Need Advice Re Banking

[drgas]

Hello ALL,

I am a novice to investing.. etc. I have been following this message board for almost a year now and have learned a lot from them.

I am just finishing my school and will start my job next month. I plan to transfer between $ 2K-$5K every month.

Thank you everyone for sharing your wisdom and experiences. I have the following questions.

Which US bank should I open and account in ? (I have one with BOA. Should I open one with WAMU? PLease advice. )

Which is the best bank in India to open and acount with. (HDFC , ICICI, Citi, DB? I am looking for a bank that offers comprehensive services like NRE a/c, Demat A/c, Ability to buy MF's online, Good online support, good customer service. and MOST importantl a good INEGRATION of all the above services. I do know that most banks now offer these services but clearly no one bank has emerged as a clear favourite.) Please advice.

What is the best way to invest in mutual funds online?

Appreciate your input.

~ Dr. Gas

[RRK]

1. BoA should be ok. Unless there is something that BoA can't handle. Usually credit unions offer cheaper bank account services, with less frills. You may explore your needs with a credit union, if you wish.

2. I think ICICI would fit the bill for an intergrated service.

3. Buying mutual funds online. With ICICI direct account, you may be able to do that. But remember ICICI direct account is not available to US based investor. Also as US based investor investing in Indian mutual funds have some complications. Search for PFIC and learn about this in this forum.

If the Q is about US based mutual funds, open an account with Vanguard. You can buy/see online.

[vinod]

I would suggest using some smaller bank like a credit union instead of BOA. BOA is very unfriendly for some common things NRI's would need from time to time.

- When you want to bring in your parents and need the bank letter, it is a very cumbersome process and takes a really long time to get it.
- It is difficult, if not impossible to get verification that you may need for Treasury Direct account opening
- Lower rates on your balances than most credit unions

You may not need this right now, but it would be very helpful if you have an account at a credit union.

Vinod

[LLLLWhenR2I]

For US, I would vouch for BOFA...I have this account for so many years and their service is great...No wonder year after year they win award for best customer service....They are always first to implement technology. Be it online banking, security or Portfolio service......They have stretched their portfolio service to an extent that you can view your email headers from different accounts apart from credit cards, bills, mileage reards, other financial institution data etc......

I trust their security and that's why I have everything consolidated at on place.

For India every bank is same.....I open with SBI & hearing stroes about ICICI etc....I think I made a wise choice.....Although SBI site sucks...something or the other will not work...For forgotten password an email will not come, Theu will do ACH verification for no reason (propbably for changing email address).....and that's why...I wrote all banks are same....Personal Experience vary.

[RRK]

I started with credit union and was happy with it for long time.

Only when I started planning my return, I opened account with BofA and I am happy. If you plan to r2i, banks provide better international service, compared to credit unions - who are mostly geared to service local needs.

[welcome10001]

I started with credit union and was happy with it for long time.

Only when I started planning my return, I opened account with BofA and I am happy. If you plan to r2i, banks provide better international service, compared to credit unions - who are mostly geared to service local needs.[/quote]

Does BoA have online wire transfer facility? This is one feature I do not have at wells fargo, otherwise i am happy with them. this is very much needed for R2I's. Also, does BoA have wire transfer charges?WF charges $32 per transfer regardless of dollar amount

[R2Mum56]

I recommend to keep your account with BofA as usual and keep min balance to avois fees. This will ensure you the access to ATM, cash, Debit and checks. Divert rest of funds to online savings account like ING or HSBC. No frills but better interest.

For India, I am using ICICI for past 6 years. No major problmes. Had some issues with M2I registration, but once I solved it, everything else is good. ICICI will give protection of Big Bank with similar / better services in most cases. Best, they have wide acceptance when you go home for vacation.

[drgas]

Thank you for your reply. I was thinking about WAMU ... they have free wire transfers. About Indian bank... maybe HDFC migh be a good option. I might invest in Shares in India against using Mutual funds,, Not sure as yet. Need to do some more reading.

Thank you

DrGas