I know it’s trendy to say nasty things about Amazon (one-click, etc.), but man do I wish they’d expand into really useful services, like banking. I’ve been struggling through nightmare experiences with “online banks” — none of which have online services that are half as reliable or convenient as Amazon.
I’ve been through Merrill Lynch (awful awful awful), and then TD Waterhouse (sleek, but thin on service: no download to Quicken, for example), and now the latest was Citibank.
Citibank was recommended to me by Intuit. Said to be one of the “best” online banks. So I applied — in February. Today, three months and at least 10 calls and 5 faxes later, I stopped the “application” process. Seems they were unable to verify my address (a house we’ve owned since September 2000) after my wife and I sent in document after document. Today it took them 15 minutes to determine that they weren’t “sure” which documents would be needed, but then they helpfully gave me a list of three more I could fax in and they’d then determine whether that was enough.
Forget it, I told them. So I’m back to square-one: Does anyone recommend an online bank which: (1) has direct download to Quicken, (2) Amazon-like-reliability online?
I’ve had very few problems with Citibank’s online offerings, but then again, I opened up my account in person at a branch. I’m actually pretty thrilled to see my IRA’s current balance alongside my checking, savings, and credit card balances.
And, one of the most pleasing things about Citibank online has been the professional and courteous offline service I’ve gotten. When I had an electronic bill-payment problem, the service representatives I spoke to on the phone were all friendly and helpful. I got free financial planning advice at my local branch.
I’d recommend opening up a walk-up account first, then gracefully moving online.
I’ve had pretty good luck with Bank of America’s online system. I opened the account at a real bank, but haven’t been back since. I like their online bill pay, and although I don’t use Quicken, they have a link for a Quicken WEB Connect download.
I’ll second the recommendation of Bank of America, though I should note that I use their Military Bank, a separate entity within the greater BofA body.
look into USAA
there is occasionally an hour or two (every couple months) when you can’t conduct business through their website, but their services are extremely reliable, they offer quicken, and are responsive on the phone during business hours.
While they only offer insurance to folks involved with the US military, their banking is open to all (according to a phone rep i spoke with last week). their phone is 1.800.531.BANK
Though they operate no ATMs of their own, they offer rebates on ATM withdrawal fees from 3rd-party ATMs.
First Tenn is very good….I’v been using their’s since 1998.
http://www.ftb.com
wells fargo has a great online banking site, complete with quicken downloads. you can do anything from bill pay to getting a new credit card to ordering checks, all from the comfort of your home pc. good luck!
I second T. Whalen’s comment. Citibank has been nothing but good to me. I opened my account at a branch, and began banking online almost immediately. I noticed a plethora of Citibank branches in L.A. during my last trip out to California, so I doubt you’d have trouble finding an office, but I could be wrong.
-kd
Citibank is too annoying (which is a much more polite statement than what I originally wrote).
I’ve had nothing but problems with their online site, with random resets of my preferences, refusal to recognize password (I reset them at a branch and still hell), and a truly annoying Quicken download interface. Sadly, I haven’t had much better luck with Bank of America, my corporate account. Suntrust is a joke (another account) so I can’t put you on to any of those majors.
By far my easiest Quicken interaction (but my least favorite online display) has been my local credit union. I guess it matters if you have a lot of transactions you need to import on a day to day basis and how much online bill paying you hope to do.
I’ve heard Schwab One accounts offer everything including the kitchen sink, and have a great online banking system. I haven’t tried it myself though.
I’ve been using http://www.pcbanker.com for about 2yrs. Only one problem (they reset passwords for security) but telephone customer service was outstanding.
I’ve been happy with First Internet Bank of Indiana for 3 years, using Quicken.
I use Bank of America as well and am fairly happy with them. But, there are fairly substantial per account fees associated with Quicken web connect at both Bank of America and Wells Fargo. I managed to get the fees waived, but had I not I would have foregone using quicken with them.
Also Bank of America has a specific quicken tech support queue, which was quite helpful with the obscure ins and outs of getting connected. It did take a telephone call though.
I’d second the comment about finding a local credit union. The interface at mine is so-so as well, but the non-Web bonuses are well worth it. (local, nonprofit, very friendly people) And, heck, you might even have some slim chance of actually affecting the interface. (I was involved with a usability focus group for my CU’s site, which was a great experience.)
Have you considered a credit union? When I was a member of the New Mexico Educators Federal Credit Union I got great service from their on-line service (including the downloading of QIF files). My current credit union (Northeastern University) doesn’t do on-line banking yet but they are working on it.
My experience is that Credit Unions are far more member oriented then banks will ever hope to be. But then at banks you’re a customer and at a credit union you are a member. I’m also a big fan of democratically run financial institutions so credit unions are a big win for me in many ways.
Like Daniel I am a fan of USAA. I’ve been a customer since 1995, and that’s the last time I’ve had to step into a physical bank branch of any kind.
Benefits:
* Postage-paid mail deposit envelopes
* Refunds on x (5 or 10; I can’t remember) third-party ATM surcharges per month
* Solid online banking features. Since my initial checking account I’ve opened a savings and several CD accounts, all online.
I don’t use Quicken so can’t testify to its effectiveness, but I do know you can download statements in Quicken format.
Perhaps the most useful feature of USAA is that, given its military heritage, it is very good about customers that move. When I moved from NY to CA three years ago there was no need for me to change banks; just had to update my new contact information on the Web site.
I too use Bank of America and integrate with Quicken. I have been using on-line banking for a few years with them, and all works quite well.
I’ve had a very positive experience with Bank of America.
Professor Lessig – since Stanford is your employer, you should try the Stanford Federal Credit Union . No fees for online banking, solid reliability, Quicken or OFX downloads. They’ve been online for years and years. I kept my account with them active for several years in the 90s while living on the East Coast and it was easy to do because of their online services.
Wells Fargo has worked well for me, though I don’t do the Quicken thing, they do offer it.
I use their online billpay and inter-account transfer
Opening an coount in a branch and activating the online stuff afterwards is how I did it.
Citibank is great!
I didn’t know that it was possible to get accounts directly from them. Everyone I know uses Citibank, but that’s because we signed up with little banks that got bought.
Maybe you should try signing up with a good little bank with a crappy online presence, and hope they get purchased by Citi as well.
Bank of America… They charge no checking fees as long as you keep $1,000 in the accound. They support online bill payment (although I recommend using Paytrust) and Quicken downloads are a cinch.
I can second Andrew in DC’s frustration with Citi’s sign-on process. The problem stems from having two different sign-on systems which are terribly easy to confuse. Once you figure out which login screen is which it’s not too much of a problem.
Again, I’d have to say that I’ve never expected to be able to sign up for a banking service without shaking someone’s hand. Maybe that’s just me, but I like to look people in the eye. That being said, Citibank’s technology has been impressive from the start AND they have always maintained browser compatibility.
Which is important if you only use Linux. Citibank systems always seem to work on Mozilla, Konquerer, Galeon, Opera – that should tell you something about a companies commitment to real technology openness. Maybe you should take a trip into San Francisco and find a branch.
http://www.bankone.com
I love huntington bank. It has worked great for me for 3 yrs and they are always improving on it.
As much as I’m uncomfortable recommending large corporations, I find American Express’s Membership Banking to be a fine online bank. I went to them after frustration with brick and mortar banks (BofA turned full-time staff to 37.5 in mid-90’s so they didn’t have to pay benefits, Wells drove me crazy and WaMu doesn’t have enough branches).
Since AmEx bank is only virtual they have to have a superior online presence. They deduct up-to 4 ATM charges a month and pay postage for deposts. Money Mkt and checking accts are free (I believe), bill pay is solid, overdraft is free and yes, they export to Quicken. The only drag is deposits can only be sent (or wired) which can be awkward in a tight situation and if you lose your ATM you can’t just walk into the bank.
I’ve personally had a very good experience with E*Trade Bank. They have the best online banking of the ones I’ve tried (BoA and Wells Fargo). I don’t use Quicken myself but know that I can download my transactions in a Quicken format.
Paypal is unique in that they are not, technically, a bank, and thereby avoid all sorts of banking regulations. I was wary at first, but at this point I’ve done over $50K in transactions through them, and have a large interest-bearing balance.
Etrade Bank also works very well for me… although since 90% of my business is transacted online… and I spend a lot of time in other countries, the lack of physical locations doesn’t bother me. They also have a nice workaround for that problem.
I’ve stopped expecting banks, portals and e-commerce sites to develop good commerce technology.
Heck, e-gold is better than half the online transaction systems out there. And it’s even weirder than paypal.
For canadians: Royal Bank is very good. Took two secs to setup and has Quicken abils.
I recommend ING as a virtual bank. I had a lot of problems with “real”banks until I decided I didn’t want to speak to another human being about my money again. I haven’t looked back since. I love them. It’s the easiest banking on the planet.
Let me third or fourth or fifth the comments about USAA. Their
banking is excellent.
I’ve noticed a lot of comments here about banks that download QFX, OFX, etc. to Quicken (and I’m a happy First IB customer, on that front). However, if you’re looking for real Quicken integration (automatic transaction downloads, bill pay, funds transfer, etc.) I have to say Wachovia has worked very well for me; their web-based banking also seems to work quite well, although I haven’t had much need to use it.
Stay away from Wells Fargo at ALL COSTS.
oops, try this link:
Stay away from Wells Fargo at ALL COSTS.
best bank ever (online or off): first technology credit union.
8)
– geo
I have used Bank of America Bill pay and download to quicken. While the service is overall quite good, there are two significant issues that cause me to be looking elsewhere.
In one particular payee I found that they would reject the payments from BoA, and BoA wouldn’t notify me via a repost to my account in some cases for several months. I asked for copies of the returned checks, as I would have received that from bricks and mortar, but BoA said they couldn’t produce them. Also, I asked for copies of all checks to that payee for the past 12 months, but they couldn’t produce more than 6 months worth. All this really made me wonder about bill paying online, and I am looking for a bank that does a better job of documenting the payments.
I use venturebankdirect.com. They offer direct download into quicken and several other banking programs.