Banking away from WAMU
The Average Man got his very first bank account at WAMU, way back when it was GW. Since moving to SB, I've often contemplated moving to a smaller, local bank, but with no specific complaints, also never found a reason or the time to actually do it.
But with the collapse of WAMU and buyout by JPMorganChase™®©, now seems like the time. While the Average balances are way under the $100K FDIC insurance limit, WAMU's sub-prime scamming pisses me off, and besides, bigger is hardly ever better when it comes to customer service. So the Average checking and savings are gonna go local.
Unfortunately, I have no clue which one to choose. Santa Barbara Bank & Trust seems to have a lot of branches around, and hey, it's got Santa Barbara in the name. But yesterday I saw an ad for Montecito B&T that says they don't charge for ATM use anywhere, which would be nice. And now that I've been looking around, I see others, like Community West, Mid-State and Los Padres.
So I need your help -- if you use a locally owned bank, how do you like it? Are the locations convenient? If you've had a problem, how's the customer service? How's the online banking? Any other reasons to choose one over another? Thanks in advance!
On another subject, the Average Man needs no help choosing his new favorite restaurant: SLY'S in downtown Carp. The Exceptional Wife and I shared dinner there last week and it was PHENOMENAL! There's nothing super fancy on the menu, just comfort foods. But everything was made with quality ingredients and what seemed like incredible attention to detail. The onion strings were impossibly light and crispy, the filet mignon chili nice and spicy (but not too hot), and the scalloped potatoes 'n' cheese was nothing short of love in a dish. After we split two unbelievable desserts, I felt like I might explode, but man was it worth it. Mmmm mmm mmm!
On second thought, forget the bank, we're just gonna spend all our money there.
posted by TheAverageMan @ 12:18 PM
15 comments
15 Comments:
Investing in dinner sounds like a very good strategy!
Check out the Golden 1. They have excellent customer service. They used to let in only state employees and relatives of state employees but they have expanded to include everyone I believe. They've managed to keep a small-bank feel. One way you can see if a bank is healthy or not is by comparing their return on CDs or savings. The higher the rates, the worse the banks are. Golden 1 seems to have low rates. You don't have to pay an ATM fee at any other credit union.
The smaller regional banks should do fine since they sold loans to larger banks, washing their hands of the subprime mess.
I belong to a credit union. You could look into that?
We use Arvest, but I think it is only OK, AR, MO. They better not go under, they are tighter than Dick's hatband with their loans.
I'm with TL, I've had a Credit Union account for decades and never had a problem. You'll get the best rates there too. I think they are run in a no-profit like manner though I forget the details...Keypoint is in the Camino Real Marketplace.
Mid-State doesn't exists anymore. Now they're Rabobank, and that's about as far from local as you can get. If it's customer service you're looking for, try Bank of Santa Barbara or American Riviera, if it's convenience, try Montecito B&T or Santa Barbara B&T.
I just opened up an account at American Riveria bank yesterday! They are relatively new, 100% locally operated (and owned, I think) and because they don't do home loans have been left unscathed by the whole crisis. They were incredibly personable and opening an account was easy. Since they only have one branch, they refund you for use of other ATMs. Four times per card per month.
Rabobank has retained all of its local employees and locations, however! We have banked with them for about twelve years, and they are friendly and treat their customers well, with plentiful offices from Atascadero to Camarillo. Every once in a while we have some issue to deal with, and they have always gone out of their way to accommodate us. Worth looking at, in my opinion.
I like RaboBank too. I was a long time Mid-State customer, and wasn't sure about the buyout. But when I researched RaboBank - found they are ranked one of the safest banks in the world, provide for environmental "green" loans, and have locations in tons of other CA cities and other countries which I can use when I travel. This alone serves me so much better than just having a bank that is local. My branch still has the same staff, who are all really friendly and super responsive to me. So I'm happy there...
American Riviera Bank is great! Only one location that I'm aware of, but their customer service is exceptional and their online banking is easy to navigate.
I've been at Santa Barbara Bank and Trust for 12 years or so and really like them. Their savings rates are a joke so I keep our savings in an online high yield account elsewhere, but they do have a 5% CD right now. I find they have great customer service, the locations are convenient and the online banking is great.
We had a WAMU account too that we closed a few years ago after they took 2 weeks to clear a big local check. Also it never felt like a bank in there, but that I was at Best Buy or something. I want my bank to feel like a bank.
JP Morgan Chase is a pretty good bank, so you may want to stick it out with them. They will have some pretty good rates probably and they are pretty rock solid, having scooped up some of these flameouts lately.
Check out Bank of Santa Barbara. It is small and locally owned.
Rabobank is a Dutch co-op bank, but is as locally focussed as any other bank in town. You will notice they are more involved with community outreach and local non-profits than any other and are a true community bank. They now have 82 branches in California. Moreover, they have been rated the 4th safest bank in the entire world. That says a lot. Like Motecito Bank & Trust, they are privately held and in this volitile market, is also very appealing.
My husband and I have been with Santa Barbara Bank & Trust for ten years and have always felt that we've received top-notch service in person and online. We just invested in the 5% CD offered. Highly recommended by us and our dog, Bailey, who loves the doggie bones given out at the bank!
Just switched to Community West Bank after being with SB Bank+Trust for 16 years. HIGHLY recommend the change!
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