Best Bank for Investors?

Question

I have had it with Bank of america. They charge for everything possible right down to nickel and diming you for transactions that take five business days. As an investor quite frequently I need to wire funds to title companies etc and even in 2022 when all that is handled electronically, I'm still charged $30 each and every time. I get conflicting information from customer service even on the same phone call. And although this may be across many banks why are bankers hours of 9:00 a.m. to 4:00 p.m. still a thing? The whole rest of the working world works from 9:00 to 5:00 at minimum.

NerdWallet says Chase and Wells Fargo are the best for small business but who knows if companies pay for these promotions on the internet nowadays. What is everyone's experience with their own banks? There's the very small concern of the number of brick and mortars that I would need to go to but less fees and better customer service would make me drive a bit further to get large amounts of cash if I had to.

Scott M. · Answer

"First loan officer had a mental breakdown on the phone and wept violently then hung up"  Wow, sounds like a scene from a movie!

Todd Rasmussen · Answer

@Kristyn Grimes

Get paid dividends instead of charged fees and find a regional credit union.

Kristyn Grimes · Answer

Been there done that. I was with a local Texas CU for 11 years and last summer we tried to get a mortgage with them. Absolute nightmare. First loan officer had a mental breakdown on the phone and wept violently then hung up and said he'd call back (didn't). Second loan officer who claimed to be that guy's boss took over. He sent the appraiser out to the wrong house. Appraisal came back too low because that wrong house was dilapidated whereas our house was a total head to toe renovation. We couldn't figure out why the appraisal was so low but sent the "sorry we can't mortgage this house" letter and appraisal to the seller and their agent to get our earnest money back we were absolutely humiliated when the seller pointed out that the appraisal and comps were for the wrong house. Had a nasty three-way call with the lender who refused to admit his error, begin yelling at everyone on the call and ended the call by asking us if we were in the business of buying crack houses. Prior to making a complaint with NMLS we googled his name and it turns out he's actually the vice president of their mortgage department. Needless to say him and the basket case both lost their jobs.

Bruce Lynn · Answer

I don't like the big banks personally...but sometimes necessary evil.

Since you are in Houston you might look at Frost....or Amegy (or one of the Zion affiliates).  Might also look at Happy State Bank, IBC-International Bank of Commerce...if you need to go into a branch and if they have branches around you.

I've been at BofA for 40 years, but the last two years have been super painful with them.  I opened WF, but have not made the full switch yet.  I need branches in many small towns around Texas, so that's my trouble.  At one time BofA had a ton of branches, but they've closed many, too many, and the ones they left in my area are super understaffed....closed drivethrus, removed the live ATMs, fired many great tellers, etc.  They always ask if I have the app?   Like I can get cash from an app, or cashier's check.....executive office would never speak to me.  That's like 1/10th of the problems I had with them the past 2 years.

John Underwood · Answer

I use a mid sized bank. They accept cash deposits from tenants and provide free checks.

I doubt if these are near you, but I use South State Bank.

Todd Rasmussen · Answer

Okay, so maybe a little bigger than that lol. I've found a sweet spot with 5-25 branches to have lending ability plus conveniences like a usable website but still be small enough to give smaller borrowers some personalized attention, but it really comes down to preference. With business accounts you aren't going to find a big bank that doesn't charge for everything. US bank charges me based on how much my average daily balance is. The more money you have on deposit for them to lend out and make money with, the more you get charged. Can't figure that one out!

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