FOSS-friendly financial institutions?

Gregory C. Johnson list.ix.gnucash at gregjohnson.com
Mon Jul 25 03:47:37 EDT 2005


Hello all,

I've scanned the FAQs/Wiki, but I haven't found anything that addresses
preferred financial institutions.  If I missed something, please slap me
upside the head and rub my nose in it. ;)

I'm reviewing my financial vendors at the moment, and I was wondering if
anyone can recommend any FOSS-friendly financial institutions.  I would
like someone with explicit support for FOSS packages, but I know I'll
probably have to settle for someone who doesn't actively break non-MS
products.  I would be willing to pay above-market rates to encourage a
FOSS-friendly provider.

In a perfect world at least one of my two banks/brokers/insurers would
integrate with the other while aggregating my financial flows with their
context (i.e. My spend with a line-item-detail receipt from the merchant)
and push this to my accounting application in real time.  We've been doing
this whole "computer revolution" thing for 20 years and this isn't even on
the horizon.  Clearly the bankers need taller shoulders to stand on.  (Or
I need more Lithium)

Characteristically, I got carried away and created a GNUCashFAQ Wiki page
for responses.  It is located at
http://gnomesupport.org/wiki/index.php/Usage/Personal/Import/Institutions
.  The courtesy of sharing your knowledge would be appreciated.

Thanks,
-Greg

=====================================================
I am looking for:
  Revolving credit
     Visa issuers        - Primary was Chase
     MasterCard* issuers - Primary was BankOne

  Brokerages
     Equities            - Primary is OptionsXpress
     Options             - Primary is OptionsXpress
     Futures     (Optional)
     Commodities (Very optional)
  Cash
     Checking            - Primary is BB&T (Branch Banking & Trust)

As implied above, I would like at least two of each.  Two consolidated
service providers would work quite nicely.

* I understand that MC mirrors Visa in most cases, but last I checked they
were still a distinct association, with a distinct data network.  Thus, a
Visa card and a MC card is more robust than two Visas or two MasterCards.

=====================================================
I have used:
    Discover
       No serious complaints once their fraud prediction system quieted
down after I fired Chase.

    Chase consumer
       Don't get me started.

    Chase commercial
       No better than the consumer side, but I don't have reasonable
grounds to fire them from a corporate perspective.

    BankOne
       Were my MasterCard provider. Didn't use the accounts much.  Bought
by the imbeciles at Chase.

    American Express
       Disorganized, inconsistent.  Informed me that "this particular"
account wasn't eligible for automatic bank draft. Huh?  Clearly
Indian call center, take from that what you will.

    BB&T
       Nice, but they charge commercial account web access fees & their
login make FireFox look unusable. I know the local branch people
well, and they're quite accommodating, but their IT just doesn't do
it for me.

   Citibank
       Recently opened this account on a deceptive iPod giveaway (2
billpays, cool. 2 billpay a month for 12 months...  Not bad, but
not transparent either.)  Thought I'd give it to my friend's kid.
Not bad, but not compelling either.

    Bank of America
       In 1995 they were one of my employer's most demanding clients, so I
figure they would have great customer service.  Boy, what a tragic
mistake that was.

    Security First Network Bank, now RBC Centura
        These guys rode the new economy wave, and they weren't too bad. 
Centura wasn't all that bad either, but they weren't compelling
enough to stay.

    Well Fargo
        They got my Texas business after the BoA tragedy.  The only bank
I'd consider working with again.  No Eastern bricks-and-mortar
presence, as best I can tell, but not a deal killer.

   SunTrust
        Umm, I knew these guys as Trust company in 1990.  They just stole
$10k from my mother. (Honest, “We know it's your money, but you
can't force us to give it to you”).  I'd rather hold cash.

   OptionsXpress
        OK on the options side, decent option commissions last I evaluated
it.  Equities are... less decent..  No automated execution, so I
don't use them much.

   DLJDirect
        Didn't get much use due to commission structure

   Bear, Stearns & Lehman
        Don't think these guys do self-directed stuff.

   E*Trade
   Ameritrade
   Scottrade
        Never got much use, for whatever reason.  Last contact was 1999-ish.

   Interactive Brokers
        These guys know their stuff...  I should probably go see what
they're up to...


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