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Where you choose to store your money is ultimately a personal decision, and will rely on a number of personal factors and individual needs, but below I’ve reviewed the pros and cons of a couple NYC personal banking options.

Bank of America

Bank of America has been around for a long time, and you can’t travel far in the City without stumbling across several BofAs, making it one of the most easily accessible and visible banks in NYC. One benefit, according to many, is personal checking at Bank of America has no minimum account balance requirement. The Bank’s “Keep the Change” program (which rounds up to the dollar on credit purchases and transfers to savings) also makes it easy to mindlessly and automatically accumulate savings. Additionally, it only takes about 5-10 minutes to enroll in an account, which immediately allows you to begin depositing funds online. A drawback to the Bank is, being such a large corporation, it can feel faceless, intimidating and difficult to navigate. Many report the Bank’s customer service is not ideal (it consistently ranks very low in this category amongst consumers) and monthly charges (i.e. for debit card, maintenance, etc.) can feel like deceptive, hidden fees. Overall, based on user reviews, it ranks low in fee fairness but high in variety and satisfaction with services provided.

Chase

Chase also has a ton of locations in the City, and is a longtime, established bank. Chase provides a ton of free services for personal banking (i.e. debit card, Quickpay, etc.)—and many services in general—which banking customers consider a major competitive advantage. It’s also fairly easy to avoid the monthly service fee on a checking account, but when fees are accrued they’re higher than comparable institutions, say Chase bank users. Additionally, reward programs are not great according to customer reviews. While their interest payments are low, they do have a debit card that provides rewards similar to a credit card. Chase has also received many customer service complaints, which is to be expected with a large bank. Customers say the quality of online banking is good, even if their rates are not that competitive.

Capital One

Capital One has fewer branches than other comparable banks and has not been around nearly as long as larger institutions, though it does boast better rewards. Customers like the bank’s prompt online transactions and services, but larger deposits get held longer than at other, bigger banks. Capital One is reportedly good for customers who don’t have the best starting credit, and are looking to rebuild. Unfortunately this might mean more fees than other banks and limited benefits, resulting in credit limits not being very high. The bank’s customer service ranking has been on the climb in recent years though.

Wells Fargo

Wells Fargo recently took over Wachovia, and has been somewhat in flux in recent years. Branch and ATM locations were reportedly less widespread than other banks on the list, formerly, but since the merger, Wells Fargo is very easy to find in the City.  Online banking services consistently score high reviews, and the bank has averagely ranked financial health. Customer service at Wells Fargo ranks low, and customers report the bank is consistently changing procedure in a manner that seems confusing even to employees. Fees are allegedly high; their overdraft fee is higher than the national average, as are the majority of their other fees. Wells Fargo charges a fee for members to receive online bank statements, which many other banks do not, as well as a debit card fee. Interest rates are also ranked poorly. Wells Fargo also charges a fee to view your account balance at non-Wells Fargo ATMs.

TD Bank  

TD Bank is a good option for New Yorkers who do not foresee themselves needing more than fairly basic banking services. For one, they do not offer as many loan types as other banks. Similar to other banks listed here, however, their establishments are prevalent throughout the City. Their customer service is rated average, and also provides fewer service options than competitors. TD’s overall financial health is considered to be good. Interest rates and fees are ranked averagely compared to the national average. TD is considered trustworthy by overall customer standards, and again, a good option for those who prefer no-frills banking.

HSBC

HSBC operates out of New York City and has over 400 branches located here. At HSBC you can open an online savings account with very little money down, and transfer money between another checking account and HSBC for free on HSBC’s end. You can link an ATM card to this account, which has a higher yield than many other comparable banks. Interest rates are ranked average at HBSC, according to national standards. Some fees are higher at HSBC than national averages, but there is no fee for inactivity, and the “stop payment” fee is much lower than the national average. HSBC ranks strong in financial health. HSBC’s customer service was recently ranked very low, however.

—Compiled by Alissa Fleck

Home Invasion
Last Thursday night, a masked man pushed his way into an apartment on West 81st Street, brandishing what appeared to be a silver weapon to the startled male victim who answered the door. The suspect, who police said is known only as “Anthony,” told his male victim to shut up and get on the ground, then went into the living room where a woman was sleeping and told her to get on the ground as well. When she got onto her knees, he hit her in the back of the head and tied her hands. The invader then forced both victims into the bedroom, where he demanded the code to their safe and withdrew $4,700 in cash, then fled the apartment. The suspect is still at large.

Not-So-Friendly Friend
A woman called police last week to report a theft by her one-time Facebook friend. She said that she met the man on the social networking site and had been having a consensual sexual relationship with him. At their most recent tryst at the Comfort Inn Motel on West 71st Street, she asked her companion to fetch a few items from her car. When he did not
return, she checked the vehicle and discovered that her pal had grabbed $3,000 in cash and left her. Sounds like a solid case for de-friending.

Prank Callers
A worker at the Martin Luther King School reported that while she was a work, an unknown person snatched her $600 iPhone out of her bag and made 39 unauthorized calls on the cell phone before she could freeze her account.

Grabby Hands
On Saturday, a 61-year-old woman waited patiently in line at a TD Bank location to make a deposit. The customer in line behind her, a 60-year-old woman, was not so patient, and reached into the victim’s purse to lift $400 in cash. The thief was promptly arrested.

No Saving Seats
A patron of the arts attended an event at Lincoln Center’s Avery Fisher Hall last week and placed her bag on the empty seat next to her. She was so riveted by the evening’s entertainment that she didn’t notice until later that her black Chanel purse, worth $3,000 on its own, was gone. The purse also contained a $1,000 Gucci wallet, a $499 iPhone, a $200 Blackberry and $400 in cash, as well as credit cards.

Angel Assault
Last Wednesday, scared residents of the Amsterdam Houses NYCHA development called police as a man high on the drug known as angel dust terrorized everyone who walked through the lobby. The crazed man threatened anyone who passed, including kids, and refused to leave. When police arrived, they tried to subdue the man, but he was able to
punch one of the officers square in the face, breaking his glasses and giving him
a nasty laceration. The man continued flailing his arms and contorting his body
to avoid the handcuffs that police eventually slapped on him, and they discovered two bags of the illegal drug in his pockets. The man was arrested and brought to Roosevelt Hospital for treatment.

Baby as Decoy
A couple walked into a Duane Reade last Thursday pushing a baby stroller, a normal sight until an employee noticed that they were stashing several varieties of Crest White Strips under the carriage. They were able to fit 21 boxes, worth a total of $1,025, into the stroller, then fled the store. Now police are on the lookout for a couple with extremely bright smiles.

But Vince Morgan, Rangel’s former campaign director, says the timing of his Democratic primary campaign is purely coincidental.

“The first question people ask is, ‘Did you decide to run because he’s having these problems, or were you planning all along?’” Morgan said. “I was planning this all along. Almost three years now.”

Rangel, who chairs the powerful Ways and Means Committee that writes tax law, is still seeking re-election. He was first elected in 1971 as an insurgent candidate and is the dean of New York’s Congressional delegation.

Morgan, a community banker at TD Bank, wants to focus on constituent services and economic development in lieu of Rangel’s national stature.

“In order to create legislative responses to the needs of the people you represent, you’ve got to be tied to those people and their day-to-day issues and problems,” Morgan said. “The only way to do that is to effectively communicate with them the constituent work you do in your office.”