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Old 12-03-2020, 08:52 AM   #41
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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 have never been a bank customer with a bank which offered a Medallion Signature Guarantee until a couple months ago, but have needed said signature three different times. In my experience, it is a royal pain in the backside to find a bank which will offer them to non customers.
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Old 12-03-2020, 08:57 AM   #42
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The last time I needed a Medallion Signature Guarantee was in 1979 when I liquidated a mutual fund. I still remember calling the bank where I had a passbook savings account and getting confirmation that yes, they'd be open that evening on my way home from work. It was locked up and only the drive-through was open. We had to use the drive-through to get them to let us in the building.

What transactions require a Medallion signature these days?
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Old 12-03-2020, 09:04 AM   #43
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What transactions require a Medallion signature these days?

I needed one to get gifted stock out of Computershare, transfer a Roth IRA from Dodge and Cox to Fidelity, and one other, I forget which. This was all within the last 10ish years and was wholly company dependent.
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Old 12-03-2020, 09:14 AM   #44
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What transactions require a Medallion signature these days?
Vanguard required one for some transactions, like gifting/transferring to my son's VG account, not too many years ago. That's been replaced by their voice confirmation. Might be only for brokerage accounts. I know that when I switched to that I was still using the old form that required the medallion sig, but the brokerage version of the form did not.

Will I have another need in my lifetime? I don't know. For keeping $500-$1000 in a Wells Fargo savings account, I'm covered for this and the other things I mentioned. Worth it to me, even though WF doesn't have the best rep, but I wasn't with them during the bogus account openings fiasco. I was with BofA, but they've closed too many branches and they often aren't convenient to me.
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Old 12-03-2020, 12:32 PM   #45
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Interesting discussion. I have a credit union account that I uses for checking, savings, and borrowing. That said, I haven't been in the branch in years, and do most everything electronically. However, there are times when I need to break a larger bill into smaller $1 bills, as I prefer to pay tips in cash. That's when the drive-up window becomes important.
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Old 12-03-2020, 01:27 PM   #46
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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.
The above plus tip money and ATM access when traveling.
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Old 12-11-2020, 04:44 PM   #47
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While working on an estate and all that entails I found out that being able to get a Medallion signature guarantee is crucial, and I donít know how I would have ever gotten one if I didnít have my normal brick and mortar (literally in this case) banking relationship. We have always left at least several thousand there locally and pay bills out of that account sometimes. Recently I needed $7,500 cash for a second hand riding mower and it was handy to get a big wad of cash at the drive-up window on short notice. Had our revised wills notarized and witnessed there again recently in case we die of covid. They made special arrangements to meet us even thought their lobby is closed to the public, and even offered to meet us with the notary and witnesses at our car. But most of our funds are online at Fidelity and such. Still grateful I kept the local one though!
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Old 12-11-2020, 04:52 PM   #48
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I would never give up my local bank, ever. For all the reasons given and it is a place I can park money and be able to walk in a place and do business eye to eye with people I trust.
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Old 12-11-2020, 05:01 PM   #49
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I visit my local credit union a few times a year, most often to get $100 bills for travel or a gift.

But I do wonder if/when there will be a decline in physical bank locations. While I have not noticed any bank branches closing in my area, I do not remember seeing any new ones being built since the '08 financial crisis.
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Old 12-11-2020, 05:15 PM   #50
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We moved after retirement and we kept the old credit union and banked remotely. Then I sold a classic car and the guy showed up with $24K in cash! So I joined a credit union here instead of driving 5 hours to our old CU. They also told me not to deposit all at once, I think they said after $10K they were forced to let the government know I was depositing cash.
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Old 12-11-2020, 05:27 PM   #51
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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.
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Old 12-11-2020, 06:05 PM   #52
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I have not used cash in the USA in the last 2 years.

Not once.

Apple Pay, credit cards, and Venmo.

Iím thinking of something really extraordinary . Iíve 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 5ís to tip generously. I usually put tips on the card but that does not have the same effect.
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Old 12-11-2020, 07:52 PM   #53
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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......
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Old 12-11-2020, 08:42 PM   #54
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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.
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Old 12-11-2020, 08:43 PM   #55
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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.
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Old 12-11-2020, 09:16 PM   #56
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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.
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Old 12-12-2020, 06:51 AM   #57
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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.
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Old 12-12-2020, 09:45 AM   #58
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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).
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Old 12-12-2020, 01:32 PM   #59
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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.
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Old 12-12-2020, 01:52 PM   #60
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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.
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