Comments on: Too Many Banks

By: TFB

TFB — Wed, 19 Nov 2008 23:11:42 +0000

Meg – Sorry about that. Corrected the spelling.

By: Meg

Meg — Wed, 19 Nov 2008 22:15:14 +0000

Actually, we spell them "chequing" accounts. "Checquing" looks too darn hard to pronounce.

I still get gouged on ATM and overdraft fees, though. Maybe I need to start looking into some of CIBC's competitors.

By: Ted

Ted — Mon, 17 Nov 2008 18:30:40 +0000

Note that the US also has a disproportionate number of banks that are "too big to fail" and we have so many little guys eager to get in the game. That tells you something is/was wrong right there.

By: DJ

DJ — Sat, 15 Nov 2008 02:20:13 +0000

I can't agree more. And it seems we are in for more, much more, thanks to TARP. Basically, any troubled entity wants to convert to a bank to qualify for TARP. We had MS and GS become a bank holding company. Hartford Insurance is considering to become S&L and even cities.(http://calculatedrisk.blogspot.com/2008/11/hartford-hopes-to-become-s-access-tarp.html)
So what's next? Where does it end?

By: TFB

TFB — Wed, 12 Nov 2008 20:02:43 +0000

simplesimon – I have been using Fidelity mySmart Cash account for over a year. I'm still very happy with it. I never have to worry about ATM fee or overdraft fee.

By: simplesimon

simplesimon — Wed, 12 Nov 2008 18:10:01 +0000

That's a crapton of banks!

I'm interested in seeing some sort of chart laying out what percentage of individuals in the USA bank where. Why do people choose smaller no-name banks/credit unions? Why don't big banks like BoA, Wells Fargo, WaMu, and etc offer better rates? I'm sure they know what kind of services people want. Fees suck.

I just started digging around the Boglehead forums for more info on mySmart Cash accounts at Fidelity. From the posts in January-March, reviews seem mixed. How do you like them now? I thought about just closing my WaMu online savings and free checking for a Fidelity money market fund and a mSC account.