dahlia Posted March 23, 2012 Report Share Posted March 23, 2012 I've been thinking of whether I should open a bank account in Utah. Do most US Mormons have them? It might be good to have some kind of financial connection to the motherland and might come in handy if the SHTF and I need to bug out to Utah. Are banks in Utah run better than the NYC and Charlotte-based banks? Did any of them take the government hand outs? Of course, if it really hits the fan, than maybe a bank account won t matter... Quote Link to comment Share on other sites More sharing options...
Vort Posted March 23, 2012 Report Share Posted March 23, 2012 Utah is an interesting place. I loved it while I lived there, and under the right circumstances wouldn't object to going back. But...things are different there. As far as I can tell, the banks are no more nor less trustworthy in Utah than elsewhere in the US. If you are going to have continuing ties to Utah or think there's a good possibility you might move there, then go ahead and establish a bank account. Otherwise, why bother? If the Saints are all called to pick up and move to a gathering spot, I doubt it will be Utah. Quote Link to comment Share on other sites More sharing options...
pam Posted March 23, 2012 Report Share Posted March 23, 2012 My own personal feeling..don't bother. Besides if Saints are ever called to gather, it won't matter what bank you are with...all will pretty much be worthless. Quote Link to comment Share on other sites More sharing options...
Guest Posted March 23, 2012 Report Share Posted March 23, 2012 My kids educational savings plan is in Utah. They got one of the best. Quote Link to comment Share on other sites More sharing options...
beefche Posted March 23, 2012 Report Share Posted March 23, 2012 Invest in property in Jackson County Missouri if you want some kind of protection for when the Lord comes. Quote Link to comment Share on other sites More sharing options...
Blackmarch Posted March 23, 2012 Report Share Posted March 23, 2012 I've been thinking of whether I should open a bank account in Utah. Do most US Mormons have them? It might be good to have some kind of financial connection to the motherland and might come in handy if the SHTF and I need to bug out to Utah. Are banks in Utah run better than the NYC and Charlotte-based banks? Did any of them take the government hand outs?Of course, if it really hits the fan, than maybe a bank account won t matter... I don't know if having an account in Utah will be much different than anywhere else, but finding one or two banks that are trustworthy is a good thing. I have a bank account i nutah, but then thats mainly because i live there ^.^ Quote Link to comment Share on other sites More sharing options...
applepansy Posted March 23, 2012 Report Share Posted March 23, 2012 Utah banks are and have had some of the same issues as other banks in the country. Having said that Zion's bank is where I bank...but I LIVE in Utah. Compared to Chase, Wells Fargo, US Bank, and all the credit unions, Zion's bank has always been fair. Never over the top. They are a financially sound business. If we moved out of Utah I'd be sad to have to find a local bank for convenience sake. Quote Link to comment Share on other sites More sharing options...
john doe Posted March 23, 2012 Report Share Posted March 23, 2012 Utah banks are and have had some of the same issues as other banks in the country.Having said that Zion's bank is where I bank...but I LIVE in Utah. Compared to Chase, Wells Fargo, US Bank, and all the credit unions, Zion's bank has always been fair. Never over the top. They are a financially sound business.If we moved out of Utah I'd be sad to have to find a local bank for convenience sake.That would be your opinion of Zion's Bank. I have a different opinion, and it's not nearly as glowing as yours. Dahlia, my advice would be to keep your money in a bank that you trust and is solvent enough that you don't have to worry about losing your savings. Local access to funds can be an issue if you have an account in a distant location. Personally, I would look at a local credit union or bank with ATM reciprocation wherever my travels may take me. Quote Link to comment Share on other sites More sharing options...
beefche Posted March 23, 2012 Report Share Posted March 23, 2012 I have a local bank for our checking but an online bank for our savings. I found that online banks had better interest rates for savings than physical banks. Quote Link to comment Share on other sites More sharing options...
skippy740 Posted March 23, 2012 Report Share Posted March 23, 2012 My kids educational savings plan is in Utah. They got one of the best. When I sold college 529 plans, I typically sold the Virginia plans (American Funds)... to residents of California.Since there was no additional advantage to having a California plan, I typically sold the plans that I felt had the lowest costs and decent portfolios.But that doesn't mean that the funds were IN those states. They were simply the "state-sponsored" plan.529 Plan Details Quote Link to comment Share on other sites More sharing options...
Guest Posted March 23, 2012 Report Share Posted March 23, 2012 When I sold college 529 plans, I typically sold the Virginia plans (American Funds)... to residents of California.Since there was no additional advantage to having a California plan, I typically sold the plans that I felt had the lowest costs and decent portfolios.But that doesn't mean that the funds were IN those states. They were simply the "state-sponsored" plan.529 Plan DetailsYes, I use the Utah state-sponsored plan (Utah Educational Savings Plan) run by Vanguard. I live in Florida and getting the Florida sponsored plan does not provide me any tax benefits.I like Vanguard - low cost too. Since my kids are still young, they're in the graduated risk plan which is awesome in my opinion.No, I didn't choose UESP because it's in Utah - home of the prophet - or because of BYU/Rick's. I picked it out of all the other state plans because it was, in my opinion, the best fit for us. My 8-year-old is set on going to MIT and will not be swayed! LOL! Quote Link to comment Share on other sites More sharing options...
mrmarklin Posted March 23, 2012 Report Share Posted March 23, 2012 Most banks are federally chartered, and I don't think that it would be any advantage to have a Utah bank. I don't know if there are State chartered banks in Utah. they would have slightly different rules I suppose, that could be advantageous. The real problem all of us have is that the US$ is controlled by the federal reseerve board, and none of us have control over that! Quote Link to comment Share on other sites More sharing options...
NeuroTypical Posted March 23, 2012 Report Share Posted March 23, 2012 Beware anyone who tells you "trust me with your money because I'm mormon". Utah once had the distinction of being the fraud/scam capital of the U.S. because so many people would fall for it. If anyone tells you about how your money is safe with them because they are High Priest group leader, or their dad is a GA, or they have three sons who all went on missions - run far, run fast. Quote Link to comment Share on other sites More sharing options...
Madriglace Posted March 23, 2012 Report Share Posted March 23, 2012 Find a good credit union ... Quote Link to comment Share on other sites More sharing options...
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