I would recommend checking out Charles Schwab or a local credit union. I have account at Schwab (investing and general checking), local credit union (for a credit card and business checking), and Wells Fargo (because an account was opened for me as a toddler).

Wells Fargo is by far the worst but I just hold minimums to prevent fees (fees having a checking account is the most rubbish thing ever) to avoid a hit to credit score.

Schwab has a good mobile app and website, great customer service, and offers great checking accounts (full atm reimbursements and no fee international, no minimums to open an account). I have found the Chase app to be pretty poor.

Just some data points and I’m speaking about what works for me. Super happy I went to Schwab but do your own research if desired

I’ve read that Schwab checking has NO fees. If you overdraw, the check/draft doesn’t clear and you don’t pay any fees to Schwab.

Wasn’t sure on this but according o NerdWallet Schwab will not charge an overdraft fee if they’re able to transfer funds from a savings or brokerage account. Not sure about specifics.

Schwab doesn’t have anything obvious on their site about overdraft but I’ve never paid any fees to them for anything

https://www.nerdwallet.com/article/banking/overdraft-fees-wh...

"Pull from another account" is common but also potentially very dangerous if you intentionally don't keep a lot of funds in your checking/debit account to limit the damage someone can do with a fake check or your debit card.

Is your only Wells Fargo account, a checking account? I didn't think checking accounts had any impacts on credit scores? Or do you have a credit card with them?

Ugh they were my primary bank until about 5 years ago so I have one cc and checking/savings. Hope to close the account in a few years, maybe I should do more research on the credit score impacts but good riddance can’t wait to close

In 99% of cases, checking and savings accounts do not impact your credit score whatsoever. The only cases where they do are cases where the bank does an inquiry when you _open_ the account, but closing any checking/savings account should have no impact.

Schwab stock value has gone down a lot because they are presumed to be under the same pressure that brought down svb

Fudge good call out am starting to see these articles now

I've had a great experience with my local credit union (https://www.bvscu.org/) for banking and lending, your experience may vary but I think it's worth looking into local credit unions.

If your net worth is high enough, then most banks offer a private banking service which is night and day different than what most consumers are getting.

What's the cutoff for that, usually? $5,000,000 USD?

No, it’s like $500,000.

I’m sorry I said net worth but I meant total amount deposited/invested.

Chase is big and boring and seems ok.

Although, worryingly: https://twitter.com/jimcramer/status/1634222320398086145

I wonder why people want something that isn't boring when it comes to some things like a bank in this case. I don't want hassle, I want something simple and boring that does exactly what it's always done. I don't want to think about it. If it's so boring I forget it exists but it enables my life then it's doing a fantastic job. Boring is quite good when it comes to banks.

Investments, maybe you want something that isn't so boring.

People have reported good things about using a brokerage as a bank. Fidelity and friends have associated banks.

Or use a boring credit union.

Ally? Seems good enough

capitol one , ally

Ally

Discover bank?

Your local credit union.

There's a greater chance of your money staying in and supporting your community...versus probably not even staying in the country.

Policies are driven by needs of members, not investors/shareholders.

You have a much "louder" voice about policies, offerings, etc - possibly even able to attend board meetings, for example.

Despite you saying "online only is preferred", it's really nice to be able to, when you have a problem, be able to walk into your local branch to familiar faces and get help by people who remember you and give a shit about you. At a prior CU I was on a first-name basis with the assistant manager and they would do things like clear checks faster, waive an occasional fee, etc.

If my local CU had competitive interest rates I would stay there. But their best savings accounts are still only a pitiful 0.16% interest. I'm in the process of moving most of my money out of there.

It depends, if online only I would honestly just go with a brokerage like others suggested. If you need more traditional banking services then JP Morgan/Chase is the largest and also probably the most stable and reputable, but they do have a minimum balance for their checking accounts. They have an aura that surrounds them due to being very old and surviving the depression. Doesn't mean they would survive a depression today, but it's good advertising at least.

Local credit unions are an option but your mileage will vary. Often membership is not open to the public.