Are Checking Accounts National?

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FreddieG
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Are Checking Accounts National?

Post by FreddieG » Sat Jan 31, 2015 4:16 pm

I am likely retiring and subsequently relocating from the East Coast to the West sometime this year. Unfortunately, my bank does not have any branches in the area to which I am moving.

But I'd like to start getting all my direct deposits and debits transferred over now, rather than have to worry about it all at once, and potentially be late with payments, or heaven forbid, have missing pension/dividend deposits. :)

So, I've found that Wells Fargo has branches convenient to both locations. In fact, I used to bank with them. I hated them, but I hate all banks...just some more than others.

If I setup a WF checking account now, and get all my stuff transferred over, will I be able to use this same account out West (i.e. same checks, etc)?

I suppose I could call them, but I think they are closed now. So, I thought I'd seek the advice and opinions of this forum to see if I am asking the right questions.

Thanks very much.

dolphinsaremammals
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Re: Are Checking Accounts National?

Post by dolphinsaremammals » Sat Jan 31, 2015 4:27 pm

I've had my checking account at one credit union for years. I have never set foot in one of their branches, and they have none in my state. I have automatic deposit of Social Security set up, and anything else I want to do is easy to do on their web site. Maybe once or twice a year I need to access something on person and so I use a nearby branch of a credit union they're in a consortium with.

Consider your retirement as a ticket to freedom from banks.

skylar
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Re: Are Checking Accounts National?

Post by skylar » Sat Jan 31, 2015 4:48 pm

I'll second the credit union recommendation. Many are part of the Co-op Network (https://co-opcreditunions.org) which allows members of one credit union no-charge access to branches and ATMs of any credit union in the network. When you add them all up, the network is about twice the size of Bank of America's network.

denovo
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Re: Are Checking Accounts National?

Post by denovo » Sat Jan 31, 2015 4:50 pm

FreddieG wrote:
If I setup a WF checking account now, and get all my stuff transferred over, will I be able to use this same account out West (i.e. same checks, etc)?

Yes
"Don't trust everything you read on the Internet"- Abraham Lincoln

FreddieG
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Re: Are Checking Accounts National?

Post by FreddieG » Sat Jan 31, 2015 4:53 pm

denovo wrote:
FreddieG wrote:
If I setup a WF checking account now, and get all my stuff transferred over, will I be able to use this same account out West (i.e. same checks, etc)?

Yes

And if I walk into a WF branch out West, with my deposit slip and a check, they'll take it? Years ago, interstate banking was not allowed, and I haven't really thought about it since.

denovo
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Re: Are Checking Accounts National?

Post by denovo » Sat Jan 31, 2015 4:55 pm

FreddieG wrote:
denovo wrote:
FreddieG wrote:
If I setup a WF checking account now, and get all my stuff transferred over, will I be able to use this same account out West (i.e. same checks, etc)?

Yes

And if I walk into a WF branch out West, with my deposit slip and a check, they'll take it? Years ago, interstate banking was not allowed, and I haven't really thought about it since.
Yes.
"Don't trust everything you read on the Internet"- Abraham Lincoln

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Toons
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Location: Hills of Tennessee

Re: Are Checking Accounts National?

Post by Toons » Sat Jan 31, 2015 4:58 pm

"If I setup a WF checking account now, and get all my stuff transferred over, will I be able to use this same account out West"

Without a doubt. :happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

rec7
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Re: Are Checking Accounts National?

Post by rec7 » Sun Feb 01, 2015 3:42 pm

Why not set up a credit union at your new location. Close the bank account when you leave. Or if you need something in both locations set up a credit union in each. It is easy to move money from one credit union to another. I can do it in one day.
Disclaimer: You might lose money doing anything I say. Although that was not my intent. | Favorite song: Sometimes He Whispers Jay Parrack

notmyhand
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Re: Are Checking Accounts National?

Post by notmyhand » Sun Feb 01, 2015 4:33 pm

Back when I was in college across the country, I was able to use my bank account without a problem. The only odd things I remember is that if I went into a branch, I couldn't use their deposit slips they had set out, they had some 'out of state' slips behind the counter (since the routing numbers were different).

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abuss368
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Re: Are Checking Accounts National?

Post by abuss368 » Sun Feb 01, 2015 8:11 pm

I would not see any problem with a national bank.
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Watty
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Re: Are Checking Accounts National?

Post by Watty » Sun Feb 01, 2015 9:07 pm

One potential problem is that your old accounts might still be considered to be in your old state and it could be reported to your old state and they may expect taxes to be paid on that pension income. If the accounts are still open when you die there could be additional work to get your estate probate process settled in that state too.

It was over ten years ago but I also had the problem with an out of state branch not taking a deposit but they did offer to mail it in for me. I had left on vacation without depositing a check so I let them mail it for me and it took about a week to get deposited into my account.

I also did a corporate relocation once where I ended up buying a car for cash in the new city but they would not take an out of state check for the purchase so things like that could be an issue too.

If the bank doesn't allow you to transfer the accounts then I would just keep the old accounts open with a nominal amount in them for six months or so until you are sure that all the automatic transactions are working OK from you new accounts.

Cyclone
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Re: Are Checking Accounts National?

Post by Cyclone » Sun Feb 01, 2015 9:59 pm

By the way, once you move, don't say "out here". As in "Out here, I notice that people eat more ice cream." It's just "here". :D

davebarnes
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Location: Berkeley, Denver, Colorado USA

Why, yes they are

Post by davebarnes » Sun Feb 01, 2015 10:32 pm

credit union
mine does back by phone ( I do this weekly)
mine is part of a giant network so "branch access" 'is easy if I need it (I do this once every 5 years)
mine allows me to use an ATM at any 7-11 for free (I do this once a year)

I like mine: DCU.org
A nerd living in Denver

Alchemist
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Location: Florida

Re: Are Checking Accounts National?

Post by Alchemist » Sun Feb 01, 2015 10:56 pm

National? As a matter of fact they are global. I have my checking and savings accounts with USAA, which has no physical locations. I have lived in Japan the past three years, with multi-month stints in other Asian nations and never had any issue accessing money. I suppose if you had been banking with a very small, local bank that is not set up to help customers nationwide that accessing money could be cumbersome but there is no regulatory restrictions that would be in your way.

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