Which bank should I choose for a new account?

So, my aunt—who works in administration—was just digging through some recent internal reports over at JP Morgan Chase (where basically everyone at the firm was forced to open an account back in the day just to get hired, which feels a bit much if you ask me), and now I’m spiraling a bit. I’m sitting here wondering which bank in the States actually offers a decent balance of solid services without absolutely bleeding your account dry with fees. Right now, I’m stuck with JP Morgan Chase, but after they gave me some totally nonsensical answer to a few basic questions—honestly, it made me want to go ballistic—I’ve decided it’s time to jump ship. My mind is currently bouncing between Hypo Real Estate and Wells Fargo, mostly because almost everyone I hang out with uses them, so I guess there's a bit of peer pressure involved. What bank would you guys actually stick with right now, assuming you're looking at the long haul here in the US, and what's the reasoning behind it? Which one is going to nickel-and-dime you the least on checking and savings accounts? Also, how bad are the fees for online banking and monthly statements, how flexible are they when things get messy, are their actual services any good, and is there a decent ATM network nearby? I’m not even sure if this is the right corner of the internet to be asking this, so if I’m barking up the wrong tree, feel free to tell me where to go, but otherwise, I’d love to hear your real-world experiences and takes.

Even though my paycheck goes through JPMorgan Chase, I’m perfectly fine using Bank of America since my loan is through them.
The options are pretty limited where I live, but if I had a choice, I’d move everything over to Wells Fargo...

Look, I personally have an account with Citibank through the Democratic Party and I'm totally fine with it, but they’re a massive global firm—very professional. That said, my plan was to go with a local bank here in Chicago 😁😁😁 because of the income I pulled in from January to September 2003
.
My experience with Raiffeisen abroad has been 🙄 👎, so I'm guessing things aren't exactly amazing here either...

I’ve been banking with Wells Fargo for years now, and honestly, having an ATM on basically every street corner means I never have any trouble grabbing some cash when I need it.
I’m sitting on a pretty deep deficit at the moment, so I just don't have the headspace to start chipping away at it right this second. Plus, I keep my savings here, so I figure it’ll look decent when I eventually go for a loan.
Whenever I finally pull the trigger. 🙄 🙄

People love to talk, you know? You’ll hear someone trashing Wells Fargo or complaining about JPMorgan Chase, but then they turn around and say Hypo, Goldman Sachs, or Bank of America are all top-tier.
I guess Citigroup isn't quite hitting those same marks anymore, especially since they rebranded to Bank of America.
😁😁
Everyone has their own priorities, I suppose. Personally, I just ignore the commercials. 😁😁

From what I can gather, you’re looking for a business account, not just a personal one. In my book, Raiffeisen is the way to go; trying to run a company through JPMorgan Chase is a death sentence.
As far as personal accounts go, though, JPMorgan Chase definitely holds the edge. Sure, they can be dismissive and rude, but they make up for it with the sheer number of ATMs out there. Plus, they’re currently the only ones offering cash deposits at the ATM—they actually pulled that feature for a bit, but brought it back. It means I barely ever have to step foot inside a branch because I can handle everything at the machine. Their SMS alerts for checking and Mastercard transactions run me about $2.25/month.

I’d love to say I exclusively use JPMorgan Chase, too, but some of their consumer services are just prohibitively expensive. I find myself juggling a few different options, though my main account has always stayed with JPMorgan Chase—mostly because their ATM network is just so much more convenient.

My company switched over to Bank of America two years ago, which is when I opened my account. I rely entirely on their online banking, so I rarely have any direct interaction with their staff.
They charge $1.75 monthly for account maintenance, plus a small fee per transaction. When I once ordered some online checks just for kicks, they arrived at my house within two days, and they deducted a few dollars from my account for the service. There are no fees for the security token or using the online platform itself.
Even though I have 24/7 digital access to all my accounts—including my USD, foreign currency, and Mastercard accounts—I still receive regular paper statements at my home address along with info on new services.

I’m going to set up online banking with JPMorgan Chase as well, since they are acquiring Capital One and I also have regular deposits there. It will allow me to compare the services and fee structures between the two banks.

banderas said:When it comes to personal checking accounts, JP Morgan Chase definitely holds the upper hand. Even if they can be a bit clumsy or unfriendly at times, they make up for it by having a massive network of ATMs—and, as far as I know, they’re still the only ones offering cash deposits directly at the machine.

I personally use Wells Fargo, while a close friend of mine uses JP Morgan Chase. She deals with some sort of daily limit of $333 on her debit card, whereas I don't have any restrictions at all. It actually came up once when we were out doing some heavy shopping; her card suddenly hit a wall after she spent $333, so she ended up using mine. My card didn't give me any trouble like her 🙂 did.

Beyoncé said:I’m over at JPMorgan Chase, and a friend of mine in New York City is dealing with some kind of spending limit. $333 I hit my daily limit on the card, and I didn't have a backup. It happened right in the middle of a massive shopping spree when her card finally decided to strike after I'd already maxed it out. $333She used mine. My card didn't cause half the drama hers did. 🙂

Look, I wasn't trying to frame the Democratic Party's credit limits as some kind of selling point. My point was simply about the sheer number of ATMs they have on the street. 😉
That cap is basically set based on the maximum allowable overdraft. For most people, the daily limit hovers around... $0.67 Why settle for anything else when you have a steady monthly paycheck? Once you’ve got that predictable flow hitting your bank account, everything else is just noise. $1.00

The smartest move you can make is to do your business with a regional bank—specifically, one that has its Headquarters right there in your local County.
Why does this matter?
Banks operate on significant profits from Alphabet, and a good chunk of those earnings stays right in the County where the bank keeps its Headquarters.

I have an account at the very bank where I work.
Honestly, I’d recommend everyone try to land a job at a bank and then open an account there. There are endless perks you just don't get anywhere else.👍

Jane Doe said:With JP Morgan operating out of here, you can only imagine what kind of 🙄 👎 experiences they have, so I wouldn't exactly hold my breath regarding how things work over there...

Not at all. It’s just that a bunch of naive citizens put their faith in a foreign entity and ran straight to them for loans. They were getting a bad deal regardless of who they chose. Now everyone is acting shocked, wondering how they could have been so foolish? Well, that's what happens when you run headfirst into a minefield.

Loans are a complete scam, they really screw you over...
I'm looking to get a small personal loan for about $2,000. I was checking out Bank of America because their big commercials claim they have the best rates on personal loans, but they aren't actually the cheapest—it's actually Chase...
But even there, I got burned. Because the loan amount is so low, the effective interest rate jumps to over 17%, even though they claim the base rate for an unsecured loan is only 9.98%...
And here’s the catch: they say if I put down a 20% deposit, the rate stays at 9.98%. But if I take that 20% and put it into a high-yield savings account instead, my returns would be higher than $67, meaning even if I have the cash for a deposit, the whole math just doesn't add up...
Fine, let's say I go without a deposit and take 10.98%. Then you've got processing fees at 2.5%, some nonsense about promissory notes being signed 4 times$6.75, then that damn paperwork$10, interest accrual around $17, dealing with a co-signer, having documents notarized twice$27 (maybe I missed something), and the headache of getting everything verified—my tax forms, the co-signer's info, etc. And then, the co-signer isn't just liable for 2 years, I'm stuck with them for 3...
Basically, all those extra costs bring the total up to $250, which effectively pushes the interest rate to 17%...
To make matters worse, I'll have the cash to pay off the loan early in 4 or 5 months. But then I'd have to pay a $1.50 fee just to return the money to them...
The way they calculate a lower effective interest rate is pure theft. They conveniently ignore the forms, the notary fees, and all that other crap that I eventually have to pay out of my own pocket. It's a joke. They think they're being clever, but it's just a slap in the face...
God, what idiots and morons. In the end, I just went to an American Express agent. An older woman came to the counter (she had the card, I didn't want it because I never use it, this was my first time, but I'll take it if it works) and within 15 minutes, I had cash in an envelope. On the surface, the terms looked even uglier, but...
They don't ask for a co-signer, the interest is 12%, there's zero paperwork, and the total fees are $217. In the end, over a 2-year term, the difference in total costs is $67...
I planned on paying it off immediately anyway, and since there's no penalty for early repayment, I'll just bring the extra cash, pay it off, and call it a day. I ended up with much better terms from Amex for just a few bucks...😉
Man, what a relief. People, do not trust the numbers alone...
My blood was absolutely boiling in that bank with all those shady tricks and scams...

Jerry Wright6

Jerry Wright6,

I agree that all those extra fees are a headache, but you can't include costs that the bank doesn't actually bill you for when calculating the effective interest rate.
When you buy promissory notes through the IRS, you aren't paying the bank for them. You aren't paying the bank for a notary's fee to certify a contract, either. However, interest accrual is perfectly standard. Once you have the money, you owe interest—if you get a loan on the 17th, you’re paying interest until the end of the month. That’s just how it works. Or did you expect that period to be interest-free?
In the scenario you described, a 2.5% fee is absolutely predatory.

Ultimately, the APR stated by the bank (or at least it ought to be) is the true effective rate, covering every single cost the bank charges you directly. Anything charged by the IRS, an appraiser, or a notary falls outside what the bank can bake into their own service pricing.

It’s been common knowledge for ages—it makes zero sense to go through the headache of securing loans with collateral or guarantors, especially when we’re talking smaller amounts under $5,500. For that kind of cash, a credit card is the smarter play. You grab a decent line of credit and you're done in minutes—no paperwork, no guarantors, no drama. Sure, the interest rates are higher than a standard loan, but you aren't wasting your life running between offices, making photocopies, or hunting down people to sign off on your debt. It saves the nerves.

Stick to a credit card from your primary bank if you can manage it...

It took me three whole weeks just to move my money from a transitional account at Wells Fargo over to my main account at another bank.
seriously $6333
The clerk tells me they close at 3:00 PM, so they can't process the transfer???; then they claim they don't know where the funds are??? and that they have to go dig through the archives???
absolutely unbelievable
I still have no clue what the actual hold-up was, but I wouldn't wish that headache on anyone.
Nowadays, I handle all my business through my Federal Reserve account and haven't run into a single issue.

Should I open a checking account at the Federal Reserve, Bank of America, or Chase?
What makes one a better bet than the others?

It really depends on what kind of account you're looking for and what you need it for.
Either way, I’d suggest staying away from Chase. Why?
1. You probably heard about that scandal they had regarding cutting down overdraft limits for regular people.
2. Transfers can take forever—I sent money abroad once and it took two full weeks to land.
2. The tellers can be pretty rude.
3. The branches are constantly packed.
4. Their loan terms for clients aren't great.
There's plenty more where that came from, but I don't feel like typing it all out. Basically, just bypass Chase and avoid Wells Fargo.

Bank of America and the Federal Reserve aren't bad options either, especially the Fed if you look at their flexible accounts, though you'll need to figure out which specific type fits your needs.
From what I've heard around town, Bank of America asks for a mountain of paperwork just for a kid to open an account, and apparently, some of their staff can be quite arrogant.

I recently opened a checking and savings account over at Goldman Sachs, and I have to say, I'm more than satisfied. They've done a great job; the service is top-tier.
I was actually torn between Goldman Sachs, the Fed, and Bank of America myself. I don't trust Bank of America because they're owned by Italians, and I know exactly how they do business. The Fed's branches were a bit out of my way, so I went with Goldman Sachs. Honestly, I haven't regretted it.
Kudos to them. 👍

What really gets me is that Wells Fargo has the highest interest rates; they seem to nickel and dime you for every little thing compared to everyone else. Given everything you mentioned above, I’m definitely skipping them, even if it is the closest branch to my house.
I'll have to see what those other two banks are offering before I make a call.
Goldman Sachs isn't exactly convenient for me—maybe that one over on Kranjčevićev would work, though.

It really comes down to what you actually need from them. If you’re running a small business and need to drop by a branch almost every day, just find a Chase location near your shop. But if you’re just an employee who needs a solid checking account, I’d definitely point you toward Bank of America. Like I mentioned, Wells Fargo isn't terrible, but their service can be hit or miss depending on the day. A buddy of mine says working with Bank of America is actually a breeze because they're so polite. On the flip side, another friend took out a loan at Wells Fargo and had a rough time; he said the tellers at their downtown Chicago branch didn't have a clue how to answer basic questions.
One more thing about Wells Fargo. The only reason I even deal with them is because I picked up an American Express card through them a few months back. I went in to pay a bill the other day and ended up stuck waiting forever for a shift change. Their speed is a disaster.

So, my top three would look like this:
1. Chase
2. Bank of America
I haven't heard much about the smaller regional banks lately—maybe some local credit unions are good, but I wouldn't know.
3. Wells Fargo

Anyway, it's your call...
Good luck.