Online banking exclusively?

[Dash man]

I do almost all my own car and home repair so I don't do this often but there is occasionally the need. I always use a known person with a good rep and it's usually a one or two person small business. In my experience they will do a far better job than some of the big companies. They have their word of mouth reputation to rely on for new business. Last week I had a slow air leak on a custom race-tuned suspension and the repair is a bit above my skill level. It turned out to be simple fix, done in my garage and was charged $100. If I took this to one of the big shops it would have been a thousand. Did the guy claim the $100 as income? Don't know and not my problem. He's the one running the business.



As for online bank use only; i'll probably have stick with at least one brick an mortar establishment.

It's your choice who you do business with. Is he insured? If he'd been hurt in your garage who would pay his medical bills? If he doesn't pay his payroll and income taxes, others pick up the bills later on. Not your problem? We'll see.

 

[MJ]

I hadn't used a B & M bank for over 15 years until I moved back to the states 1 1/2 years ago. I opened an account at my local credit union primarily to get the cheapest safe deposit box in my area. They did come in handy when I needed a cashier's check for the purchase of a condo. I didn't want to wire the funds to the lawyer before the closing day. They also provide free notarization services.

 

[youbet]

I've only skimmed this thread, so my apologies if this has already been answered.

What are some of the advantages of using a Internet-only bank over a B&M + full Internet bank?

My local bank has nice folks and comprehensive services in the lobby, safe deposit boxes, etc. And they also have a good web site where I can scan deposits in, pay bills, open accounts, move money between accounts, etc. It's a branch of a regional bank.

I'm trying to think of what I would gain by moving to an Internet-only bank........ What am I missing?

 

[Scuba]

My online bank provides an ATM card usable with no fee across all major ATM providers. Therefore no need to find a specific bank's ATM or pay $3-$5 to withdraw cash "out of network." Also free ACH transfers and easy to wire funds.

 

[audreyh1]

Virtually all of our banking is online. The bit that isn't is an ATM to get cash which I rarely carry anymore.

I haven't been into a bank branch in years. I see them littering street corners and I wonder who goes in there and for what. I suspect in a handful of years, bank branches will be closing in record numbers as online banking and "smart" ATMs with remote tellers become the norm.

Sadly local bank branches will become another victim of technology and the associated local jobs will be lost.

I'm sure the executives will enjoy fat bonuses for cutting costs and increasing profits.

This as already been happening in droves since the financial crisis, and continues to do so. Several recent articles on the subject: https://www.google.com/search?q=hav...ing?&ie=UTF-8&oe=UTF-8&hl=en-us&client=safari

 

[audreyh1]

My online bank provides an ATM card usable with no fee across all major ATM providers. Therefore no need to find a specific bank's ATM or pay $3-$5 to withdraw cash "out of network." Also free ACH transfers and easy to wire funds.

Right - I have a couple of accounts that reimburse all ATM fees.

So safe deposit box is what we still need from a physical branch.

Haven't needed a Medallion signature yet. Who knows when that might come up, I read BofA doesn't do those anymore. https://www.bogleheads.org/forum/viewtopic.php?t=146329

I can't think of why I would need one. My ibonds are electronic, and I should be able retrieve into an already linked bank account without further ado.

 

[bUU]

My online bank provides an ATM card usable with no fee across all major ATM providers. Therefore no need to find a specific bank's ATM or pay $3-$5 to withdraw cash "out of network." Also free ACH transfers and easy to wire funds.

That's really the biggest advantage. Fidelity refunds any fee charged by the ATM itself typical within 24 hours.

 

[523HRR]

Can't remember the last time I needed an actual brick & mortar bank.

 

[Just_Steve]

When they figure out how to block schemers on ATM's I might consider online only but until then B&M for me. Thats not to say I don't do online bill pay and such.

 

[Dash man]

When they figure out how to block schemers on ATM's I might consider online only but until then B&M for me. Thats not to say I don't do online bill pay and such.

Using indoor ATMs reduces that risk. Banks typically reimburse any losses from any kind of fraud.
Online banks tend to pay higher interest rates too.

 

[COcheesehead]

Can't remember the last time I needed an actual brick & mortar bank.

+1

 

[audreyh1]

Right - I have a couple of accounts that reimburse all ATM fees.

So safe deposit box is what we still need from a physical branch.

Haven't needed a Medallion signature yet. Who knows when that might come up, I read BofA doesn't do those anymore. https://www.bogleheads.org/forum/viewtopic.php?t=146329

I can't think of why I would need one. My ibonds are electronic, and I should be able retrieve into an already linked bank account without further ado.

Logged into Treasury Direct today and redemption isn't going to require any special work. It's got my current bank account linked and says the cash would be there in 2 business days!

So, hopefully, I won't need one of those signature guarantees for anything.

 

[Bestwifeever]

My online bank provides an ATM card usable with no fee across all major ATM providers. Therefore no need to find a specific bank's ATM or pay $3-$5 to withdraw cash "out of network." Also free ACH transfers and easy to wire funds.

My B&M bank offers these things too, except all ATMs are included, not just the major ones. Plus my kids had summer jobs there