Bank

[magid]

I've had my savings and checking accounts with Cambridgeport Bank for years. Now they're being eaten up by Citizen's Bank. I've heard that Citizen's has taken their ATMs off a local network, but other than that, have little information about them. I'm thinking that this might be the time to switch banks. I prefer smaller, local banks to huge conglomerates, partly just because I like supporting local businesses, and partly because smaller banks seem to treat their customers better.

I could stay with Citizens, or go to Wainwright Bank, which is looking to pick up some former Cambridgeport accounts. On the other hand, moving funds to Cambridge Savings Bank would mean I'd be using the bank that also holds my mortgage, which might be useful.

So, does anyone have recommendations for/against one of these banks, or have another suggestion I've overlooked?

Mood: not looking forward to changing all the automatic withdrawals and deposits

Comments

[dancingdeer.livejournal.com]

Ah, someone else being forced to leave Cambridgeport. I am *so* going to miss the sun/moon/stars logo. sigh.
I'm current trying to choose between CSB (I have a house account there already, which they assure me can be kept completely separate), and the harvard employees credit union.
Leaning more towards the credit union at the moment.
sigh. And I have a ton of still unused checks which are going to be useless.
I haven't gotten *anything* in the mail from Citizens, and whenever I pass by the Cambridgeport Harvard location there's no signs whatsoever about this. What's the deal? The only thing I've gotten is one letter from Cambridgeport. Not even anything in my last bank statement, which just arrived yesterday.

Alas, for the sun, moon, and stars!

[magid.livejournal.com]

All I've gotten is that one letter, too. I wasn't able to get to their website when I last tried, so I don't know if there's any information there.

I did see a sign at the Wainwright opposite the Diesel offering up to $100 for Cambridgeport checks...

[magid.livejournal.com]

I got a packet in the mail from Citizen's yesterday, including a "free gift" (how exciting, a fridge magnet). According to their letter, the transition period is ending August 23. And the handy dandy booklet they sent along includes the listing of fees and how long they'll waive them...

[dancingdeer.livejournal.com]

Ah, maybe I'll get that packet today. In any case, sometime this afternoon, I'm planning on closing out my savings account there and reopening checking/savings elsewhere (decided on the credit union). I'll leave the checking open for another week or two, until I'm positive that everything's cleared from it.
I can't tell you how thrilled I am in anticipation of my very own Citizens magnet. :)

[mangosteen]

I've been a satisfied customer of the Happy Rainbow Bank (i.e. Wainwright) for about 3 years now. I've never had any problems with them, I like their foreign ATM policy (no charges from Wainwright at all), and their underlying financials are as rock-solid as it gets. They have no real impetus to be bought out by anyone.

[magid.livejournal.com]

No ATM charges from Wainwright? Sweet.

I hadn't realized before I got the letter that Cambridgeport was on the market, either :-(. I've had an account there for about a decade or so....

[jwg.livejournal.com]

I recommend Wainwright.

I have a personal account, our home equity loan, the business account for JWG Software Systems, and the non-profit account for Lavender Country and Folk Dancers (www.lcfd.org) at Wainwright Bank. I fell into Wainwright Bank a few years ago when Coolidge Bank and Trust failed, and the accounts were first transferred to Pioneer and then to Wainwright when they bought a couple of Pioneer branches.

They are a very gay friendly bank by policy. All my interactions with people there have been very good. (The no longer branch manager at Harvard Square was a cool bear.) Their computer systems are not very modern, but the web access is OK. ATM access is via many networks including SUM and they have no ATM charges themselves. The branch in Central Square where I sometimes go with deposits is usually quite empty so there is no waiting.

Thanks for the recommendation.

[magid.livejournal.com]

I'm a pretty traditional bank-user, not having done any online banking yet at all, so the modernity of their computer systems would not affect me much at all.

Central Square is convenient for me, and there's also a branch right across the street from the Diesel in Davis, which is also useful. I don't actually go to ATMs much anymore, so this is likely sufficient.

Hm. Seems like Wainwright is the majority choice (so far, anyway).

Another vote for Wainwright

[cnoocy]

I'll vouch for Wainwright. I've been very happy with them. However... don't use the Harvard Branch, no matter how much more convenient it seems. I've never had a good experience there, but the other branches are quite nice. I originally had my account at Harvard, but after I was reduced to screaming ot them on the phone, had my account transferred.

Re: Another vote for Wainwright

[magid.livejournal.com]

Er, why should they care which branch you start your account with?
The banks I've used before didn't care where the account originated, and were able to help me at whichever branch was convenient for me at the time.

Re: Another vote for Wainwright

[cnoocy]

It came up once when I called the main number to check on what looked like a problem with my card. They forwarded me to my "home branch" who didn't bother to understand my question before answering in the least helpful way possible.

[hauntmeister.livejournal.com]

I've got a super-de-duper no-fee high-interest for-high-rollers-only "Relationship banking" account with Cambridge Savings, and I'm very happy with it.

The reason I qualify for this Donald Trump treatment is because I've got my mortgage with them, and they count my mortgage balance towards my total amount on deposit. I know, it's weird that a net negative counts as a positive...But it works for me!

[magid.livejournal.com]

It doesn't seem intuitive that the mortgage (negative) balance should count like that. Strange.
I have my mortgage with them too; I should look into this.

(Of course, I wonder what happens when you pay down the mortgage a lot: do you revert to regular, less than super duper treatment, or are you grandfathered in?)

[spwebdesign.livejournal.com]

Whichever bank you choose, stay away from Citizens. I was with them briefly when my old bank got gobbled up. I thought it would be okay to stick with them for a while. BIG MISTAKE!

I've been using NetBank (http://www.netbank.com) and have been very happy with them. But then, if you want a local bank, that won't do.

[magid.livejournal.com]

In what way was Citizens bad?

[mangosteen]

Fees, fees, and extra fees, with a side-order of fees.

"So my account costs $12/mo, plus $1 per non-(Citizens/SUM)-ATM transaction, plus .30 per check, plus $5 for online banking, with another $3 if I want online bill-pay, UNLESS I keep a $5000 daily balance with you."

"Yes."

"Why on earth would I want to keep $5000 puttering around in a money market fund or CD that trails inflation by 2%?"

"Well, you could put in $25000, and get a preferred rate."

slow burn ensues.

I was with Citizens when they bought US Trust. After getting nickel-and-dimed, I gave up.

[magid.livejournal.com]

That's pretty bad. I think I'll be switching...

[spwebdesign.livejournal.com]

That pretty much sums it up for me, too. You gotta be rich to get anthing out of Citizens. That, and they managed to lose some of my money. I had to fight to get it back.