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Old 12-02-2020, 05:07 PM   #21
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I need a safety deposit box.
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Old 12-02-2020, 05:34 PM   #22
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Originally Posted by jazz4cash View Post
I would not be comfortable relying on internet banking with no B&M access for backup if networks are down and I need cash. I guess the alternative is a big pile of cash at home.
I've been 100% on-line for years. My guess is that if the networks went down the local B&M banks wouldn't know how to operate without them and they're not just going to go cashing checks, even for account holders. How would they know if you have enough in the account to cover it?

A few times I've had to pay for a notary at the UPS Store or for a freelancer. I can live with that. Back when DH was alive and had an account at B of A, we had something that needed to be notarized and the lone notary was never around, anyway.
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Old 12-02-2020, 06:16 PM   #23
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I like B&M, I like face to face. I like safety deposit boxes. I like big banks with lots of offices. I like brokers with lots of offices too.

And paper statements in case of computer failures, which I dutifully update in my 3 ring binder monthly.

I like paying bills online, but that's it.
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Old 12-02-2020, 06:29 PM   #24
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Just curious, how do folks without local B&M banks handle larger cash deposit and withdrawals? (e.g.10k or more)
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Old 12-02-2020, 06:40 PM   #25
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Just curious, how do folks without local B&M banks handle larger cash deposit and withdrawals? (e.g.10k or more)
I do not think I've ever had to handle that situation in my entire life, nor anything close to that amount of cash.
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Old 12-02-2020, 08:09 PM   #26
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we have accounts at both a brick and mortar bank and an online bank. we have a checking and money market account there plus a safety deposit box. $30 p/y for the box and no fees for the checking. the online bank is used for excess savings. we write maybe 50-checks a year. we could likely switch everything to but the box to online but we've had accounts at a B&M bank for 50-years. like an old ez chair it's reliable and comfortable.
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Got both
Old 12-02-2020, 08:49 PM   #27
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Got both

Got car loan through local credit union as they had best rates.

When we needed a notary for a home purchase POA they refused. UPS store covered us.

Schwab sent bank checks via overnight mail for the house deposits.
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Old 12-02-2020, 09:09 PM   #28
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DW makes us keep enough money in a local savings bank to buy a car ever since the time I accidentally ran the checking account down below that level - on the day she went to buy a car. Oops.

We also have been trying to consolidate IRAs to Vanguard and they want Medallion signature guarantees every time we go to move money, so it's handy to have a relationship with the local bank. We found a local bank that still has safe deposit boxes, so we keep a little money there too.

My daughter wanted to refinance her fairly small mortgage and couldn't get any on-line people interested, but the bank made a decent offer.

So the total amount of cash tied up is just part of an emergency fund that I wouldn't have invested anyway and it's handy to have those services.
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Old 12-02-2020, 10:29 PM   #29
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Originally Posted by Nick12 View Post
I need a safety deposit box.
Brought back memories....

When I was 16, I worked in the cash vault of a local bank. They hired local high school kids in the CEO program to work half days. We counted cash and coins and gave the tellers their cash in the mornings. So, here they had a 16 year old and a 19 year old "supervisor" in charge of tens of thousands of dollars. It was a fun job that I had from 16-20 while going to school.

Anyway, the Controller once heard me say "safety" deposit box to a customer. I got in big trouble because it's a "safe" deposit box - or so she said. That has stuck with me my whole life. That, and the nickel an hour raise she gave me one year bringing my wage from $1.35 an hour to $1.40 an hour. I almost told her to keep it.

I kind of liked that job. I could count a strap of 50 bills in 11 seconds. I also found a ton of silver coins that the bank allowed us to keep (if we replaced them). Sold them years later for a nice down payment on a car.
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Old 12-02-2020, 10:46 PM   #30
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Originally Posted by jazz4cash View Post
and I need cash.
I have not used cash in the USA in the last 2 years.
Not once.
Apple Pay, credit cards, and Venmo.
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Old 12-03-2020, 12:12 AM   #31
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I moved our savings accounts to Discover online bank a couple years ago, but still keep our checking accounts at our local US Bank branch. The main reason is to have access to our safe deposit box where I keep a backup of my computer data.

It's also nice to have a local branch for the rare times I need to withdraw cash or talk to a real person (almost never).

I have a small business checking account, which I have not been able to find an equivalent online.

We also still have a couple credit cards through the local bank, though we no longer use them regularly and just keep them active as emergency cards (they have higher credit limits than our main credit card).
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Old 12-03-2020, 05:09 AM   #32
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I still use the same Brick & M bank I started with over 35 years ago, however I rarely ever go there unless I need to deposit a rare check. My paycheck was automatically deposited in my checking all these years. I pay bills with my checking account. I don't deposit into a savings account anymore since i opened a brokerage account. I transfer back and forth between my brokerage and my checking as needed now since I don't collect a paycheck. I don't think my bank is online yet, however I can access needed information over an automated phone line. Works for me.
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Old 12-03-2020, 05:16 AM   #33
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The only time I visit my CU is to get a cashier's check.
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Old 12-03-2020, 05:35 AM   #34
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My little brick and mortar Credit Union earned my trust and loyalty years ago.

They don’t charge me anything to have an account there. They are “low fee” and most importantly they know me.

Why is knowing me important? When someone called in pretending to be me to get access to my account they did not recognize them. They were not only denied, but I got a phone call and a personal explanation so I could be alert.

This is priceless to me. Think your internet bank would even know....doubt it.

So this credit union is my hub account. Big bucks are elsewhere but they get my direct deposit and all my day 2 day transactions.
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Old 12-03-2020, 06:43 AM   #35
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Originally Posted by PatrickA5 View Post
I use my B&M bank for the reasons below. All bills are paid through my Fidelity CMA account. I have Ally for CD's.

Safe Deposit Box (Free)
Large cash withdrawals without messing with ATM
Cashiers Checks
Notary and Medallion signatures (Free)
Deposits of cash

I keep $5K in the free checking account for emergency purposes.
+1 same reasons as above.
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Old 12-03-2020, 07:09 AM   #36
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Originally Posted by Car-Guy View Post
Just curious, how do folks without local B&M banks handle larger cash deposit and withdrawals? (e.g.10k or more)
I sold a car to someone who paid me $2,000 in cash. I may go through that much cash in a year- I like to put everything on credit cards to get the 2% cash back and pay in full every month.

I gave the $$ to my church Treasurer as an advance on my annual pledge. I usually pay that by check so no 2% lost. Because it was in an envelope and I handed it to her (didn't just throw it in the collection), it was properly recorded. Never needed a large amount of cash for anything- I suppose I'd have to plan ahead and do daily ATM withdrawals till I had enough.
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Old 12-03-2020, 07:32 AM   #37
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Friends of ours recently had a possible bank fraud issue come up on a Saturday night (don't ask!). They went to the police department. The police called the president of the bank (which was local). He went in to the office at 10:30PM to put a freeze on their accounts and then they went in on Monday morning to clean things up. I suppose there would be a way to handle this with an online account but I thought they got really good service. They were so pleased they closed their BA accounts (which they access online) and moved everything to the local bank.
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Old 12-03-2020, 07:38 AM   #38
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My mom and uncle inherited some U.S. Savings bonds. She processed hers at her local bank. He used a credit union, which couldn't cash them. He had to open a bank account for that.
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Old 12-03-2020, 08:25 AM   #39
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Thanks all, for your comments.

I have never needed a Medallion Signature, but if I need it in the future, that seems to be a good reason to keep the account.

I am trying to simplify our financial landscape and wanted to reduce the number of financial institutions. But for now, I think I'll keep the local B&M account.

Thanks again.
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Old 12-03-2020, 08:50 AM   #40
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After I moved to my retirement state I opened a local savings account at a well respected local chain for all of the reasons mentioned above. I keep $1K in it so as to avoid fees/have a small local reserve. I also added this bank to my brokerages in case I get frozen out of my primary bank. My primary checking is still with USAA, but it is nice to have local access.

I have also been selling a few items locally for cash and am sitting on about $1500 ish in a coffee cup. As there are a lot of cash only services here, wood, plow, some FTF transactions, I plan on keep the cash. If I acquire more, the local bank is convenient for deposits.
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