[OT DFW] Bank recommendations?

Check out Frost, I've been with them for 15+ years without any issues.

www.frostbank.com

 

I've been w/ both Chase and BoA for more years than I can count, never a problem w/ BoA. About 3 mos ago I had Chase freeze a savings account of mine because of 'inactivity'. They kept telling me the only way to get it open again would be to visit the branch where I opened it, in 1994. That branch is near the job I had at the time, and not convenient to me in any other way. After about an hour on the phone, with me offering assurances that if I came to their office, I'd be closing the account, I finally got it corrected.

The sad part is, I largely ignored that account until they froze it. It was emergency money. During the fiasco, I realized how little they were paying me in interest, something like .0025%. I moved the large majority of that cash yesterday. If they had left the account alone, I never would've paid attention.

I had a business account with Wells Fargo for a few years, I had no complaints. I went there because their biz acct fees were pretty low.

 

Angie used to work in banking,

I highly recommend Frost

Also Southwest Securities

Both banks are small and very customer oriented.

As far as national banks, I highly recommend WAMU. I have multiple business accounts and Angie finally moved our home accounts to them.
They have been most helpful with all kinds of situations.

 

I also had multiple construction accounts with Wells Fargo, I HATED them personally. They would put random holds on any deposits over 5k sometimes up to 15 days. They cant override the computer and the holds do not reflect the account usage. They would sometimes even hold money deposited from their own (wells fargo)banks Interim financing loans!

It was a huge pain when I would deposit a 15k check and then right checks to subcontractors and they would bounce checks because there was a 15 day hold even after the check cleared the other account... Done with Wells Fargo!

On a positive note, Wells Fargo was the FIRST bank to approve Interim financing for me when I was a new construction company.

 

Since you're in Southlake you might visit First Financial. They are a mid-size Texas-based bank about $3B in assets. Good outfit, well run.

Chase can do private banking pretty well based out of FTW.

 

2nd on Frost......Very local feel, considering their actual size.

Another, even smaller, bank to check out is Ft. Worth National. I've been running several business and personal accounts there for about 5 years now, can talk with the president (Bruce Davis) or V.P (Brenda Grissom) easily, and on a personal level.
817 927 7730

 

I have all my business accounts set up with Capital One and have been very happy so far with there customer service.

One of my clients with an 89 Mondial is one of the VP's with Cap1 and has been very helpful in getting me anything and everything I need to get started up.

Josh

 

Sorry to hear about your troubles. I work for Wells Fargo, and obviously recommend them. Please PM me if I can help you out.

As a private banking customer, I get great service. Not sure how much of that is a result of my employment and title.

Having worked for a number of the top 5 US banks, Wells is the most customer (and employee) focused that I have known.

And to the OP, PM me if I can refer you to someone at Wells who can help you.

 

Hi Rob,

If you don't need a local branch, at the moment, try Third Coast Bank. It is a small community bank that values the smaller customer.

http://www.thirdcoastbankssb.com/

There are plans to open a Dallas branch in the near future. For now, they can provide a machine for remote check deposits so you'll never have to leave the house.

 

Nothing bad to report, I've been very happy with them.

Rob I'll give you my contacts name, he's one of the VP's there and has been the most helpful person with getting me where I need to be with everything. He's also a member of this forum if I'm not mistake, he's got a Mondial and Quatroporte I take care of, he's a real good guy.

I'll PM you the info.

Josh

 

I'm reluctant to put any money in a large bank these days, does anyone have knowledge of a solid local bank? By knowledge, I mean first hand info that the bank is fiscally responsible and financially stable.

 

You might look at Legacy Bank, hq in Plano, but with branches over the north part of Dallas, Allen and McKinney. I have been banking with them since the late 90's and have always gotten good service. The Chairman and largest stockholder is Pat Shelby, who just happens to be Carroll Shelby's son. PM me and I'll give you the name and phone number of my officer.

 

Rob,

I understand your perspective. We have several accounts with them as well. Over the last several years we've developed a personal relationship with one close to my house, and the officers there. Let me tell you, those people have made things happen that no other bank could have done. I'm talking signatures delays, money transfer issues, international wires, and a dozen other services. The day we stepped into the bank, is the day things changed, and changed for the better.

I too have been with them since 94 so I know what you're talking about in terms of the changes etc. We have a great relationship with them on a local level and it has changed "EVERYTHING".

Have you gotten to know your people? I'm not talking hanging out in the lobby having coffee and chatting up the tellers, but stepping in the officers' offices and letting know who you are and what you do. My wife knows them well and man does it make a difference. I don't live far from you so know I'm not on another planet.

Cheers,

 

If you have issues with the maximum account size and insurance concerns, going non-interest bearing gives you unlimited coverage by the Feds. Or you can diversify into other banks. Community Credit Union, now Viewpoint Bank has really good customer service and has a great reputation as a loaner at great rates. I know the President in Plano that has done some great things for us in the past. Credit Unions generally charge less for services and pay more interest, on bearing accounts, that is.

Banks and credit unions each have their advantages. I worked on the money management side, managing money for both entities and was able to see the spreads they operated with on the cash side (don't ask me to go into detail).

 

There are many good small banks in your area (Rob's) start with First Financial Bank in Southlake. If you want more names let me know. Frost is also good.

 

OK here are the preliminary results from the Fed's stress test on the banking situation;

J.P.Morgan/Chase, Goldman Sachs, Metlife, American Express, New York Mellon Corp and Capital One Corp. will not be required to up their reserves. However the following banks have some liquidity problem. Bank of America must address a 34 Billion shortfall, Citigroup a 5 billion shortfall, Wells Fargo a 15 billion shortfall (but I wouldn't dismiss Wells Fargo since Warren Buffet has so much interest in them) Morgan Stanley a 1.5 billion shortfall and GMAC a 15 billion shortfall. There are six other regional banks and bank holding companies that have not completed their tests but preliminary examination does not bode well for two of them because they have no Preferred stock that can be converted in the event of immediate capital requirements

Remember WAMU is now a JP Morgan holding.

Personally I have done business with Chase for years but the secret is to get to know one of the VP's because they can address your questions and actually get something done.

 

Sovereign Bank is a regional bank that has a branch in Southlake. They are very stable.

 

I used to bank with Sealy.
But am now with Chattam and Wells.

Seriously; find the largest most stable "small" bank that you can yet still have lunch with the Prez if you want.
I got lucky when my small bank got et by Wells Fargo and I still have that, now a VP's, cell number.

 

We have banked with Chase for about 10 years now. They have taken care of us quite well on a couple of occasions where I screwed up and they really did not have to help. But they did. The one in Southlake on Southlake Blvd next to Kroger really protected me about four years ago. Afterwards I took the VP a few pictures from FoD and Risi Comp. As long as I was working in Southlake and banking there you would have thought I was their #1 depositor after spending some time with him. When I transferred and stopped banking there he called me wanting to know if they had done something to upset me and what he could do to correct it.

He is no longer there as I went in there a few months ago to drop off a deposit and asked for him. He moved to Dallas.

Since they took on Wamu they have convenient branches all over the metroplex. Makes it pretty handy wherever you are. I bet there is even a branch near MSR.

 

Anyone use Chase for overall asset management?

They're super-convenient, we've had accounts with them through several reincarnations over 30 years. I now have a single small-expense checking account there.

Bulk of our financial assets are with Morgan Stanley; however, our well-liked FA left for Merrill, who I'll never do business with.

MS is a good firrm, but location is very inconvenient and our replacement FA doesn't seem to give a rat's ass about conservative older clients...he likes to churn 'em up.

Advice/experiences regarding Chase mucho appreciated!