Security War: Wachovia or Bank of America?

Question

Who offers the best, top-notch security/protection when it comes to banking? Wachovia or Bank or America?

Each person I ask gives me a different story. "Wachovia is the best, but they have a high daily spending limit which will make it harder to catch fraudulent activity." Or "Bank of America is good, but they post routing numbers online which makes it 50% easier for someone to commit check fraud against you."

I hear their online banking is basically the same, so..?

I'm just weighting the pro's and con's of each before I make my decision, but what do you all think?

Thanks.

Answer 1

They are both in major mortgage trouble and I wouldn't suggest putting any large amount of funds in either bank. I would use a local bank, I like local banks for larger funds because they have a better understanding of their clients and know any suspicious activity if they see it. You can even set up some extra security features at local banks that you can't at these big banks because they don't care about each individual customer.

Answer 2

Most of the large banks are very similar.  You will hear pros and cons from everyone based on their own personal experiences.  I have only banked with Wachovia for many years and have never had a problem, however, I also used to work for the bank and have friends who help me out if something comes up.  I can tell you that while my friend was on vacation, they did call his house because of the activity on his credit card and he did not make a huge purchase.  Therefore, I find that high daily spending limit comment to be someone's opinion, not fact.  

As far as Bank of America listing routing numbers on their website, that in no way makes it 50% easier for someone to commit fraud against you.  That bank must have hundreds of routing numbers and most likely, it depends on where the account was opened as to which routing number is correct for any account.  

You might want to look into a local bank or credit union and see how they are set up, however, I would vote for a major bank as they have many specialized departments that look for fraudulent activity and you can always reach someone who can help immediately.  Banks would much rather prevent fraud instead of cleaning up the mess left behind.

Besides, the best person to watch your accounts for fraudulent activity is you.  See which bank has the type of account that is best suited to your needs and go with it.  Keep your information safe, lock up your checks - don't even order checks if you think you'll do everything online - and shred any documentation you receive that you don't need to keep.

Answer 3

I think either bank is fine because both probably has fraud departments that work on preventing and protecting its customers. Wachovia doesn have great customer service (based on what i've heard) and Bank of America has many locations (i've seen more B of A than Wachovia, but that might be because of my area....)

compare the benefits from both companies...see which one fits you the best...

Answer 4

NOT BANK OF AMERICA!!!!!!!!!!

I have been dealing with a blatant fraud action on my bank account. I have been dealing with this for over 90 days, they say they wont be responsible for fees from companies that I have bills with. And, said they will not deduct overdraft fees related to this mess! Bank of America has horrible security and policies. DO NOT BANK WITH BANK OF AMERICA!!!!

Answer 5

Unless you are thinking about an account with over $100k,  either one is fine. And if you have over $100k , your best return would be in a money market account if you want fluidity or if its for long term a CD would yield you a higher rate.