http://secretlyironic.livejournal.com/ ([identity profile] secretlyironic.livejournal.com) wrote in [community profile] davis_square2012-03-19 05:06 pm
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Eastern Bank Checking: Requirements change for Wainwright customers

Eastern Bank will be eliminating the Wainwright free checking plan on 4/2/2012. The primary options for regular folks are:
* "Free" checking: No monthly fee, you pay for a book of checks. ATM fees are zero for Eastern Bank ATMs, $2 for SUM ATMs, and (Edited for clarity) for non-SUM ATMs, it's $2 plus the host bank's fee.
* "EZ" checking: No monthly fee if you use your debit card to purchase stuff at least 15 times per month, OR maintain an average balance of $1,500. $10 per month if you don't meet the other requirements.

I think those requirements are obnoxious. Anyone care to make independent bank suggestions?

[identity profile] teko.livejournal.com 2012-03-19 09:37 pm (UTC)(link)
I've had good service and been quite pleased with my switch to Cambridge Savings Bank a few years back.

[identity profile] whowehavetofear.livejournal.com 2012-03-19 09:37 pm (UTC)(link)
I really like Cambridge Savings Bank. There isn't one in Davis, but there are locations in Porter Square, Inman Square, Harvard Square, Arlington, and more. I've used them for almost ten years and have never had a problem.
Edited 2012-03-19 21:38 (UTC)

[personal profile] ron_newman 2012-03-19 09:39 pm (UTC)(link)
However, be aware that Cambridge Savings is no longer part of the SUM ATM network.

[identity profile] whowehavetofear.livejournal.com 2012-03-19 09:46 pm (UTC)(link)
Yes, though they do have account options where they'll pay you back for out of network fees. Admittedly, I rarely use ATMs or cash and typically just go to a CSB ATM if I need cash.

[identity profile] jenskot.livejournal.com 2012-03-20 04:03 am (UTC)(link)
Also love CSB, and the fact that as stated below, they always reimburse me for ATM fees. Such a pleasant surprise to have money given back each month after all the years of BofA stealing from me!

[identity profile] maelithil.livejournal.com 2012-03-20 12:56 pm (UTC)(link)
Seconded. They refund me up to $25 in ATM fees a month, which is more than plenty.

[identity profile] maelithil.livejournal.com 2012-03-20 03:23 pm (UTC)(link)
Annnnnd, I misread. I do not use Cambridge Savings Bank, I use Cambridge Trust Company. Which rocks.

[identity profile] emcicle.livejournal.com 2012-03-20 12:10 am (UTC)(link)
while I also find it obnoxious, what's the problem with option #1? I mean, you pay for your checkbooks now, don't you? Is the difference the $2 SUM ATM fee? (I admit I rarely use my ATM card anywhere but the bank...)

I'll probably switch to the EZ checking for now, and then look around at other options...

[identity profile] hammercock.livejournal.com 2012-03-20 12:29 am (UTC)(link)
Yeah, the whole point of being in the SUM network was that you were supposed to be able to access your cash without fees. What's the point now? Eastern still is convenient for me because it's near where I live and work, but when I'm out around town I have to pay to use what used to be a free network for me? Grrr.

[identity profile] boblothrope.livejournal.com 2012-03-20 03:23 pm (UTC)(link)
The SUM network only eliminates fees charged by the ATM. Your bank is still able to charge a fee, and most SUM banks do for their basic accounts (of the ones I've looked into).

[identity profile] vonelftinhaus.livejournal.com 2012-03-20 03:31 am (UTC)(link)
Century Bank

[identity profile] yakshaver.livejournal.com 2012-03-20 01:17 pm (UTC)(link)
I haven't paid a fee to Cambridge Trust in the 20 years I've banked there. ISTR there was a minimum balance to open the account; I also seem to recall there was a time when I had to maintain a minimum balance of like $500 (or at least, I thought I did) to keep the account fee-free

[identity profile] clevernonsense.livejournal.com 2012-03-20 01:19 pm (UTC)(link)
Obvi not local/independent, but I've had ING checking for several years now and I love it. I've never paid a fee, got a $50 bonus when joining, and you can use almost every one of those sketchy convenience store/gas station ATMs for free (their atm finder iphone/android app is somewhat essential though).

As an aside, we're also shopping for a community bank in our local area--be aware that almost every bank will offer a $100-200 bonus reward for joining at times, so don't be hasty and keep an eye out for promotions (Cambridge Savings Bank used to offer a $200 savings bond)

[personal profile] ron_newman 2012-03-20 01:29 pm (UTC)(link)
I've had money in ING too, but they have just recently been sold to a parasitic institution called 'Capital One'.

[identity profile] boblothrope.livejournal.com 2012-03-20 03:28 pm (UTC)(link)
My experiences with Capital One's online savings account and credit card have been fine.

I got the credit card because they're one of the few banks that don't charge a fee for transactions in other countries. And I kept using it because their 1% cash back reward is easy to use. You can get it as a credit on your account, whenever you want, with no minimum. Most other cards have a $25 or $50 minimum, and some will only send you a paper check.

However, their savings account's interest rate is no longer competitive.

[identity profile] littlecitynames.livejournal.com 2012-03-21 12:23 am (UTC)(link)
I just switched to ING but I'm looking for another bank because of the Capital One crap.

[identity profile] andy1818.livejournal.com 2012-03-20 01:29 pm (UTC)(link)
Hi folks....Andy from Eastern Bank here. I wanted to pass along a press release that we recently issued to the media. It details the all of the benefits (some not mentioned in this thread) of our new checking account, eZ Checking:

Link: https://www.easternbank.com/site/about_us/newsroom/2012_archive/Pages/release_031412.aspx

Pasted below:

Eastern Bank launches new checking account that makes it easy to avoid ATM fees

eZ Checking offers greater access to more ATMs without fees

BOSTON, March 14, 2012 – Avoiding fees for simply using an ATM is a whole lot easier with today’s launch of Eastern eZ Checking, a new checking account tailor-made for active debit card users and those who want the savings and convenience of no-fee ATM withdrawals.

“Eastern Bank understands that convenience and access to ATMs without paying a fee is very important to our customers,” said Eastern Bank’s Joe Riley, executive vice president, Director of Retail and Business Banking. “Eastern eZ Checking is a simple solution for debit card users who do not want to pay a fee for withdrawing cash from an ATM.”

Eastern eZ Checking offers totally free access to more than 100 Eastern Bank ATMs and more than 5,000 SUM® ATMs. Additionally, Eastern Bank will not charge eZ Checking customers to use another bank’s ATM (every month, Eastern Bank will reimburse eZ Checking customers up to $10.00 worth of ATM fees that other banks may charge when withdrawing cash).

eZ Checking also offers all of these benefits:

• Free Online Banking with Bill Pay;

• Free Mobile Banking;

• Free e-Statements;

• Unlimited check writing.

To be eligible for eZ Checking, customers agree to receive their monthly statement electronically in an “eStatement” AND make 15 debit card purchases per statement cycle OR maintain a $1,500.00 monthly balance. Otherwise, the monthly account maintenance fee is $10.00.

About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent and mutually owned bank in New England, with $7.6 billion in assets and more than 90 branches serving communities from the Merrimack Valley to Cape Cod. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers’ needs so it can deliver these services in a committed and personal way. Eastern Bank includes Eastern Wealth Management and Eastern Insurance. For more information, visit www.easternbank.com or www.facebook.com/easternbank.

[identity profile] djethan.livejournal.com 2012-03-20 04:21 pm (UTC)(link)
Can you clarify if "15 debit card purchases" includes both POS (credit card) purchases and debit purchases? Some merchants ask you to choose one or the other, while others only handle traditional credit card purchases.

[personal profile] ron_newman 2012-03-20 05:00 pm (UTC)(link)
On this page it says "1. PIN or signature purchases only. ATM transactions excluded."

[identity profile] andy1818.livejournal.com 2012-03-20 05:22 pm (UTC)(link)
Yes, here's the answer:

Both PIN and Signature purchases count towards the 15 debit card transaction requirement. ATM transactions do not count towards the requirement.

Hope this helps,

Andy

[identity profile] ukelele.livejournal.com 2012-03-20 06:02 pm (UTC)(link)
OK, props to you for engaging in the thread.

[identity profile] andy1818.livejournal.com 2012-03-20 06:10 pm (UTC)(link)
I enjoy participating in these discussions because we are committed to transparent communication at Eastern Bank.

Often times, some of the information posted here is not 100 percent accurate, including some items related to Eastern Bank in this thread.

If you have any questions about a checking product, this is a great page that spells out everything in an easy to read table:

https://www.easternbank.com/site/personal/banking/checking/Pages/checking.aspx

Thanks,
Andy

[identity profile] fefie.livejournal.com 2012-03-21 01:19 pm (UTC)(link)
Local bank recommendation: East Cambridge Savings. I have my mortgage with them and have had a checking account with them for many years and am happy with the service. They have a branch on Highland Ave (across from 02 Yoga) and couple in Cambridge.

(I also have savings in ING Direct and am looking to move it for reasons expressed by others.)

[identity profile] in-parentheses.livejournal.com 2012-03-21 11:39 pm (UTC)(link)
I agree; this is annoying. Thanks for posting, [livejournal.com profile] secretlyironic; it wasn't clear to me how big a shift this was from the letter I just got from Eastern.

I never use my debit card, preferring the rewards my credit card gives me. And I use SUM ATMs all the time, since I never got charged a fee by Wainwright. I don't think "the bank would like me to" is a particularly good reason to change either of those behaviors. Time to switch banks again, I guess. Grrr....