Bank to open Checking Account

[Fuzzyjourneyfan]

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.

[retiredguy123]

You can use your out of state checking account. And, if the bank has branches in Florida, you don't even need a new bank. But, if not, I think Citizens First is probably the most convenient bank in The Villages because it has the most branches in the area and it even has some ATM machines at the local postal stations where you will be picking up your mail. Note that Citizens First is a local bank, not to be confused with Citizens Bank, which is a national bank.

[John_W]

...

[retiredguy123]

A couple of years before we moved from Maryland we opened an account with Sun Trust since we had a branch very close and they are all over Florida. There's one on bank row off 466, one in Wildwood on 301, a drive-thru only on 441 in Lady Lake and a one in Lake Deaton Plaza on 44 near the new areas. We had our direct deposits and everything go there, so we never had an interruption in our income.

We still use Sun Trust after ten years here, they just merged with BB&T and will be changing their name to Truist. Soon we'll be able to use the BB&T at Colony Plaza on 466A.

The only other option I would recommend is the developer's own bank, Citizens Bank. They have several branches within TV, and ATMs at many of the mail stops. The problem is outside TV they have very little, I believe just one branch in Leesburg. When you have closing on your home and if it's with TV, they'll give you a Citizens account and check book, at least they use to.

Sun Trust at Lake Deaton Plaza on 44 near the new golf cart bridge

https://cdn.businessyab.com/assets/uploads/6a37661fcf4c80fa47dc783fc541b817_-united-states-florida-sumter-county-the-villages-kristine-way-750-suntrust-352-571-3180.jpg
I think you mean Citizens First Bank, not Citizens Bank. Two different banks.

[Stu from NYC]

We moved here just over a year ago and figured we would find a local bank.

Turns out we get a better deal with our old bank which is in Va so still with them for the bulk of our banking needs. Now that you can make deposits remotely and use a CC for everything little need for a local bank.

[manaboutown]

I retained my 30+ year old BofA account originated in CA which I can use all over the country. My Schwab account provides me with an ATM card I can use free anywhere, including at the convenient Citizens First ATMs peppered all over The Villages. Works for me.

[Fredman]

We opened an account at citizens first just in case we received a check we would have a place to cash it

[Nucky]

We use Fudpucker Savings and Loan. Freddie is the only employee in the branch.

Seriously we like Chase and don't like Bank Of America after the stunt they pulled at the beginning of Covid. It's not that they closed their branches it's that they didn't communicate anything, Zero.

Citizens were doing just fine until we had an issue on the weekend. Outta luck till Monday. Back to Chase. There is always someone to speak to at Chase. It may not be English on the first attempt but your not alone if something comes up.

[MickeyStevens]

We use a local New England bank for the bulk of our needs but also have a Bank of America account that we established back home. With online banking and the ability to deposit checks on line there is no need for a local Florida bank. It works for us others may have different preferences.

[Fuzzyjourneyfan]

We do put most things on a credit card, but I was thinking that we would need a check to buy a used car. Can you use an out-of-state check to buy a used car in Florida?

[Stu from NYC]

We use Fudpucker Savings and Loan. Freddie is the only employee in the branch.

Seriously we like Chase and don't like Bank Of America after the stunt they pulled at the beginning of Covid. It's not that they closed their branches it's that they didn't communicate anything, Zero.

Citizens were doing just fine until we had an issue on the weekend. Outta luck till Monday. Back to Chase. There is always someone to speak to at Chase. It may not be English on the first attempt but your not alone if something comes up.

Freddie is my third cousin three times removed but is a wonderful fellow even if he has a record in three states.

[John_W]

...

[davephan]

It’s important to have a checking account based in Florida, which could be a national bank chain because your former state of residency could use that against you to force you to pay their state income tax. Some states, like Minnesota, have residency “intention” factors”, which they use to determine your residency.

This is especially important if you’re a snowbird. Even if you are not present in the income taxing state for more than six months, they might still be able to force you to continue to pay the state income taxes, if you violate the residency “intention” factors, such as the location of your most active checking account, where your vehicle is registered, insured, and stored, gym club and church memberships, and other things. They might also have the “right” to know what you told your insurance company. They also can get your cellphone location records.

The most aggressive states for retaining their taxes are New York. New Jersey, and California. It’s important to protect yourself from an unpleasant surprise of having your former taxing state force you to pay their taxes.

Before we had our new Florida checks printed, we used our old Minnesota checks for a large item, a whole house electric generator, and smaller things like a chlorine to saltwater pool conversion. But we changed our address at our national bank and had new checks printed with our Florida address.

So, as some others said, it depends on whose accepting the check. Be careful about fraud and theft of checks, especially in Florida. Checks have much more risk attached to them than credit cards. It’s dangerous to carry around blank checks in your wallet!

[JudyLife]

We have a villa in Hadley but live mainly in the U.K. We use Chase Bank & find them particularly helpful & ‘user friendly’ internationally. We also use their Chase Visa Freedom credit card for purchases, great cash back scheme.

[DrBrutyle109]

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.
Go anywhere but Citizens!!!!

[dewilson58]

You can use your out-of-state account.
Check-out processing might be slow sometimes.
Change your address on your checks........it might be worth the cost.


All banks are good in The Villages.
Over the last 10 years, I have seen good & bad reviews on every bank & credit union.


Good Luck

[wbwolf]

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.

Wells Fargo is everywhere

[nick demis]

We just moved down and open with Citizens First. Their service caused us to open at 2 other banks hoping that one would be good. Both turned out to be very good. Citizen First will be the FIRST bank that we will discontinue. Maybe I was just used to the good service we had before moving here.

[bowlingal]

you can use your out of state checks...it just takes longer to clear

[bilcon]

Totally disagree that Citizens First Bank is not great. We have been with them for 13 years and have never had a problem. Many branches to pick from and they were one of the few banks that were open (inside) during the pandemic. We also use one of the local credit unions because I still have an account in a NY Credit Union and I can transfer money back and forth with no charge.

[richs631]

We do put most things on a credit card, but I was thinking that we would need a check to buy a used car. Can you use an out-of-state check to buy a used car in Florida?

Any bank, not a problem

[Pedrocarrasco01@yahoo.com]

That would be totally up to the dealer. If you have a trade, they might accept it. A cash only sale, probably not. Look on autotrader.com to find a car you might want, then call the dealer and ask for the finance manager and ask, what forms of payment will they accept.

They might have you bring in a certified bank check or financing the car might be easier, and then just pay it off the first installment. I did that on a car a couple of years ago. I had large sum of money coming in, but I wanted to look and maybe buy a car now. We did buy the car and financed it, so I didn't care what the arrangements were, as long as there was no early payoff penalty. When payment was due, I paid it off, but I had gotten the car right away.
Easiest way is to use a wire transfer from your bank to pay for the vehicle, that way the money goes straight into the Dealers Bank and there are no questions!!!! Or use a credit card to pay for it, I did once, the dealer almost had a conniption fit over it!!!!!

[Mayesville]

National bank with local branches. Able to deposit checks which exceed limits for remote deposit, cashiers checks, wire transfers, safe deposit boxes, and usually 24/7 customer service. Plus one-on-one assistance with account issues.

[Joe C.]

If you have a Chase bank account you will be OK.
If you go to Citizens First, and want to open a checking or savings account and give them $5,000 cash, they will want to know (need proof) where you got it from. Opening a bank account with them is a PITA.
Chase is good anywhere, and their ATM (indoors) is open 24/7.

[Bogie Shooter]

Totally disagree that Citizens First Bank is not great. We have been with them for 13 years and have never had a problem. Many branches to pick from and they were one of the few banks that were open (inside) during the pandemic. We also use one of the local credit unions because I still have an account in a NY Credit Union and I can transfer money back and forth with no charge.

I agree.

[Girlcopper]

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.
Charge card is easier and faster

[Lindaws]

Do a nation wide bank like Chase. We had no problem.

[laboutj]

If you have a Chase bank account you will be OK.
If you go to Citizens First, and want to open a checking or savings account and give them $5,000 cash, they will want to know (need proof) where you got it from. Opening a bank account with them is a PITA.
Chase is good anywhere, and their ATM (indoors) is open 24/7.

It's called KYC, Know Your Customer. Every federally insured bank has to collect that information for new customers.

[jabacon6669]

We moved to TV a few months ago. We continue to use our small community bank back in Ma. even when we moved to Me. All our income is directly deposited there. Do all our bill pay online with them, even for bills in Fl. Been with them for 50 years, the personal attention is the best. I can even deposit a check we receive here over our I-phone and have it in our account the next day. We really use cash for anything. but when we need it we use the ATM. It just bothers me to take my money out, and be charged a fee. But, I think they have feels ATM accounts now.

[dewilson58]

It's called KYC, Know Your Customer. Every federally insured bank has to collect that information for new customers.
Nope.
The reporting requirement is at $10,000.

[retiredguy123]

Nope.
The reporting requirement is at $10,000.
True, but, even if the amount is greater than $10,000, I don't think the bank needs to determine where you got the money. They just need to report the transaction to the IRS.

[cj1040]

We have an act in NH and one at Citizens in The Villages....we pay from either one...they are used to out of state checks. We were going to get a mortgage at Citizens so we did that before closing but then found better rates on line.

[dewilson58]

True, but, even if the amount is greater than $10,000, I don't think the bank needs to determine where you got the money. They just need to report the transaction to the IRS.
Yes & No............they need to know where the cash came from.......what type of transaction ie: RE transaction, personal services, debt payment, etc.

[Dr Winston O Boogie jr]

I retained my 30+ year old BofA account originated in CA which I can use all over the country. My Schwab account provides me with an ATM card I can use free anywhere, including at the convenient Citizens First ATMs peppered all over The Villages. Works for me.

My wife had an account with BoA. It was fine except they didn't have any golf cart accessible locations near us.

[Malsua]

We have owned in TV for several years now. We saw no particular need to change from our NJ bank which we like.

That said, Ebay changed their payment method and now requires access to a checking account. I was looking for somewhere to park money that didn't give Ebay access to our main checking account and I found Ally bank.

I have to say, I love it. No fee checking, you get a debit card and they pay a small bit of interest on balances as well. It has Zelle and transfers in and out have been a breeze. It also doesn't send up red flags if you transfer money into Crypto accounts like Coinbase or Kraken. It's an FDIC insured bank. My NJ bank cancelled those transactions on me 4 years ago. I would have had .2 bitcoin for $100!

Wire transfers are cheaper than my NJ bank and it has more features on the phone app than my NJ bank. Heck, even the picture taking for remote deposits is easier. Great bank! Banking, Investing, Home Loans & Auto Finance | Ally (https://ally.com)

[retiredguy123]

I like having a credit card issued by the same bank where I have a checking account. That way, I can discuss credit card issues with a live person. And, I can pay my credit card bill in a few seconds by just transferring money between accounts online from a single website.

[wmcgowan]

We do put most things on a credit card, but I was thinking that we would need a check to buy a used car. Can you use an out-of-state check to buy a used car in Florida?

I have used my credit card for automobile purchases - there is a limit to how much you can charge. ($2K?) However - It builds up point quickly that I mainly use for free rooms at Marriott when we travel- !

[Otis64]

jabacon——I, too, keep my acct in another state (with a credit union I’ve been with for over 40 years) because of their superior service. I also opened a BofA acct here in TV because I thought I needed access to all their ATMs and was unhappy about being charged when I used them. Found out from my CU that the ATM in front of Publix on 466 is part of a network that my CU belongs to & there is NO charge to use that ATM! Ask your out-of-state bank if they belong to the Co-Op network.

[laboutj]

Nope.
The reporting requirement is at $10,000.

Wilson you are usually right on the money with your posts, but I have to correct you.

It is true that the reporting requirement is anything over $9999.99 to the fed, that is for any transaction. When it's a new customer the bank has to collect all kinds of personal information, like source of funds, whether you're a politically exposed person, etc...... The bank has to know who they are dealing with and there are KYC and OFAC rules in place that they must follow.

[DAVES]

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.

A possible alternative. If, you have a brokerage account they offer free checking.
Were you to open a Florida checking account and use it to buy,"large items," you would need to have a large enough balance in the account so that checks do not bounce.
May be old news but a local check must be cleared by the bank in two days, an out of town check will take 10 days to clear. A credit card gives you many advantages including the right to cancel in 24 hours and more power to dispute any issues. The reason why some businesses refuse to take a credit card. IE the stereotyped used car lot that moves every week or three.

[Kay Hartt]

I moved here to TV about 5 years. I did my banking at BBandT in Greensboro, NC. I used the same account and just changed the addresses on the checks I ordered. Worked out fine on both ends. Then I suspected that some idiot from who knows where tried to hack me online. The BBandT just changed the numbers on my account and all's been well since. Kay.

[DAVES]

We have owned in TV for several years now. We saw no particular need to change from our NJ bank which we like.

That said, Ebay changed their payment method and now requires access to a checking account. I was looking for somewhere to park money that didn't give Ebay access to our main checking account and I found Ally bank.

I have to say, I love it. No fee checking, you get a debit card and they pay a small bit of interest on balances as well. It has Zelle and transfers in and out have been a breeze. It also doesn't send up red flags if you transfer money into Crypto accounts like Coinbase or Kraken. It's an FDIC insured bank. My NJ bank cancelled those transactions on me 4 years ago. I would have had .2 bitcoin for $100!

Wire transfers are cheaper than my NJ bank and it has more features on the phone app than my NJ bank. Heck, even the picture taking for remote deposits is easier. Great bank! Banking, Investing, Home Loans & Auto Finance | Ally (https://ally.com)

There is something magical about being able to speak to a local, human being.

I am in the process of dealing with a government organization. No phone that anyone will answer. Only option on line chat. You wait almost an hour. Your on line chat is with
#4008. You get no help. You get a note your time has expired. I do wonder if 4008 is human or artificial intelligence.

[Westie Man]

back in 99. She wanted an explanation from me and it felt like an interrogation. This was before the senior scams were common and I was not a senior.

[emb2458]

Citizens is the best. Pays the most interest. I switched to Chase. Terrible ATM and pays very low interest. They all don't pay much these days but I found Citizens First Bank is best over all. 352-753-9515

[Stu from NYC]

back in 99. She wanted an explanation from me and it felt like an interrogation. This was before the senior scams were common and I was not a senior.

Why in the world would she even ask for an explanation if you are known to the bank as a customer?

[Stu from NYC]

Our out of town bank has an arrangement where we are never charged for ATM withdrawals from any domestic bank.

Now that we do not use cash these days almost never have to take out from an ATM but it is nice to have.

[Westie Man]

Why in the world would she even ask for an explanation if you are known to the bank as a customer?

that's why I posted the story here over 20 years later.

[jjombrello]

I recommend Citizens First Bank. We did the same thing 24 years ago and have been very pleased with the bank and how it has grown.

[esteelenov]

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.

We moved to the Villages over 8 years ago and opened an account with Citizens First because of our mortgage. We prefer using Credit Unions. We found they are usually very friendly and most of the times there is no charge for checking and no crazy minimums. We refinanced our mortgage with them and got a much better rate! There are a lot of choices here, we have accounts with Vystar, Campus USA, and Fairwinds. All are Credit Unions. They offer the same things that regular banks do.

[Bogie Shooter]

[QUOTE=Westie Man;1917036]that's why I posted the story here over 20 years later.[/
///

[graciegirl]

We would and have chosen Citizen's First. Very trustworthy. Been using them for sixteen years now.

[kathyspear]

When it's a new customer the bank has to collect all kinds of personal information, like source of funds, whether you're a politically exposed person, etc.

What is a "politically exposed person" and how would being one affect a bank's willingness to allow you to open a new account?

kathy

[laboutj]

What is a "politically exposed person" and how would being one affect a bank's willingness to allow you to open a new account?

kathy

It wouldn't necessarily affect the willingness of a bank to open an account, it would affect things like whether an employee of the bank would be able to see the customer details.

[Villages Kahuna]

... just after you close on the purchase of your new Villages home, you’ll be scheduled to stop at the Citizens First new accounts desk right in the Closing Department. They used to open a checking account with a $25 deposit (one of the only “freebies” you’ll get from the Developer). Remember, among the variety of businesses owned by our Developer is the bank.

Actually, Citizens First is a pretty good banking choice. They have by far the friendliest and most extensive number of branch offices. And every mail station in The Villages has a Citizens First ATM.

[Janie123]

I have a Citizens First account as I used it for the ease of transferring the money at closing. I also like driving thru the ATM in my golf cart and they own the ATMs at the postal stations. Don't forget if you are going to license the car in FL, you need FL auto insurance before they will hand over the keys.

[Nell57]

We do put most things on a credit card, but I was thinking that we would need a check to buy a used car. Can you use an out-of-state check to buy a used car in Florida?

I was in a similar situation two weeks ago. I was purchasing a used car from a dealership in Orlando. (I am the first owner, but there are 4000 dealership miles on the car)
They would accept a check, but it had to be from a Florida account.
So I think you are right.

[lawgolfer]

The best way to pay for a large purchase, and take immediate possession of the item, is to make a wire transfer. Charles Schwab will do these for clients with an account. It takes only minutes and you do it at your own computer.

You need the routing number, the account number, and the name of the bank of the transferee(seller). The routing number is the first set of numbers at the bottom left of the transferee's check and the account number the next set. Be careful, as once you push the button, the transfer is made (actually, there is a human at Schwab who will be involved and errors can be corrected if done quickly). My sister-in-law once transposed a digit in her account number and I sent off funds to pay for a farm deal. Fortunately, the number she gave me did not match any account at the bank. However, my money circulated in the ether for a few days and her bank charged me a fee as if it was a bounced check.

Schwab offers this as a service without charge. In addition, Schwab offers free checking and debit cards. The only disadvantage is that it has neither cash at its offices nor its own ATM's. Instead, as another poster mentioned, you use other bank's ATM's and Schwab refunds their fee. I don't know if there is a minimum balance required in the account to qualify for these "freebies".

[Pairadocs]

I agree.

Also agree !

[manaboutown]

The best way to pay for a large purchase, and take immediate possession of the item, is to make a wire transfer. Charles Schwab will do these for clients with an account. It takes only minutes and you do it at your own computer.

You need the routing number, the account number, and the name of the bank of the transferee(seller). The routing number is the first set of numbers at the bottom left of the transferee's check and the account number the next set. Be careful, as once you push the button, the transfer is made (actually, there is a human at Schwab who will be involved and errors can be corrected if done quickly). My sister-in-law once transposed a digit in her account number and I sent off funds to pay for a farm deal. Fortunately, the number she gave me did not match any account at the bank. However, my money circulated in the ether for a few days and her bank charged me a fee as if it was a bounced check.

Schwab offers this as a service without charge. In addition, Schwab offers free checking and debit cards. The only disadvantage is that it has neither cash at its offices nor its own ATM's. Instead, as another poster mentioned, you use other bank's ATM's and Schwab refunds their fee. I don't know if there is a minimum balance required in the account to qualify for these "freebies".

I have used ATMs in many countries free with my Schwab ATM card. Lost a card in Turkey and they offered to overnight a new one to me for free!

[thelegges]

Haven’t been inside a bank in years. With mobile apps, you can deposit checks, pay bills, statements for tax purposes, and transfer money. We use Chase, and BOA, both in our home state had branches open in 2020.
We opened a Citizen’s First in 2010, but when I want to transfer money in or out the cost was outrageous. For tax purposes they are still paper statements. But many go for the popcorn

[PugMom]

We use Fudpucker Savings and Loan. Freddie is the only employee in the branch.

Seriously we like Chase and don't like Bank Of America after the stunt they pulled at the beginning of Covid. It's not that they closed their branches it's that they didn't communicate anything, Zero.

Citizens were doing just fine until we had an issue on the weekend. Outta luck till Monday. Back to Chase. There is always someone to speak to at Chase. It may not be English on the first attempt but your not alone if something comes up.

our BOA acct here is useless. the nearest atm is MILES away, & i agree with the poor service policy during covid. all we needed to do was set up an executor acct., & since my bro-in-law has worked there aprox 20yrs, i figured it would be easy. they even gave him a hard time, & we just ended up going with Fidelity. i'm using them & citizen's bank & can't beat them for convenience-they're just about everywhere here

[camaguey48]

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.
Community banks or credit unions.

[Dorebea]

Why in the world would she even ask for an explanation if you are known to the bank as a customer?

Banks generally have policies and procedures to protect seniors against Elder Abuse. If a known, senior customer makes a withdrawal that is out of their normal pattern, the teller may ask questions to screen for potential abuse (ie to determine if the customer is being scammed into giving money to someone).

So many regulations and policies may make a bank look like they are being too nosy but basically they are required to 1) Know their Customers (KYC) - are they who they say they are, not on a banned foreign nationals or politically exposed persons list etc , 2) know the sources and uses of funds to prevent money laundering, financing criminal activity etc. particularly with mortgages etc, the loan underwriting will inquire about the sources of all funds used for the down payment even if under $10k. as that is a potential venue for money laundering and 3) protect vulnerable customers from fraudulent scams.

[Dorebea]

What is a "politically exposed person" and how would being one affect a bank's willingness to allow you to open a new account?

kathy

From Google: a Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption.

[Jsbedford]

Omg, I just hung up with Bank of America, which was the bank we chose to open a checking account at here in The Villages. We have a BofA we can also use up north. We opened the account 02/17 and still haven’t received our checks, although we made clear that was our only reason for opening the account here. I emailed her on 2/19 to verify they were ordering the checks with the Florida address. No response. I emailed again this week and she finally responded. They told me 2 days ago they would put a rush on the check order and she JUST NOW called to verify our address. I received my ATM card here the week after we opened the account. This was the branch up by 466.