Online Banking

I'm happy with Discover Bank.
 
We've been using Capital One (since it was ING). Even after the transition it's been good. No problems. Decent interest rate. Easy to transfer money in and out of.
 
I've been using a credit union located where I used to live, and a local bank. The credit union account has been active for 30+ years and I haven't been there for at least 15 years. The local bank checking account we opened simply because they have ATMs all over the place and a reasonable fee structure.
 
I'm similar to mpierce, online account with Capital One since it was ING.


I hold most of my emergency savings in this account and the Bill Pay options work great, from direct payments, email money to an individual and sending paper checks. All at no cost.


Over the years, I've held their CD's also, but the savings rate is equal or better than the short term CD, so I haven't purchased any in a while. I don't use their investment tools though, just banking.


Capital One is also linked to my investment accounts and dividends are direct deposited.
 
rec7 said:
What do you guys think of Ally?
Click to expand...


I'm happy with them. I initially signed up for a savings account with them, since they had the best interest rate (still only a pitiful 1%).

I recently signed up for a checking account because BofA was going to start charging me $25 per month for a checking account. That's been painless, and they'll reimburse $10 per month for ATM fees from other banks, so I can still use the BofA branch near my house to get cash if needed. The only annoyance with Ally checking is that when you request a check refill (which is free), they send a single book of checks, rather than the 100 we'd get from BofA. We've renewed online several times, and they come quickly, so it hasn't been a problem.
 
Ally is very good. Definitely would recommend to anyone looking for an online bank.
 
+1 for Ally. We park some cash in their online savings at 1%. Nary a problem.

Most of our actual "online banking" utilizes a Cash Management Account (CMA) at Fidelity. We also park $1500 (to avoid fees) in a Wells Fargo checking account for that rare occasion when we need some type of brick-and-mortar service that Fidelity does not offer.
 
aja8888 said:
I concur and have used them for years now.
Click to expand...

+1 for Ally - their customer service is far above average, especially on the phone (short wait, competent people).
 
I currently have gsbank (formerly GE Retail bank). It is ok. Their online transfers take a bit longer than I would like but the real drawback for me is not having any IRA options. For that reason I'll probably switch to Ally.


Sent from my iPhone using Early Retirement Forum
 
I do it all through Fidelity. Checking, credit card, investments, all of it. I really like having it all in one place. It makes it so easy. They also make it easy to have in one place. No ATM fees, free checks, etc.
 
COcheesehead said:
I do it all through Fidelity. Checking, credit card, investments, all of it. I really like having it all in one place. It makes it so easy. They also make it easy to have in one place. No ATM fees, free checks, etc.
Click to expand...

I agree and we do the same. But any cash not needed for the next 30 days or so is held at Ally earning 1%. Fidelity has no similar offering that I'm aware of.
 
By now I have online high yield savings accounts at American Express Bank, Ally Bank, and Synchrony Bank. Synchrony is paying 1.05%. I also have some CDs at Synchrony.

They all work well so far.
 
For those of you that only use online banking what do you do when you need a notary or a medallion signature guarantee?
 
We are with USAA ago all is online. However, I recently opened a checking account with a local bank at the grocery store I frequent with around $1,000. Mainly to deposit stashes of coins to the account without the 10% fee and exchange Canadian and Mexican money for American when I return.


Sent from my iPad using Early Retirement Forum
 
Just_Steve said:
For those of you that only use online banking what do you do when you need a notary or a medallion signature guarantee?
Click to expand...


UPS generally has notary service. Haven't needed a medallion guarantee since I liquidated a mutual fund in 1979!

I have USAA; at one time they allowed people with no military connection to get checking accounts. They may have stopped since. I'm very happy with them.
 
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Just_Steve said:
For those of you that only use online banking what do you do when you need a notary or a medallion signature guarantee?
Click to expand...
Notary: My insurance agent's office, county administration office, local AAA office with membership, UPS store. TD Bank offers free notary service to anyone.

Medallion: Local Fidelity office with account.
 
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USAA.

Tracks your spending across whatever accounts you wish to include
 
Cobra9777 said:
I agree and we do the same. But any cash not needed for the next 30 days or so is held at Ally earning 1%. Fidelity has no similar offering that I'm aware of.
Click to expand...

I see your point. I used to have a bank account, but I just got tired of one more thing to manage. I had bill pay from it and I was always trying to make sure I had enough cash in it to cover the bills and not go below the minimum. Plus it was one more thing to report and pay taxes on. I just like one pot of cash. For me it's easier, even if I give up a few bucks a year for the privilege.
 
I use Ally's online savings because they do pay 1%, which seems to be better than most. The only thing I have to pay close attention to is the number of withdrawals and transfers I make in a month. You are limited to six online transactions per month. After six, they asses a $10 penalty, and you get a warning letter stating if you continue to exceed six transactions, they are required to close your account.

You have to read the fine print to determine which transactions count toward the six. Online transfers out of Ally count, but deposits in do not. Manual checks that you ask them to issue for you also do not count. It's mainly the online transfers out of their account that they want to limit.


Sent from my iPad using Early Retirement Forum
 
Ready said:
I use Ally's online savings because they do pay 1%, which seems to be better than most. The only thing I have to pay close attention to is the number of withdrawals and transfers I make in a month. You are limited to six online transactions per month. After six, they asses a $10 penalty, and you get a warning letter stating if you continue to exceed six transactions, they are required to close your account.

You have to read the fine print to determine which transactions count toward the six. Online transfers out of Ally count, but deposits in do not. Manual checks that you ask them to issue for you also do not count. It's mainly the online transfers out of their account that they want to limit.


Sent from my iPad using Early Retirement Forum
Click to expand...

Also - the month is determined by your statement cycle dates, I believe.
 
Ready said:
I use Ally's online savings because they do pay 1%, which seems to be better than most. The only thing I have to pay close attention to is the number of withdrawals and transfers I make in a month. You are limited to six online transactions per month. After six, they asses a $10 penalty, and you get a warning letter stating if you continue to exceed six transactions, they are required to close your account.

You have to read the fine print to determine which transactions count toward the six. Online transfers out of Ally count, but deposits in do not. Manual checks that you ask them to issue for you also do not count. It's mainly the online transfers out of their account that they want to limit.


Sent from my iPad using Early Retirement Forum
Click to expand...

All banks are the same with the withdrawals from savings except their fees are different.

https://en.wikipedia.org/wiki/Regulation_D_(FRB)
 
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