I highly recommend removing your deposit accounts from the large multi-national banks. Bank of America, Wells Fargo, Chase Bank, etc. are not to be trusted. B of A recently made headlines for handing customer information over to the FBI for being in DC on the 6th. Although, their services may be more convenient they are absolutely not worth having your funds frozen or information at risk.
My family and I have closed all of our accounts at Chase Bank this month and moved over to the Community Bank I work for. Community Banks can have issues growing due to lack of deposits. The money you deposit in Community Banks will be lent with the purpose of helping your local economy grow. You will also have a personal relationship with the people who keep your money secure, while hurting the large national banks that know nothing about you but love to remind you how racist you are!
Credit Unions are good for more simple account management. They're not necessarily up to date on the tech, and generally have less products to offer. I wouldn't want to run my business out of a credit union, but if I'm a young person looking to open my first bank account a credit union isn't a bad choice. I don't know much about Navy Federal or USAA, but I've never heard a bad thing about them!
A bank will generally have higher interest rates and fees, because we are for profit institutions. But with these higher interest rates and fees comes more convenience on accessing your funds, better online banking systems, and a wider array of complex loans to help businesses grow. I like to think of community banks as a good middle ground between mega-banks and credit unions. A community bank will provide you far more convenience than a credit union, and far better customer service than a mega-bank.
I've had my Navy federal account since 1984. Back then you had to be at sea to actually join.
Isaac has been great to work.with for me.
All owners of the Federal Reserve Bank.
Fuck the Federal Reserve. I am completely on board with rebuilding our financial system from the ground up. All I'm saying is in the meantime while we're in this one you should probably avoid the banks that will label you as a terrorist.
100%
Until Wall Street decides to kick small community banks and credit unions off the SWIFT system and off the ACH system.
Already closed our account of 15 years with Bank of American. They lady who helped us didn't even ask why. She knew.
Is Delta Community Credit Union compromised?
Not to mention when you get sued they pull data from all major banks. If you have your money in some local bank it's harder for them to find your bank.
Been thinking about this too. Today i searched for Christian banks and found about half dozen credit unions. Seriously looking at moving to one.
What a out online banking such as Synchrony bank?
Seems pretty secure, but I don't have enough knowledge about FinTech to give you an educated opinion on it.
Personally, it's not for me. Like I said in my OP it's good to have your money stored somewhere that it could be used to stimulate local economy growth. That's what I see as a major factor in any future financial revolution. We need to start investing our communities and think locally.
Here in Colorado we have a employee owned bank (1st Bank) and all through the crap in 2008-09, they were not only solvent, but flourishing because the loans were based on real assets.. But, because of the Fed 'policies', interest on savings balances are extremely low and the savings penalties on transfers are mere pennies-I joke with the CSR that it's OK, I found a quarter on the ground the other day... TBS, the big banks are dangerous place to keep a safety deposit box as they could go all "eminent domain" on the contents..
https://www.youtube.com/watch?v=4a0RTSiUHZY