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Old 03-13-2017, 08:05 PM   #21
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I have most in online, but do keep a rarely used account with a local bank.
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Old 03-13-2017, 08:05 PM   #22
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Penfed is my online banking. But strictly for cheap home equity loan, car loan, and credit card. I still have 2 brick and mortar banks. And one HSBC, premier banking, which we are trying to close down.
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Old 03-13-2017, 08:22 PM   #23
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To each his own, but I've never understood the need for 'online banking'

I have a checking account at my hometown 'brick & mortar' bank.
My health care premium, cable & Internet, natural gas, electricity, city water sewer garbage & telephone bill, are all automatically withdrawn from that account at no charge.

I use direct deposit for my pension check.

My Visa Rewards Card is through Fidelity & I pay that directly from Fidelity.
I also have a pipe-line set up between Fidelity & my bank. If the amount in my checking account grows too high, I'll transfer some to Fidelity.

The only monthly bill that I still pay with a check, is my house payment.
That bank is only about 1.5 miles away, & I pay it in person every month.
If I can't find 15 minutes once a month to go there & make a payment, my life is too busy.

Besides that, I like visiting with the people at my banks. They're all very nice, knowledgeable, & on the rare occasion I need something like a signature guarantee, it's very convenient.
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Old 03-13-2017, 09:04 PM   #24
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What does Fido pay for deposit or CMA accounts?
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Old 03-13-2017, 10:05 PM   #25
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I use Fidelity online banking and for many years did not have a bricks and mortar bank. However, we took out a HELOC a few years ago that required a checking account at the local branch of a large bank. I still do most of my banking online, but have accessed my local bank for cash needs that couldn't be met with an ATM, safety deposit box, and a signature guarantee once. Signature guarantees can only be done by banks and some brokerage houses, but Fidelity wouldn't do mine because the transaction did not involve funds coming to our from our Fidelity accounts. I think it has been very beneficial to have a local branch of a bank we can go to when we have infrequent needs.
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Old 03-14-2017, 03:50 AM   #26
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Quote:
Originally Posted by ERD50 View Post
Like some others, we keep a minimal amount in a local bank. Not much use for it, but "just in case". Plus, we have a safe deposit box there.



OK, I wasn't as sure about this as "Hot Water Heater", but I was pretty sure it's a safe deposit box. DW always says "safety", I think she does it just to bug me.

https://en.wikipedia.org/wiki/Safe_deposit_box



Safe-deposit box - Grammarist



-ERD50
Your write. Hmmm - I think I get you're wife.

Might have just been a mistype. I think I usually refer to it as a safe deposit box.
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Old 03-14-2017, 04:04 AM   #27
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What does Fido pay for deposit on CMA accounts?
.07% at the moment. Beats BofA and Chase, LOL!

We only leave enough there to pay certain bills and cover ATM withdrawals when we travel. We transfer funds from our ~1% yielding high yield savings accounts as needed via scheduled ACH transfer.
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Old 03-14-2017, 04:17 AM   #28
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The only reason I physically go the bank these days is to cash out my piggybank, just like when I was 5 years old. :-)
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Old 03-14-2017, 06:32 AM   #29
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We used USAA for most of our 26 years of marriage. They were an early adopter of debit cards that could be used as credit cards, which was very handy. Always did direct deposit and/or mailed in deposits for those extra checks that always seem to pop up. Eventually we deposited checks via mobile app.

More recently we switched all of our banking to Schwab. Same setup, but they do have branches here and there.

I can't say I've ever missed having a local branch with their accompanying fees. I guess I miss them about as much as I miss paper checks, which is to say - not so much...
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Old 03-14-2017, 06:32 AM   #30
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There is a branch of the credit union I've used for decades conveniently adjacent to the sweatshop. They offer direct deposit, automatic bill paying, safe boxes, prompt transfers with Schwab. They don't nickel-and-dime us with nuisance fees, and I can get brick-and-mortar services easily. I think it was helpful for educating our kids about handling money. I expect to keep using them even after I RE.

DW has an account with the Navy Credit Union, where we got the no-fee HELOC. They have actual branches at military bases, but what little she does there is online.
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Old 03-14-2017, 07:01 AM   #31
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Virtually all "bricks and mortar" Banks offer the same on-line products at similar pricing, so why switch? Every once in a while a branch might come in handy?
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Old 03-14-2017, 07:15 AM   #32
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Almost all online banking. I go to the bricks and mortar bank about twice a year. And that will probably decrease since I don't receive checks anymore.
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Old 03-14-2017, 07:21 AM   #33
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DH had a checking account with B of A and I wasn't impressed with them. They had only one notary in the office and she always seemed to be out on vacation. We gave up and went to UPS. They were proactive enough to contact me after DH's death (must have tapped into the SS database) but it took me a couple of months to get the $178 in his account. The people in the branch knew very little- all they could do was pass on the forms I filled out to the Estate Department and tell me to wait and see what they did next. And now they're closing that branch, which has been a bank of one brand or another in our little town for the last 50 years.

On-line it is.
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Old 03-14-2017, 07:23 AM   #34
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Quote:
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Virtually all "bricks and mortar" Banks offer the same on-line products at similar pricing, so why switch? Every once in a while a branch might come in handy?
I still write a few checks each month. The online bank offered free checks plus 10 cents cash back for each check/debit card purchase. So, I went for those freebies.

But I still keep a "brick and mortar" account open for things that I just can't do online like trading in loose change.
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Old 03-14-2017, 07:28 AM   #35
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Haven't had an account at a place I could physically walk into since 1999. USAA covers it.
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Old 03-14-2017, 07:29 AM   #36
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I do most online; however, I do use the local bank down the street for: some Canadian deposits that app won't make, safe deposit box, and when I want to withdraw cash I'd rather not use an ATM, and that is 2x annually.

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Old 03-14-2017, 07:30 AM   #37
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I use Bank of America for their online banking. Started years ago when they offered it free if you had direct deposit which I had for pension and Social Security. We have a branch a short distance away and I use it frequently for their ATM and to deposit checks. I never go inside the bank. I imagine most online banking is about the same and I like the setup at BOA. I can't believe it when I still see people write checks at the grocery store. I can still remember figuring out the bills on payday and sitting down at the dining room table to write out all the checks. I'm trying to even get away from online bill pay by having most monthly bills sent to the bank for them to pay electronically.
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Old 03-14-2017, 07:37 AM   #38
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Quote:
Originally Posted by ownyourfuture View Post
To each his own, but I've never understood the need for 'online banking'

I have a checking account at my hometown 'brick & mortar' bank.
My health care premium, cable & Internet, natural gas, electricity, city water sewer garbage & telephone bill, are all automatically withdrawn from that account at no charge.

I use direct deposit for my pension check.

My Visa Rewards Card is through Fidelity & I pay that directly from Fidelity.
I also have a pipe-line set up between Fidelity & my bank. If the amount in my checking account grows too high, I'll transfer some to Fidelity.

The only monthly bill that I still pay with a check, is my house payment.
That bank is only about 1.5 miles away, & I pay it in person every month.
If I can't find 15 minutes once a month to go there & make a payment, my life is too busy.

Besides that, I like visiting with the people at my banks. They're all very nice, knowledgeable, & on the rare occasion I need something like a signature guarantee, it's very convenient.
So, how do you check that all that is done? And how do you transfer the money to Fidelity? If you do any of it online, it's online banking. If you actually deal with paper statements and do all the other activities in the B&M bank, it's not. But it sounds like online banking to me.

I'm also within a mile of my bank. But for me, the convenience of being able to check balances and payments and fraudulent activity more than once a month and out of "banker's hours" is a plus. We have a busy financial life, and waiting a month to see that someone has used our credit cards or that the bank missed a payment or a deposit, or that I let my balance slip too low, turns everything into a major hassle. Receiving text or email alerts and getting it done within a day or so makes it much easier, especially the transferring of funds between the various accounts. Waiting for statements and sending checks between institutions would be torture to me. Thus, online banking.
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Old 03-14-2017, 07:52 AM   #39
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I do almost everything online, but I do have a HELOC and three mortgages with a local bank, so I also have a checking account there ( no fees, as I'm a "super customer", most fees are waived). Haven't been inside the bank for years though
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Old 03-14-2017, 07:59 AM   #40
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We still have a local CU. Don't need them often, but they are useful for money orders, cashing EE bonds and notarizing documents.
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