Keep a Local Bank?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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gasdoc
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Keep a Local Bank?

Post by gasdoc » Sun Feb 05, 2017 8:59 am

For many years, we have had two banks- one online and one locally. We find ourselves doing 99% of our banking online. We have access to a notary public at both of the hospitals where DW and I work. Is there any reason anyone can think of to keep the local bank. We would like to SIMPLIFY. Thanks.

gasdoc

livesoft
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Re: Keep a Local Bank?

Post by livesoft » Sun Feb 05, 2017 9:02 am

We used to use an online-only bank for many years. No problems, but then they shut themselves down. So we switched back to a local bank. Guess what? Local banks have gone online, so one doesn't even have to go to them except for medallion signature guarantees and free donuts. My dog loves their treats, too.

We also have a Fidelity CMA, but keep the balance at $0.00.

So maybe you should switch to a real bank that has both a huge online presence and a local footprint that supports your childrens' soccer teams?
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cherijoh
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Re: Keep a Local Bank?

Post by cherijoh » Sun Feb 05, 2017 9:04 am

What about signature guarantee on financial documents? That isn't the same as a notary.

Grogs
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Re: Keep a Local Bank?

Post by Grogs » Sun Feb 05, 2017 9:16 am

We have a branch of our local credit union in our building at work, so it's hard to beat the convenience of that. It's usually faster to walk down and talk to them about something than to call on the phone. Off the top of my head, all I can think of that I couldn't do online is

- medallion signature
- take a big jar of change and have them run it through the sorter to deposit it
- get some small bills ($1s or $5s) if I'm going somewhere that I'll need to be tipping people

carguyny
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Re: Keep a Local Bank?

Post by carguyny » Sun Feb 05, 2017 9:17 am

I do all my banking with Alliant Credit Union (I'm in NY they are in IL) + GS Bank for an additional online account for further limits. I've never encountered a situation where I needed a medallion signature guarantee. I believe I can go to a local credit union and get one if I ever have a need, but it isn't something I've ever encountered. I just moved seven figures in assets between brokers (from TD to Fidelity) and did it all online.

chw
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Re: Keep a Local Bank?

Post by chw » Sun Feb 05, 2017 9:20 am

cherijoh wrote:What about signature guarantee on financial documents? That isn't the same as a notary.
Most banks will do this as a courtesy for non account holders.

Regarding local bank- I would maintain one (or credit union) for a local account with a nominal balance. Occasionally (1-2) I need the local bank for cash transactions, or for a certified check for a purchase. It is rare when I need them, but you won't know you need them until you do for some reason- and I work for a bank...

livesoft
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Re: Keep a Local Bank?

Post by livesoft » Sun Feb 05, 2017 9:22 am

chw wrote:
cherijoh wrote:What about signature guarantee on financial documents? That isn't the same as a notary.
Most banks will do this as a courtesy for non account holders.
Then why are there all these threads on bogleheads.org about people who are unable to get a MSG in order to do any transfers with Vanguard?

The reality and the perception seem to be different.
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happymob
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Re: Keep a Local Bank?

Post by happymob » Sun Feb 05, 2017 9:28 am

chw wrote:
cherijoh wrote:What about signature guarantee on financial documents? That isn't the same as a notary.
Most banks will do this as a courtesy for non account holders.

Regarding local bank- I would maintain one (or credit union) for a local account with a nominal balance. Occasionally (1-2) I need the local bank for cash transactions, or for a certified check for a purchase. It is rare when I need them, but you won't know you need them until you do for some reason- and I work for a bank...
Zero local banks (out of 12 or so) in my local smallish (10000 people) rural town will do a medallion signature guarantee.

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cheese_breath
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Re: Keep a Local Bank?

Post by cheese_breath » Sun Feb 05, 2017 9:36 am

gasdoc wrote:....We would like to SIMPLIFY....
How complex is it? It can't be that bad can it? I have one local credit union where I conduct my financial transactions, another one for its 3% earnings on a $15K checking account, and Ally bank for all the rest of my cash. I'm presumably in the mentally declining years (76), but Excel and I manage to keep track of this without any problems.
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dm200
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Re: Keep a Local Bank?

Post by dm200 » Sun Feb 05, 2017 9:41 am

I would not feel comfortable without the convenience and option of a local bank or credit union.

While I lean heavily towards credit unions, the most convenient option is a branch of a large, regional bank that offers both convenience and good service. Adding to the convenience/service is that an organization I manage (part time) maintains its business checking account there as well.

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BolderBoy
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Re: Keep a Local Bank?

Post by BolderBoy » Sun Feb 05, 2017 9:43 am

I have a local credit union account in addition to my USAA account. No question in my mind that having a brick-and-mortar facility nearby helps with some "issues" that periodically come up. For example, depositing checks (such as those VG sends you went you diddle with bond funds) is just easier for me to do locally, then EFT to wherever.

I'm presently thousands of miles from home in a state where I'm not a resident preparing to settle an estate. My first stop on rolling into town (after washing the road grime off the car) was a local credit union to open an account for depositing checks so I don't have to deal with "lost in the mail" or just "lost in the overwhelming time" or using a cell phone to take a picture of the check, etc. The EFT will take care of moving funds around and I'll have a local checking account for paying estate-type bills.

When the estate is settled, I'll close the CU account...
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midareff
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Re: Keep a Local Bank?

Post by midareff » Sun Feb 05, 2017 9:46 am

gasdoc wrote:For many years, we have had two banks- one online and one locally. We find ourselves doing 99% of our banking online. We have access to a notary public at both of the hospitals where DW and I work. Is there any reason anyone can think of to keep the local bank. We would like to SIMPLIFY. Thanks.

gasdoc

Ally on line + former employer Credit Union. I have Ally set to do one automatic small deposit and two small withdrawals monthly to keep "activity" showing on the account. We use it once or twice a year when we need larger sums of cash than would be convenient by ATM. ... transfer it in and withdraw.

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gasdoc
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Re: Keep a Local Bank?

Post by gasdoc » Sun Feb 05, 2017 10:22 am

midareff wrote:
gasdoc wrote:For many years, we have had two banks- one online and one locally. We find ourselves doing 99% of our banking online. We have access to a notary public at both of the hospitals where DW and I work. Is there any reason anyone can think of to keep the local bank. We would like to SIMPLIFY. Thanks.

gasdoc

Ally on line + former employer Credit Union. I have Ally set to do one automatic small deposit and two small withdrawals monthly to keep "activity" showing on the account. We use it once or twice a year when we need larger sums of cash than would be convenient by ATM. ... transfer it in and withdraw.
Boom. Finally, a reason to keep the local bank. We occasionally travel out of the country, sometimes to third world countries where there are not always ATM's available- so there is a need for large amounts of cash to convert to the local currency. Last Spring, we traveled to Cuba and that was the case. As far as the other reasons stated above, let's just say the local banks haven't supported the soccer teams in awhile. :oops:

gasdoc

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sperry8
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Re: Keep a Local Bank?

Post by sperry8 » Sun Feb 05, 2017 10:30 am

I keep a local bank... sometimes i want to deposit cash. Other times I have needed to verify checks (e.g., sold a car and wanted the bank to ensure the cashier's check given me by the buyer was legit and real). I have also needed cashier's checks when renting and needed them asap (to hold the apt).

It's not a pain to keep (no fees) and I like it just in case.
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Re: Keep a Local Bank?

Post by EyeYield » Sun Feb 05, 2017 10:54 am

I need a local bank for a safety deposit box and cashing paper EE bonds, so I use them for checking also.

Plus, there are very friendly people there who try to sell me mutual funds with front end loads, high ER's and 12b-1 fees and I just can't find that level of entertainment at an online bank.
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gasdoc
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Re: Keep a Local Bank?

Post by gasdoc » Sun Feb 05, 2017 11:10 am

EyeYield wrote:I need a local bank for a safety deposit box and cashing paper EE bonds, so I use them for checking also.

Plus, there are very friendly people there who try to sell me mutual funds with front end loads, high ER's and 12b-1 fees and I just can't find that level of entertainment at an online bank.
:confused

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EyeYield
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Re: Keep a Local Bank?

Post by EyeYield » Sun Feb 05, 2017 1:51 pm

gasdoc wrote:
EyeYield wrote:I need a local bank for a safety deposit box and cashing paper EE bonds, so I use them for checking also.

Plus, there are very friendly people there who try to sell me mutual funds with front end loads, high ER's and 12b-1 fees and I just can't find that level of entertainment at an online bank.
:confused
Sorry, it was not my intention to confuse. I attempted to provide two solid reasons why I use a local bank, that haven't been previously mentioned.
I'm sorry that you did not find it useful.

As for the humor, I'll readily admit that not everyone gets it.
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cheese_breath
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Re: Keep a Local Bank?

Post by cheese_breath » Sun Feb 05, 2017 2:00 pm

EyeYield wrote:
gasdoc wrote:
EyeYield wrote:I need a local bank for a safety deposit box and cashing paper EE bonds, so I use them for checking also.

Plus, there are very friendly people there who try to sell me mutual funds with front end loads, high ER's and 12b-1 fees and I just can't find that level of entertainment at an online bank.
:confused
Sorry, it was not my intention to confuse. I attempted to provide two solid reasons why I use a local bank, that haven't been previously mentioned.
I'm sorry that you did not find it useful.

As for the humor, I'll readily admit that not everyone gets it.
Reason #2... Try getting a free cup of coffee at an online bank. :wink:
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Re: Keep a Local Bank?

Post by retiredjg » Sun Feb 05, 2017 2:04 pm

I do my banking at a Federal Credit Union I have not seen in 28 years. In that time, I've moved across the country several times, continuing to use it as my regular banking account.

Twice, I've found it helpful to have a local credit union. First time was to get a nice low cost loan for an RV. The other time, I needed a place to deposit large checks when I sold a couple of personal vehicles. I doubt I'll need that account again, but I let it sit there with a few hundred dollars in there just to keep the account open. It's free and convenient and I don't see a need to get rid of it.

chw
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Re: Keep a Local Bank?

Post by chw » Sun Feb 05, 2017 2:07 pm

livesoft wrote:
chw wrote:
cherijoh wrote:What about signature guarantee on financial documents? That isn't the same as a notary.
Most banks will do this as a courtesy for non account holders.
Then why are there all these threads on bogleheads.org about people who are unable to get a MSG in order to do any transfers with Vanguard?

The reality and the perception seem to be different.
Don't know. My daughter just did a MSG with a local bank (with no account there) with no problem this week, for Roth rollover she's doing to Vanguard. We're in MA, not sure if it's only a local custom, but I don't believe it is.

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Re: Keep a Local Bank?

Post by S&L1940 » Sun Feb 05, 2017 2:28 pm

use a monster bank that is local and convenient for the one main deposit we make every three months. the Dear Wife owns a single share of stock (long story) that sends us a dividend - used to be $.23, now $.17 (another long story). the stock is like $20 and the company would buy it back from us with a service charge of $15. so, for the next 20-30 years let them send us a check - then it will be the kids' problem - and we deposit it at our handy local bank. also came in handy when we stopped by to change some of our legal designations.
so, YES keep local
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cherijoh
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Re: Keep a Local Bank?

Post by cherijoh » Sun Feb 05, 2017 3:43 pm

chw wrote:
livesoft wrote:
chw wrote:
cherijoh wrote:What about signature guarantee on financial documents? That isn't the same as a notary.
Most banks will do this as a courtesy for non account holders.
Then why are there all these threads on bogleheads.org about people who are unable to get a MSG in order to do any transfers with Vanguard?

The reality and the perception seem to be different.
Don't know. My daughter just did a MSG with a local bank (with no account there) with no problem this week, for Roth rollover she's doing to Vanguard. We're in MA, not sure if it's only a local custom, but I don't believe it is.
Very surprising since they were taking on liability.

chw
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Re: Keep a Local Bank?

Post by chw » Sun Feb 05, 2017 3:54 pm

cherijoh wrote:
chw wrote:
livesoft wrote:
chw wrote:
cherijoh wrote:What about signature guarantee on financial documents? That isn't the same as a notary.
Most banks will do this as a courtesy for non account holders.
Then why are there all these threads on bogleheads.org about people who are unable to get a MSG in order to do any transfers with Vanguard?

The reality and the perception seem to be different.
Don't know. My daughter just did a MSG with a local bank (with no account there) with no problem this week, for Roth rollover she's doing to Vanguard. We're in MA, not sure if it's only a local custom, but I don't believe it is.
Very surprising since they were taking on liability.
It's really not a big deal for the bank- the Bank Manager/Supervisor reviews a photo ID of the person they are signing for. If they don't like it, they don't sign. It's done as a courtesy based on the potential future relationship with the party requesting the MSG.

rongos
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Re: Keep a Local Bank?

Post by rongos » Sun Feb 05, 2017 4:08 pm

I keep a secondary local bank account for depositing cash, getting Cashiers' Checks, getting crisp large denomination bills for Christmas or Birthday gifts, depositing large checks, and the possibility I may need a notary. Credit Unions often have no fees, and savings accounts at FDIC banks usually have no fees if you keep a minimum balance of a few hundred dollars (of course, there's a six transaction per month limit for saving accounts).

If you still want to go all online and need more cash than an ATM will allow, and if you have a debit card linked to the online account, you can walk in to nearly any bank get a "cash advance" on a debit card and, in my experience, there's no fee. It takes a bit more time than the usual teller transaction since, in my experience, they still use the sliding credit card imprinting machine with the carbon copy slip (remember those from the 80s? You young ones may have seen them in movies).
Last edited by rongos on Sun Feb 05, 2017 4:27 pm, edited 1 time in total.

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Re: Keep a Local Bank?

Post by Dendritic Tree » Sun Feb 05, 2017 4:20 pm

This will sound weird. I've never actually been inside a physical bank building, except for accompanying my parents when I was a small child. I've never personally had a "local bank" in my entire life. I've banked with USAA for 24 years (since high school), and recently also with Synchrony. At this point, it's almost a point of pride and a reason to continue avoiding physical banks. I've never once run into a problem or hassle for not having a physical bank.

For that matter, I am in personal possession of actual physical cash only a handful of times per year. Times are different now, huh? Next you're going to tell me I should subscribe to cable or get a land line...

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Re: Keep a Local Bank?

Post by retiredjg » Sun Feb 05, 2017 4:42 pm

Dendritic Tree wrote: I've never once run into a problem or hassle for not having a physical bank.
It could still happen. :twisted:

Say you want to sell your car to a stranger who found your car advertised on Craig's list or some other online car selling site. They want to give you a cashier's check or cash or a personal check for $20k.

Having a physical bank actually accept the cashier's check (they can call to verify it is not fraudulent) or the cash (they can inspect it for being counterfeit) protects you from being left "holding the bag".

They can't do much about the personal check though, except wait for it to clear.

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Re: Keep a Local Bank?

Post by Dendritic Tree » Sun Feb 05, 2017 5:18 pm

Already had that situation, with a private sale of my car. USAA has a service for that. It worked out fine. I still maintain that physical branches will become increasingly rare and superfluous before the end of my life.

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Re: Keep a Local Bank?

Post by retiredjg » Sun Feb 05, 2017 5:24 pm

Dendritic Tree wrote: USAA has a service for that.
How does that work?

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VictoriaF
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Re: Keep a Local Bank?

Post by VictoriaF » Sun Feb 05, 2017 5:28 pm

I don't use any banks, only credit unions. Living in the metro DC area, I am privileged to be within short driving distance to all my Federal Credit Unions.

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whodidntante
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Re: Keep a Local Bank?

Post by whodidntante » Sun Feb 05, 2017 5:28 pm

I have never needed a medallion signature guarantee. This must be a Vanguard thing.

retire57
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Re: Keep a Local Bank?

Post by retire57 » Sun Feb 05, 2017 5:30 pm

I see no reason to use a brick-and-mortar bank these days. A problem we faced (especially with truly "local" banks) was frequent mergers. Each time, the customer has the headache of new checks, modifying account info with retailers etc ... The third merger was the final straw for us and we parted ways after 15 years as customers.

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Re: Keep a Local Bank?

Post by Geologist » Sun Feb 05, 2017 5:38 pm

whodidntante wrote:I have never needed a medallion signature guarantee. This must be a Vanguard thing.
It is certainly not simply a Vanguard thing. As an example, I can direct you to non-Vanguard mutual fund redemption forms on the web that state that redemptions above a certain dollar figure require a medallion signature guarantee (MSG). Certain transactions with the U.S. Treasury that my mother did (e.g., redeeming HH bonds) required a MSG. You just haven't faced enough diversity of transactions.
Last edited by Geologist on Sun Feb 05, 2017 5:42 pm, edited 1 time in total.

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Re: Keep a Local Bank?

Post by Geologist » Sun Feb 05, 2017 5:42 pm

I certainly find a safe deposit box necessary and you need a physical bank/credit union for that.

I don't often go to my credit union, but it has numerous branches across my state and I see many customers at the local ones as I drive by. Somebody finds physical branches useful.

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Re: Keep a Local Bank?

Post by KlingKlang » Sun Feb 05, 2017 5:58 pm

My wife won't go within 10 feet of a computer, a smartphone, or an ATM, so in case I drop dead (more and more likely) I can't see any alternative to a local B&M bank. Luckily we have about eight of them in easy walking distance. Plus they still redeem US Savings Bonds.

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Re: Keep a Local Bank?

Post by retiredjg » Sun Feb 05, 2017 6:28 pm

whodidntante wrote:I have never needed a medallion signature guarantee. This must be a Vanguard thing.
A medallion signature guarantee is required by the custodian who is LOSING the money. It frequently depends on just how much money is involved. Smaller accounts don't require it, larger accounts might.

The reason it might appear to you that this is a "Vanguard thing" is that many people posting here are moving large amounts of money TO Vanguard. The difficult to obtain signature guarantee is required by the LOSING custodian, not by Vanguard.

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Re: Keep a Local Bank?

Post by rec7 » Sun Feb 05, 2017 7:22 pm

KlingKlang wrote:My wife won't go within 10 feet of a computer, a smartphone, or an ATM, so in case I drop dead (more and more likely) I can't see any alternative to a local B&M bank. Luckily we have about eight of them in easy walking distance. Plus they still redeem US Savings Bonds.
I don't use ATM's that is why I have a local one. But I use the first two items. LOL
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Re: Keep a Local Bank?

Post by blueblock » Sun Feb 05, 2017 7:27 pm

When I retired and moved, I opened accounts at a regional bank in town for no better reason than our neighbor was a VP there (she's since retired). She was great at cutting through the red tape on a variety of issues, such as their inconvenient default limits on ACH transfers. I stay there because I don't have a reason to move (e.g. the user interface for online services is a bit primitive, but it gets the job done as well as Citibank ever did.). Also, if my partner dies before I do, I may need their trust services, and I figure it's good to have a pre-existing relationship in that case.

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Re: Keep a Local Bank?

Post by Dendritic Tree » Sun Feb 05, 2017 9:18 pm

retiredjg wrote:
Dendritic Tree wrote: USAA has a service for that.
How does that work?
USAA contracts with UPS stores to handle instant deposits of cashier's checks. For personal checks you can use your mobile device for instant deposit up to 10,000. Above that, you have to go to UPS just like with cashier's checks. So I'll concede that it's a little bit of a stretch for me to say I'll never need a physical location - because I did have to take a check to the UPS store when I sold my car.

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Toons
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Re: Keep a Local Bank?

Post by Toons » Sun Feb 05, 2017 9:34 pm

99.999 percent of my banking is electronic online CapOne 360.
I keep a no fee checking account at a local bank though.
No plans to give it up.
I have needed the services before.
I would recommend keeping a local bank :happy
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need403bhelp
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Re: Keep a Local Bank?

Post by need403bhelp » Sun Feb 05, 2017 10:00 pm

Cap one 360 is my primary account. They allow me to deposit cash and/or checks at their ATM OR in branch (just use deposit slip with account number).

I do still have an old credit union savings account with a $5 balance so that I can use their notary services.

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Re: Keep a Local Bank?

Post by WildBill » Sun Feb 05, 2017 10:06 pm

EyeYield wrote:
gasdoc wrote:
EyeYield wrote:I need a local bank for a safety deposit box and cashing paper EE bonds, so I use them for checking also.

Plus, there are very friendly people there who try to sell me mutual funds with front end loads, high ER's and 12b-1 fees and I just can't find that level of entertainment at an online bank.
:confused
Sorry, it was not my intention to confuse. I attempted to provide two solid reasons why I use a local bank, that haven't been previously mentioned.
I'm sorry that you did not find it useful.

As for the humor, I'll readily admit that not everyone gets it.
Agree with first point, as it is quite hard to access a safe deposit box on line. Funnily enough, mine is Wells Fargo, kings of the unrequested account. Lot of new faces around my local branch. :twisted:

By keeping a $1000 CD on deposit in a "senior account" I get for free an otherwise $150 per year super size safe deposit box. Looks like a 15% ROI to me. How smart can these guys be?

As for the humor, as Ray Wylie Hubbard says " The problem with irony is that some folks just don't get it."

Ain't it the truth. :mrgreen:

Happy banking to all, on or off line

W B
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pennstater2005
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Re: Keep a Local Bank?

Post by pennstater2005 » Sun Feb 05, 2017 10:12 pm

Dendritic Tree wrote:This will sound weird. I've never actually been inside a physical bank building, except for accompanying my parents when I was a small child. I've never personally had a "local bank" in my entire life. I've banked with USAA for 24 years (since high school), and recently also with Synchrony. At this point, it's almost a point of pride and a reason to continue avoiding physical banks. I've never once run into a problem or hassle for not having a physical bank.

For that matter, I am in personal possession of actual physical cash only a handful of times per year. Times are different now, huh? Next you're going to tell me I should subscribe to cable or get a land line...
Agreed. No need for a physical bank. You can finance a vehicle with an online bank. I rarely have cash. My kids have piggy banks but you can put it all into a coin star machine and get Amazon credit at no charge. If I really had a need at any point it would take no time at all to go join one anyway.

If you are doing 99% of your banking online I think you'll be fine without the physical bank. Try it and see. You can always go back.
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traveltoomuch
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Re: Keep a Local Bank?

Post by traveltoomuch » Sun Feb 05, 2017 11:20 pm

It seems that know-your-customer and similar hurdles to opening accounts just keep growing, so I'd be reluctant to close pre-existing accounts. If you ever do want to use the local bank, it will be easier to not have to reopen accounts. Indeed, a few months ago I advocated in this forum for keeping old accounts around.

How much pain are you suffering from having the extra account(s)?

Dimitri
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Joined: Sun May 31, 2015 10:51 pm

Re: Keep a Local Bank?

Post by Dimitri » Sun Feb 05, 2017 11:52 pm

Some people are comfortable using an ATM. Personally I'm not. For that reason alone I want to be able to walk into a branch and deposit/withdraw money. Plus, even if I was interested in using an ATM, from my understanding the withdrawal limits are relatively low. Maybe that has changed over the years. Is it possible to withdraw $20K from an ATM?
Let's never come here again because it would never be as much fun.

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Epsilon Delta
Posts: 7472
Joined: Thu Apr 28, 2011 7:00 pm

Re: Keep a Local Bank?

Post by Epsilon Delta » Mon Feb 06, 2017 12:04 am

Toons wrote:99.999 percent of my banking is electronic online CapOne 360.
You should consider what 99.999% means. It would require 11 electronic transactions per day for the last 25 years and one bricks and mortar one. Not really plausible. 99.999% has a precise meaning. It is not a generic synonym for "most", "almost all" or "99.9%"

jlawrence01
Posts: 1427
Joined: Mon Feb 25, 2013 1:34 am
Location: Southern AZ

Re: Keep a Local Bank?

Post by jlawrence01 » Mon Feb 06, 2017 2:41 am

I live in Arizona and bank in Ohio.

The only issues are as follows:

First, local banks do NOT want to rent you a safe deposit box without a bank account.

Second, on occasion, somebody pays me in a lot of cash. Sure, I guess that you can put it into an ATM Machine but I have never felt comfortable with that.

Third, the large banks around here do NOT like to deal with non-customers on things like purchasing a roll of quarters or cashing a $20 bill. I have never encountered that elsewhere. fortunately, one of teh local credit unions that handles out club's account has been helpful when we have needed it.

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Toons
Posts: 13063
Joined: Fri Nov 21, 2008 10:20 am
Location: Hills of Tennessee

Re: Keep a Local Bank?

Post by Toons » Mon Feb 06, 2017 10:07 am

Epsilon Delta wrote:
Toons wrote:99.999 percent of my banking is electronic online CapOne 360.
You should consider what 99.999% means. It would require 11 electronic transactions per day for the last 25 years and one bricks and mortar one. Not really plausible. 99.999% has a precise meaning. It is not a generic synonym for "most", "almost all" or "99.9%"

Thanks
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gasdoc
Posts: 1578
Joined: Mon Nov 03, 2014 8:26 am

Re: Keep a Local Bank?

Post by gasdoc » Mon Feb 06, 2017 10:08 am

EyeYield wrote:
gasdoc wrote:
EyeYield wrote:I need a local bank for a safety deposit box and cashing paper EE bonds, so I use them for checking also.

Plus, there are very friendly people there who try to sell me mutual funds with front end loads, high ER's and 12b-1 fees and I just can't find that level of entertainment at an online bank.
:confused
Sorry, it was not my intention to confuse. I attempted to provide two solid reasons why I use a local bank, that haven't been previously mentioned.
I'm sorry that you did not find it useful.

As for the humor, I'll readily admit that not everyone gets it.
I got your humor. :happy I guess I used the wrong emoticon..

gasdoc

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DaftInvestor
Posts: 4101
Joined: Wed Feb 19, 2014 10:11 am

Re: Keep a Local Bank?

Post by DaftInvestor » Mon Feb 06, 2017 10:11 am

I have had to, on very rare occasion, obtain a Bank-Check or Money-Order and using my local bank is good for this without having to wait - I can simply run down the street. I also have a Safety-Deposit box at my local bank. If not for these two reasons - I would likely go all online.

Soon2BXProgrammer
Posts: 545
Joined: Mon Nov 24, 2014 11:30 pm

Re: Keep a Local Bank?

Post by Soon2BXProgrammer » Mon Feb 06, 2017 10:12 am

i typically have atleast one local bank at all times... because i churn bank bonuses most of the time.. i have an account with someone

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