Physical Banking - Any benefits anymore?

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watchnerd
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Re: Physical Banking - Any benefits anymore?

Post by watchnerd » Sat Sep 22, 2018 3:45 pm

Silverado wrote:
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.
What do you put in your safe deposit box?

We have a fire safe for important docs and such.
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watchnerd
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Re: Physical Banking - Any benefits anymore?

Post by watchnerd » Sat Sep 22, 2018 3:54 pm

Kitty Telltales wrote:
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.
Which Americans are you speaking of? I don't write checks. I don't even know where my checkbook is. Most millenials i know don't write them, either, using Venmo, etc.
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obgraham
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Re: Physical Banking - Any benefits anymore?

Post by obgraham » Sat Sep 22, 2018 3:57 pm

watchnerd wrote:
Sat Sep 22, 2018 3:45 pm

What do you put in your safe deposit box?

We have a fire safe for important docs and such.
I use mine for backup hard drives off site. I know, "why don't I just use cloud?" No thanks. All my life and records are digital now, and I prefer to keep it nearby, though not all in the same building.

Cash
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Re: Physical Banking - Any benefits anymore?

Post by Cash » Sat Sep 22, 2018 4:03 pm

modulusmath wrote:
Wed Sep 19, 2018 8:21 pm
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?
Funny enough, I recently decided to make TD Bank my brick and mortar option. I have a mortgage with them, and it is true that they give a small mortgage discount for having a checking account as well (you don't have to pay the mortgage from the account). I do 99.9% of my banking online, so for my B&M option, the most important thing to me was convenience. TD has late hours, is open every day, and is right down the street from me for those random times that I need a physical branch. The $2500 minimum balance is slightly annoying, but I just use that account as my ATM and check-writing account. Basically, it's the account that is most likely to get hacked, but if it does, all they will get is $2500. I don't even have an outgoing ACH link established. I push money to it from my main checking account whenever I need to.

Cash
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Re: Physical Banking - Any benefits anymore?

Post by Cash » Sat Sep 22, 2018 4:05 pm

Meg77 wrote:
Thu Sep 20, 2018 12:30 pm
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.
I agree that some teachable moments have been lost with so much electronic banking. I remember my father coming home with his physical paycheck and then going with him to the bank to make a deposit while receiving cash back. A good lesson in how the world works. Getting a paper check for my salary isn't even an option, and I can't imagine that kids would be all that interested in looking at a line in my recent online banking transactions.

andypanda
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Re: Physical Banking - Any benefits anymore?

Post by andypanda » Sat Sep 22, 2018 5:06 pm

In addition to the lollipops and bank boxes, in April I needed to wire $25k to Texas for an engagement ring and it was a breeze to walk into Suntrust, sit down with the manager for 10 minutes and let her do the work. They are there when I need them and they don't bother me the rest of the time.

"They were a bit amused and surprised that Americans actually still write checks."

Ah, bemused Germans. They're probably still surprised they lost WWII. And WWI, too. I certainly won't model my life on what Germans do.
Last edited by andypanda on Sat Sep 22, 2018 5:14 pm, edited 1 time in total.

Determined
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Re: Physical Banking - Any benefits anymore?

Post by Determined » Sat Sep 22, 2018 5:07 pm

watchnerd wrote:
Sat Sep 22, 2018 3:54 pm
Kitty Telltales wrote:
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.
Which Americans are you speaking of? I don't write checks. I don't even know where my checkbook is. Most millenials i know don't write them, either, using Venmo, etc.
I don't carry cash often so.....
School fees
My hairdresser
Local contractors
Birthday/graduation money
BMV and other government offices that have to charge for credit card use
Kids activities that don't take credit cards or charge a service fee

I looked at dropping the checks recently. I use them more than I thought.

28fe6
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Re: Physical Banking - Any benefits anymore?

Post by 28fe6 » Sat Sep 22, 2018 8:33 pm

EnjoyIt wrote:
Thu Sep 20, 2018 11:39 am
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.
Except North Carolina. When I moved to NC I found out they have no branches in NC. Now I have a local credit union for loans and depositing cash, and Ally for banking proper, and pretty happy.

Physical bank is a last resort. A few times I decided to go to a physical branch and then once I remembered what it was like to wait in line to do banking, I got over my nostalgia and now I only go there maybe twice a year.
Last edited by 28fe6 on Sat Sep 22, 2018 8:36 pm, edited 1 time in total.

28fe6
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Re: Physical Banking - Any benefits anymore?

Post by 28fe6 » Sat Sep 22, 2018 8:35 pm

duplicate

AlphaLess
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Re: Physical Banking - Any benefits anymore?

Post by AlphaLess » Sat Sep 22, 2018 8:48 pm

Maybe change the name to 'Brick and Mortar Banking'.

Physical, emotional, psychological ...
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Earl Lemongrab
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Re: Physical Banking - Any benefits anymore?

Post by Earl Lemongrab » Sat Sep 22, 2018 11:18 pm

28fe6 wrote:
Sat Sep 22, 2018 8:33 pm
EnjoyIt wrote:
Thu Sep 20, 2018 11:39 am
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.
Except North Carolina. When I moved to NC I found out they have no branches in NC. Now I have a local credit union for loans and depositing cash, and Ally for banking proper, and pretty happy.
The closest to St. Louis is 75 miles away in Springfield IL.
Last edited by Earl Lemongrab on Sun Sep 23, 2018 10:53 am, edited 1 time in total.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

OnTrack
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Re: Physical Banking - Any benefits anymore?

Post by OnTrack » Sun Sep 23, 2018 1:41 am

Lots of good reasons to have a bank account at a brick and mortar bank posted above. Particularly notary and medallion services. I'll add the following:
I've had trouble getting online banks to wire money to third parties. Recently, when I needed to wire a very large amount on very short notice, a VP associated with my local brick and mortar bank got involved to make sure the transfer went smoothly. You are unlikely to get that kind of service from an online bank. Another reason: in the case of POD accounts, I suspect that a beneficiary could access the funds more expeditiously at a local branch than trying to do so remotely at an online bank.

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camillus
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Re: Physical Banking - Any benefits anymore?

Post by camillus » Sun Sep 23, 2018 2:18 am

My B&M credit union gives me 3% on my checking balance.

And my 4 year old really does like the lollipops. When I ask him what he wants to do, he will sometimes say go to the bank. Free coffee for me (though often too hot).

I go probably every other month to get cash in different denominations for babysitters & housecleaners.

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watchnerd
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Re: Physical Banking - Any benefits anymore?

Post by watchnerd » Sun Sep 23, 2018 2:20 am

camillus wrote:
Sun Sep 23, 2018 2:18 am
My B&M credit union gives me 3% on my checking balance.
And what credit union is this?

I've never seen 3% on checking in the present era.
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camillus
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Re: Physical Banking - Any benefits anymore?

Post by camillus » Sun Sep 23, 2018 2:25 am

watchnerd wrote:
Sun Sep 23, 2018 2:20 am
And what credit union is this?

I've never seen 3% on checking in the present era.
https://www.bankrate.com/banking/checki ... unt-rates/

lazydavid
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Re: Physical Banking - Any benefits anymore?

Post by lazydavid » Sun Sep 23, 2018 6:03 am

watchnerd wrote:
Sat Sep 22, 2018 3:08 pm
They're useful for getting a cashier's check when I want to buy a new car.
I don't even seem to need that anymore. Last month we bought a car, and the dealer accepted a $35k personal check, even though we told them point blank that the money wouldn't be there for a week (had to sell from my taxable account and ACH over to the bank).

neoptolemus412
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Re: Physical Banking - Any benefits anymore?

Post by neoptolemus412 » Sun Sep 23, 2018 7:46 am

Personally, cash deposits and the ability to get larger bills for gifts are the benefits. There are some benefits for quicker transfers for internal accounts vs. external, but I rarely need cash that quickly on short notice.

However, I work in the industry and can tell you that most places that need a bank location are underserved and the locations that need them the least are oversaturated. Take for instance, TD bank or Santander, etc. They have exploded all over manhattan to take market share. It's the type of strategy that rarely works without a large risk profile change b/c attracting new customers to a bank is a huge acquisition cost. Thus, you either take on customers that will generate bank fees or serve an underserved minority group. That's the business model b/c most people will not change a bank unless a large life event occurs or they have a horrible experience.

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watchnerd
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Re: Physical Banking - Any benefits anymore?

Post by watchnerd » Sun Sep 23, 2018 9:08 am

neoptolemus412 wrote:
Sun Sep 23, 2018 7:46 am
Personally, cash deposits and the ability to get larger bills for gifts are the benefits.
Do you not have the newer, fancier ATMs that give out 100s, 50s, 20s, 5s?
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Marylander1
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Re: Physical Banking - Any benefits anymore?

Post by Marylander1 » Sun Sep 23, 2018 9:24 am

28fe6 wrote:
Sat Sep 22, 2018 8:33 pm
Physical bank is a last resort. A few times I decided to go to a physical branch and then once I remembered what it was like to wait in line to do banking, I got over my nostalgia and now I only go there maybe twice a year.
Our experiences at TD Bank are quite pleasant. In the past few months, I've needed a physical branch twice, once to get a cashier's check demanded by another bank and once to deposit a check in person when we had doubts it would clear.

Both times, I went in after work and waited less than 2 minutes. The person helping me was informed, pleasant, speedy, and efficient. It felt like concierge service.

Marylander1

OnLevel
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Re: Physical Banking - Any benefits anymore?

Post by OnLevel » Sun Sep 23, 2018 9:44 am

augustwest73 wrote:
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.
What's a medallion?

OnTrack
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Re: Physical Banking - Any benefits anymore?

Post by OnTrack » Sun Sep 23, 2018 11:44 am

OnLevel wrote:
Sun Sep 23, 2018 9:44 am
augustwest73 wrote:
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.
What's a medallion?
"In the United States, a medallion signature guarantee is a special signature guarantee for the transfer of securities."
https://en.m.wikipedia.org/wiki/Medalli ... _guarantee

Charon
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Re: Physical Banking - Any benefits anymore?

Post by Charon » Sun Sep 23, 2018 12:36 pm

cantabtim wrote:
Thu Sep 20, 2018 11:10 am
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!
Are you sure? Have you been in them? I frequently see college students at my local credit union. Also, the students almost all still prefer paper textbooks, despite predictions for the past decade that kids wouldn't even know what paper books were by now. I'm leery of 50-somethings telling me what the kids like these days :)

I like having a physical bank, because I can talk to someone. Yeah, I have an Ally account too, because the savings rate is better. But my credit union has great CD rates, and I can talk to someone if I ever want to do something unusual (break a CD, deposit a large check, ask about the home loan process, etc). Rather than some useless online chat or phone tree to nowhere. (Not banking, but I once spent fruitless hours on the phone with a DSL provider for something that was later solved in minutes in person in their physical office. A physical office which closed later that month, because people would apparently rather waste their lives on the phone.)

Also, I sometimes still need to get quarters, singles, etc.

andypanda
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Re: Physical Banking - Any benefits anymore?

Post by andypanda » Sun Sep 23, 2018 1:27 pm

"Last month we bought a car, and the dealer accepted a $35k personal check"

I've been writing personal checks for new cars since 1986 without even a hint of hesitation by a dealer. Twenty months ago I wrote a check for a new 4Runner Trail Premium and another check three days later for a new Avalon Touring for my girlfriend-now fiancee. I think the dealers have a direct line to the bank to confirm and hold the money. I wonder if they have a direct line to Vanguard and Fidelity?

The only question they asked was, "Do you have any more rich friends who need a car?"

I suppose I could have done 2 online transfers using my iPhone, but the little keyboard is so tiny and the routing numbers are so long. Writing a check is fast and easy. The date, dealer's name, amount and sign it.

Dandy
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Re: Physical Banking - Any benefits anymore?

Post by Dandy » Sun Sep 23, 2018 5:12 pm

I haven't cut ties completely with BofA yet. When there was a fraud on my checking/HELOC it was helpful to be able to meet face to face with a banking person. Last year I needed a cashier's check and that was convenient. Oh and nice to hand in rolls of change and get cash.

All that being said I use 2 online banks Discover (Money Market/Savings) and (Alliant Credit Union Checking/Savings). Better interest, no gotchas, 24/7 service, no problems. I would suggest using depositaccounts.com to check out any bank or credit union you have interest in. Alliant has free ATMs all over but reimburses a certain amount each month if you use other ATMs

Momus
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Re: Physical Banking - Any benefits anymore?

Post by Momus » Sun Sep 23, 2018 5:26 pm

TheAccountant wrote:
Thu Sep 20, 2018 2:26 pm
1. A place to deposit spare change that accumulates in a coffee jar once a year
2. Free coffee at all local branches
3. Bathrooms
4. ???
Wait, they have free coffee at bank of america?

SpaethCo
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Re: Physical Banking - Any benefits anymore?

Post by SpaethCo » Sun Sep 23, 2018 5:30 pm

Wilderness Librarian wrote:
Sat Sep 22, 2018 12:26 pm
I want to make sure I have at least an active checking account in a local b&m branch preferably within walking distance (which it is at the present time). In part this is so I can at least have a real live person to talk to face to face in the case that something somewhere somehow would go wrong.
I surprised this hasn't been mentioned more in this thread. I simplified my money management by putting almost everything on autopay and monitoring through transaction alerts. I actually moved away from an online credit union to a local credit union as part of a risk hedge. Most importantly, if I somehow run into an online account takeover situation, I should be able to sort it out quickly at the branch with physical identification.

Momus
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Re: Physical Banking - Any benefits anymore?

Post by Momus » Sun Sep 23, 2018 5:31 pm

For me, bofa gives me

free notary
cashier check
international wire

I have 2 books of checks from them... I am slowly using them, it's like a clutter.

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watchnerd
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Re: Physical Banking - Any benefits anymore?

Post by watchnerd » Sun Sep 23, 2018 5:38 pm

Momus wrote:
Sun Sep 23, 2018 5:26 pm
TheAccountant wrote:
Thu Sep 20, 2018 2:26 pm
1. A place to deposit spare change that accumulates in a coffee jar once a year
2. Free coffee at all local branches
3. Bathrooms
4. ???
Wait, they have free coffee at bank of america?
My BofA branches don't have coffee or public rest rooms...
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BUBear29
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Re: Physical Banking - Any benefits anymore?

Post by BUBear29 » Sun Sep 23, 2018 5:39 pm

I work for a bank (one of the largest in US with massive retail presence), and I don’t even use them as my primary banking bc there is no point.

I use Alliant CU and really like it. In the event I need cash, I go downstairs and pull cash out of my bank’s atm and get reimbursed from Alliant. In the rare event I need to deposit cash, I go to the atm partner CU down the street from my house and deposit. Otherwise, I earn 65bps on my checking and 180bps on my savings.
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

mpsz
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Re: Physical Banking - Any benefits anymore?

Post by mpsz » Sun Sep 23, 2018 5:44 pm

watchnerd wrote:
Sat Sep 22, 2018 3:54 pm
Kitty Telltales wrote:
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.
Which Americans are you speaking of? I don't write checks. I don't even know where my checkbook is. Most millenials i know don't write them, either, using Venmo, etc.
I'm a millennial and I write two checks each year, for property and state income tax. How do you work around this (without paying fees)?

I do agree with your larger point (nobody writes many checks) but I'm always surprised to hear of people who can write zero checks.

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watchnerd
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Re: Physical Banking - Any benefits anymore?

Post by watchnerd » Sun Sep 23, 2018 5:56 pm

mpsz wrote:
Sun Sep 23, 2018 5:44 pm
watchnerd wrote:
Sat Sep 22, 2018 3:54 pm
Kitty Telltales wrote:
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.
Which Americans are you speaking of? I don't write checks. I don't even know where my checkbook is. Most millenials i know don't write them, either, using Venmo, etc.
I'm a millennial and I write two checks each year, for property and state income tax. How do you work around this (without paying fees)?

I do agree with your larger point (nobody writes many checks) but I'm always surprised to hear of people who can write zero checks.
I forgot about property tax -- that's the one check I write (2x per year), for the reasons you said: stupid huge fees. And it doesn't come out of my checking account, but my Ally bank MM account...*that* checkbook I know the location of.

Income taxes I pay via electronic transfer (no state tax in WA).
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Turbo29
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Re: Physical Banking - Any benefits anymore?

Post by Turbo29 » Mon Sep 24, 2018 11:43 am

Somebody is still using branches.

Just saw this news article, "JP Morgan bucks the decline of brick-and-mortar with its plan to open 50 new branches in the Philadelphia area"
https://www.cnbc.com/2018/09/24/jp-morg ... -area.html

No wonder they only pay a fraction of a percent on savings with the expenses of all these branches. Here in AZ they have tons of branches, the ones they acquired when they bought Bank One and the ones they got when Washington Mutual collapsed ten years ago this month.

Sig556
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Re: Physical Banking - Any benefits anymore?

Post by Sig556 » Mon Sep 24, 2018 2:41 pm

I strictly use Fidelity for all my banking needs. There is a B&M office here in Kansas City. I used it once to get a Medallion Signature. Took 5 minutes.

lazydavid
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Re: Physical Banking - Any benefits anymore?

Post by lazydavid » Mon Sep 24, 2018 2:44 pm

andypanda wrote:
Sun Sep 23, 2018 1:27 pm
I've been writing personal checks for new cars since 1986 without even a hint of hesitation by a dealer. Twenty months ago I wrote a check for a new 4Runner Trail Premium and another check three days later for a new Avalon Touring for my girlfriend-now fiancee. I think the dealers have a direct line to the bank to confirm and hold the money. I wonder if they have a direct line to Vanguard and Fidelity?
In my case, I didn't even have the money in the account (probably $8k or so in there at the time), so there was nothing to hold or confirm. They said they had no problem holding the check for a week so I could transfer the money in. We bought on Saturday afternoon, I emailed them Thursday to say the money was there, and they deposited the check Friday.

BUBear29
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Re: Physical Banking - Any benefits anymore?

Post by BUBear29 » Mon Sep 24, 2018 6:45 pm

Turbo29 wrote:
Mon Sep 24, 2018 11:43 am
Somebody is still using branches.

Just saw this news article, "JP Morgan bucks the decline of brick-and-mortar with its plan to open 50 new branches in the Philadelphia area"
https://www.cnbc.com/2018/09/24/jp-morg ... -area.html

No wonder they only pay a fraction of a percent on savings with the expenses of all these branches. Here in AZ they have tons of branches, the ones they acquired when they bought Bank One and the ones they got when Washington Mutual collapsed ten years ago this month.
haven’t been in that market historically. will be interesting to see what happens in next 5 years with all these branch locations. they are cutting costs by moving towards smart atms
There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

obgraham
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Re: Physical Banking - Any benefits anymore?

Post by obgraham » Mon Sep 24, 2018 6:47 pm

I'm a millennial and I write two checks each year, for property and state income tax. How do you work around this (without paying fees)?
My county charges $1.50 to pay taxes via ACH. Deduct the price of a stamp required for mailing, and the net cost is $1.01. It's worth that to me to do it easily online. (True, they bite more for a credit card payment, so I don't do that.)

TheAccountant
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Re: Physical Banking - Any benefits anymore?

Post by TheAccountant » Mon Sep 24, 2018 8:34 pm

Momus wrote:
Sun Sep 23, 2018 5:26 pm
TheAccountant wrote:
Thu Sep 20, 2018 2:26 pm
1. A place to deposit spare change that accumulates in a coffee jar once a year
2. Free coffee at all local branches
3. Bathrooms
4. ???
Wait, they have free coffee at bank of america?
No way BofA is going to offer free anything.

The credit union I use has free coffee though. It’s more for the people coming in to buy banking products as it’s in the waiting area away from the deposit line, but it is there and it’s definitely free.

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Kitty Telltales
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Re: Physical Banking - Any benefits anymore?

Post by Kitty Telltales » Fri Sep 28, 2018 4:08 am

JediMisty wrote:
Fri Sep 21, 2018 12:17 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.
Where does one get a Medallion signature? Everywhere I tried they declined.
I spent a day of my last vacation running around trying to find a bank that would do a Medallion signature for an IRA rollover to Vanguard. I couldn't find any institution that would do it for me. I called Vanguard (should have done that first) and they told me it wasn't really required and to send the paperwork in without it. What a wasted day!! :oops:

mouses
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Re: Physical Banking - Any benefits anymore?

Post by mouses » Fri Sep 28, 2018 5:31 am

A lot of the complaints in this thread, like ridiculous interest rates, about banks would go away if the people used credit unions instead.

trueblueky
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Re: Physical Banking - Any benefits anymore?

Post by trueblueky » Fri Sep 28, 2018 1:55 pm

mouses wrote:
Fri Sep 28, 2018 5:31 am
A lot of the complaints in this thread, like ridiculous interest rates, about banks would go away if the people used credit unions instead.
+1

It costs $5 to belong to my credit union, which I get back if I leave. I'll leave it to the quants to calculate the opportunity cost on that.

I get medallion service, ability to wire transfer, a place to take accumulated change a couple of times a year, free ATM, ability to cash saving bonds, and coffee/popcorn.

I pay for a safe deposit box. If needed, I could get lower than average car loan.

The CU has a holiday club that pays 2% interest on up to $4,000/person. Sometimes, its CDs are competitive.

Do I keep most of our money there? No.

I get that some people loathe BOA, Wells Fargo, and other big banks. However, brick-and-mortar has its plusses, which can be had for little cost.

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