Author Topic: Good Local Bank  (Read 5820 times)

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Offline USCTrojanCPA

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Re: Good Local Bank
« Reply #15 on: April 04, 2017, 11:03:38 PM »
What a joke...might as well buy short term treasuries.  Or I can make 1 options trade and make 1% with basically no risk.

Do you hold $0 in cash at all times? Most conservative folks minimally hold 3+ months' expenses in cash. You can earn ten-times more interest on this cash in a net bank, than you will earn in a brick and mortar depository institution.

I have as much of my money working for me as possible at all times.  I keep very little in my checking account, I maintain liquidity in my brokerage trading account.  When I need money, I'll transfer it to my checking account. 
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Offline USCTrojanCPA

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Re: Good Local Bank
« Reply #16 on: April 04, 2017, 11:08:47 PM »
What a joke...might as well buy short term treasuries.  Or I can make 1 options trade and make 1% with basically no risk.

USCTrojanCPA -

I have no free time at the moment... so options would probably not be a good strategy for me.

How much of a hassle are short-term Treasuries these days?  (Hopefully, the current system is far more efficient than the Legacy system of yesteryear.)

Most brokerages will be able to allow you to buy very short term treasuries and provide you a checkbook and/or debit card.  I trade with TDAmeritrade and they have a local Irvine branch so you should go in there and talk to someone in there.  I just ACH between my brokerage account and checking account and funds come in and out in 1 business day.  The type of trading is not for the faint of heart or wallet and you have to be approved to do it (selling naked options), it's definitely for at-risk capital only.  But as they say, no risk...no rewards.  :D
Martin Mania, CPA
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714-747-3884 cell

Often imitated....Never duplicated!
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Offline best_potsticker_in_town

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Re: Good Local Bank
« Reply #17 on: April 04, 2017, 11:44:09 PM »
I heard Banc of California is looking for customers

Offline SoclosetoIrvine

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Re: Good Local Bank
« Reply #18 on: April 05, 2017, 10:01:41 AM »
I would stay away from Wells Fargo for basic banking due to recent scandals
I love Chase credit cards but would stay away from their regular banking as they LOVE cold calling late at night

My personal banking is at US bank which feels like a credit union in ways

I put my non investment savings in American express savings account.  I get .90 apy on a money market there.  Really good customer service.  No issues on sending out wires to escrow (no wire fee)... only downside I guess is it takes 2-3 days to transfer from American express to your linked bank account if you need the funds but keep your "buffer" funds in your regular checking and you won't have any issue. 

 

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