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Bank/Credit Union Recommendations?

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Bank/Credit Union Recommendations?

Postby FreeNatalie » Wed Sep 21, 2011 11:34 am

Anyone have any recommendations (for or against) any particular banks/credit unions in Madison as far as opening a business account?

Thanks.
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Re: Bank/Credit Union Recommendations?

Postby Bwis53 » Wed Sep 21, 2011 12:36 pm

I'm very happy with Summit. I really had an ace I'll never forget do all kinds of service related to my business account and my mom's estate.
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Re: Bank/Credit Union Recommendations?

Postby Stebben84 » Wed Sep 21, 2011 12:37 pm

I'm not sure about a business account, but I have been with UW credit union for 17 years and I've never had a complaint.
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Re: Bank/Credit Union Recommendations?

Postby mrak » Wed Sep 21, 2011 2:56 pm

I'm a 20+ year UWCU member, and a few years ago when they began offering accounts to businesses, I opened a checking account for my freelance business.

I'm generally very satisfied with it, but what I need from a checking account isn't complicated.

Pro: It's free; the business account appears alongside my personal accounts when I log into UWCU Web Branch; I can transfer funds back and forth between business and personal accounts as needed

Con: UWCU apparently doesn't have a SWIFT ID, so I have to maintain a separate account elsewhere for my one overseas client, who prefers to pay me by international wire transfer
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Re: Bank/Credit Union Recommendations?

Postby Stu Levitan » Wed Sep 21, 2011 3:38 pm

UW Credit Union.
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Re: Bank/Credit Union Recommendations?

Postby snoqueen » Wed Sep 21, 2011 4:03 pm

Summit Credit Union has never done me wrong, but they've grown to the point you don't get to see the same representative every time you need something in person. I miss that.

Same with UWCU.

i suppose one solution is to set up a working relationship with someone you like and make an appointment ahead of time when you need help.
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Re: Bank/Credit Union Recommendations?

Postby iwiw99 » Wed Sep 21, 2011 5:02 pm

+ 1 for Summit. Only drawback is no foreign currency access. I need to pay bills in Euros and they don't do it.
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Re: Bank/Credit Union Recommendations?

Postby Petro » Wed Sep 21, 2011 8:51 pm

I looked into staying local and using a credit union and wound up using USAA anyway. They have an unheard of 87% approval rating with their customers, free ATM usage (they'll even refund up to $15 each month in fees from competitors ATMs) a rewards debit card, fantastic iPhone/Android and iPad apps, the best online banking I've ever used and the best customer service I've ever dealt with.

I'm comfortable with the idea of not having a local teller. I had a local teller for years, starting with my local bank that was eventually gobbled up by First Chicago which was gobbled up by Bank One which was ultimately swallowed by Chase. You know what? I never used that local teller. I operate via direct deposit and online bill pay and my debit card. If I need to deposit a check I mail it in or have it scanned at any UPS store for immediate deposit.

USAA is worth looking into. They're pretty restrictive on their insurance and some financial products, but the normal banking is open to everyone at this point.
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Re: Bank/Credit Union Recommendations?

Postby rabble » Wed Sep 21, 2011 9:44 pm

I use the local UW Credit Union teller more than I thought I would. They don't refund for competitor's atms but there's a LOT of UWCU atms all over town.
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Re: Bank/Credit Union Recommendations?

Postby cxl01 » Wed Sep 21, 2011 9:46 pm

Petro wrote:USAA is worth looking into. They're pretty restrictive on their insurance and some financial products, but the normal banking is open to everyone at this point.

I thought USAA was only available to active and former military personnel.
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Re: Bank/Credit Union Recommendations?

Postby Petro » Thu Sep 22, 2011 7:58 am

cxl01 wrote:I thought USAA was only available to active and former military personnel.


As I mentioned in the final paragraph of my original post, the standard banking (checking, savings, online billpay, credit cards, mutual funds) is open to everyone. The property / casualty coverage, deposit@home and signature loans are only open to active and former military personnel and their families.
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Re: Bank/Credit Union Recommendations?

Postby Crockett » Tue Dec 18, 2012 3:25 pm

If UWCU refunded ATM fees there'd be no reason to bank anywhere else. I wish they would do it.
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Re: Bank/Credit Union Recommendations?

Postby Mean Scenester » Tue Dec 18, 2012 4:12 pm

Crockett wrote:If UWCU refunded ATM fees there'd be no reason to bank anywhere else. I wish they would do it.

Does anyone? Given that those fees go to the banks that own the machines, what would be the incentive? As a member/owner who goes out of his way to avoid such fees I'd be kind of critical of this if it were offered since it would be a pretty lousy business decision.

I'm guessing that banks that do this (to the extent they're out there) subsidize the practice by charging ATM fees of their own to non-members. Since UWCU offers this service fee-free, I'm not sure how they could possibly offer such a benefit.
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Re: Bank/Credit Union Recommendations?

Postby Michael Patrick » Tue Dec 18, 2012 4:29 pm

I'm a UWCU member, and there's no fee at any ATM run by any credit union, not just ATMs run by UWCU.
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Re: Bank/Credit Union Recommendations?

Postby fisticuffs » Tue Dec 18, 2012 4:34 pm

UWCU has been great to us. I rarely use cash so the ATM fee's aren't an issue and UWCU doesn't charge them so I don't think there's really any more to expect on that front. those fees generally are set by the bank that owns the machine or the establishment that it is located in. Try an ATM at a strip club in Vegas....
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