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Old 06-24-2021, 06:48 AM   #21
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We go to our brick-n-mortar bank so infrequently, 15 miles wouldn’t be a problem for us, assuming there’s an ATM closer. And we used to go to an ATM once a week for allowance (pocket money), the pandemic changed us to once every four weeks and we’ll continue at that frequency. We do as much as we can online, and more and more as possible.
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Old 06-26-2021, 08:13 AM   #22
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Originally Posted by jpjr View Post
In September our local bank branch is closing. It is a convenience being so close, but now, if needed, we will have to travel 15 miles just to get to the next branch. Our financial needs do not revolve around this brick and morter bank as most all our bills and income are already handled by direct deposit / automatic pay plans. We do not use any other services other than savings, checking and a HELOC.

I am now considering online banks and am looking for some insights from those who do use them.

Thanks
Do they have convenient ATMs?

My local branch closed but the bank has their branded ATMs in several nearby grocery & convenience stores.

The ATMs don't take deposits but I can "mobile deposit" any check with the bank's app via my smartphone's camera.

I'm fortunate, though, that the one branch left here in my city is less than 5 miles from home.
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Old 06-26-2021, 08:45 AM   #23
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Do they have convenient ATMs? ...
Just one more piece of data: Schwab, and probably Fido too, reimburses all ATM fees, domestic and international. So any ATM is a "convenient" ATM.
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Old 06-26-2021, 09:23 AM   #24
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I like a local office and visit about 4 times / year.

Same here. I was lucky, my bank moved, but it was only across the street.
That's been two years ago, because of a street widening project which is not done yet. The safe for the old bank is still on the old property, but the building is gone.
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Old 06-26-2021, 09:37 AM   #25
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The only time we go in our local bank is to access the safe deposit box.

Quite some time ago we moved most of our business away from a local bank to an on line bank. Better service, better rates, far less service charges.

We are at the point now where we plan to move all of our direct deposits to our on line bank. And all of our on line payments.

Exact same for the post office. All we get now is junk mail. May as well not be there for us.
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Old 06-26-2021, 09:45 AM   #26
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Until the pandemic hit I was usually in the lobby of my local bank (miles 15 away) at least weekly. During the pandemic I used the drive thru (lobby was closed for months due to covid) and the frequency of my visits dropped ~50%... Now I stop by the bank about once a month but I still like the convenience of local brick and mortar banking... I do have an on-line bank with Schwab too but 99% of my banking is still done with my local bank... When I need a large sum of cash, or make a cash deposit, or need a special service or a problem comes up, it's so much nicer/easier to walk in and deal with someone face to face, especially when they know who I am and treat me accordingly.
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Old 06-27-2021, 04:43 AM   #27
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I’ve not been in my local bank, 10 mins away, or any bank, for over 30 years.
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Old 06-27-2021, 04:50 AM   #28
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Just one more piece of data: Schwab, and probably Fido too, reimburses all ATM fees, domestic and international. So any ATM is a "convenient" ATM.
+1 Schwab. The atm international reimbursement is great. Quick to answer when you call for support.
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Old 06-27-2021, 03:04 PM   #29
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I have thought about opening an online account but the more I look at it there really wasn't a reason to do so. I do a bricks and mortar account (which is very close to me). I just went in the bank for the first time since Covid. I wanted to put something in the safety deposit box.

Almost everything we do online even though it is not an online bank. I can deposit almost all checks using the app. There are some exceptions but they don't occur very often.

I guess the one advantage of a purely online bank might be reimbursing for ATM fees if you use a lot of ATMs (I don't).

I do have the Fidelity 2% visa card and a Fidelity CMA so I could use that I guess for some stuff but I actually still do stuff more from the bank. I mostly use the CMA to deposit the cash back from the visa card and then I transfer the money to my regular bank account.
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Old 06-27-2021, 04:52 PM   #30
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Sorry if too far off thread but noticed several posters remarking they keep a local bank for a safe deposit box. There was a thread awhile back of the importance of visiting your box at least once a yearr. Some states are aggressive about seizing "abandoned property" which is defined by every state. Generally longer than a year but if you are not a regular visitor to your box, be sure to understand your bank's policies.
BTW, IIRC there were examples of State seizure even though box owner had other accounts with their bank but still had their assets turned over since the safe deposit box records did show any entry during the required time. Risk is particularly high when a bank sells or consolidates your branch (box) and fails to contact box owners before turning assets over.
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Old 06-27-2021, 05:29 PM   #31
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In September our local bank branch is closing. It is a convenience being so close, but now, if needed, we will have to travel 15 miles just to get to the next branch. Our financial needs do not revolve around this brick and morter bank as most all our bills and income are already handled by direct deposit / automatic pay plans. We do not use any other services other than savings, checking and a HELOC.

I am now considering online banks and am looking for some insights from those who do use them.

Thanks
The current bank doesn't provide online access/services? I'd be very surprised if that were the case.

What's a fully online bank going to provide that your current bank doesn't? If you don't need the local branch, fine, just use the current bank as an online bank.

Should you "need" to do something at a branch, which would likely be very infrequently, it is always an option, at 15 miles...again, which would likely be a very rare necessity - which you readily acknowledge by considering a fully online bank.

I say stay with the current bank.

We've had our BofA account (through probably 4 or 5 prior mergers) for 28 years. Our local branch is 8 miles away, though there are numerous others within say 15-25 miles. We rarely visit any BofA branch these days. However, if push comes to shove, and I need to get access to cold hard cash immediately, I can go in to a branch and do it. Every 5 to 10 years we buy a new (used) car and need to get a cashier's check. I stroll in to any BofA branch and walk out with it in 5 minutes. Will you be able to get a cashier's check on short notice if you need one? Be able to get your hands on say $5000 or $10,000 cash quickly if you needed to?
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Old 06-27-2021, 05:39 PM   #32
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I’ve not been in my local bank, 10 mins away, or any bank, for over 30 years.
Just curious, how did you do your banking before the internet was available?
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Old 06-27-2021, 06:29 PM   #33
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We have almost all income deposited to a BBT account - have been in local BBT one time in five years - the staff looked happy to see a customer.

We have rental income deposited to Navy Fed - lots of local facilities. Use their ATMs occasionally. This simply to keep rental accounts separate and to keep NFCU available for CDs - 40 years with them. We really don’t use cash much - wife does for small items, but we disagree regarding the need for doing even this.

Have nearly zero account at PenFed ... just for safety deposit box.

Have Fidelity and Vanguard for investments.

I am considering closing everything except Fidelity - FIDO is soooo easy! Checking, buying/selling stocks and bonds, etc. Closing deals on big ticket items via funds transfer with handholding. Just great service and easy!
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Old 06-28-2021, 02:42 PM   #34
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Just curious, how did you do your banking before the internet was available?
Can’t quite remember, but do recall a heavy use of cheques. SO’s & DD’s the same as today.
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Old 06-28-2021, 03:09 PM   #35
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I've been away from internet access and have not had a chance to reply to all the comments presented. I rarely go to the bank per se, and the drive of 15 miles is not a deal breaker. As previously stated, virtually all our banking is done online with the current bank, and probably the only time we would want to visit is for a medallion signature. We'll manage without the branch, but it's closing just started me thinking about looking at other options. Thanks for sharing your ideas.

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Old 07-02-2021, 06:12 PM   #36
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I haven’t been inside a bank in 20 years.
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Old 07-03-2021, 08:17 AM   #37
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Since I haven't seen it mentioned yet, we have used Capital One online banking for almost 15 years. It is easy and convenient with many free ATM locations and savings/money markets with historically high yields.
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Old 07-10-2021, 01:35 PM   #38
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I haven’t been to the bank in years. Everything is online.
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Old 07-10-2021, 01:40 PM   #39
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Local bank needed for the safety deposit box.
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