Want recommendations for a bank in Cleveland area.  Want to open a checking account and may be get a home loan in the future.  I am not happy with my current bank for a couple of reasons despite the fact that they offer an attractive convenience.  Thanks.       

Welcome to the forum! I think this may be one of those questions where if you ask 100 different people, you'll get 100 different answers.

 

That said, would you prefer a smaller bank that may have more personalized service (but less branches/ATMs), or would you prefer a larger bank that may not have personal service but can offer the latest technology, and more branches/convenience etc.? Do you need a bank that has experience with foreign transactions, or simply domestic?

 

I think most banks are probably going to look very similar on paper, and there's not much difference between them but it's those little details that will help determine which one is a better fit for you.

Is it important to you that your bank is locally-owned?  If so, I'd recommend Third Federal.  It guarantees the best rates on mortgages, and is know for paying higher interest on savings accounts.  Its online banking is better than any other bank that I've patronized.

I agree with MayDay.  They're all about the same when it comes down to it.  If one was consistently egregiously bad, they wouldn't still be around.  If one was head-and-shoulders above all others, most people would know about it.  I think it depends on what you want from a bank and what's important and not important.  Some people want tons of ATMs where they live and work and shop.  Some focus on no fees, no matter what.  Some want free checks. Some want good investment return, etc.

 

I bank with Charter One but the only reason we use them instead of anyone else is because of their megarewards program.  They're also one of the last places I know of that will give you free checks (no choice of design, but we don't care about that). We spend money anyway, and this is an easy way for us to get rewarded for spending money with a flexible way of using the rewards.  Each november we cash in our reward points (I think it's one point for each dollar spent and then you "shop" via an online catalog for what you can buy with the points) and get gift cards which we use to buy Xmas gifts - places like Bed, Bath & beyond or Borders or even restaurants; this minimizes our holiday gift-giving costs.

I heard from folks that Third Federal is a good choice, particularly if one is interested in a home loan. 

 

The plan is to open two accounts; one with a smaller bank that offers personalized service but less conveniences (in terms of ATM locations, multiple branches etc.) and the other with a larger bank that has many ATM's but crappy service.  I need a recommendation for a smaller bank. 

Less conveniences, PARK VEIW FEDERAL. only one branch in city of Cleveland W110 & Clifton(base in Solon)

Great Home loan services and rates. Third Federal (they use Key Bank's ATM's) 

For a smaller bank with a lot of personalized services, credit unions often offer another take on the lending community. They're often very customer-oriented, as their missions are to provide the greatest degree of high-quality services to their members as possible. Again, though, it depends on where you live. For me, living in Asiatown, Noteworthy Federal Credit Union is a great option, as they're located close to me (1900 Superior) and their mission is to serve the arts community, particularly musicians. Among other things, for instance, they specialize in loans for musical instruments, which are often incredibly difficult to obtain through a conventional lender. Plus, they're great people. Another great organization is ShoreBank Cleveland, which uses bank deposits to make investments in community development in several east side neighborhoods. There are a lot of great mission-oriented institutions like these, and I've found that they tend to be very responsive and helpful. It basically comes down to where you're located (i.e. if you're not going to have plentiful branches/ATMs, is there an organization like this close to where you live or work?) and, for credit unions, whether you qualify as a member (typically, depending on what type of credit union it is, you either have to live or work within a certain geographic boundary or have a particular occupation, such as teacher or firefighter).

I have been using Key Bank for 22 years (it was Society Bank then).  The only screw up was something that I should have known better about.  I would recommend them.  Branches and ATMs are quite convenient.

Thanks folks.  My 2 cents to this thread is to consider avoiding doing business with institutions that have arbitration clauses in the account agreements. 

Unfortunately that's very common with most banks - it's their way to prevent losses should someone decide to ligitate.

Credit unions and the banks recommended above, Third Federal and Park View, do not have arbitration clauses, I believe.  The clauses are like foxes guarding the hens.  More about arbitration clauses, at the link below.

 

http://www.senate.gov/~feingold/issues_arbitration.html

 

Update:  I found that Park View Federal, https://www.parkviewfederal.com/Default.asp provides more of what I am looking for than Third Federal  but this may vary for others.   

I am strongly considering a move to a Credit Union or smaller bank.  So much I read about bigger banks makes me think banking with them is worse than shopping at Wal-Mart.  Only to be done with heavy doses of guilt.