name yet but I wanted to put the account in his name). Lori

We love ORANGE savings. We have been members for about 5 years - it really is as hassle free and easy as it sounds. The biggest hassle is getting it set up - you have to send them a check from every account that you want linked. I think you can link up to 3 checking accounts to each savings account. This is really great for me and my husband to mix finance - we each get our paychecks into our own checkign account, and then transfer money into ING. We let it sit there and then transfer it into one checking account when we need the money to pay bills. They say it takes 3 days for an transfer to happen, but we have found that the money is usually available before that. You can also set up automatic transfers - so that every month (or week) you can have it transfer x dollars into ING, which is very helpful. And the interest earned is higher than anywhere I have ever banked (including my credit union). I love it!!! Shahana

Banks for Kids' Accounts

April 2000

My 10 year old has saved some money and is ready to open a savings account. Any recommendations for free savings accounts for kids? Many thanks. Sarah

If you are a member of a Credit Union (such as Cal State 9), I'd suggest checking with them. I had considered opening an account for our daughter at a local bank that offered "free savings accounts for children". The catch was, if they started withdrawing money (i.e. they saved their money and then wanted to use it for some special purchase), the bank would then change the account to a 'regular' savings account, and start charging the normal fees. This seemed to be the norm, at least at the few banks I checked into. And, given the low interest rate being paid on the accounts, and the anticipated low balance in a child's account, this just didn't seem logical. Good luck! Leslie

Wells Fargo does free passbook savings accounts for kids up to 18 year's old. Only about 1.5% interest, but no service charges. Heather

Oct 1999

I am looking to switch banks and would like to get recommendations for ones that have free or very-close-to-free checking. That is my main consideration. I need very little other banking services. I will be using the ATM but the ATM charges are not as big a consideration. I also want branches of the bank in Berkeley so it is convenient to go to.

In addition to that recommendation, my 5 year old son wants to start a savings account at a bank so that his money will collect interest. Do any of you know of a bank that has kid's accounts with very low minimal balance requirements that pay interest? Thanks in advance for your suggestions! Kate

Nancy 10/99
Try the USE credit union on University. they have a special "piggy bank" savings program for kids that's pretty cute. I believe that their checking is free if you have automatic deposit and maintain a certain minimum amount in checking and or savings. You can join if you work for UC or LBL, and I think also if you are a student. Or a state employee, too, I think. they have a lot of services available. downside is that there arent' too many branches, so there aren't a lot of ATMs available without fees.

Melinda
I have a recommendation & a dis-recommendation. I'll do the "dis" first since they're so much more fun. I had a small savings account at Wells Fargo a few years ago, which I didn't pay much attention to, it was less than $500, I never put anything in or took anything out, but theoretically it earned interest. Well, I began to pay attention to my statements & noticed my balance was getting *smaller*, so I called up the bank and got the following explanation: accounts are charged a "maintenance fee" every month that the balance falls below a certain amount, around $500. The "maintenance fee" was higher than the interest the account was earning. So I asked the guy "you mean my balance will just keep getting smaller and smaller until it disappears entirely?" and he say "yes". So I yanked my money out of there immediately, closed my checking account too, opened accounts at Cal Fed in El Cerrito & am very happy with them (no fee checking). So whatever you do, make sure your kid's little account doesn't fall victim to this practice, or he may get an economics lesson that you hadn't planned on!

From: Andrea (2/99)

I'm not sure if the situation is the same now, but 6 years ago I compared the two university credit unions (USE and Cal State 9) and Cal State 9 was far superior to the other one in all areas - loan rates, quality of service, fees, etc. I have been very happy with the Cal State 9 Credit Union service ever since then.

Small Business-Friendly Bank

11/99
After 10 years of working for others, I'm about to make the leap and start working on my own. One of the hundreds of things I need to figure out: can anyone recommend a local bank that is interested in working with small business? Very small. I think at this point I will just need a business checking account, but I'm sure there are other considerations that haven't occurred to me yet. Thanks in advance

I am a self-employed graphic designer and I've been very happy with Mechanics Bank for my business accounts. When you call them you don't deal with a phone tree - the person who answers the phone will help you. And I couldn't live without the convenience of their drive-through locations for my frequent deposits!

I had a small business and moved once to I was with two banks, a smaller one in NY, and Bank of America here. Both were very similar ... $10/month for a basic business checking acount, free if you kept a high average balance (I didn't). You could call around to see if any other bank has a better deal, but for me it was fine. You'll need your business license from the county before you go to the bank.

We found Wells Fargo to be best for our needs when we opened a business checking account. They had the most choices, lowest rates for the most minimal choice, and required fewer copies of business papers to open the account. One feature we wanted was the return of our cancelled checks. Most banks charge extra for this. This is standard for Wells Fargo accounts, and I think they give a slight discount if you don't want the checks returned. One nice bonus is that the downtown Berkeley branch has a separate line for business customers.

Having been in business for 18 years - a small business we got fed up with the "big" bank we had been using for those 18 years and switched to Summit Bank. They have offices in Emeryville, Oakland, Pleasanton and Walnut Creek and specialize in small business banking. Have found the switch to be hassle free and pleasant, its a good bank to work with

Cal State 9 Credit Union

Dawn (10/99)
I bank at Cal State 9 Credit Union. They have "free" checking options. They also have low min balance savings accounts that pay a small amount of interest. These have a limit on how many times you can access them in a month (otherwise, they're checking accts, not savings!), but it might be appropriate for your son. Of course, to belong to the Credit Union, you have to be eligible, which means a State employee (UCB employees are eligible). One downside is that they have few actual branches, but they do have reciprocal agreements with many other credit unions, so you're not completely out of luck. It's just not as convenient as, say, BofA (but then, you get treated like a human being, which was not always my experience at BofA).

You might also check out Washington Mutual. They have free checking accounts (no interest). They are open to anyone, and have many branches. Since I don't bank there, I don't have details, but I have considered switching to them for the higher convenience factor.

(10/99)
I would strongly recommend you do NOT use Cal State 9 Credit Union. When my daughter was 8 I opened an account for her and automatically deposited money in there from my paycheck every month. This money was to be used for school or something. When my daughter was 16 I started having 'teenage problems' with her and at some point I went into the credit union and had a note put on her account saying she could not withdraw the money (they cautioned me that once she turned 18 this would not apply - no problem). Six months later my daughter got a job and needed an account. We went to the credit union and asked to open an account for her. They refused to open another account and said she had to use the one she already had. I explained to them that I was not comfortable with that since there was a hefty sum of money in the savings account and I did not trust her to have access to it since we were having problems. This was not easy to say to a stranger, but I had to. They were very understanding and assured me that the savings and checking would not be linked. The ATM card she got would not have access to the savings....should I go on? Six months later (two years ago) the problems with my daughter reached a critical (beyond critical) level and I desperately needed money to get her some help - I went to use the monpey in that account and guess what? It was all gone! All of it. Since the checking account was empty when she used her check card, they took the money out of the savings, since the money kept coming out, she kept taking it!

You cannot imagine the feeling of desperation I felt at that moment. I almost collapsed right then and there in the lobby. The teller felt sorry for me and printed for me the notes attached to the account where I had clearly stated that she was not to have access to that money (in case they tried to cover up). Needless to say, that was the only sympathy and understanding I got from Cal State 9. As far as they were concerned she took the money and it was my problem. The fact that they assured me that she could not access it - a lie or a mistake - was irrelevant. Too bad. I did not even get an apology. They told me that if I took action against them, they would take action against me because she was under age. I could not pursue it at the time with everything else going on and the feelings of rage and frustration are overwhelming even as I think of it now. I certainly don't trust them with my money anymore!

From: Andrea (2/99)

From: Olga (2/99)

For people who belong to Cal-State 9 Credit Union: I thought you might all like to know that there is a newly installed Cal-State 9 ATM in the ASUC store. It is near the stairs and the candy store.

Safeamerica Credit Union

Myriam We just recently got a very good deal on a car loan at Safeamerica federal credit union. I got the account through a former employer, but I think they are pretty open as to who joins. I've found them quite competent, their deals on loans (we've had two car loans through them) to be better than anyone elses (we tried on line and through our other traditional bank) and fairly convenient. They also financed a car that we bought through a private individual which saved us money and got us a better car than we would have through a dealer... They also handled the paper work which was great since they know how to do it and we don't. They also turned it into what they call an auto-equity loan which allows us to deduct the interest on our taxes.

The downside is that they have are located in Hayward, and while they have long hours that can be a bit of a drag to haul down there. They also don't have ATM's but it's free to use the ones at Safeway. If you're interested they have a web site at www.safeamerica.com.

Washington Mutual

Fran
Washington Mutual advertises its free checking accounts all the time. But we've had lots of problems with them and I don't recommend them. (We "inherited" them when the bank we chose left Berkeley and then its replacement was bought out by WM.) We've been much happier with an account we have at Wells Fargo. If you don't qualify for a free checking acct. with Wells (i.e., keep a high enough balance or have your paycheck automatically deposited), I believe they have an "ATM-only" checking account with very low fees. Both Wells Fargo and Washington Mutual have branches on upper Solano and near Berkeley BART. Wells also has ATM machines in a lot of different places, such as Andronico's on Solano.

My 6-year old son has a savings account with Washington Mutual. I believe it pays interest. Its minimum balance is either very low or $0. Many banks offer such accounts to minors.

10/99
I'm sorry to hear someone had a bad experience with Washington Mutual. We have had nothing but excellent service there. We bank at the WM at the top of Solano. Many of the tellers have gone out of their way for me on several occasions. The day I set up my first account there, my baby decided to go ballistic in the middle of everything and two of the tellers (it was a slow day) held him and played with him behind the counter while I signed everything. They always remember us- if my baby's not with me, they ask how he is!

The service and products (FREE CHECKING!) are excellent. I have never had a problem with any of our three accounts there. I am thrilled to be away from Wells Fargo- it seems like they charge you a fee for passing by on the sidewalk. When I pulled our five accounts (3 checking, 2 money market) out of Wells Fargo to go to WM, the teller confided in me that her son had just done the same.

USAA

Allison
I am an evangelist when it comes to banking with USAA. If you are eligible (some military or govt. experience by you or your close family), then it is so worth it. THEY PAY YOU MONEY WHEN YOU USE OTHER BANKS' ATMS! They have very neglible fees (and often no fee), they have a special account set-up for little kids to have their first money/saving experience, they are in my experience extremely service-oriented. Its wonderful to be free of the Wells Fargo/Bank of America stranglehold.

You said you wanted a bank close by, but USAA makes it very easy to have a long-distance banking relationship, so if you are open to it, it is worth the switch.

Clarification about banking at USAA: Sharon (10/99)
Someone recommended USAA Federal Savings Bank in the last edition. I wanted to make a correction to that post. USAA Banking Services are available to the general public, not just military personnel or their children. (USAA insurance is, however, restricted to military personnel and their children). I have been banking with them for the last 9 years, first from France, and now from California. They are, by far, easier to deal with than my local bank. USAA is accustomed to providing services for people who are far away from home and they are very good at this. I highly recommend them.

USE Credit Union

From: Monica (2/99)

I have nothing bad to say about USE Credit Union. They made a big goof-up with my checking accounting once and confused it with my mother's, but they took care of correcting all their mistakes right away. The office is conveniently located in the same building that I work in, so I never have a problem getting to my money or accessing my account information. All the employees are very friendly and willing to give an extra hand. Also, I hear their auto and home loans are excellent.

10/99
I just had to reply to the recommendation to USE credit union. I'm sure some people have had a good experience with this institution. I, however, have not. I had--rather still have--a savings account with USE that I have tried to close 4 times. Every time I have closed the account, there was some screwup on their part! I've reached the point that I am now writing to the head of the company to complain. When I had my credit card there, they bounced several ELECTRONIC payments! Now, how the hell does an electronic payment bounce?!? They accused me of not having enough money taken from my paycheck to cover the payment. Yet, the my paystub indicated the deduction while the credit union could not find it. After several frustrating phone calls the teller was kind enough to reverse the returned check and overdue fees--but only on the understanding that I would not bounce checks to them in the future.

I initially joined the credit union to refinance the loan. The first loan was not a problem. I paid it off early and they discharged the loan. When I took out a second loan, they were very quick to process it. This time I paid the loan off about a year early (if not 2). They were quick to show a zero balance on my statement, but they never discharged (i.e., closed the account) the loan. I several times why the loan continued to appear on my statement and I was told not to worry since it was reported as paid to the credit reporting agencies. Finally, I called someone down in the main (San Diego) office and I was told the account was not closed. The loan was considered a 'line of credit' and was usable at any time I chose. So, I would have to specifically ask to have it closed. Now, the original loan documentation did not call the loan a line of credit. It clearly stated if I wanted to borrow more money, my application would be subject to the normal processing procedures. It would also constitute a refinancing of the original loan. This is NOT considered a 'line of credit' in my book! I did not request a line of credit, I did not want one, and I did not sign a contract agreeing to one. Yet, the representative claimed a line of credit is what I had.

Okay, so I figured there was a minor glitch here and there because of changes in tellers, change over to a new computer system, etc. So, I continued to stay with them for my savings account. I paid off the loan, closed the account (and I even have a letter documentating that), cancelled the credit card--how much damage can they do? I mean, it wasn't as if I had my checking account with them (I use Bank of the West). Well, as I mentioned, I decided to close my savings account--last October while I was still on maternity leave. So, I request the account be closed, the teller sends me my money, all is honkey-dorey! Now, I receive a letter telling me my account is overdrawn because they reversed the payroll deposit for Oct. Well, of course there was not payroll deposit for Oct--I was on maternity leave and had been since July! So, why, all of a sudden is there a problem when there wasn't one the previous couple of months? Well, an extremely apologetic teller reversed the overdrawn fee and the minimum balance fee and closed the account. Okay, I'm happy. The next quarter draws to an end and I receive another statement. So I call. Guess what, the account is still open! Why? Because the payroll deduction was not cancelled. So then I ask, why wasn't it cancelled by the last teller who said she could and would do it. OH? Didn't I know that I had to come into the branch and fill out the paperwork myself? So I go in and cancel the payroll deduction. But, because their computers do everything in arrears, I have to wait for 2 months. So, time passes and I call up and call again. Guess what? I have money coming in so they don't want to close the account. But, I countered, I signed the paperwork. Oh, yes, and their system indicates that no money is being deducted from my account, but UC's computers don't know that! So, upon the advice of this seemingly competant and nice teller, I wait. When I receive my paystub that shows no payroll deduction, I think to myself, 'now, yes! Now, I can close my account and be USE-free!' But, being cautious, I waited another 10 days just to be sure. So, I call, and I am told, "No! No money was deducted so no money was expected. So, I quickly close my account, feeling emancipated! I'm thrilled! I'm excited! I'm relieved! Until I come home from work and receive a letter stating that account is now overdrawn and I need to correct it! To add insult to injury, they bounced an electronic payment (though of what, I've no clue since my loan was paid 2-3 years ago!) and are now charging me a $17.00 fine. This means war! I have never, in my entire life, encountered such an incompetant, archaic, idiotic financial institution as the USE credit union. So, beware, fellow Digesters! Do not be take in by the sweet smiles and the supposed convenience--because USE credit union is a nightmare, a financial screwup waiting to cause you grief! If I can EVER get my account closed (remember, I've been trying for a year now!) I will NEVER use that institution again and I certainly hope everyone out there seriously thinks twice about using them!!!

From: Nicole (2/99)

I have been with the USE Credit Union for many years and have been very happy. Though the frontline staff change often, all are pleasant, and the higher-ups (loan officers, managers, etc.) are more steady. I didn't finance my house there as the rates were a little higher than I got elsewhere (it wasn't only up to me, or I would have gone with USE out of convenience and loyalty), but I have gotten car loans, equity loans, etc., there. The newsletters are informative, and you can bank by ATM, phone, or over the Web. Parking in front of the Univ. Ave. branch is awful in daytime, easy in evenings and weekends, unless you use the downstairs garage (but it's even worse at the other CU which is right downtown). A slight disadvantage is that you pay a fee to use non-Credit Union ATMS, and there aren't that many of those around (three in downtown Berkeley at the various CU's, and one in Jack London Square, that I know of offhand). USE is planning to open a new branch at UCOP in the next few months. I had no problem using my ATM card to withdraw funds from ATMS in Mexico and Europe. I also have colleagues who swear by the other one. I think it's probably six of one and half-dozen of the other, so you should choose by convenience of the branch/ATM. No matter which one you choose, your money is working for other members, not going to profits to bank owners, which is why I use a credit union in the first place!

From: Regan (2/99)

I've been a satisfied member of USE Credit Union for about 13 years. They've financed three cars for me and offer some very good services. My mother was very unhappy with The Golden One and switched to B of A.

I also have some unpleasant experience with USE Credit Union. Their Teleservices staff in San Diego seem to be knowledgeable, but I have had problems with their staff at the Berkeley branch.

1. A few months ago I opened a term investment account at the Berkeley branch. After I wrote the check, all I got from the teller was a receipt which only contained my membership number. I had to ASK for something in writing about the duration and the dividend rate of this specific account. Then recently I got a quarterly statement which showed that the dividend was deposited into my savings account (which I had closed ten years ago). The dividend was less than the minimum balance required for the savings account, thus resulting in a service charge for the savings account-- which was deducted from my dividend!

2. Several years ago, I applied for a Powerhouse loan at the Berkeley branch. Once the application process got started, it was very difficult to get hold of the loan officer. She was always busy. And right before the loan was going to be approved, she suddenly told me there would be another fee of $75. She apologized for not having told me earlier. I was clearly not very happy about this, but I had to swallow this extra fee since I had gone this far. The whole process was very slow and inefficient.

I am going to avoid this bank, especially the Berkeley branch.

World Savings

Jeanette
I opened a savings account for my daughter at World Savings. In my opinion, World Savings has proven itself to be a superior institution. The account was opened in my daughter's name with me as the guardian. I was able to specify what age my child can access her account without my signature (I chose 18 b/c the purpose of the account is to put money in until there is enough to send to her mutual funds--the Atlas funds through World Savings). The account is free since it is for a minor. There is no minimum balance or deposit. So, if she saves $5 or even $0.50, she can still deposit without penalty! I can even deposit by mail! We use the Lakeshore branch since it is very convenient for us. But there is one in Montclair, downtown Oakland, and I think there's one in Berkeley. Good luck!

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