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Old 04-06-2018, 11:29 AM   #41
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Another pitch for Fidelity - Schwab probably the same - On single Fido Full View page you can see credit care accounts from any cc company, bank and financial accounts from any other companies, credit unions. etc and dive down into each from that page.
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Old 04-06-2018, 11:33 AM   #42
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Originally Posted by kaudrey View Post
I use Capital One. I like their website; decent rate on the money market account, even a little bit of interest on the checking account. I also have a Venture card, and I can see all 3 in the same place, which I like. They have great customer service. The one good thing is that even though I opened the accounts online, there are actual branches here in DC and VA (where i work and live), and Capital One ATMs in the metro stations, so it's very convenient for me to get money if needed.


But, my brokerage account and IRAs are at Schwab...I need to look into Schwab banking!
Use Capital One also. Usually near highest on rates, though that could be improved. Not sure it is worth the time.

I do not really use the checking account. I have thought about doing that, and kind of replacing the brick and mortar bank. Though as you point out, Capital One has some bricks.

The venture card which i do not use is also pretty interesting.
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Old 04-06-2018, 12:12 PM   #43
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Our basic process is this:

Day-to-day banking: Fidelity Cash Mangement Account; balance is big enough to handle normal timing fluctuations without regular transfers in/out. Based on this thread, I just changed the core position from FCASH (0.12%) to FZFXX (Fidelity Treasury Money Market Fund @ 1.29% currently).

Cash Reserves: Ally online savings account (1.45% currently). Been very happy with service and rates over the years. Keep the remainder of our cash allocation here.

Brick & Mortar: Wells Fargo checking. We keep $1.5K parked here to avoid fees. Mostly used to transfer money to/from kids and for occasional needs like notary or depositing/withdrawing large amounts of cash.

ATM: Use the debit card with the Fidelity CMA. All ATM fees are refunded.
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Old 04-06-2018, 02:53 PM   #44
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.... We have been very granular in Quicken on categories but those categories don't match IRS categories. After all looks accurate we fold our categories into the IRS ones, then divide by two because we file as singles. Ship it all off to the tax person, who sends us a draft to review. We pretty much always find errors, either in what we submitted or in her entries, so send the corrected or questioned parts back and wait for our hard copy (ours is due in the mail tomorrow). Then it's just a matter of paying her and sending checks to two states and the Feds for both of us.
Do you use the feature of Quicken to map your Categories to IRS tax return lines?
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Old 04-06-2018, 03:41 PM   #45
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I donít have an online bank yet. I use a brick and mortar local CU. ATMís are all free. I donít keep large balances in my checking or savings, so Iím not terribly concerned about their low interest rates.

The main reason Iím thinking about an online bank is for access to great CD rates as interest rates slowly rise. Iíve never owned CDís, but can see this changing in the near future. As to what online bank would be best to join for future great CD rate access Iím not sure. So here I sit....
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Old 04-06-2018, 04:58 PM   #46
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Every ATM I have used in the EU has only given out 50s, which annoys me - it's really hard to spend enough (cash, that is) to justify making a small business give me all their change when I buy something with a 50.

I personally hope BofA doesn't switch their ATMs to $50s only.
I would say two out of three ATMs in Europe give me the option of choosing the size of bills I wanted, including several mixes. Only a few were Ä50s only.
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Old 04-06-2018, 05:58 PM   #47
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Do you use the feature of Quicken to map your Categories to IRS tax return lines?
No. We have way to many categories and property/loan classes past and present. If we map them our reports during the year end up with a bunch of splits and subtotals that make the reports hard to read. So I'm told by she who grinds out most of the reports.
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Old 04-07-2018, 09:41 AM   #48
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I recently started looking at online savings accounts for my mom after they charged us $700 on an early withdrawal on her 18 month CD (out of money, needed to pay for assisted living). Her CD only paid .15% so I figured there had to be a more flexible option with better rates.

So, I recently moved our savings accounts to Discover Online Savings. We've had US Bank for decades and never really thought much about it. But at .0098% interest our savings wasn't much better than a checking account. We only had a few thousand in our personal savings, and earned a whopping 14 cents the first three months of this year. I moved the same balance to Discover a couple weeks ago and already earned over two dollars interest! I'm not going to retire on the interest or anything, but every little bit helps.

I would ditch US Bank for our checking too, as they have fees for everything if you're not careful to avoid them. But, we have a safe deposit box at the local bank and it's nice to have a local branch for day to day operations.
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Old 04-07-2018, 11:03 AM   #49
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I recently started looking at online savings accounts for my mom after they charged us $700 on an early withdrawal on her 18 month CD (out of money, needed to pay for assisted living). Her CD only paid .15% so I figured there had to be a more flexible option with better rates.

.....
Please tell me that CD was very BIG, as we have some super low interest CD's (banks auto renew them at low rates like 0.3% if you don't pay attention ).

So we'd like to cash them out early.
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Old 04-07-2018, 02:17 PM   #50
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Please tell me that CD was very BIG, as we have some super low interest CD's (banks auto renew them at low rates like 0.3% if you don't pay attention ). So we'd like to cash them out early.
She had about 75K in the CD. I took out 30K to pay for her assisted living until the CD matures in September. The penalty was a flat $25 fee plus a percentage based on the amount withdrawn. I don't remember the exact penalty now but it was around $700 for the 30K withdrawn.

Mom use to earn really good interest on her CD's back in the 80's, but they're just not earning much anymore. She also may need that money at a moments notice with her current health conditions. The penalties far outweigh any interest she may have earned. It has taken a lot of time to convince her a Savings account with 1.5% interest is a better option than her CD with only .15% interest and penalties. I still don't know that she believes me.
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Old 04-07-2018, 05:40 PM   #51
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She had about 75K in the CD. I took out 30K to pay for her assisted living until the CD matures in September. The penalty was a flat $25 fee plus a percentage based on the amount withdrawn. I don't remember the exact penalty now but it was around $700 for the 30K withdrawn.

Mom use to earn really good interest on her CD's back in the 80's, but they're just not earning much anymore. She also may need that money at a moments notice with her current health conditions. The penalties far outweigh any interest she may have earned. It has taken a lot of time to convince her a Savings account with 1.5% interest is a better option than her CD with only .15% interest and penalties. I still don't know that she believes me.
I've never heard of an early withdrawal penalty anywhere near that severe. Just doesn't sound right. The penalty is usually limited to a portion of the interest earned even if it's 100% of the interest. That's tough when the client doesn't want to switch and the bank is happy to take advantage. Especially when some pressing need arises. Heartbreaking, really.
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Old 04-07-2018, 11:07 PM   #52
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I've never heard of an early withdrawal penalty anywhere near that severe. Just doesn't sound right. The penalty is usually limited to a portion of the interest earned even if it's 100% of the interest. That's tough when the client doesn't want to switch and the bank is happy to take advantage. Especially when some pressing need arises. Heartbreaking, really.
You're right. My memory isn't what it used to be, so I looked it up. US Bank charges "$25 + either 1/2 of the interest you would have earned if the funds were withdrawn after maturity OR 1% of the withdrawal amount, whichever is greater".

There was no significant interest, so 1% of 30K withdrawn + $25 worked out to around $325. Not as bad as I remembered it being, but still a big hit. Certainly more than the interest she earned from the 18 month CD.

In any case, the Discover Savings account will offer more flexibility and pay much better interest (1.5% vs .15%).
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Old 04-08-2018, 10:59 AM   #53
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You're right. My memory isn't what it used to be, so I looked it up. US Bank charges "$25 + either 1/2 of the interest you would have earned if the funds were withdrawn after maturity OR 1% of the withdrawal amount, whichever is greater".

There was no significant interest, so 1% of 30K withdrawn + $25 worked out to around $325. Not as bad as I remembered it being, but still a big hit. Certainly more than the interest she earned from the 18 month CD.

In any case, the Discover Savings account will offer more flexibility and pay much better interest (1.5% vs .15%).
Glad to hear, but still onerous. I checked and found sources citing the penalty could exceed the interest earned which I guess is why you can deduct the penalty to reduce AGI.

Edit: This topic has captured my attention but I don't want to derail this thread. I noticed some issuers can waive the penalty in the event of extraordinary circumstances (like death or disability). US Bank says
"*The penalty may be waived in the case of death or judicially declared legal incompetence of any owner of the certificate. The penalty
may also be waived on Individual Retirement Account certificates in the case of permanent disability of the owner or for normal or
required distribution of retirement funds at age 70 1/2 or beyond.
"
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Old 04-08-2018, 11:06 AM   #54
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you can deduct the penalty to reduce AGI.
Interesting, I didn't know that. Unfortunately, Mom is on a disability income and doesn't earn enough to pay taxes anyway. So any deduction is meaningless in her case.
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Old 04-08-2018, 11:16 AM   #55
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Interesting, I didn't know that. Unfortunately, Mom is on a disability income and doesn't earn enough to pay taxes anyway. So any deduction is meaningless in her case.
Might be helpful for you to look back to my post #53 that I edited.
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