Navy FCU vs. Fidelity vs. Ally?
We can arrange 1 direct depo/mo into the account.
We need basic checking with auto bill pay, atm, etc.
This is for a spending account for a family member who is on fixed income and not great at money management. We're helping transition from a small local credit union that is just raking him over the coals in fees.
He travels internationally a little, orders items from overseas frequently (his current credit union is a pita about overseas charges), and doesn't keep much balance in the account. Thoughts? From my research it looks like it breaks down so:
Navy Federal Credit Union -- Best Brick & Mortar Option
(He is eligible).
No monthly fee, $1 for use of out-of-network ATM (plus whatever that ATM charges), overdraft fee $20, max 3/day, only if overdrawn by more than $15,
Advantages: Local brick-and-mortar branch; 24/7 customer service; largest credit union in the country; can do cash deposits, deposits available next business day on most deposits, excellent financial health.
Disadvantages: Fees higher than other options, limited free atm options, no refund of ATM fees.
Fidelity Investment -- Tied for Best On-Line Option
No monthly fee; no minimum balance; no fees to use any atms; no nsf/overdraft fees (but does not pay checks that cause account to go negative).
Advantages: Refunds ATM fees charged to you by any ATM anywhere in the world; globally accepted and recognized as credit and atm card (rated best international atm/debit card); 24/7 customer service (very highly reviewed); earns interest; ach deposits (his monthly check) show up instantly; free checks; very well reviewed bill-pay/ebill system; excellent financial health; holders can apply for the best AMEX card available 2% cash back.
Disadvantages: No cash deposits (but can work around this pretty easily); check deposits can take 2 days to clear (under$2500) or up to 4 days to clear (over$2500); no brick and mortar location; a little cumbersome to set up at first, but excellent operation once set up; overdraft protection must be "self-funded" (via another account or line of credit) -- more likely that they will actually return checks and not send autopays that cannot be covered by the account.
Ally Bank (The Other Best On-Line Option)
No monthly fee; no minimum balance, no fees to use atms, $9/item overdraft fee, max 1 fee per day, +1% fee for foreign transactions, some minor fees for rare customer service stuff like replacement atm cards, etc.
Advantages: Refunds ATM fees charged to you by any ATM (at least in the US); Very low overdraft fees, 24/7 customer service, earns interest;
Disadvantages: No cash deposts (can work around); More fees than Fidelity; less international acceptance; good but not great reviews; used to be GMAC and some concern about financial stability from leftover investments.
I appreciate any experience or input you all might have and am also open to other suggestions.
Oh, one other thing, he keeps odd hours so he needs someplace with 24/7 (or at least weekend and late night) live customer service reps (this eliminated USAA and some other options).