Poll: Ready to drop brick-n-mortar banking?

[Aerides]

A good middle ground is TIAA (formerly everbank). They are primarily an online bank, including the rates and accounts/services/fees of an online only, but have a handful of B&M's, including one about 15 mins from me.

[Mark1]

No B&M Bank for me now for 3 years. Mostly use Fido checking for most transactions. Use Ally photo function for depositing checks. Have written big personal checks for car purchases with no issues. Obtain coins at car wash. Only real issue is ability to obtain large bills ($100, etc) like others have stated. I actually used Ally for Wire Transfer to close on house and it went very smooth.

[Midpack]

Not arguing, just trying to think this through.

Quote:

Originally Posted by athena53 Ummm... free notary services? Seriously- that's about all I can think of; I've had on-line checking for years. Since they refund ATM fees, I can pretty much use any machine rather than having to look for one in a specific network.

Rarely needed but I've gotten docs notarized at banks I have no relationship with without a problem. But I'd be happy to pay someone on those rare occasions when I need it.

Quote:

Originally Posted by Chuckanut Safe deposit box?

And my bank eliminated safety deposit boxes almost 20 years ago, so we have a safe now. Good enough that I don't see a need to have a safety deposit box anymore.

Quote:

Originally Posted by sergio Why I keep $3k in a checking account at a local brick and mortar bank: 1. Can deposit cash 2. Can withdraw large amounts of cash ASAP (never needed this, but just in case) 3. Ability to withdraw $100 bills (for wedding gifts) or rolls of quarters (super useful when I lived in apartment and paid for laundry). 4. Can get a cashier's check or certified check ASAP The VAST majority of my cash is held at Ally. I just don't see the harm in keep a minimal connection with a brick and mortar bank.

• I don't remember every getting a large amount of cash, at most a couple hundred maybe. And we'd just spend pocket money and skip the ATM until it ran out, no need to deposit.
• Same, I can't remember needing a large amount in cash, but could be?
• I can't remember the last time I needed a cashier's check or certified. And I just got a large cashier's check that turned out to be a PITA, I should've just paid for a wire transfer instead.

And it may seem silly, but it seems unfair to me to use so little of a banks services and not other services. Other patrons are paying for my privileges? YMMV

We also have most of our cash at Ally, and a trivial amount at the local brick-n-mortar.

[steelyman]

After thinking about this, I’m glad to maintain accounts at two credit unions in two states. The remote one handles almost all electronic transactions very well and the local one is there in the very infrequent case when I have to show up in person (notary and medallion mainly).

The combined minimum balance required is $30 and there are no account maintenance fees. That’s worth it to me for having that fall back option.

[Sue J]

We pay for any local spending with cash. That's things like groceries, Walmart, Home Depot, eating out, etc. So every month I go to our brick and mortar bank and withdraw about $1400. That includes our pocket cash, too.

Our bank has a branch in our grocery store which is very convenient. They also have a stand alone branch a block farther that has a drive through but there is a $1000 limit so if I go there I have to go inside. We have used the medallion signature service and also the notary at this branch.

A side effect of using cash for local spending is that we accumulate coins. Let them pile up and every so often I roll them up and take them in to exchange for bills.

Most of our bank transactions are bill auto-pays and PayPal from buying online. We still need a B&M bank for the monthly cash. Our account has no fees and no minimum balance.

We also have a couple of savings accounts and a checking account at DiscoverBank for the higher interest.

[sengsational]

Quote:

Originally Posted by sergio Why I keep $3k in a checking account at a local brick and mortar bank: 1. Can deposit cash 2. Can withdraw large amounts of cash ASAP (never needed this, but just in case) 3. Ability to withdraw $100 bills (for wedding gifts) or rolls of quarters (super useful when I lived in apartment and paid for laundry). 4. Can get a cashier's check or certified check ASAP 5. Notary services 6. Safety deposit box The VAST majority of my cash is held at Ally. I just don't see the harm in keep a minimal connection with a brick and mortar bank.

Exactly! All of the above. We got all of those services, including the safety deposit box, for maintaining a minimum balance for about 25 years. A couple of years ago, they started charging $60 for the safety deposit box. I found a CU with a free box, but it's a 15 minute drive, whereas our box is under 2 miles away now...DW doesn't like change, so we're still there.

[Mdlerth]

There is a branch of my credit union located just spitting distance from my place of empl*yment. Paycheck gets deposited there anyway. It's so convenient I can't see the point in severing the connection. ATM, free coffee, cashier's checks, etc... all the advantages other posters have mentioned.

But once DW and I clock out for good, we'll be moving to the lake house and may decide differently. Or we may not. It could very well be that DW goes stir crazy out there (I won't; I love the quiet) and looks for any excuse to head back to town just to interact with human beings. "I need to do some banking today. I'll be back at cocktail time."

So much of business today has eliminated person-to-person contact, and it's not all good. For example, there isn't much that irritates me as much as telephone screening robots ("To continue in English, press 1"). Just let me talk to a real person on the other end ASAP!

[corn18]

Been online only with USAA since online existed.

[Bestwifeever]

DH needs his “people” to ask questions of wherever we are or whatever he’s doing; we have two separate B&M banks, within a few blocks of our home, so he can ask away. And he does.

[cooch96]

Quote:

Originally Posted by steelyman That’s a good service, as are free medallion signature guarantees.

+1

That’s actually the only thing I’ve used them for in 19 years. I’ve been a pen fed customer since 1999.

[mickeyd]

I have been banking @ USAA for 30+ years. I stay with them for no particular reason, but I really do not have much money involved in the process and my checking account seldom has more than a few thousand bucks in it as I quickly move any excess to my PMMF. It's just a temporary place to in/out my cash. I would handle it this way if I used an online account, so why move it?

[mickeyd]

Quote:

Originally Posted by corn18 Been online only with USAA since online existed.

As have I, but I consider USAA as a brick/mortar bank since it has such a facility in SA. 99% of my interaction with USAA is online though.

[gretah]

Quote:

Originally Posted by MarieIG My favorite "benefit" was at a bank which was located next to my old office. The had a great free coffee corner set up for customers. They also had a medallion guarantee, and there was a period of time after DF passed that I needed it a lot.

Being able to get medallion guarantees is the biggest reason for using a B&M bank, IMO.

When you need medallions, you really, really need them.

[OldShooter]

Quote:

Originally Posted by sergio Why I keep $3k in a checking account at a local brick and mortar bank: 1. Can deposit cash 2. Can withdraw large amounts of cash ASAP (never needed this, but just in case) 3. Ability to withdraw $100 bills (for wedding gifts) or rolls of quarters (super useful when I lived in apartment and paid for laundry). 4. Can get a cashier's check or certified check ASAP 5. Notary services 6. Safety deposit box The VAST majority of my cash is held at Ally. I just don't see the harm in keep a minimal connection with a brick and mortar bank.

I do something like this. Virtually all of my banking is with Schwab bank, but I keep a local Wells account with a very small balance. When I need cash, usually for a trip, I just transfer what I need to Wells and pick it up. We often offer to pay tour operators cash on arrival, which many are really grateful for. Also, the defacto rule in some countries is that $USD must be in brand new or at least perfect $100 bills due to risk of counterfeiting. So I have to stand at the teller window and inspect each bill before I accept it. Hard to do by mail.

Another angle, Schwab will not accept physical cash deposits. I sent in a couple of checks one time plus a single one-dollar bill that the dog had chewed in half. They sent the bill back overnight by Federal Express. Crazy.

Finally, DW has kept her Wells account and uses it rather than Schwab. This gives us two independent debit cards for use in overseas ATMs. The ATM situation has gotten better over the last 10 years or so but it's nice to have the backup if needed.

[Ready]

I’ve had a Bank of America checking account since the 80’s. There are no fees and I don’t keep enough money in it to care about interest. They have ATMs everywhere which has been convenient. But my savings account has been Ally (online) for years. I see no reason to go with a B&M bank for savings if you keep a significant amount of cash in them. Just go with the highest rates.

I can’t remember the last time I walked in to a Bank of America branch though, and I’d hardly say I have a “relationship” with them. I just haven’t been given a good enough reason to close the account yet. I would never buy a CD from them, or use them for investing or any other services. I suppose every once in a while I need a cashier’s check, but it’s been years since I’ve needed one.

Their checks are free, but I probably write no more than five checks a year at this point, so a small batch of checks is a lifetime supply for me.

[jazz4cash]

I just revamped my SHTF contingency plan to maintain 2-3 local B&M accounts including at least one with no online access and preferably within walking/biking distance from my home. Besides that, B of A billpay is so good I’d have a hard time giving it up. I do have accounts at 7 different banks/credit unions so maybe I’m just a hoarder.

[Sanstar]

Like an earlier post, we use USAA online and have for 40+ years. I did open a checking at the local brick and mortar so I can take my collection of change, dump it in the coin sorter, deposit it and on occasion use it via debit card to keep it current. Just don’t want to spend time rolling coins, donating them or paying 10% for the auto sorter. I can also use it to cash a large USAA check if needed but haven’t done so yet.

[Nick12]

I believe in brick and mortar banking. Some others I know believe in putting their $$ under their mattress or in a shoebox and do not generally trust banks.

[GravitySucks]

I keep my credit union for the reasons stated plus:

About ten years ago DW and I decided to get down to one credit card. The day before a three week vacation the bank put a hold on the card due to fraud detection. I went to my credit union and they issues me a Visa debut card in 15 minutes. The bank would have been a hassle.

Human contact. It gives me an excuse to talk to nice people IRL.

[davebarnes]

For me--DCU.org member since 1976.
100% online with them since 1985.