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

[sengsational]

Nice explanation on using the Visa debit card. The banks and CU's push those cards and I've never seen much need for them because you don't get the protection you get with a credit card. But the use case you called out is valuable. And I also encountered another use case in overseas travel...my ATM only card (non-Visa) often did not work, even though I was on a Cirrus or one of the other network ATM, but the Visa debit did work. So even though Clark Howard calls them "fake trash", they can come in handy.

 

[dtbach]

I like to keep about a month's worth of cash in a local bank. Useful for quickly cashing checks that I get now and then. Have used both Notary and Medallion services. Really only have about .5% of my assets with them.

 

[corn18]

USAA mobile deposit limit is $100,000. My bonus check always exceeds that so I have to FedEx it to USAA. Would be easier if I had a local B&M bank, I guess, but we move around a lot, so a local B&M is less manageable.

Cash is also an issue. I just get a money order and mail that in.

Getting a certified check takes a day, so not as convenient.

Notary services would be nice but we have always been able to find someone for free or $5.

We use offsite storage for our data: my MIL. I have a big safe for onsite disconnected storage and mail a HDD to my MIL twice a year. My wife brings the old HDD back when she visits.

I would love to have a B&M bank that has a hometown feel to it, but never stay anywhere long enough to establish a real relationship. So we just live with online only. USAA makes that easy, but they are not the best bank. CD rates are pathetic. Loan rates are just OK. Mutual funds are terrible, but they let you buy FIDO funds for free.

 

[jollystomper]

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

Great list! I agree, many of these are why we keep a minimal (<1%) of our cash in a local bank (and the account is linked to our online banks). any interest lost is negligible compared to these services.

 

[dixonge]

For almost 30 years we have rarely used any sort of B&M bank. We were with USAA for many years, and they've never had any branches that I'm aware of. Non-paycheck deposits were a bit of a pain. Then briefly we used Wells Fargo in the 2006-2010 range. Then back to USAA and now with Schwab for the last 3-4 years. Schwab *does* have branch locations, but few and far between. And we'd have to fly back to the States to use them.

 

[tmm99]

I believe the brick and mortar bank has its place. I will continue to use my local bank for ATM use and other things like automatic deductions. Most of my short term type of money, however, is at an online bank though - My brick and mortar bank beat their interest rate.

 

[mpeirce]

One other benefit to the local B&M bank is that depending on the bank, your money there is helping local business loans. That's one reason I kept a nice chunk of cash in a local bank for years. A good way to support your local community.

 

[steelyman]

One other benefit to the local B&M bank is that depending on the bank, your money there is helping local business loans. That's one reason I kept a nice chunk of cash in a local bank for years. A good way to support your local community.

That’s also good. Are we so far removed from Christmas we’ve forgotten George Bailey? Maybe so.

 

[sengsational]

USAA mobile deposit limit is $100,000.

That's nice. Mine is only $10,000.

 

[thepalmersinking]

I use Schwab a lot and has been great. Full disclosure, I work at a bank. In 2008 when the world was ending, I was on conference calls discussing what if we can’t fund ATM’s with cash, will we still be requiring customers to make loan payments. A lot of bad things were going on that made me think to keep an account in a traditional bank. Most folks don’t understand the financial world almost collapsed. Having all money in a bank in tinmbuktu for 10bp aint worth it to me. Keep some cash close to home

 

[brett]

Dup

 

[brett]

We have been doing ebanking for six years or so.

The only time we go to the bank is to access our safety deposit box.

Just about everything is on line. We can edeposit the rare cheque that we get via our cell phones or at an ATM.

We buy foreign currency at an FX store instead of the bank. Better rates, better denomination choice.

We do have cheques with our checking account. Cannot remember the last time we wrote a cheque. So infrequently that we do not even have our address on the cheque because we knew that we would be moviing at least once.

We pulled our investments away from our bank of 36 years because of high fees and poor service.

 

[beowulf]

“If there is even a hint of a possibility of a bank run, I want to get there first and get out what I can before the regulators shut the pipeline. Can't do that with an online bank.”

The last bank runs in the US were of a few extremely large banks in 2007/2008 during the housing crisis. No depositor lost any money. How would you even know if a run was starting? I assume you are all cash and keep your money under a mattress? After all, if you can’t trust any part of the US financial system, how can you invest in stocks and bonds? So how do you handle this dilemma?

 

[rodi]

Bingo, that's the main reason why I have never considered switching to all on-line banking. A couple of my hobbies often involve large cash transactions and I'm not keeping that kind of cash around in an old shoe box. Last year I'll bet my bank filled out at least ~20 CTR's on me. That along with needing a SDB and frequent notary services and I'm sticking with B&M banking.

Showing my ignorance here..... What is CTR? Google says "click through rate"... but that doesn't make sense.
Also SDB? Urban dictionary's answer is probably not what you say you need. LOL. (Warning - link contains potty words.)

 

[rodi]

We don't have any traditional banks... We have a B&M credit union that we go to only when we need to access the safe deposit box. Everything else is done online or via the mobile app. We also have Schwab Bank - which does have a B&M office near us... but they don't do cash in any form at the bank.... I didn't realize that till we went to open my son's account a month ago (after he turned 18) - and they couldn't do the cash deposit....

 

[Just_Steve]

Showing my ignorance here..... What is CTR? Google says "click through rate"... but that doesn't make sense.
Also SDB? Urban dictionary's answer is probably not what you say you need. LOL. (Warning - link contains potty words.)

CTR....... https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_017.htm

 

[rodi]

CTR....... https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_017.htm

Thanks! Learned a new acronym. Still assuming he's not using the urban dictionary for the other acronym. LOL.

 

[Just_Steve]

Thanks! Learned a new acronym. Still assuming he's not using the urban dictionary for the other acronym. LOL.

I'll go with your assumption...............for now.

 

[HondoBob]

You are suggesting a cashless society? What could possibly go wrong? (sarc)

 

[rodi]

Showing my ignorance here..... What is CTR? Google says "click through rate"... but that doesn't make sense.
Also SDB? Urban dictionary's answer is probably not what you say you need. LOL. (Warning - link contains potty words.)

After further googling, I came up with Small Diameter Bomb.... also likely incorrect.... then found a business acronym dictionary and the (now) obvious answer was...... Safe Deposit Box.

Doh!

 

[Just_Steve]

After further googling, I came up with Small Diameter Bomb.... also likely incorrect.... then found a business acronym dictionary and the (now) obvious answer was...... Safe Deposit Box.

Doh!

 

[MrsHaloFIRE]

For travel I like to get ones. Like a hundred bucks in ones for tips. Easiest way to get this many ones is a brick n mortar

 

[CRLLS]

Once every 5-10 years or so, we go to the B&M bank to deposit our spare change. If we do not have an account, there is a charge for using their automatic change counter. I think it is 10%. Our last deposit was around $170 in change. It is not a lot since we do a lot of CC transactions. How do all of you online bankers deal with loose change? Do all ATM's take coins?

 

[aja8888]

How do all of you online bankers deal with loose change? Do all ATM's take coins?

We used to annually give it to our granddaughter. But she is grown and on her own now. I guess we will just keep putting our change in a 5 gallon jug and leave it for the kids to deal with someday.

 

[youbet]

Nothing posted so far points to any real value to giving up completely a relationship with a B and M bank or Credit Union. Negligible cost and occasionally useful.