Anyone go 100% Ally or another online bank for all banking needs?

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AllenSmith
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by AllenSmith » Sun Oct 08, 2017 9:03 am

CapOne360 since when it was ING, no issues. Have an account a B&M, but only have $500 there.

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welderwannabe
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by welderwannabe » Sun Oct 08, 2017 9:33 am

I am 99% Ally. The 1% is a local credit union account I keep a couple thousand in 'just in case'. All DDs and billpay comes out of Ally.

I use the credit union for my 1st tier emergency fund. It is also useful if I need to deposit cash, or get foreign currency, etc. I would never get rid of a local bank account. Too convenient.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

GottaGetThisGoing
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by GottaGetThisGoing » Sun Oct 08, 2017 1:00 pm

gator1 wrote:
Thu Oct 05, 2017 7:48 pm

So the tl;dr. . . . . . . is anyone on here 100% online for their banking and do you run into any issues?[/color][/size]
For those that know - how convenient is it to move money from your online bank to a brick and mortar?

If I have most of my checking in ING but want to transfer money to Bank of America or Chase - can I do online ACH quickly and conveniently?

SpaethCo
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by SpaethCo » Sun Oct 08, 2017 3:02 pm

harvestbook wrote:
Sun Oct 08, 2017 7:47 am
B & M's are also handy when you need to withdraw a larger amount of cash than an ATM trip.
You can do a debit card cash advance with many (most?) banks without being a direct customer, so if that's the only thing you need out of a local branch there are alternative methods you can use.

https://www.mybanktracker.com/news/when ... sh-advance

Longdog
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by Longdog » Sun Oct 08, 2017 5:27 pm

GottaGetThisGoing wrote:
Sun Oct 08, 2017 1:00 pm
gator1 wrote:
Thu Oct 05, 2017 7:48 pm

So the tl;dr. . . . . . . is anyone on here 100% online for their banking and do you run into any issues?[/color][/size]
For those that know - how convenient is it to move money from your online bank to a brick and mortar?

If I have most of my checking in ING but want to transfer money to Bank of America or Chase - can I do online ACH quickly and conveniently?
Yes. You set up a linkage between them ( a one-time event) and then go online to request transfers, a few mouse clicks. In a couple of days the money arrives at its destination and is typically immediately available.
Steve

mptfan
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by mptfan » Sun Oct 08, 2017 7:39 pm

tc101 wrote:
Fri Oct 06, 2017 3:27 pm
Another Schwab customer here. They have fabulous customer service. And they do have branches if you need one at some point.
They used to have fabulous customer service. Lately I have just hung up the phone in frustration after waiting more than 5 minutes to get to a human. I am thinking of switching to someone else.
Another Schwab customer here. I have had only positive experiences with their customer service, however, most of the time I use their online chat feature instead of calling. I really like the ability to type my questions and give the representative time to review what I type and give me a response.

mptfan
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by mptfan » Sun Oct 08, 2017 7:47 pm

harvestbook wrote:
Sun Oct 08, 2017 7:47 am
B & M's are also handy when you need to withdraw a larger amount of cash than an ATM trip.
Schwab bank customers can get a cash advance from any brick and mortar bank from a teller, as opposed to using the ATM. The benefit to getting cash this way is 1) you avoid the ATM transaction limit (which is usually $300 - $500 depending on the ATM) so in cases where you need more cash this is helpful, and 2) you can get whatever combination of denomination bills you want, whereas most ATMs only give you $20 bills, and 3) you do not have to pay an ATM fee. There is a cash advance limit, but it is a higher limit than the ATM limit, and I think it is in the range of $1,000 to $1,500, although that may vary depending on the bank.

Regarding number 3, let me be clear that the local bank from which you draw money is still charging a fee through the visa cash advance system, and that fee is being paid by Schwab to the bank as a fee for using them to advance cash to you, but the difference is you as the customer do not see the fee and do not pay the fee, it is being paid behind the scenes between Schwab and the bank. This is different from the situation where you use the ATM and you do have to pay a fee (usually $2 or $2.50) and then you get an entry on your statement for $302.00 when you withdraw $300 from an ATM, and then at the end of the month you get a $2 credit from Schwab for the fee. The benefit to using the card as a cash advance is for spreadsheet nerds like me, when you get a cash advance, you only see a $300 transaction on your statement and it is much cleaner from a bookkeeping perspective and there is no need to account for the $2 with another transaction to balance out your records.

trueson1
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by trueson1 » Mon Oct 09, 2017 5:57 pm

I have Ally and Goldman Sachs online accounts to spread my money around a little. Great for transferring money around electronically.

In addition, I do like to have a local bank for safe deposit, etc. Plus local credit unions have the best rates on high interest checking accounts. I have 2 both earning about 3% each on a max of 25K each.

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dollar_elbow
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by dollar_elbow » Mon Oct 09, 2017 6:54 pm

I switched to Alliant Credit Union and keep Citibank's most basic account as a backup B&M in case I need to deposit cash. Unlike Chase or BofA, Citi does not require a minimum balance, just one direct deposit of any amount per month. I send a few dollars every month with everything else going to my Alliant account.

obgraham
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by obgraham » Mon Oct 09, 2017 7:08 pm

Like a bunch of others: 14 years now with online bank for 99% of banking. Just this month switching from CapOne360 to Ally due to frustration with the former's new system.

I keep open an account at a local bank a block from home for the same reasons as others, and for a HELOC. Keeping it open is no hassle whatsoever, as they also do everything paperless now. Occasional funds transfer is very easy online.

savemorelivebetter
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by savemorelivebetter » Mon Oct 09, 2017 8:50 pm

sunny_socal wrote:
Fri Oct 06, 2017 4:32 pm
I have many online accounts and I'm happy with them. Each has a purpose.

I also have several B&M accounts and here's why:
[Note: I have some kind of 'special relationship' w/ BofA for some of this free stuff, though I don't know why]
- Free lock box! (All the youngsters can just watch a Jason Bourne movie to find out what this is...)
- Free cashiers checks
- Free regular checks if I ask nicely :wink:
- Can pull out more cash than the ATM daily limit
- Great HELOC rates at my CU; Easy application process and great F2F customer service
I second this completely. Though I rarely use it, having a B& M branch has been a life saver for me on more than one occasion.
1. Ally limits ATM withdrawals to $500 a day. i once had to pay $3000 cash advance for a car but Ally refused to make an exception over the 500 withdrawal limit. So I essentially split my aly bank into two accounts and now have double he ATM withdrawal limit, double the number of transactions before hey charge, double the ATM reimbursement limit and so on.
2. B and M branches can give you free cashiers check (based on your relationship).
3. The ability to deposit cash on he few instances I had to. For example, cash you received if you sell your car on Craigs list!
I use ally for the bulk of my financial activity but also keep my WF account open.

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White Coat Investor
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by White Coat Investor » Tue Oct 10, 2017 1:01 am

gator1 wrote:
Thu Oct 05, 2017 7:48 pm
I know someone asked this question regarding Ally awhile ago but I figured I'd start an updated one.

I currently keep an account with a local credit union. I get income from a couple different sources which is done via DD. All of my DD's are sent to my local credit union. I then transfer to Ally which usually takes 2 days. I keep a few hundred bucks in this account "just in case" and everything else is at Ally. I have never needed this money I keep there, I never go into the Credit Union, I never do anything with this account at the Credit Union besides transferring the DD's to Ally. So other then the tiny hassle of switching all my DD's to Ally is there anything else I'd need this local account for? The only thing I can think of is if I wanted a large sum of cash, but I'd have to transfer that in from Ally anyway. I know Ally will send me a cashier's check which probably wouldn't take very much longer than the ACH transfer, and I'm sure I could have them overnight it in an emergency. I'll also add that I can link my parents account and transfer money there and then get it out that way if ever needed.

So the tl;dr. . . . . . . is anyone on here 100% online for their banking and do you run into any issues?
Yes. Only issue is sometimes getting cash, but you can work around that by calling the bank and upping your ATM limit. So I opened a local credit union account. But pretty much never use it. Business account is local, but certainly doesn't have to be.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

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