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Old 03-14-2017, 10:32 AM   #41
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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. :-)
I use the self serve at Home Depot for that. Less pressure because no one cares how long it takes.
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Old 03-14-2017, 11:25 AM   #42
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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 stand corrected. I thought you had to be one of those who
'pays all their bills online' for it to be considered online banking.

And I agree that's it's very nice to be able to check your account(s) any time of the day or night.
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Old 03-14-2017, 12:46 PM   #43
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My credit union packed-up and left town many years ago, and I'm still with them. So kind of forced into online banking. The main pain is depositing those larger checks, which I have to mail.

We also have a joint account at BofA for a few decades. It had a "free" safe deposit box with a $5K minimum balance. So that gave a local cash buffer and a place to put important papers. But last year they just started charging $60/year for the box. I wanted to leave for a local credit union but the wanted $20/year for their box, and it's farther away. For $40 annually, it's just not with the trouble of moving, especially since DW "likes" her BofA account and doesn't like change.
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Old 03-14-2017, 02:47 PM   #44
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work for a bank. We are on a mission to close locations. In the past...especially depression-era, the illusion of a large physical building where money was stored was apparently more well-received then that of a small building meaning bigger building holds more money!

The bigger the bank, the safer people felt. I sort of feel the opposite today IMHO.
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Old 03-14-2017, 03:33 PM   #45
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This is how I see it and what I do. OP mentioned simplification. When you can have a human do some task and when she is a few blocks away, to lose her is a complication rather than a simplification.

Ha
Same here. I only use lobby, drive-through or ATM services a few times a year, but when I do, everything seems to work well. I keep a safe-deposit box, a checking account and a savings account with them. I think the staff is fully aware that the only reason you're doing business with them is their excellent service and their intent is to not disappoint.

Despite the fact that we do almost all our transactions with them (including electronic bill-pay) on line or via direct deposits or direct debits, I just don't see the advantage of being at a bank with no local B&M facility. What would be gained? I don't have to go to the building and seldom do, but it's there for me on occasions when lobby services are a convenient way for me to get something done.

Quote:
Have any of you moved to online banking exclusively with no local banking presence? I'm thinking about moving in that direction as part of my "simplify prior to retirement" movement.
Lumpy, what would be simplified? What about your status as a customer at your local bank is a hassle for you? Remember, if you pick a nearby B&M bank that has an excellent web site with all the features of the Internet-only banks, you get the best of both worlds. Bank over the Internet for most transactions but take advantage of lobby services when they are occasionally needed.

edit: I live in suburban Chicago and have at least a half dozen B&M bank branches within a mile. I could walk to one on paved sidewalks. (Not my bank, unfortunately.) I'm sure my preference for doing business with a combo Internet/B&M bank would change if I had to drive a distance to get there.
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Old 03-14-2017, 05:20 PM   #46
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At some point USAA opened their checking accounts to everyone including those with no military affiliation. I got one around 2012 and have been very happy.

...

And I LOVE being able to use any ATM rather than hunt for a particular network since they reimburse any ATM fees up to a reasonable limit.

DH and I have used USAA for our banking for roughly 20 years now, and couldn't be happier.

I think they were one of the first to let customers deposit checks from home by scanning the check and uploading the image (IIRC that was at least a decade ago, before banks enabled check deposits using a smartphone). There is an upper limit of either $5000 or $10000 per day for that "deposit from home" service, and one time we had a very large check to deposit (settlement from the sale of our home). I was able to bring the check to a local UPS store where it was scanned and transmitted to our USAA account. (Ed. to add: it looks like they no longer have that service with UPS; I guess very large checks have to be mailed to USAA now, if you're not near a USAA service center)

And I agree, it's so convenient to use any ATM so long as it's part of the Plus network, which nearly all are. USAA reimburses up to $15/month in ATM fees, which is more than generous IMO, I think our largest ATM fee reimbursement was $9.

Back when I was executor of my FIL's estate, I did open an account at a brick-and-mortar bank local to us at that time, in part to have access to a safe deposit box and in order to obtain medallion signature guarantees for documents (they're not the same as notarized documents). The service at that bank was terrible, and I closed the account and ended my association with that bank as soon as I possibly could.

After that experience, we'll just stick with online banking with USAA, thanks.
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Old 03-14-2017, 05:38 PM   #47
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But I still keep a "brick and mortar" account open for things that I just can't do online like trading in loose change.
We use Coinstar machines for that -- the full amount can be redeemed for an Amazon credit, that way there's no service fee. We shop occasionally at Amazon so that's worth it for us.

Aaaand, you don't need to pack the change in rolls when you use a Coinstar machine!
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Old 03-14-2017, 07:41 PM   #48
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We use Coinstar machines for that -- the full amount can be redeemed for an Amazon credit, that way there's no service fee. We shop occasionally at Amazon so that's worth it for us.

Aaaand, you don't need to pack the change in rolls when you use a Coinstar machine!
True. I could use Coinstar for change.

No rolls needed also for my back. They have a self-serve counting machine that I can dump loose change in and watch the sucker count. Similar to Coinstar, I suppose.
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Old 03-14-2017, 08:22 PM   #49
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work for a bank. We are on a mission to close locations. In the past...especially depression-era, the illusion of a large physical building where money was stored was apparently more well-received then that of a small building meaning bigger building holds more money!

The bigger the bank, the safer people felt. I sort of feel the opposite today IMHO.


Love how the older banks look like churches with their columns etc. Chevy Chase was a local S&L that struggled through a run on their deposits in the 70s(?). When they survived and started to expand they built those big old style branches everywhere. And then Capital One bought them out.
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Old 03-15-2017, 08:45 AM   #50
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I use a online bank but love my local credit union. They are only a few blocks from the home and so handy. I can't see myself going 100% online.
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Old 03-15-2017, 09:48 AM   #51
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Medallion signature

Lots of Notory's around, but very few can do a Medallion. Many investment firms require this for in-kind transfers. Albeit a rare requirement, only 1 of the numerous WellsFargo branches in my area had a Medallion certified rep.
Thank goodness I had a credit account w/ them. Otherwise, they would not of been able to help.

Having said that, it's (Medallion signature) the ONLY reason I've needed a brick/mortar bank in a long time...
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Old 03-15-2017, 09:52 AM   #52
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I use USAA, Ally, Synchrony and PenFed for online banking. The ladder three primarily for their higher savings and CD rates. We did recently open an account with TD Bank for a local bank that is near our summer and winter homes. We now have a property manager who uses TD Bank, so it gets the rent to us faster. It also gives us a place to get foreign currency for some upcoming trips. Most importantly, they're paying us $400 to open the checking and savings account with only a 90 day commitment.
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Old 03-16-2017, 04:52 AM   #53
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Medallion signature
Again, brokerages are the solution: I can get a medallion signature at my local Fidelity office.
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Old 03-16-2017, 05:30 AM   #54
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I got rid of my local bank savings account a few years ago and I'm just using Schwab for checking. No problems.
Same here, but I use Fidelity. Only issue is you can't deposit cash. Haven't set foot inside a bank in years.
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Old 03-16-2017, 06:43 AM   #55
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We went 100% online with no brick and mortar bank in 2006 and it has worked well for us. Mobile check deposit, when it came, made things even easier as we had no checks to mail for deposit. We made some changes a few years ago with Vanguard that required Medallion Signatures and we used our local Chase bank free of charge as we had Chase credit cards. We needed Medallion signatures with Vanguard again just before we left and when I moaned about it to our rep, and asked how we were supposed to do this from the UK once we'd moved he said that a Notary would work so we had the documents notarised instead. (Our apartment complex keeps a Notary on hand free of charge, so it was no problem in the end)

We kept our UK bank all the time we were living in the USA and used it online exclusively since the closest brick and mortar bank was thousands of miles away. Since we moved back we now have a branch of our main bank close by - a 10 minute walk - but 99% of our usage is online although we have walked in a few times during this last year to do things that would have been harder online or by phone. We have never had a check to deposit since all businesses and institutions here do things electronically and we have already moved house since arriving here as we rented for 10 months before we bought and moved. The entire process was done online or by phone - when we had to pay £275,000 for the house at "closing" I had to speak at length to a "high value transfer agent" as that sum was well over the limit for an unassisted online payment.

Last night my son, in Texas, told me that the forwarded mail included another 2 checks with refunds from accounts we had closed when we left (AT&T plus our security deposit from the apartment we used to rent). US business are all set up to take your money electronically via credit card or direct debit but rarely seem to give refunds except by physical check. We have become used to this with our extensive travel over the past 7 years so he simply takes a photograph of each check front and check and emails them to me. I then do mobile check deposits. (We've kept a US bank as I still have my pensions paid into it plus we use it for our Vanguard accounts).
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Old 03-16-2017, 09:52 AM   #56
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Again, brokerages are the solution: I can get a medallion signature at my local Fidelity office.


My Fidelity wouldn't do a Medallion for a transaction that didn't involve funds coming to or going out of Fidelity.
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Old 03-16-2017, 11:07 AM   #57
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Medallion signature

Lots of Notory's around, but very few can do a Medallion. Many investment firms require this for in-kind transfers. Albeit a rare requirement, only 1 of the numerous WellsFargo branches in my area had a Medallion certified rep.
Thank goodness I had a credit account w/ them. Otherwise, they would not of been able to help.

Having said that, it's (Medallion signature) the ONLY reason I've needed a brick/mortar bank in a long time...
Which is precisely why I set up the account at the local brick & mortar bank, because that particular bank had a Medallion rep, and I needed Medallion signature guarantees for transferring FILs assets in probate. (A Fidelity rep would not have helped because the transfers did not involve Fidelity).

As I mentioned in post #46, once probate closed and I no longer needed Medallion guarantees, I dumped that bank. Their poor service and high fees did not earn my commerce.
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Old 03-16-2017, 11:29 AM   #58
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....
Have any of you moved to online banking exclusively with no local banking presence? I'm thinking about moving in that direction as part of my "simplify prior to retirement" movement.

Thanks,
Lumpy
A very long time ago we opened up an Ing savings account when that was the cool thing to do and maybe they paid a little bonus for signing up. We never really used it. I believe Ing turned into something else?

Now we have no "online bank with no local banking presence." We have our primary checking and savings accounts at our hometown bank and a secondary checking account at Chase, which has a branch here too. Virtually all of our primary banking is done by me, but online, but DH likes to stop in at that bank for cookies and coffee (try getting that at the online only institutions ). DH maintains the secondary account that has "his" money, almost exclusively in person with a teller, as he always has many many questions. We tried to close that account when he er'd but they talked us into keeping it open.

I'd be happy with an online-only bank but I don't think I could deal with DH's questions and there's really no downside to us with our existing banks.
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Old 03-16-2017, 11:50 AM   #59
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I haven't had a local bank for over 20 years. I've been with USAA for longer then that and they've never been local to me. I haven't had an issue that I can recall. Used to have a lot of issues with the local banks. I used to use cash often until a coworker told me he had never really used cash for anything. I think the next day I started using the credit card for almost everything and haven't looked back. That was about 15 years ago.
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Old 03-19-2017, 01:32 PM   #60
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As long as my local bank has no minimum, no fee checking I'm keeping it. However all the serious cash is with two online banks.
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