banks?

[LivingAlmostLarge]

Do you guys have an online bank and a brick and mortar? I was discusing with a friend today how I never get rid of bank of america, but recently i misplaced my atm card which I use to deposit checks and stuff and they wanted to charge me $5 for a lost card. I was pissed since I barely use them. I use mostly my capital one. I was thinking what if I did get rid of this bank I've had for 20+ years? What would happen if i moved entirely to capital one or ally? I keep it because it has so many atms although occasionally I do think even of switching to chase.

What do you guys do?

[disneysteve]

Yes, we have both. Our checking account is with BoA. We've had that account since we got engaged in 1991. It wasn't BoA back then but several mergers later that's what it became. We have also had various online accounts over the years, currently with Ally but have previously had ING/Capital One, Wells Fargo, and probably one or two others.

I'm really not sure what I'd do without a physical bank account. I don't go to the bank often but when I do, it's for something that I can't accomplish with an online account. The main one is getting cash in specific denominations. For estate sales and yard sales, I always carry hundreds of dollars in cash including $1, $5, $10, and $20 bills. I can't get that from an ATM. I have to go into a branch and get $100 in $1s, $200 in $5s, etc. which I do every few months. I know when I walk in and ask for change, the first thing they want is my ATM card. I don't know if just anyone can walk in and be served if they aren't an account holder.

Periodically I will go to a branch when I need something notarized as it's free there. The same when I've needed medallion signature guarantees for investment firms, also free. I don't know where you go for those, or how much it costs, if you don't have an account.

[Drake3287]

I've had BofA my entire life and I've never had a single issue in all those years. I think some of those smaller fees they charge for things like replacement cards and such is based on your status level with the bank, not how long you've been with them unfortunately. Use to be they could waive those types of fees but I guess those days are over. I haven't paid a fee of any type in many years, I guess I'd feel differently if I was hit with a fee all of a sudden. To me, I like having a mega bank behind me because of the unlimited financial help they can offer, not to mention they have offices everywhere.

Besides BofA as my primary bank, I do have 3 other brick and mortar banks I use for different accounts plus I have 2 online banks, Capital One and Ally. Fingers crossed I've never had an issue with either.

Not unlike my Kaiser Health plan, I've heard a million anti Kaiser or anti BofA stories and I'm willing to bet there's always more to their stories then the people admit too. Both companies have they issues at times but people love to place blame with someone else.

[kork13]

I've only rarely had any sort of B&M bank. Pretty much always done everything online. Cash is handled via ATM (with free reimbursement) & cheap money orders from Walmart or post office when needed (<1/yr). All other services are easily handled online or via phone app.

So what would happen if you gave BoA the heave-ho? Likely little to nothing. Minor conveniences might be slightly different, but you would have no problem conducting your banking business.

I'll admit I'm also biased against BoA, ever since they tried to abuse me when I had my first car loan with them & jerk me around. I got the thing paid off in a few months, and swore them off for life.

[Fishindude77]

I've never had need for an online bank. My locally owned brick & mortar bank provides everything needed, plus allow the ability to do many things online.

If you are a significant user of banks, borrower, business' account, etc., I think it's wise to do business with a locally owned, community bank where you can have a face to face relationship with banking personnel, get to know them, etc.
The smaller banks can typically react much quicker and do things the large multi branch mega banks can't.

[disneysteve]

I've never had need for an online bank. My locally owned brick & mortar bank provides everything needed, plus allow the ability to do many things online.

If you are a significant user of banks, borrower, business' account, etc., I think it's wise to do business with a locally owned, community bank where you can have a face to face relationship with banking personnel, get to know them, etc.
The smaller banks can typically react much quicker and do things the large multi branch mega banks can't.

What interest rate are they paying on your savings?

[Fishindude77]

What interest rate are they paying on your savings?

1.25 On savings / checking account
4.5 on CD's (now there are some 5.0 CD's)

If you retain a high level of $$ in saving / checking you can get better rates, but I don't keep a large amount in there and don't see that account as much of an investment tool.

[disneysteve]

1.25 On savings / checking account
4.5 on CD's (now there are some 5.0 CD's)

As I figured. You’re sacrificing a lot for that local connection. You can get 4+% on savings lots of places and even 5%. And I just bought a CD today for 5.35%.

I hope you don’t have to keep much money there to maintain the relationship.

[Fishindude77]

As I figured. You’re sacrificing a lot for that local connection. You can get 4+% on savings lots of places and even 5%. And I just bought a CD today for 5.35%.

I hope you don't have to keep much money there to maintain the relationship.

As stated, I don't look at saving / checking accounts as much of a money producing investment tool.
We keep enough in there to operate day to day on (spending money), but otherwise the majority of our $$ is invested in much better places than a bank account; real estate, stocks, mutual funds, etc.

You got me on the CD's ...... I had just moved up to the 4.5% rate CD's and a month or two later they offered 5%.
4.5% Beats heck out of what we were getting not very long ago, but it still burns my rear that there's a little better deal out there now.
I'll upgrade them when it makes sense.

If you really want to pick on me, we keep a pretty decent amount of green money / cash on hand too, just because ... and it earns nothing.



Side tracking a bit, banks are in a pretty tight spot right now.
Having to pay depositors 4-5% or more makes their cost to loan money much higher. Most banks that are good lenders have used up a great deal of their cash and are now borrowing from the feds and other sources to keep up with loan demand at the highest rates they've experienced in quite some time. Even with the interest rates on borrowing as high as they are, banks margins are way down.
If you follow bank stocks, most are down considerably in value. Good time to buy bank stocks if you know what you are doing.

[bjl584]

I have both.
My brick and mortar is the same bank I've had since I was 16.
Online, I use Fidelity to keep the bulk of my cash.

[disneysteve]

We keep enough in there to operate day to day on (spending money), but otherwise the majority of our $$ is invested in much better places than a bank account; real estate, stocks, mutual funds, etc.

I agree with that. We only keep a few thousand in our BoA checking account. Most everything else is in our 60/40 portfolio.

[jenn_jenn]

We have both online and brick and mortar.

[Like2Plan]

We have both, but they are credit unions. I have quite often used the brick and mortar one to get notarized signatures.

Until recently we've only ever had 1 ATM card because the credit union reimburses us for the fees no matter which ATM we use. I didn't feel the need to have another ATM card (just another pin code to remember) until this last spring because we took a trip to Europe and I wanted a back up.

[riverwed070707]

I use Capital One for personal and Chase for my business accounts. I used to have US Bank for the few scenarios that require in person banking until Chase opened their first branch in my state a couple years ago. If I didn't have rental properties, I think I could get by online only. I can do most things online, but occasionally I need a certified check (for a house closing) or more cash than the atm will let me withdraw (for contractors who don't accept cards - although I recently got a checkbook so that's made those cases pretty rare). I can't think of any other scenarios where a brick and mortar would be required

[LivingAlmostLarge]

Getting cash or cashing something. I guess it's fear of letting go of bank of america