Advice on local banks and credit unions

**obviouslydynamic** · 29 March 2012, 05:42 PM

Long time lurker here. First post. Figured this community of fellow Texans might be able to offer some credible advice on some good local banks and credit unions in the Dallas area.

Was going to open up a savings account for my nephew with $100 in it and figured teaching him using a local bank or credit union might make him more financially literate.

Thanks for the Advice

-Dynamic

**Exeter** · 29 March 2012, 11:46 PM

Strictly local bank, I've heard good things about Prosperity. Texas based banks, Frost and Comerica.

CUs, my better half used to work at Texas Trust CU, which is the former Vought Helicopter employee CU...they were/are really sharp, but I think they're mostly in Grand Prairie and Arlington though. I'm a member, as are many of my extended family members, at Texans CU, and they're very customer focused but hit real hard times during the Great Recession. Got taken over by the NCUA if I recall correctly. None of my accounts were adversely impacted, but you may want to do a bit of research on them.

**Hannibal Lecter** · 30 March 2012, 01:37 AM

If you're in the downtown/near East Dallas area I highly recommend Live Oak State Bank. Service is friendly and impeccable. No service charge with a reasonable minimum balance. Very well capitalized and healthy according to the regulatory report. It was started by some of the same folks who founded Swiss Avenue State Bank, then moved on when they sold it.

Given the choice I'll go with a privately-owned local bank over a megabank any day.

**jrd1964** · 30 March 2012, 12:37 PM

I've had an account with InTouch Credit Union (ex- EDS CU) for a little while now, and they're great to deal with. I have a checking that doesn't fee me to death like some of the biggies do.

Another idea, if either of the parents of your nephew have/had military backgrounds, you might look into USAA for a checking or savings for him. Instead of branches, they use UPS Store locations for deposits. Many testimonials online about how good their customer service is.

Either way, none of that "$5/month to use your debit card" mess like with some of the biggies. Good luck with your nephew. It is admirable of you to mentor him financially like that.

**cmacemm** · 06 April 2012, 10:21 AM

Originally Posted by jrd1964

I've had an account with InTouch Credit Union (ex- EDS CU) for a little while now, and they're great to deal with. I have a checking that doesn't fee me to death like some of the biggies do.

Another idea, if either of the parents of your nephew have/had military backgrounds, you might look into USAA for a checking or savings for him. Instead of branches, they use UPS Store locations for deposits. Many testimonials online about how good their customer service is.

Either way, none of that "$5/month to use your debit card" mess like with some of the biggies. Good luck with your nephew. It is admirable of you to mentor him financially like that.

I back USAA