Physical Banking - Any benefits anymore?

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modulusmath
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Physical Banking - Any benefits anymore?

Post by modulusmath » Wed Sep 19, 2018 8:21 pm

Hello everyone

Regarding physical banks. The way I use my bank is very simple:
-I deposit my paycheck
-Pay bills from it
-I take out cash from ATMs.
-Would rarely (almost never?) have to deposit cash so that's not a concern.

I currently have a TD Bank with a $2,500 minimum balance and I get reimbursed for all ATMs across the United States which is very convenient. However I want to have a zero minimum balance and still be able to use ATMs anyway without a fee (technically it's reimbursed). I do not care about interest collected...it's minimal.

Bank of Internet has the option I want so I'm really just wondering is there any big value whatsoever in having a brick and mortar Bank account anymore?

When I spoke with TD Bank of course they said they would give a member a better mortgage rate than someone who is not a member but honestly I'm not really sure how true that is or by how much. I think there's plenty of lenders out there and I have excellent credit. I'm at least a year way from that though...

Any thoughts?

SelfEmployed123
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Re: Physical Banking - Any benefits anymore?

Post by SelfEmployed123 » Wed Sep 19, 2018 8:27 pm

modulusmath wrote:
Wed Sep 19, 2018 8:21 pm
Hello everyone

Regarding physical banks. The way I use my bank is very simple:
-I deposit my paycheck
-Pay bills from it
-I take out cash from ATMs.
-Would rarely (almost never?) have to deposit cash so that's not a concern.

I currently have a TD Bank with a $2,500 minimum balance and I get reimbursed for all ATMs across the United States which is very convenient. However I want to have a zero minimum balance and still be able to use ATMs anyway without a fee (technically it's reimbursed). I do not care about interest collected...it's minimal.

Bank of Internet has the option I want so I'm really just wondering is there any big value whatsoever in having a brick and mortar Bank account anymore?

When I spoke with TD Bank of course they said they would give a member a better mortgage rate than someone who is not a member but honestly I'm not really sure how true that is or by how much. I think there's plenty of lenders out there and I have excellent credit. I'm at least a year way from that though...

Any thoughts?
I strongly dislike my brick and mortar bank. I keep the minimal amount of money in there to pay the bills and transfer the rest to my retirement accounts and brokerage account whenever possible. The only reason I don't move everything to another institution is that I need the ability to deposit cash from my business. As long as the bank you use is FDIC insured and has good ratings, you should be fine. See this review for more: https://www.nerdwallet.com/blog/banking ... -accounts/

arf30
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Re: Physical Banking - Any benefits anymore?

Post by arf30 » Wed Sep 19, 2018 8:29 pm

I had TD until last year and closed my account for similar reasons - the annoying minimum balance and ancient website and app. Ally, Fidelity, Schwab are all good online only options with no minimums, free ATM and good technology.

drawpoker
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Re: Physical Banking - Any benefits anymore?

Post by drawpoker » Wed Sep 19, 2018 8:32 pm

Well, leseeee

1. They have free lollipops at the counter.
2. If you ask, they will give me a free ball point pen, no need to steal it.
3. If I tire while out for a walk on a hot day I can go inside the lobby and sit in the A/C.
4. Not as good as the mall, but can sit on the bench outside and people watch for amusement.
5. There is some reading material in the customer area, magazines that bring nostalgia. Since they are so old.

All good reasons but the real reason I must stick with them:

They are the only ones who have that elusive signature medallion, or medallion signature, watchacallit thingy. I have required that many times in the past, and expect will need it again sometime. :|

maineminder
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Re: Physical Banking - Any benefits anymore?

Post by maineminder » Wed Sep 19, 2018 8:37 pm

One thing to consider is the maximum check amount that you can deposit using any mobile app they use. Other than for convenience, the last time I went to the physical bank was to deposit such a check. Greater than the max allowed by the two banks I do business with. Happens rarely, but it does happen.

RudyS
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Re: Physical Banking - Any benefits anymore?

Post by RudyS » Wed Sep 19, 2018 8:40 pm

Medallion Guarantee, safe deposit box. My local B&M bank has had my account for over 50 years now.

modulusmath
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Re: Physical Banking - Any benefits anymore?

Post by modulusmath » Wed Sep 19, 2018 8:40 pm

1. They have free lollipops at the counter.
>>Genius. You put a smile on my face :D

Silverado
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Re: Physical Banking - Any benefits anymore?

Post by Silverado » Wed Sep 19, 2018 8:50 pm

RudyS wrote:
Wed Sep 19, 2018 8:40 pm
Medallion Guarantee, safe deposit box. My local B&M bank has had my account for over 50 years now.
I opened an account at local banks twice solely for Medallion service. Have been otherwise with USAA for 25 years and have never once been to a branch.

Mike Scott
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Re: Physical Banking - Any benefits anymore?

Post by Mike Scott » Wed Sep 19, 2018 8:58 pm

As has been mentioned, brick and mortar banks can provide useful services if they are services you like/need. I drive by a branch of our local bank every day but only go inside a few times a year. When I do, I get helpful personal service and a free lollipop. Their pens are too cheap to bother stealing. I also use online banking for other purposes.

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Toons
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Re: Physical Banking - Any benefits anymore?

Post by Toons » Wed Sep 19, 2018 8:59 pm

There are several brick and mortar banks in our area that have closed.
Suntrust closed 2.
That should say something. :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

augustwest73
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Re: Physical Banking - Any benefits anymore?

Post by augustwest73 » Wed Sep 19, 2018 9:24 pm

1. Free notary
2. Free medallion
3. Easy and quick to cash savings bonds

I keep the bare minimum in a B&M bank for those three reasons.

sksbog
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Re: Physical Banking - Any benefits anymore?

Post by sksbog » Wed Sep 19, 2018 9:28 pm

Just realized with hurricane Florence.

A small amount of money should be there in a local nearby bank, earning zero.nothing, do that when a natural disasters strikes , you could draw out some cash.
Some would argue to use debit card for this, but would have to use a for a lot of time to draw the amount needed.

drawpoker
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Re: Physical Banking - Any benefits anymore?

Post by drawpoker » Wed Sep 19, 2018 9:46 pm

Toons wrote:
Wed Sep 19, 2018 8:59 pm
There are several brick and mortar banks in our area that have closed.
Suntrust closed 2.
That should say something. :happy
Suntrust bank seems to be run by imbeciles. At least their RE Dept seems to be staffed with half wits.

It is going on five years now since they closed their branch in this town. Which happens to be sitting on the most prime, desirable commercial zone in the whole area. Directly at the crossroads, nice size frontage on both main highways, the lot/location alone would easily go in the $7.5Mil-$8Mil range. (The Holiday Inn Express, which has the misfortune to be on a back road, zero main highway visibility, sold for $5.5 mil last year, so I know of what I speak)

Yet, Suntrust just lets the bldg sit there, empty and forlorn, not listed for sale.

Can someone tell me why :shock: The last banks that closed up here listed the properties for sale and got rid of them fairly quickly.

Dottie57
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Re: Physical Banking - Any benefits anymore?

Post by Dottie57 » Wed Sep 19, 2018 9:59 pm

1. Free coffee
2. free lollipops (kid size)
3. Nice people who recognize me.
4. Medallion signature
5. Notary service
6. Safety deposit box
7. CD specials with good rates.

mpsz
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Re: Physical Banking - Any benefits anymore?

Post by mpsz » Wed Sep 19, 2018 10:02 pm

Getting a cashier's checks same day.
Cash deposits -- some online banks have a mechanism for depositing cash, but the vast majority do not.
Cash withdrawals above the typical $500 limit.
Safe deposit box.

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whodidntante
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Re: Physical Banking - Any benefits anymore?

Post by whodidntante » Wed Sep 19, 2018 10:05 pm

These days, I use banks when they offer me signficant free money or free things I want like a safe deposit box and MDS. Also, the lollis are superb, and I like that they call me Mr. Whodidntante. I use credit unions because they offered me better deals on a mortgage, HELOC, and auto loans than I could get anywhere else, the best deal on the auto loan was half a mile down the road from the best deal on the mortgage and HELOC. The lollis are considerably worse though, dum dums only.

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Sandtrap
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Re: Physical Banking - Any benefits anymore?

Post by Sandtrap » Wed Sep 19, 2018 10:23 pm

Dottie57 wrote:
Wed Sep 19, 2018 9:59 pm
1. Free coffee
2. free lollipops (kid size)
3. Nice people who recognize me.
4. Medallion signature
5. Notary service
6. Safety deposit box
7. CD specials with good rates.
+1
1. Free tiny chocolate snacks.
2. Coffee
3. Notary (use this all the time)
4. Private Banking Service/consultant/service person (same one for 8 years)
5. Friendly folks that don't mind me forgetting my PIN which happens often.
6. Free ATM, paper checks.
7. Cashier's checks, etc.

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dccboone
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Re: Physical Banking - Any benefits anymore?

Post by dccboone » Wed Sep 19, 2018 10:32 pm

Like many, I do most of my banking and bill paying online through my local credit union. However, I also visit their branch that's only a few blocks from our home at least once a week to make deposits and the like. I know most of the folks that work there on a first name basis and they couldn't be more helpful. The fresh popcorn is a nice touch as well.

NoHeat
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Re: Physical Banking - Any benefits anymore?

Post by NoHeat » Wed Sep 19, 2018 11:19 pm

- Notary for signature (I need this about once per year)
- Cashier's check, or withdraw ~$10k cash, to buy a used car (once per five years)
- Savings bond redemption (once per lifetime).

I don't need these often, but I do need them.

drawpoker
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Re: Physical Banking - Any benefits anymore?

Post by drawpoker » Wed Sep 19, 2018 11:30 pm

sksbog wrote:
Wed Sep 19, 2018 9:28 pm

A small amount of money should be there in a local nearby bank, earning zero.nothing, do that when a natural disasters strikes , you could draw out some cash.
Some would argue to use debit card for this, but would have to use a for a lot of time to draw the amount needed.
Yes, I have just one of those accounts nearby. Just as you described, earning zero, nothing. Think the name is Serta. Or Sealy, er, Simmons maybe? Starts with an "S" I think. :P

btw, when these natural disasters strike and the power goes out for days, sure the ATM's won't function. But just how many of these banks will keep the doors open and be willing to cash checks/allow withdrawals by candlelight when all their computers are down?

donall
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Re: Physical Banking - Any benefits anymore?

Post by donall » Wed Sep 19, 2018 11:53 pm

Notary, medallion, redemption of paper savings bonds, safety deposit box, paying property taxes. A bank is also a comfortable place for the buyer to get cash for the car purchase. And oddly when I got paper checks from work, they were rejected by the ATM and so I had to have the teller deposit the checks.

RickBoglehead
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Re: Physical Banking - Any benefits anymore?

Post by RickBoglehead » Thu Sep 20, 2018 7:29 am

Notary work, medallion signatures, deposit of coins (no penalty like coin machines), withdrawal of specific cash denominations when needed.

livesoft
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Re: Physical Banking - Any benefits anymore?

Post by livesoft » Thu Sep 20, 2018 7:37 am

I've banked by e-mail or internet since the early 1970s when I first started depositing my paychecks. I would mail in my endorsed paycheck along with my passbook and get it back about a week later with an entry neatly typed in by hand.

Nowadays, my internet bank is also a brick and mortar bank. The bank manager used to be my neighbor before his divorce. Benefits of B&M bank: Medallion Signature Guarantees, other Sig Guarantees, dog treats, mucho more cash sometimes than an ATM, and free accounts for children, especially teenagers. (We paid allowances by instantaneous cash transfer between accounts before venmo existed.)

There are no fees even if I keep my checking account balance at zero. I don't have a savings account at the B&M bank, but I do have outstanding connection to my investment accounts.
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Jack FFR1846
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Re: Physical Banking - Any benefits anymore?

Post by Jack FFR1846 » Thu Sep 20, 2018 8:06 am

I use internet banks for the higher interest rates......but....

I use Digital Credit Union as my home base. From there:
I use their free coin machine
I cash paper US Savings bonds, which are instantly available for withdrawal from my DCU account
I get free notary
If somehow I overdraw my checking account, with a call, visit or email, they always remove the overdraft charge.
Every member of my family gets 5.12% on the first $1000 in our savings account
I pay all my bills directly from there
My paycheck is direct deposited and shows available 2 full days before other employees see their pay at their banks.
I can get a used car loan, new car loan, or refinance my existing car at the exact same rate, which is usually close to the best rate anyone offers
I can walk into a branch during my lunchtime walk.....as I walk right by it.
With the Co-Op network, I can walk into virtually any credit union or use any ATM as if it were my home branch.
If I need $10k cash tomorrow, I give them a heads up and get the cash tomorrow. I probably could just walk in and get it, but that's not a great practice and I wouldn't want to be walking away with wrapped stacks of 5's and 10's because I cleaned them out of big bills.
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Ged
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Re: Physical Banking - Any benefits anymore?

Post by Ged » Thu Sep 20, 2018 8:42 am

RudyS wrote:
Wed Sep 19, 2018 8:40 pm
Medallion Guarantee, safe deposit box. My local B&M bank has had my account for over 50 years now.
I have a safe deposit box and about 3 years ago needed a Medallion Guarantee.

Also I occasionally need cash withdrawals larger than what an ATM will process.

LSLover
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Re: Physical Banking - Any benefits anymore?

Post by LSLover » Thu Sep 20, 2018 9:08 am

As an alternative to a bank notary, most UPS Stores offer notary services...

adamthesmythe
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Re: Physical Banking - Any benefits anymore?

Post by adamthesmythe » Thu Sep 20, 2018 10:56 am

> 3. Nice people who recognize me.

Had a bank once in a neighborhood with a lot of retirees. I think some went to the bank regularly on Saturday so they would have someone to talk to.

Notary can be handy, although I found out recently that this only works for some notary services.

Cashier's check is useful sometimes. Some recommend doing a used car transfer at the buyer's bank. This doesn't work if buyer has an internet bank.

Freefun
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Re: Physical Banking - Any benefits anymore?

Post by Freefun » Thu Sep 20, 2018 10:59 am

I like my chase branch. I have a safety deposit box and a checking and debit card -just a few thousand on deposit. They always help me with anything like medallion certificates at no charge. It’s nice to be able to drop in.
Remember when you wanted what you currently have?

cantabtim
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Re: Physical Banking - Any benefits anymore?

Post by cantabtim » Thu Sep 20, 2018 11:10 am

I'm amazed there are so many B&M banks around our neighborhood; and they keep growing. A new bank branch in Harvard Sq. in just the last couple of months. I don't know how they can be justified as there's never anyone in them. I'm sure most of the students at the couple of small, no-name colleges we have in this town have never set foot in a B&M bank and would regard it as a quaint habit of their grandparents!

EnjoyIt
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Re: Physical Banking - Any benefits anymore?

Post by EnjoyIt » Thu Sep 20, 2018 11:39 am

I use chase. I put $250k in VTI a long time ago and became a private client. With that option I get a free safety despot box, free atm withdrawals and a special someone to call me once every 6 months to make sure everything is OK.

I use chase because they are huge and all over the world so that if I move or need brick and mortar banking services I should be covered just about anywhere I go.

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Mlm
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Re: Physical Banking - Any benefits anymore?

Post by Mlm » Thu Sep 20, 2018 11:49 am

My local Chase account gives me free ATM, a place to deposit cash, no fee checking, a nice bill pay system and that ever popular medallion certificate.
I needed one last year and was in and out of the branch in less than five minutes. I keep my savings elsewhere.

123
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Re: Physical Banking - Any benefits anymore?

Post by 123 » Thu Sep 20, 2018 11:56 am

Some times you need new clean money (bills) for gift giving. This is particularly important in a lot of Asian cultures. To add a little more culture to the mix there is a preference in many Asian cultures for bills with serial numbers with (lucky) 8's (the more 8's the more good luck) and without (bad luck) 4's. Some (usually Asian) bank branches excel at being able to deliver on these preferences.
The closest helping hand is at the end of your own arm.

ScubaHogg
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Re: Physical Banking - Any benefits anymore?

Post by ScubaHogg » Thu Sep 20, 2018 12:09 pm

I use USAA and see no reason to have a brick and mortar bank. Last time I went into an actual bank (which I did not have an account at btw) was 15 years ago to get one of those “Medallion guarantee” signatures. Think I paid a nominal fee, but had no issue getting it.

Reasons you might want a local bank:

- you have a business or need to deposit lots of checks (I deposit the few I get with my phone)
- you routinely need short notice cashiers checks. Idk why that’d be the case, but there u go. One time I was in that position I went to the post office and got money orders.
- you regularly need to deposit cash (if once in awhile, see post immediately above)

Bad reasons to have a local bank:

- to withdraw cash. I can go to any ATM in the world and USAA refunds the fees. This is not only as good as having an in-network ATM system, it’s superior if your bank charges you fees to use other ATMs.
- almost any other reason I can think of.

denovo
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Re: Physical Banking - Any benefits anymore?

Post by denovo » Thu Sep 20, 2018 12:13 pm

LSLover wrote:
Thu Sep 20, 2018 9:08 am
As an alternative to a bank notary, most UPS Stores offer notary services...
Not for free
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nisiprius
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Re: Physical Banking - Any benefits anymore?

Post by nisiprius » Thu Sep 20, 2018 12:27 pm

The medallion signature guarantee is the big one. The need for one pops up unexpectedly, and often rather urgently.
Silverado wrote:
Wed Sep 19, 2018 8:50 pm
...I opened an account at local banks twice solely for Medallion service...
That's interesting. How long did you have to have the account before they would give you the medallion signature guarantee? I had the impression most banks would only do it for "established" customers = months.

Recently, a poster complained of serious problems opening an account online, due to some complicated interaction a need to prove identity and a credit freeze. I recently opened an account at a local brick-and-mortar bank with no issue, despite having freezes with the big three bureaus and ChexSystems, without lifting the freeze; it was such a nonissue that I wasn't paying attention. The probably said "can we see your driver's license, sir" and that was that.
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likegarden
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Re: Physical Banking - Any benefits anymore?

Post by likegarden » Thu Sep 20, 2018 12:28 pm

We have our checking there, have also several CDs there as part of our fixed income allocation. For one small pension I have to show that I am still alive, and my bank's notary public signs and stamps a paper for me.

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Meg77
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Re: Physical Banking - Any benefits anymore?

Post by Meg77 » Thu Sep 20, 2018 12:30 pm

As a banker, I am enjoying this thread. A lot more positive comments about bank branches than I expected! :) You may all be interested to know that renovating branches to add amenities in an effort to get people to want to come and hang out in them is a bit of a trend being discussed. Capital One just rolled out a commercial promoting their "branch cafes" that look sort of like a fancy Starbucks at least in the ad. Some Silicon Valley banks are already doing this, providing free conference rooms and things like nice food/drinks and lounge areas to get clients in more often.

I don't bank where I work, but I do end up needing to visit the branch a few times a year. Sometimes it's because I want/need cash in a specific denomination (not $20s which is all you can get from an ATM). Occassionally I may have a check to deposit that is larger than what I can do via the mobile app - or the mobile app has declined my check for some reason. Also I deposit birthday and Christmas cash gifts (which I still get from parents and grandparents despite being in my mid 30s now). I could just keep the cash and spend it, but I like to track all my income and outgo via Mint.com.

At the bank where I work, we give out dog treats so clients like to bring their pets by the branch. We also take pictures of them and share them on the Pets page of our internal company website for sharing. Most banks also require an original "wet signature" for wires over a certain amount (for us it's $1M), so clients often come by to do that (though we will deliver, fedex or courier the forms too). Safe deposit boxes of course, and notaries/medallions as others have mentioned.

There is also a benefit in my view of taking kids to the bank with you to deposit or withdraw money - especially their own money - versus trying to teach them about banking purely online. It's kind of like going to the polls to vote or other civic engagement activities.
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moehoward
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Re: Physical Banking - Any benefits anymore?

Post by moehoward » Thu Sep 20, 2018 12:40 pm

denovo wrote:
Thu Sep 20, 2018 12:13 pm
LSLover wrote:
Thu Sep 20, 2018 9:08 am
As an alternative to a bank notary, most UPS Stores offer notary services...
Not for free
I've used UPS notary and its not very expensive. I assume I'm like everybody else in that you don't need notary services very often. The B&B institutions don't really have a lot of offer except a safe deposit box. I talked to the investment guy at my bank and stopped him 10 min into his pitch. "You're selling annuities , right"? My problem is with the employees, they are sooooo overly nice. Just let me do my business and don't charge me fees and I'm ok.

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Kitty Telltales
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Re: Physical Banking - Any benefits anymore?

Post by Kitty Telltales » Thu Sep 20, 2018 12:41 pm

This week I talked about banking with my German students and most said they haven't seen a paper check in over 20 years. They were a bit amused and surprised that Americans actually still write checks. I've only used on-line banking since I've lived in Germany.

I have a physical bank in the States and always seem to have a reason to visit it while I'm there. While waiting in line, I thank my lucky stars that I rarely have to do it because everyone looks so angry and frustrated. :moneybag

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dm200
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Re: Physical Banking - Any benefits anymore?

Post by dm200 » Thu Sep 20, 2018 12:42 pm

I occasionally need a roll of quarters or change for large bills, etc.

feh
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Re: Physical Banking - Any benefits anymore?

Post by feh » Thu Sep 20, 2018 12:43 pm

The only time I set foot in my local credit union these days is for the occasional cashier's check.

LiterallyIronic
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Re: Physical Banking - Any benefits anymore?

Post by LiterallyIronic » Thu Sep 20, 2018 12:50 pm

Friendly tellers to socialize with
Free notary
Free money orders / cashier's checks
Can deposit a paper check or cash or loose ccoins
Can withdraw cash
I know they won't sell my mortgage servicing

I'll be the last person to switch to online banking, because I don't trust automatic things. Keep in mind, though - I'm crazy.

denovo
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Re: Physical Banking - Any benefits anymore?

Post by denovo » Thu Sep 20, 2018 12:54 pm

moehoward wrote:
Thu Sep 20, 2018 12:40 pm
denovo wrote:
Thu Sep 20, 2018 12:13 pm
LSLover wrote:
Thu Sep 20, 2018 9:08 am
As an alternative to a bank notary, most UPS Stores offer notary services...
Not for free
I've used UPS notary and its not very expensive. I assume I'm like everybody else in that you don't need notary services very often.
I don't prefer to pay $10-12 for something I can pay $0 for it when all I need is to maintain a trivial $1,500 balance.
"Don't trust everything you read on the Internet"- Abraham Lincoln

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9-5 Suited
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Re: Physical Banking - Any benefits anymore?

Post by 9-5 Suited » Thu Sep 20, 2018 12:59 pm

I suppose I have thought about it a bit in the reverse. It's not clear to me what value online banks provide me that Bank of America doesn't except for the interest on the checking account. My checking account is purely a hub for immediately dispensing money to other efforts, so my average daily balance is probably about $5,000. If I get 1% on that (which is probably on the high end), it would impact my life not at all.

I have checking at BOA, savings at C360, and the rest at Vanguard/Fidelity. Seems like that covers all the bases including the unexpected occasional need to swing in to a brick & mortar bank.

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Earl Lemongrab
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Re: Physical Banking - Any benefits anymore?

Post by Earl Lemongrab » Thu Sep 20, 2018 1:02 pm

The things I use the physical branch for are:

1. Deposit checks. I haven't tried image deposit.

2. Savings bond redemptions. I had payroll deduction at Megacorp when I started, so I have a few bonds reach final maturity each year. I take all that have matured to the bank in December.

3. Notary service. The bank does it free.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

hfj
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Re: Physical Banking - Any benefits anymore?

Post by hfj » Thu Sep 20, 2018 1:12 pm

123 wrote:
Thu Sep 20, 2018 11:56 am
Some times you need new clean money (bills) for gift giving. This is particularly important in a lot of Asian cultures. To add a little more culture to the mix there is a preference in many Asian cultures for bills with serial numbers with (lucky) 8's (the more 8's the more good luck) and without (bad luck) 4's. Some (usually Asian) bank branches excel at being able to deliver on these preferences.
Additionally, right before Chinese New Year our bank will give out red envelopes if you ask for them at the teller while you are getting your fresh bills (printed with the bank's logo, so it's a bit of marketing for them). The only issue is this being the Bay Area, they can run out quickly.

To the original point, we also use the notary service and cashier's checks. It's not that often, but often enough.

We also sometimes help my parents manage some rental properties while they are traveling out of the country for an extended period. In the past, that would mean collecting quarters from the washer/dryers and rolling them for deposit, as well as depositing rent checks and cash. I bring it all to the bank with just their account number, and a teller helps me get it all deposited into their account.

sc9182
Posts: 214
Joined: Wed Aug 17, 2016 7:43 pm

Re: Physical Banking - Any benefits anymore?

Post by sc9182 » Thu Sep 20, 2018 1:20 pm

We bring fresh/newer $1 coins most look like gold color -- attach/affix'em (with a small piece of self-adhesive tape) over top of Gift Envelop we present to kids, or hosts when we go for parties and such.

** This shiny gold-looking dollar decoration looks compelling and very noticeable. Especially it indicates that envelop/gift-card has real "CASH MONEY" no only on top of it, but also additional valuable monies/gift in it :-)

Some friendly help around prefers cash, over check/CC payments - so having/withdrawing cash over counter helps.

Hey - you can talk to your friendly Wealth Management Advisor :happy , or your friendly private-mortgage specialist over at a branch.

For private banking clients (doesn't have to have AUM, you can self-manage funds too), the private-mortgage banker or regular mortgage specialist could put-in a human face to a convoluted big-bank mortgage process, and bat-in to assist you.

Most importantly, if there is better price you found elsewhere, the private mortgage specialist can try 'price-match' rate/fees for you.

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N1CKV
Posts: 761
Joined: Wed Mar 21, 2012 8:18 am

Re: Physical Banking - Any benefits anymore?

Post by N1CKV » Thu Sep 20, 2018 1:26 pm

I have accounts with Ally and Capital One 360, along with a small local credit union.

Ally is my main bank. They can handle pretty much anything I need except cash deposits (which are rare).
Capital One 360 allows me to use Capital One Bank, N.A. branches for ATM or Drive Thru deposits of cash and checks.
The small credit union is associated with my employer and I only have a small savings account there. It is convenient to access from work and they can handle all of my "in person" needs.

-The Notary thing not relevant enough to me, I work in a building full of attorneys, and in my state every attorney is a notary. It is trivial to find one that will sign for me. Even then the need for one is rare.
-I have never needed a "Medallion" thingy, not sure what that does even?
-I have no need for a safe deposit box, I have a large safe that contains the items that I need kept safe, the most valuable of which the bank wouldn't allow anyway.
-I don't need the lollipops, I am trying to cut sugar intake back.
I have met a lot of people that claim to love money, but they also seem to be the same people that are in the biggest hurry to get rid of it.

obgraham
Posts: 1132
Joined: Mon Jan 28, 2013 7:30 pm

Re: Physical Banking - Any benefits anymore?

Post by obgraham » Thu Sep 20, 2018 1:44 pm

Ally handles 99% of my banking now, just fine. I still have a small account at a local 3-branch bank. Recently I was in there and commented that the place was very quiet. Manager pointed out that although their teller services are very light, they are very busy with business services, mostly small to medium sized local businesses.
While chatting, guy from a local grocer came in to take out his weekend supply of coinage. Required a hand truck! (I guess he didn't want to pay a courier!)

bradpevans
Posts: 330
Joined: Sun Apr 08, 2018 1:09 pm

Re: Physical Banking - Any benefits anymore?

Post by bradpevans » Thu Sep 20, 2018 1:50 pm

I have a local credit union. Most of the time its direct deposit / phone deposit.

But i have been able to:
quickly get a Line of Credit (for overdraft protection)
call a person to get a few checks printed
as well as other things because the know me

fees are low / zero depending on account set up.

50+ free checking is great (as in age 50+)

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