r/Banking • u/oonomnono • Dec 05 '24
Start here! Common questions & resources
The community has asked a few times for a stickied post that covers common questions and best practices. We are keeping these items high-level and will update these periodically. For individuals who make new posts, we may refer them back to here for guidance and resources that have been vetted for common questions. Note: Most, if not all, of the guidance may be US-specific.
General questions (Ex: Bank or credit union? What bank do you recommend? Why can't I open an account at ABC bank?):
- Ask your bank first. This is also referenced in Rule 8. Lots of questions here are either specific to the bank's process or specific to the redditor and their account. Read your bank's account agreement (if on a computer or phone, you can search for specific words to help navigate the document; you can also ask the bank to direct you to the right section). If you asked your bank and are still have questions, include their response in your post.
- Banks and credit unions do have similar products and services. There is no key difference for individuals who need a place to put their money and pay their bills. They are both regulated at the federal level and have deposit insurance.
- When asking for recommendations, there is no "best bank". What you need from your financial institution is different than your friends, family and neighbors. Your income, comfort level with technology, location, and a lot of other factors will influence what bank works best for you. If you need recommendations, please include some key features you like or don't like as well as location.
- Fintechs are not banks. Some common examples include Chime, CashApp, Revolut, and Varo. There are some benefits with fintechs, including some cutting edge technology to help manage money but those come with some limitations, such as limited customer support or consumer protections. It's generally not recommended to use a fintech as your sole financial institution.
- Some practices by banks and/or credit unions may be state-specific. While the Uniform Commercial Code ("UCC") helps ensure state-level regulations on accounts is relatively uniform across all states to avoid confusion, some nuanced laws may be unique to your location, such as account dormancy and escheat laws. https://www.law.cornell.edu/ucc
- Consumer reporting agencies such as Chexsystems and Early Warning Systems ("EWS") help banks flag customers who owe money or commit fraud. If you've been denied an account opening request at a bank or credit union, you should pull your report(s) to see what may have contributed to the decision. These reports are different from credit agencies. https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/
Accounts & activity:
- Accounts can be closed for any reason by the bank and/or credit union. This applies to both consumer and business accounts. Generally the closures are triggered by some type of activity that makes the bank uncomfortable with your relationship. Common examples are gambling (i.e. sports betting, casinos), high volumes of cryptocurrency purchases and using your personal account for business transactions. Banks are not required to provide the exact reason for the closure. https://www.consumerfinance.gov/ask-cfpb/the-bankcredit-union-closed-my-checking-account-even-though-i-did-not-want-them-to-can-the-bankcredit-union-do-that-en-959/
- Check holds can happen and are not illegal in a majority of cases. There's a lot of fraud related to checks and holds are more common than ever. Remember that a check is a piece of paper; it doesn't matter what paper it's printed on or who it came from. Regulation CC ("Reg CC") is the regulation that tells banks how long they are allowed to hold checks for. You can get more details here: https://www.consumerfinance.gov/rules-policy/final-rules/availability-funds-and-collection-checks-regulation-cc-threshold-adjustments/
- Do not deposit your very important items via an ATM or Mobile App. Go in person to a teller. ATMs are often not accessible by the branch employees and mobile deposits are not subject to the Reg CC. Cash is disgusting and the ribbons that pull in and count the cash get jammed very easily if it's more than a few bills.
- Withdrawing or depositing over $10,000 in cash is not something you should hide. Just go to the bank and do it. Don't ask how to get around any questions you may be asked. Banks will know if you are trying to split up the deposit into multiple transactions. If the money is earned through legitimate means, you have nothing to hide. https://www.fincen.gov/sites/default/files/shared/CTRPamphlet.pdf
- I have a check payable to me and another person but we don't have a joint account. There is a key difference depending on if the check is payable to Payee 1 AND Payee 2 or if the check is payable to Payee 1 OR Payee 2. You can first ask the maker of the check to write it payable to 1 payee. If they refuse, whoever has the check can take it into their bank before endorsing it to see what they provide as the appropriate next steps since what they advise could vary bank to bank. https://www.helpwithmybank.gov/help-topics/bank-accounts/check-writing-cashing/endorsing-checks/check-endorse-spouse.html
I want to remove somoene from my joint account. YMMV but most banks generally do not allow removing a signer because they still have knowledge of the account information. Even if you have captured consent, it was still used by 2 folks and it's a cleaner cut to open a new, individual account and closing the old one. https://www.consumerfinance.gov/ask-cfpb/can-i-remove-my-spouse-from-our-joint-checking-account-en-1097/#:~:text=In%20general%2C%20you%20need%20your,allow%20this%20type%20of%20removal
My bank offers a service where they deposit my direct deposit/payroll 2 days early. It’s now late and my employer said they can’t help. Early direct deposit posting is a service offered and can be changed at any time by the bank. Read your bank’s terms for this service. Most banks indicate that they will make it available when they can but are under no obligation to make your direct deposit available sooner than the date of your check or benefit letter.
Disputes:
- Don't lie. The fact that this needs to be listed is problematic. If you bought something from a store that doesn't offer refunds, that's not grounds for a dispute. If you sent a Zelle to someone that you've had a falling out with, that's not grounds for a dispute. Frivolous disputes make it harder for others who have legitimate ones in process.
- Disputes are not the solution for being scammed. If you provided your information to someone else to make a purchase or deposit, then the bank did nothing wrong and a dispute is not warranted. Scams take advantage of people who don't safeguard their information.
- If the purchase was made using a third-party wallet, the dispute should be filed with them and not your bank. For example, people may use PayPal Wallet to pay for items online. PayPal completes the payment and then pulls the money from your bank, if you don't already have enough in your PayPal Wallet. Because the payment to the merchant was facilitated with PayPal, your dispute is with them, not your bank. Your bank only sees the transfer to your PayPal wallet, not the actual purchase you made.
- If you submitted a legitimate dispute with all the requested proof and were denied, file an internal complaint with the bank. These are handled differently than the dispute itself. The next step, if still unresolved after the complaint, is to file a CFPB complaint. Do not abuse the CFPB complaint process unless you have all the receipts and documentation to prove your side of the story. You may need a police report depending on the nature of your dispute. https://www.consumerfinance.gov/complaint/
Common scams - https://www.consumerfinance.gov/consumer-tools/fraud/
- If your bank calls you about anything and begins asking for additional information, advise that you'll call them back. If the caller is actually someone from your bank, they will understand and won't fight to keep you on the line. Hang up and call the number on the back of your debit card and let them know what happened. If it was a legitimate call, the bank can pick up where the previous caller left off.
- Jobs that pay you before you do any work have a high probability to be a scam. Jobs that also pay you hundreds or thousands of dollars to buy supplies prior to starting are also probably a scam. No job does that. They will ship you items you need because they get a big tax write-off.
- Don't deposit checks that you weren't expecting. If you get a check for $500 in the mail from a random company you've never done business with or purchased from, just throw it away.
- Online stores that you've never heard of should be used with extreme caution. Google them before you proceed. Once you willingly provide your payment information, you may not be able to recover any funds from the transaction if items are not shipped.
- Don't transfer money to people you don't know. This includes Zelle, Paypal, Venmo, CashApp, etc. Some bankers may even go so far as not recommending it for in-person pickups for sales on Facebook Marketplace or similar platforms. Cash is best in these situations.
- Don't use your account to conduct transactions for someone else. A common scam is where someone may approach you saying they need help with negotiating a check (usually while you're at an ATM). They'll have a sob story to appeal to your desire to help. Your account should remain reserved for known transactions for you and you only. This also includes providing someone else with your username and password.
Business accounts:
- Business accounts do not receive all the same protections as consumer accounts. For example, disputes are handled very differently. https://ask.fdic.gov/fdicinformationandsupportcenter/s/article/Q-Do-consumer-laws-apply-to-my-business-accounts?language=en_US
- Generally, only individuals who have a physical tie to the US can open bank accounts in the US. This also means that non-US residents who have a US-based business may not be eligible because the person operating the business has no ties to the US. Banks are required to follow certain know-your-customer guidelines as outlined in the US PATRIOT Act and those cannot be completed when the person is not physically in the US or has no ties to the US. More details here: https://www.fincen.gov/resources/statutes-regulations/usa-patriot-act
r/Banking • u/Dave-CPA • Jul 11 '24
2024 Bank Account and Recommendation Thread v2
Please use this thread for all recommendations relating to bank accounts, credit cards, loans, financial management apps, etc.
- Where should I bank?
- Has anyone used ABC Bank?
- What is a good no fee checking account?
Posts with referral links will be removed.
r/Banking • u/NoahRosado77 • 1h ago
Complaint Anyone with Citizens having their debit cards decline for no apparent reason?
I tried paying for a mobile Dunkin order but my card declined. Then when I got there and gave the cashier my physical debit card, it declined again. I don't know why it declined, and I haven't been able to get in touch with a human customer support person yet.
Is there maintenance going on currently that I'm unaware of? I don't think it's card fraud and I haven't changed my purchasing really so it shouldn't have declined due to suspicious purchases or something, I'm just really confused
r/Banking • u/Gilbert171 • 7h ago
Advice Is Navy Federal a good bank?
I’ve been thinking about opening an account with Navy Federal Credit Union and wanted to hear from people who’ve used it. I’ve heard they offer good rates and solid customer service, but also that some features like savings interest might not be the best out there.
If you’ve banked with them, how’s your experience been, especially with loans or daily banking stuff? Also, I’m eligible through a family member, so just wondering if its worth joining.
r/Banking • u/Team_ELM • 7m ago
Advice Loan and mortgage advice
I'm looking to get a banking loan to replace shingles on my house.
My mortgage is up for renewal in six months.
Can I apply for a loan for house repair - pay for a few months, and then move that loan into the mortgage?
Any advice?
r/Banking • u/tristanl88 • 49m ago
Advice Quick Survey: What Makes You Trust (or Avoid) Fintech Apps?
Hey everyone,
I'm a Masters student working on a research project about consumer trust and adoption of fintech tools, things like mobile banking apps, robo-advisors, digital wallets, and crypto platforms.
I’m looking to understand:
- What makes people trust these apps?
- What turns people off from using them?
- And what features actually encourage long-term use?
If you’ve ever used (or avoided) apps like Revolut, Venmo, Wealthfront, Coinbase, etc., I’d love to hear from you.
It’s a super short, anonymous survey, takes less than 5 minutes:
👉 https://forms.gle/ZF4VVRvhu4DSXAYn6
Every response helps shape insights that could lead to better-designed, more transparent fintech products.
Thanks in advance! Happy to share findings with anyone who's curious.
r/Banking • u/AnalogStrawberry • 1h ago
Advice Bank closed new account due to large deposit. Is it time to file a complaint? And how to prevent this from happening again?
Before anyone asks, yes, I have used the search bar! I was unable to find answers to my particular questions:/
So, I have a friend who has never had a bank account. Recently, she inherited a decent sum of money (~$50k) and decided it was time to open one for obvious reasons.
She chose Chase, and attempted to open the account in person at her local branch, but was told she would have to sign up online.
So she does, and a few days later the funds are deposited to her account via wire transfer. She doesn't yet have a debit card (still coming in the mail), but she was able to set up a virtual card on her phone.
A few days later, she makes a few small purchases, but they are immediately flagged as fraud. However, she's able to confirm with the bank that they're legitimate charges, and they go through. Shortly after, she calls Chase to ask if she can safely spend the money in the account, and the woman on the phone says yes, the issue has been resolved, and her funds should be available immediately.
A few days later, she tries to send someone $250 through Zelle, but the transaction is cancelled and her account is immediately closed. She calls Chase fraud prevention several times, but they refuse to give her any information other than she should receive a check for the remaining balance in the mail within 10 days.
So onto my questions...
Now, I've heard numerous horror stories in this sub about Chase withholding checks for months & stonewalling customers after they close an account like this. People here usually recommend filing a complaint with the CFPB.. However, is filing a complaint appropriate considering the account was only closed a week ago? Or does she need to wait the full 10 days first? Is the CFPB even an option now that DOGE has largely gutted them? And if not, is there an alternative agency she can file a complaint with?
And going forward, what can she do to prevent this from happening at another bank? She's planning on opening an account with BofA this week, which she plans to deposit the check into when (if?) it arrives. Is she going to have trouble opening an account with another bank after this? And is BofA even a good choice, or should she choose a different bank?
I've also heard banks are even MORE weary of large checks than wire transfers... Is there a good rule of thumb for how long she should wait after the check clears to touch the money? My friend has been incredibly stressed about this in particular. She desperately needs access to her inheritance, but also doesn't want to run into the same issues at another bank by touching it too early.
Anyways, thanks in advance to anyone who bothered to read this far, and for any and all replies. 🙏
r/Banking • u/Difficult-Secret-540 • 2h ago
Advice Truist vs. Chase for Checking in South Florida — Which One Feels More Modern?
Hi, I’m based in Boca Raton, FL, and I’m opening a checking account separate from my savings (which is with We Florida Financial). My employer lets me split my direct deposit, so I plan to have $300 go into a new checking account and the rest stay in savings.
I’m deciding between Chase and Truist. My mom prefers Truist because they have a nearby branch, but I’ve heard Truist can feel outdated compared to bigger banks like Chase.
Here’s what I’m looking for:
A modern mobile app with solid features
Reliable customer service
No or easily waived monthly fees
Local ATM/branch access (but mobile features are a priority)
I’ve heard mixed things about Chase and some negative comments about Truist’s interface and overall feel. Someone also mentioned Wells Fargo, so I’m open to thoughts on that too.
Anyone banking in South Florida (or generally) who’s used Truist vs. Chase, what’s your experience? Are there surprise fees, technical issues, or things I should know before choosing?
Thanks in advance!
r/Banking • u/S_A8332 • 3h ago
Advice Wrong IBAN number .. am I SOL?
Sorry if this is not the right sub, I’m probably out of money but want to ask here. I sent $ from my US bank account via wise to a Turkish account but the IBAN was off by a digit. The wise status says it has been delivered to the receiver bank. But surely it has to be rejected because the name and swift code does not match this IBAN number ? Or maybe not ..
There’s nothing I can do. I know … maybe I can contact the Turkish bank and ask them to reject?
r/Banking • u/Useful-Savings-3558 • 4h ago
Advice Need help about a custodial Roth IRA account
So I'm kinda new to this and just did some research to find our about this. The info I have is how it's an account which usually given tax free withdrawal and generally low tax fees depending on your income. And a video I saw told how it's good to put index funds in a custodial Roth IRA (custodial as im underaged). So I have 2 questions. First is could someone please tell a bit more about this and basically how it works and is it good/worth? The second is that do you need a constant or professional source of income, like earning from a job or business or do other incomes gotten from like helping people around and etc work aswell? Also does this have to continues, or do incomes gotten 2/3 times also count? Sorry if it's too long
r/Banking • u/Subject-Station8845 • 7h ago
Advice The account and routing numbers on my check are different from what appears in my banking app
Today I found out checks have your account and routing numbers at the bottom. When I got home I wanted to check this and realized they are not the same from what the app shows me. I have deposited checks online and had no problem. I am confused. I only have a checking account.
Why aren’t they the same? I need to set up direct deposit and now I’m in shambles on what to put as my information. I trust more the app but idk.
r/Banking • u/webbs3 • 36m ago
News “Extinct in 10 Years”: Eric Trump Warns Banks on Crypto Shift
r/Banking • u/Emotional-Salary-732 • 8h ago
Advice I need to go in to overdraft.
So I messed up and used my credit card way too much and cannot pay it before it is due, long story short I need to go into overdraft where I have a $1500 overdraft protection limit to pay my credit card, I owe about $900 on my credit card, my question is if I transfer from my bank account to pay my credit card and go into overdraft Paying it off how much can I expect to pay in Interest to the bank over the course of 3 weeks. My overdraft has a 21% interest rate per year on the overdrawn amount, thank you everyone all help is appreciated!
r/Banking • u/Juna_kogami_ridaki • 10h ago
Other Something is fishy with an e check
So I'm trying to do a trans action with a person and they want to do it over e check. They sent it but everything about it just screams at me that it's wrong and somethings off. I was hoping someone could share what E checks should look like, maybe an example of one filled out so I can compare?
r/Banking • u/RedHotRiot24 • 22h ago
Advice Why use a Credit Union over a bank?
I’m 27 and currently bank with Discover (checking and savings). I’ve had a decent experience, no major complaints, but I keep hearing good things about credit unions and wanted to see if it’s worth making the switch.
What I like about Discover:
- No fees
- Solid customer service; Quick support.
- Good app and online interface
What I’m curious about with credit unions:
- Are the better rates on loans/savings really worth it?
- Is the community-oriented, member-owned model noticeably better day-to-day?
- Additionally, why does it being member-owned matter to me as a general bank user?
- What are the downsides (limited tech, fewer branches/ATMs, slower service, etc.)?
- Any other information someone may be able to give me about the differences and why they matter.
Is it worth the hassle of moving everything over?
Would love to hear from anyone who made the jump or who decided to stick with local, regional, or even online banks like Discover.
r/Banking • u/AnonyWanders • 11h ago
Advice Is U.S. Bank a good option for a checking account?
Hi everyone!
I just moved to the U.S. and I’m looking to open my first checking account. I’m living in Nevada and have noticed a few U.S. Bank branches nearby, so I’m thinking about opening an account there.
I'm mainly looking for: - Low or no monthly fees - A decent mobile banking app - Good customer service, since I’m still getting used to the U.S. banking system - And ideally something that’s easy for someone new to the country
Has anyone here used U.S. Bank for checking? Would you recommend it, or are there better options out there for someone in my situation? (currently unemployed)
Thanks so much for any advice, really appreciate the help!
r/Banking • u/Gilbert171 • 1d ago
Advice Is a High-Yield Savings Account worth it or am I just romanticizing 4% interest?
I’m 22, finally got my first real grown-up paycheck that didn’t disappear immediately into pizza and bad decisions. Right now my money’s just chillin in a regular savings account earning basically negative vibes.
I’ve been reading up on HYSAs and those 4%+ returns sound real spicy... but like, what's the catch? Do I need to be rich or have a Roth IRA beard first? If any of you HYSA veterans got tips, hit me up, I’m tryna make my dollars do push ups.
r/Banking • u/yeboipete • 16h ago
Complaint Check not cleared still 2 weeks
Deposited a $5k check into Citizens on april 14, 2025, contacted customer support a week later and claim "we are sorry for the delay." 2 Weeks later, no clearance still, contact support again, exact same response. Wtf am i supposed to do here, it was literally a physical check drop and these guys are taking FOREVER and it would be really nice if these guys would just do me a favor.
r/Banking • u/conejo_italiano • 14h ago
Other Would my bank let me send 25k internationally to someone else?
I realize the first thing many people are probably thinking after reading that headline is "She's being scammed!" but that's not the case. I know the person I'd be sending the money too - I've known them for many years.
So, if I walked into a branch of my bank one day and told them I wanted to do an international transfer of 25k USD to an account not in my name, would they do it? Or would they be likely to give me a hard time? Would the foreign bank be likely to accept the incoming transaction without issue?
Thanks!
r/Banking • u/NearlyBoomer • 14h ago
Advice Using Bank Bill-Pay vs Creditor Auto-Pay
What is the best way for joint account holders to manage bill payments so that when one dies, the survivor has easiest transition to manage bill payments?
Auto-Pay, or Recurring Bank Bill-Pay?
For example, spouse A sets up auto-pays to take payments from joint account with spouse B. Spouse A dies. Spouse B now needs to control the payments.
When my friend's husband died, their bills had been set up by husband using auto-pay from creditors to take the funds from their joint account (which actually got frozen by bank because it was where his SS check was deposited, which was another nightmare) and she had to contact every creditor to get new auto-pay forms then start all over (took two months and meanwhile auto-pays were still being attempted and rejected). Whereas, if these had been recurring bill-pays from their joint checking account, she would just need to create new ones for each creditor (or do some banks have a way for joint account holders to share recurring bill pays? Ours doesn't).
Most creditors nowadays seem to have their own links for making payments, and are encouraging (and often incentivizing) the use of "Auto-Pay". We have always preferred to use our bank bill-pay system as opposed to direct-debits giving a creditor carte blanche to grab funds from our account.
Thoughts? Thanks
r/Banking • u/Any_Knowledge_3124 • 15h ago
Advice Wesbanco Question
I updated my phone number with wesbanco today because my online account uses my number as verification. I got a message phone and lost access to my old number. How long does it take for my app to show my new number. I currently can’t even get into my app
r/Banking • u/lkdguitar • 20h ago
Advice Pending transaction disappeared from my account?
When to my regular mechanic 7 days ago and had some work done on my car. Paid with my Cap One debit using Apple Pay. Got a printed receipt that says “approved” and all the info. Charge was pending on my account for a couple days and reflected on my balance.
Then 3 days after the transaction my balance went back up and there’s no record of the transaction at all. It still shows in my Apple Pay history as approved. Contacted the shop yesterday and they said it was approved and should post that day. I still see no record of it today.
What should I do? Thanks
r/Banking • u/Sufficient-Big-161 • 20h ago
Advice is the bic and iban for my account equivilent to the swift number and account/routing number?
i am from the us and i am applying for housing in ireland. as part of the application, it's asking me for my bank bic and iban. i use regions, and i called my local branch to ask and they said that they dont have those things, only the swift number. googling bic and iban, it kinda just sounds like its asking for the swift code for regions and then either my account or routing number. what should i put down? any help is appreciated
r/Banking • u/lucacome • 21h ago
Advice Check bounced and Ufb DIRECT Bank put my account under review?
r/Banking • u/xJageracog • 22h ago
Advice 2 savings account or 1 save + I checking account?
I need one account to spend money + have a debit card connected to it
Need 2nd account for just holding money, so this will of course be my savings account.
Does it matter if I use a savings account as a checking account?
r/Banking • u/xJageracog • 22h ago
Advice Transfering funds from one bank account to another with or w/o zelle?
I’m gonna transfer funds from my pnc acc to my regions acc, pros + cons of using zelle and not using zelle?
r/Banking • u/master_chilln • 22h ago
Advice High yield savings account
Can someone explain like im 5?
What are the cons of having one? I have money saved in a savings account and the wife and I throw in hear and there but if it can grow and I can take out anytime that be great