Banks are proliferating in Pasadena. Below is a partial list of banks near Caltech. Online banking, paycheck direct deposit, and online bill pay is commonplace, so you may not need to spend much time at the bank, but it's good to choose one nearby, if only for the ATM.
They are on campus, friendly, affordable, and are not going to merge with some other bank and move to somewhere far away. They offer savings accounts, loans, and credit cards (all with great interest rates). Their student Visa card with a credit line of $1,000 and little background check is quite attractive to some international students and undergraduates. On the down side, they do not offer checking accounts, so you have to go to the credit union to pay your bills. The credit union has ATMs in Keith Spalding, outside of Winnett, and at JPL, which do not charge fees.
BofA may be "the man" incarnate, but the convenience of ATMs at every street corner outweighs such concerns. An ATM account service available is ideal for students: there is no balance minimum or fees (aside from the cost of checks). There is a charge for the use of another bank's ATMs, but this is rarely necessary thanks to the large number of BofA ATMs.
This bank does not seem to care much about customers' accounts. They offer a basic checking account. There is a per check charge of $0.75 after the first five per month and a limit of five in-bank deposits. There is no monthly service charge.
The service here is typical of what you would expect from a bank, which is ironic considering their customer-oriented advertising. They do have good checking accounts which are free, with free checking, if you keep $1000 in them and have direct deposit. Additionally, for those of you who can manage, they offer a premium hybrid checking/savings account with good rates for account balances over $10,000.
They have about six types of checking accounts; Custom Access is the one most grad students and postdocs use. It offers free checking if you do not see a teller, service charges are waived if you have direct deposit, and there's good web banking, but they charge $5.00 a month for electronic bill payment.