Any reason to maintain a local (brick & mortar) checking account?

[2177V]

I have three checking accounts because i have three direct monthly deposits from 2 pensions and 1 SS. The minimum balance required is either zero or very low to avoid a monthly fee because I have direct deposit of my three retirement income.

I do this for convenience because I have three ATM cards to my three checking accounts of different banks so I have no trouble finding a ATM when I need cash while I travel. I also electronically transfer funds from one bank to another online. i found that my situation of three accounts has the lowest fee possible with the maximum conveniece of getting cash whenever I need it.

I feel uncomfortable using non-brick and mortar banks because what happens during a crash and there is a bank run? What re-coarse do you have if the non-brick and mortar bank freezes your account? The bank has my money so I feel more comfortable banking with the largest assets for diversification of my cash assets. Like my stock and bond investments, I do not feel comfortable putting all my eggs in one basket.

 

[jazz4cash]

I have not used cash in the USA in the last 2 years.

Not once.

Apple Pay, credit cards, and Venmo.

I’m thinking of something really extraordinary . I’ve been retraining myself to use cashback credit cards for even the tiniest purchases but every now and then I need cash for Girl Scout Cookies and Panhandlers. Also this time of year I get a wad of 5’s to tip generously. I usually put tips on the card but that does not have the same effect.

 

[LakeRat1]

We left the B&M banks 6 years ago and it has caused a few challenges...... We have purchased and sold properties, Condos, Small Homes, and RVs during this time .... There are times when a bank would be nice to get large amounts of cash out for purchases......

 

[68bucks]

I use 2 banks primarily, for checking and small cash savings. I have my mortgage with one of them. Both are headquartered in my state. I am a firm believer in local economy. The bulk of my investments are with a local small FA held with a large national firm. I will always support local financial institutions (and businesses in general) to some extent or some day they just won't exist. BTW I do almost all my banking online.

 

[yclipse]

We maintain accounts at local banks because we believe that it is important to support our local financial institutions, and because those local banks support local development and homeowners. When we had mortgage payments, our banks held the paper and did not peddle it to syndicators.

About 80% of our savings is on deposit in local banks. If everything goes to hell, it is not guaranteed that we'll be able to get the money we need, but the chances of doing so are a lot better than having to try to contact banks based in New York City, especially if there is no more New York City.

 

[SnowballCamper]

I've heard that it can be nice to have a local bank for the purchase of a used RV, car, boat, etc. No risk from carrying a big sack of cash to a barely known seller, and the seller knows the currency isn't counterfeit.

 

[Old Microbiologist]

We don't for our US accounts. We have a Credit Union account in Spokane Washington which is a bit problematic if you need to speak to someone as we are in Europe. Our "local" branch is in Vicenza, Italy and they can usually answer questions over the phone. We do have a local Hungarian account though but don't use it all that much except to get cash of local purchases although even that is unnecessary as the Hungarian equivalent of the IRS has mandated everyone accept credit cards which automatically report sales to them thus reducing the black receiptless deals that used to be pervasive.

 

[ChrisC]

I've heard that it can be nice to have a local bank for the purchase of a used RV, car, boat, etc. No risk from carrying a big sack of cash to a barely known seller, and the seller knows the currency isn't counterfeit.

We sold a car recently and we were able to document the sale and transfer funds at our local branch of Wells Fargo, where we (the seller) and the buyer had accounts. We were able to get the title transfer papers notarized, bill of sale papers signed, and cash transferred from the buyer's account to our account as seller.

We need the assistance of a B&M institution for banking services such as notary and medallion signature, safe deposit (free for us), or large deposits -- you can't mobile deposit checks over $5K at the two large depository institutions that have our checking/savings accounts. Just helpful for us to have bank staff at the local branch know us well when we need to get some things done -- such as an occasional fax when our fax isn't working, or a cashier's check needed by someone, or to pick-up foreign currency (though Wells Fargo can FedEx currency to us, as well).

 

[Happyras]

We need the assistance of a B&M institution for banking services such as notary and medallion signature, safe deposit (free for us), or large deposits -- you can't mobile deposit checks over $5K at the two large depository institutions that have our checking/savings accounts. .

We keep two major B&M accounts for checking and one Credit Union. Most of our major banking/checking is done through Fidelity. I was used to Fidelity accepting our mobile deposits for major amounts, so I was caught off guard by the BECU. I mobile deposited a 10K check to paydown our mortgage and they threw a hold on 1/2 of it for one week. It would have been nice for them to let you know when you are making such a deposit, but no....They sent a snail mail letter that I received 7 days after the deposit. You would think the funds would be available to pay down a debt on another account there!

I intend to payoff the mortgage in a few more chunks and then be done with this credit union......I will keep BofA and Chase so I can always get ATM cash. The banks limit you on daily ATM WD, so if you need $$$$ traveling you need a few accounts to pull from. As for the BECU, from now on I will use free wire transfers from Fidelity which are immediately available.

 

[FANOFJESUS]

I am a big fan of local credit unions and think they should be supported. They always remind me of the movie it's a wonderful life. I don't want my town turning into Pottersville.

 

[MarieIG]

At my last job, the office was located right next door to a bank. It was very convenient at the time.

I needed the Medallion a number of times after DF passed which they had, and they even pointed out to me a cabinet that they had behind the customer service desks where they stored copies of my documents in case the manager was not there. Also, I knew a few of the customer service reps AND they had a Kurig machine and lots of different types of coffee. I would toddle in there quite frequently to cash expense checks, grab a coffee and chat.