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  • Online Bank

    I finally decided to transfer my emergency fund to Ally. However, a part of me still has some concerns bc I'm old school and used to brick and mortar banks. I still plan on keeping my old accounts at BB&T and a credit union. Did anybody else feel this way before transitioning to an online bank? I know it's FDIC insured but just wondering.

  • #2
    I have Chase bank for my DD and "local" banking needs.  ER Fund and other savings I transfer from Chase to Ally.

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    • #3
      Just got done doing this as well not too long ago. We were with WF for years and still have those accounts but the bulk of our cash is in Ally now. I still use our WF account for depositing cash mostly. Also some banks offer services like medallion signature guarantee stamps that are helpful when rolling over accounts.

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      • #4
        USAA here.  It's great.

        I do have a credit union membership where I have bought cash maybe twice in the past few years.  Otherwise I never go to the bank.  I think I could technically cash out my $5.00 "ownership" but I've never been motivated to collect.

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        • #5
          I don't have an online bank.  I don't have an Efund (per se), so I don't really worry about interest rates.

          Although only occasionally used, I like my brick and mortar for the "prime" (or whatever they call it) services and cashing checks.

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          • #6
            We also use USAA. It's nice to be able to deposit a check using my phone. They also refund ATM fees up to a certain amount so I can get cash when I occasional need some. I still have a brick and mortar but it's still at the bank where I got my first account many years ago. There isn't even a branch in the same state where I live but that's just how banking has evolved. I've only been inside an actual bank once in the last 5 years and that was because I needed certain denominations (no, not a bunch of $1 bills...).

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            • #7
              I have not used a brick/mortar bank since 1988. You are not missing anything...if anything it is waaaayyy easier even now to use a remote bank because of the internet and smart phones.

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              • #8
                I kept my brick and mortar credit union for their amazing loan department because they NEVER SELL THEIR MORTGAGES. That alone is worth it to me personally.

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                • #9
                  My wife is old school, but addicted to ATM’s for withdrawals only. “Here is the $400 to deposit.”

                  Please help me. Why didn’t she just sign on and transfer the funds? Why didn’t she deposit it into our account using the ATM?
                  Once I don’t have to drive back to the same ATM I’ll work on getting to sign in on the PC. You do need to sign in for online don’t you?
                  Happy spouse is a happy life.
                  At least she goes to the bank when needed, Usually bypasses the machines and hands deposits to the teller.
                  Just in case.

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                  • #10
                    Thanks everyone for your input. Ally it is then, but I'll still keep my old brick and mortar accounts.

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                    • #11
                      I continue to use both, Ally and the local bank, where I have both a business and personal relationship.

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                      • #12

                        Do any of you guys use simple?  never seen a checking account with over 2% interest rate before.  there's gotta be a catch, right?

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                        • #13
                          BBVA Compass.
                          Variable rate, adjustable (unspecified).
                          Minimum balance below $2k, poof your at .01%
                          Does this seem like the beginning of a relationship?
                          Dang, they don’t even tell you the fees and charges.
                          What could go wrong? Yes, Compass wants your business. Check out the account fees.

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                          • #14
                            I haven't stepped foot into a bank since 2002. Granted, the first internet bank I picked (NetBank) went bankrupt in 2007 (before the financial crisis) I don't see the need at all.

                            What banking services require a brick and mortar store front? (curious as to what others think)

                            Since I have zero skin in this game, I don't care what you chose to do. Do whatever makes you comfortable. I'm glad you stepped out and deposited your Emergency fund into a higher interest rate account though. Congrats.

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                            • #15
                              @ITEngineer,
                              Medallion signature
                              Notary
                              Depositing rolls of pennies, nickels, dimes, and quarters for grandma and kids.
                              Getting cash in the dominations requested
                              Getting foreign currency
                              Depositing cash in an account I am not a signer on.

                              This in the last year. I don’t keep a lot of cash in there. It’s really close if I head east or west. Beats the heck out of standing line at the grocery store or trying to get 5 $20’s for a $100. Sometimes I even pay people in cash! It’s no for bill paying, it’s for convenience. Except the medallion signature. Without a bank, your out of luck. That was worth about $150k. I will pass on 2 % for operating cash and small convenience offered. No fees, why not?

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