FishingwithRusty
Well-known member
im moving my banking from navy federal(tired of not having any local branches, atm, support!) to a local bank and looking for recommendations
local banking reccomendations
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Hook1
Well-known member
TVFCU is a wonderful place to do business and the have several branches from Fort Oglethorpe to Kimball.
fischnrod
Well-known member
Gator
Well-known member
Suntrust is a great bank. IMO. They have branches all over.
Oldman
Well-known member
regions
lafae7
Well-known member
Tvfcu
lafae7
Well-known member
Just never ever go to Wells Fargo. They are crooks
FishingwithRusty
Well-known member
LOL!!! WF and BofA both. i left WF a couple of years ago when they refused to business with (i think) Remington
FishingwithRusty
Well-known member
Thanks guys tvfcu it is
VolsFan24
Well-known member
I’ve never had a problem with BOA. And they have banks all around the US. I may have to give TVFCU a look with all the positive comments. Why is BOA crooks? Im curious
FishingwithRusty
Well-known member
i left BOA because of all their fees and poor customer service
danrnsmyth
Well-known member
I will save my whining and try to be objective...but as a career banker/broker I can tell you there are no perfect banks and sometimes simply having a good staff of local people with good customer service skills and some common sense and a well trained branch manager can go a long way.
Most of the large national banks do not still do a lot of consumer lending as most of their loans are commercial and mortgage lending. Often times their pricing on those products is hard to beat if you don't mind dealing with someone who is located at one of their major hub offices or a specialist and their loan policies are fairly inflexible and you either meet their criteria or you don't . Rarely does any local management have any input into those decisions and the mortgage loans are typically secondary market loans where you are not borrowing the banks money by rather you are borrowing the money of someone like you and I that bought a mortgage backed security so you are borrowing the money of some bond buyer and those loan qualifications are written in stone, and the bank gets the origination fee. They will have lots of ATM's a great website, their own credit card, and since they do not do a lot of small consumer loans their fees are typically higher on their checking accounts unless you bundle several services an/or accounts
Then typically you have the community banks and they will typically have some input from the local bank management and have some flexibility although their pricing may not be quite as attractive. In some of these cases the home loan will probably either be a 15 year loan or a variable rate home loan so the bank does not go broke like the savings and loans(locked into 30 year home loans at 6% and paying 15% on Cd's) did when Jimmy Carter first deregulated interest rate and home loans were 20% and Cd's paid 15. They will have fewer networked ATM's and their website may not be as fancy but generally made up of people like you and I.
Finally you have credits unions , and forgive me but they are taxed differently...(insert whine here) that is not anyone fault but they were originally started as a non profit organizations which is why many refund what they call dividends which are excess profits. They were originally started as like a co-op where companies employees could pool their financial resources and kinda create a low cost bank with limited services. Boy has that changed...and while bankers like to tell you they do not pay income tax that unfortunately for the benefit of our whine is not true...They do pay some income tax on profits but then most profits are refunded thru the dividend payout so their is nothing left to tax. Where they are taxed differently is that most escape the local tax based upon their deposits( assets) which gives them a little better margin and creates a lot of whining from their competitors because we think that unfair. But typically most have good reputations and TVA would be one of those..sorry for the long answer but hopefully something I said helps to understand the difference in the organizations
Most of the large national banks do not still do a lot of consumer lending as most of their loans are commercial and mortgage lending. Often times their pricing on those products is hard to beat if you don't mind dealing with someone who is located at one of their major hub offices or a specialist and their loan policies are fairly inflexible and you either meet their criteria or you don't . Rarely does any local management have any input into those decisions and the mortgage loans are typically secondary market loans where you are not borrowing the banks money by rather you are borrowing the money of someone like you and I that bought a mortgage backed security so you are borrowing the money of some bond buyer and those loan qualifications are written in stone, and the bank gets the origination fee. They will have lots of ATM's a great website, their own credit card, and since they do not do a lot of small consumer loans their fees are typically higher on their checking accounts unless you bundle several services an/or accounts
Then typically you have the community banks and they will typically have some input from the local bank management and have some flexibility although their pricing may not be quite as attractive. In some of these cases the home loan will probably either be a 15 year loan or a variable rate home loan so the bank does not go broke like the savings and loans(locked into 30 year home loans at 6% and paying 15% on Cd's) did when Jimmy Carter first deregulated interest rate and home loans were 20% and Cd's paid 15. They will have fewer networked ATM's and their website may not be as fancy but generally made up of people like you and I.
Finally you have credits unions , and forgive me but they are taxed differently...(insert whine here) that is not anyone fault but they were originally started as a non profit organizations which is why many refund what they call dividends which are excess profits. They were originally started as like a co-op where companies employees could pool their financial resources and kinda create a low cost bank with limited services. Boy has that changed...and while bankers like to tell you they do not pay income tax that unfortunately for the benefit of our whine is not true...They do pay some income tax on profits but then most profits are refunded thru the dividend payout so their is nothing left to tax. Where they are taxed differently is that most escape the local tax based upon their deposits( assets) which gives them a little better margin and creates a lot of whining from their competitors because we think that unfair. But typically most have good reputations and TVA would be one of those..sorry for the long answer but hopefully something I said helps to understand the difference in the organizations
