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  • #16
    I opened a money market checking as a secondary account that I use for a few select transactions each month at PNC and overall have been happy with their service. Hopefully they will get the snafus taken care of and you will like it. I'm older so the crappy online presence as resident_1 mentioned is probably right up my alley, ha.

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    • #17
      Originally posted by VagabondMD View Post
      Since this change to the local bank I moved our personal bank to the same bank. I now have a personal relationship with a banker, and when I have an issue that needs attention (establish home equity line of credit, wire transfer, account question, CD inquiry, foreign exchange for travel, log-on problem, etc.), I call or email her and always get a prompt response. I am sure that I pay a little bit more for this service and convenience (in lower interest rates), but having the peace of mind that if there is any problem or question for anything that I have an actual person to call that knows me and I know her. There are some other minor perks (free safety deposit box, participated in a medical advisory board for 10+ years, invited to various seminars and receptions and such), and thought the bank has grown considerably, both locally and across the country, now in six states, the personal touch has, so far, not been affected one bit.

      I think that you have found a potential similar situation. To others, chances are you know people in the banking business (from religious affiliations, kids' activities, hobbies, etc.) that may work for a smaller bank. It would be wise to connect with these people and see what kind of relationship that you could develop which could improve your level of service, both professionally and personally. For BofA and similar large banks, we are nobodies.
      I used to be with Nations Bank before they merged and became BofA. When I was a lowly paid attending in the 90's the Nations Bank service was adequate. But as I became a med practice owner they did not care much and were starting to nickel and dime every little thing.

      I never chase for the 0.1 vs .01 vs 1% interest rate. For me the services that you enumerate matter. The manager replies promptly to my emails. If the checking account becomes low he uses my authorization given to move money from savings / money market to cover those checks. He removes bounced check fee where the fault is the patient had insufficient funds to cover their check. Any other issue is taken care of by phone / email or in person. Free notary / bank stamp. Free safe deposit box. All these make me worth the money lost in those tiny interest rate improvement, and make me a somebody instead of a nobody,

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      • #18
        My original bank then called compass was directly across the street from my hospital. It had an area called the professional association that was open to business owners. Lots of services and no waiting in line. This went away a couple of mergers ago. I stayed due to inertia. Sometimes you need a reason to change something that is working even if imperfectly. I plan to fund the tiny bank this week and will enjoy the extra personal service.

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        • #19
          Originally posted by VagabondMD View Post
          For many years, I have banked with a local bank, which at the time, had about 6 branches where I live and another 4 across the state in the other large city. We starting doing our business banking with them because they courted physician practices and other small businesses. We moved from Bank of America, where we ended up after our original local/regional bank relationship shifted after a series of mergers over 5-10 years. We stayed because of the inertia of staying. We were largely ignored by BofA and felt that as a business client, they would be just as happy if we buggered off.

          Since this change to the local bank I moved our personal bank to the same bank. I now have a personal relationship with a banker, and when I have an issue that needs attention (establish home equity line of credit, wire transfer, account question, CD inquiry, foreign exchange for travel, log-on problem, etc.), I call or email her and always get a prompt response. I am sure that I pay a little bit more for this service and convenience (in lower interest rates), but having the peace of mind that if there is any problem or question for anything that I have an actual person to call that knows me and I know her. There are some other minor perks (free safety deposit box, participated in a medical advisory board for 10+ years, invited to various seminars and receptions and such), and thought the bank has grown considerably, both locally and across the country, now in six states, the personal touch has, so far, not been affected one bit.

          I think that you have found a potential similar situation. To others, chances are you know people in the banking business (from religious affiliations, kids' activities, hobbies, etc.) that may work for a smaller bank. It would be wise to connect with these people and see what kind of relationship that you could develop which could improve your level of service, both professionally and personally. For BofA and similar large banks, we are nobodies.
          Interesting. Bigger is not always better is it? I got a call from the banker who opened my account to pick something up and 3 people came to help me when I walked in the lobby. As it stands now I have only deposited $100 in the bank.

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          • #20
            Every time a bank I'm using gets bough out, I move locally. Fortunately, it's not difficult to find great local service here in western KY. Wondering what I'll do in Nashville, but probably keep the local bank here and use a bigger bank in Nashville for convenience there. I cannot stand using the mega-banks.
            Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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            • #21
              I realize we are out of the norm but we have multiple real estate loans with multiple LLCs and have accounts in 5 different local banks and one mega bank. There is always a right of offset you sign with a bank loan that gives them access to your accounts if the loan gets in trouble. To avoid the issue with one loan possibly endangering the others we spread the risk.

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              • #22
                Originally posted by jfoxcpacfp View Post
                Every time a bank I'm using gets bough out, I move locally. Fortunately, it's not difficult to find great local service here in western KY. Wondering what I'll do in Nashville, but probably keep the local bank here and use a bigger bank in Nashville for convenience there. I cannot stand using the mega-banks.
                No shortage of regional and local banks in Tennessee. New ones sprouting up like kudzu.

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                • #23
                  Originally posted by tylerjw12 View Post

                  No shortage of regional and local banks in Tennessee. New ones sprouting up like kudzu.

                  Great - lmk if you have any good rec's (or PM me). Definitely what I will use.
                  Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                  • #24
                    Hm. I can't speak about the zero assets, Hatton, but super scary.

                    I am at a mega bank after switching there from getting an ongoing run-around about ticky tack fees at a regional bank. It seems like ages ago, but I used to go in to the neighborhood branch for forex, deposit checks, and to do some account management with my kid; although not greeted by name, I was always recognized and I saved a couple dollars in the process.

                    I don't really need high touch customer service, but my point is that you can still culture that with a local teller/banker. To a degree...when I went to close my mortgage, they told me to make an appointment because the banker was busy. I wonder if that would have happened with the little guy?

                    Sooner or later your little bank will sell out to a big bank and your accounts will once again be in limbo!

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                    • #25
                      I will take this opportunity to blast BoA. They are a dumpster fire. I had a mortgage through them and they screwed it up in almost every way imaginable from beginning to end. They didn't even DO MATH CORRECTLY, which you think would be important for a bank. I literally had to bust out a calculator and walk the dingbat on the other end through the math step by step to get them to realize the down payment I gave them initially was, in fact, correct. They literally could not figure out how to multiply 5% by the price of the home (it was a physician mortgage).

                      I could go on in detail from everything to poor autopay system, to being lied to about my options when setting up my loan, to terrible customer service across multiple departments, to a poorly designed website, and more, but I shan't.

                      I cannot believe they are in business, much less a major player in the banking industry.

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                      • #26
                        tylerjw12
                        New ones sprouting up like kudzu.
                        love that TN-centric metaphor.

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                        • #27
                          Originally posted by G View Post
                          Hm. I can't speak about the zero assets, Hatton, but super scary.

                          I am at a mega bank after switching there from getting an ongoing run-around about ticky tack fees at a regional bank. It seems like ages ago, but I used to go in to the neighborhood branch for forex, deposit checks, and to do some account management with my kid; although not greeted by name, I was always recognized and I saved a couple dollars in the process.

                          I don't really need high touch customer service, but my point is that you can still culture that with a local teller/banker. To a degree...when I went to close my mortgage, they told me to make an appointment because the banker was busy. I wonder if that would have happened with the little guy?

                          Sooner or later your little bank will sell out to a big bank and your accounts will once again be in limbo!
                          I plan to keep 2 banks now.

                          Comment


                          • #28
                            See if you have a First Republic near you. I messed up and pulled some $ out of a linked account I have with them a while back. They called me, allowed me to "fix it" the same day with an ETF and didn't charge me an over-draft. I've been impressed with them from the start, but this was not what I was expecting.

                            FR will give you a personal banker. The ATM rebate account is no fee as well. As banks grow, they lose the personal touch. Good luck!

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                            • #29
                              Originally posted by jz- View Post
                              tylerjw12

                              love that TN-centric metaphor.
                              Works for KY, too - perfect comparison.
                              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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