Should I leave my local bank

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Bigfish
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Should I leave my local bank

Post by Bigfish » Sun Mar 10, 2019 12:59 pm

Last Tuesday I attempted an online transfer of $4,000 from my local bank to my Ally savings account. When I got to the end of the process a note appeared on the screen that stated "The transfer amount you have entered exceeds the daily limit for Standard Service Type." I called customer service and was told that any amount over $2,000 requires approval by the bank but she really could not tell me why. I was also told that someone should get back to me that day or at the latest by the end of the week. Well, I have yet to hear from the bank. I use the bank to write a few checks, access their ATM machine and auto pay some of my accounts. Needless to say I am not happy. Is there any reason why I should keep the accounts with my local bank?

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KlingKlang
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Re: Should I leave my local bank

Post by KlingKlang » Sun Mar 10, 2019 1:05 pm

A $2000 limit on ACH transfers is ridiculous. Start looking, with any luck you will find a new bank with a substantial new account bonus. Be sure to keep both accounts open until you get all of your direct deposits and auto pays switched over to the new account.

DIFAR31
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Re: Should I leave my local bank

Post by DIFAR31 » Sun Mar 10, 2019 1:05 pm

Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.

johnny
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Re: Should I leave my local bank

Post by johnny » Sun Mar 10, 2019 1:05 pm

I closed my local bank account 18 years ago. Haven't had any problems.

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fortfun
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Re: Should I leave my local bank

Post by fortfun » Sun Mar 10, 2019 1:06 pm

Bigfish wrote:
Sun Mar 10, 2019 12:59 pm
Last Tuesday I attempted an online transfer of $4,000 from my local bank to my Ally savings account. When I got to the end of the process a note appeared on the screen that stated "The transfer amount you have entered exceeds the daily limit for Standard Service Type." I called customer service and was told that any amount over $2,000 requires approval by the bank but she really could not tell me why. I was also told that someone should get back to me that day or at the latest by the end of the week. Well, I have yet to hear from the bank. I use the bank to write a few checks, access their ATM machine and auto pay some of my accounts. Needless to say I am not happy. Is there any reason why I should keep the accounts with my local bank?
Only if you need to deposit cash. That's the only thing I can't do at Ally. Also, I get better International ATM rates with my Charles Schwab ATM card. That's the only reason I keep them as a my brick and mortar bank.

Topic Author
Bigfish
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Re: Should I leave my local bank

Post by Bigfish » Sun Mar 10, 2019 1:12 pm

DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
Thanks, looks like it worked.
BF

HomeStretch
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Re: Should I leave my local bank

Post by HomeStretch » Sun Mar 10, 2019 1:13 pm

I am keeping my B&M bank for now but don’t keep a lot of money there. I find it convenient for:
-bill pay / ATM access
-cash and coin deposit
-safe deposit box
-free notary or medallion guarantee

piperkub
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Re: Should I leave my local bank

Post by piperkub » Sun Mar 10, 2019 1:17 pm

You might need a local bank only if:
You need a cashier or certified check quickly.
Require offsite secure storage, ie safety deposit box, I use it for coins, wills etc.
Suddenly require a doc Notarized.
Need some ATM cash at 11:00 pm.
Cash someone else's check

I use BAC because of the high level of online capability along with bill pay, but most banks have become "serviceless". I have not been inside in years.
Last edited by piperkub on Sun Mar 10, 2019 1:26 pm, edited 1 time in total.

JGoneRiding
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Re: Should I leave my local bank

Post by JGoneRiding » Sun Mar 10, 2019 1:18 pm

DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
Yes this has worked MUCH better for me (I have same issue) otherwise I have simply split it into 2 days also easier then arguing with the local

sport
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Re: Should I leave my local bank

Post by sport » Sun Mar 10, 2019 2:11 pm

Over the years, I have found it helpful to get to know the manager of the bank branch I use. I am on a first name basis with the current manager, and we exchange emails when a question arises. It does not happen often, but if a question or problem comes up, I have been able to get answers and help very easily.

pasadena
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Re: Should I leave my local bank

Post by pasadena » Sun Mar 10, 2019 2:24 pm

I recently closed my HSBC account, which I was only keeping alive because it was linked to my oldest credit card (I moved to the US in 2012 and was an HSBC Premier customer in my home country, so they gave me a fully-featured Credit Card with a high limit, even though I had no credit history in the US). Kept this opened for a couple of years after I stopped using them for banking, just to keep the CC open. I finally closed the whole thing because my credit score/history are enough to sustain closing that CC, and I couldn't take the HSBC BS anymore.

I'm now using Ally as my banking hub (with a non-Ally CC). I will say this - in all my years of banking, both abroad and in the US, all the problems and hassles I ever had, were with traditional, B&M banks. Most of them are years behind, both in technology and culture.

If I have cash, I just use it up to buy whatever I would normally buy with my CC. I don't need a safe. If I ever need a cashier check, well, I guess I will have a few days or more to get it, and that might be a bit of a hassle. I do have accounts at Schwab and Fidelity, that I currently use for investing only, so I suppose I could use that too.

chw
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Re: Should I leave my local bank

Post by chw » Sun Mar 10, 2019 2:54 pm

Generally, I would say yes, but occasionally, a local financial institution may be needed- think cash deposits, treasury checks. I use Ally as my core bank, and do have a local bank that offers free checking, that my wife uses. I rarely see the inside of this bank (maybe once a year). If you're unhappy with your current local bank, and wish to retain a local bank, shop around, and perhaps seek out a local credit union. Many of the larger established credit unions offer competitive rates, and have decent on-line tools.

go_mets
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Re: Should I leave my local bank

Post by go_mets » Sun Mar 10, 2019 6:59 pm

DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
I have a local bank, and I have always pulled money from my online accounts.
I am not sure how to even push money from my local bank except using Popmoney.

DIFAR31
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Re: Should I leave my local bank

Post by DIFAR31 » Sun Mar 10, 2019 7:17 pm

go_mets wrote:
Sun Mar 10, 2019 6:59 pm
DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
I have a local bank, and I have always pulled money from my online accounts.
I am not sure how to even push money from my local bank except using Popmoney.
A small local bank (or any bank) may not even offer the online capability to transfer money to or from accounts at other institutions.

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whodidntante
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Re: Should I leave my local bank

Post by whodidntante » Sun Mar 10, 2019 10:51 pm

I am not making excuses for your bank, but you might want to use another bank to push/pull funds from the account if you want to keep it. The limit will usually be on transfers initiated by the bank, because the initiator bears the liability for fraud. A low limit means that the bank is run by wimps or that they doubt their own security.

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dratkinson
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Re: Should I leave my local bank

Post by dratkinson » Mon Mar 11, 2019 5:21 pm

Bigfish wrote:
Sun Mar 10, 2019 1:12 pm
DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
Thanks, looks like it worked.
BF
+1.

Read all of your bank/CU account agreements. They will tell you the cheapest way to use your account features.

Example. My local B&M CU charges a fee if I initiate an outgoing ACH push transaction. But it doesn't charge a fee for an incoming ACH pull.
--So I initiate all ACH transactions from outside---just easier to remember.
--As a CYA to prevent myself forgetting and charging myself a fee, I've never set up the CU ACH links to my outside accounts.

MY CU account is convenient for local access to deposit/withdraw cash, and it has a free $0 balance checking account that can quickly be put into play if my outside primary checking account becomes compromised. It's good to have a backup capability.



Idea. If your local account is otherwise convenient, then keep it. But might want to remove all ACH links from it. Why? To remind you that an ACH transaction initiated from you local bank is a sub-optimal solution.
d.r.a., not dr.a. | I'm a novice investor, you are forewarned.

Trader Joe
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Re: Should I leave my local bank

Post by Trader Joe » Mon Mar 11, 2019 5:31 pm

Bigfish wrote:
Sun Mar 10, 2019 12:59 pm
Last Tuesday I attempted an online transfer of $4,000 from my local bank to my Ally savings account. When I got to the end of the process a note appeared on the screen that stated "The transfer amount you have entered exceeds the daily limit for Standard Service Type." I called customer service and was told that any amount over $2,000 requires approval by the bank but she really could not tell me why. I was also told that someone should get back to me that day or at the latest by the end of the week. Well, I have yet to hear from the bank. I use the bank to write a few checks, access their ATM machine and auto pay some of my accounts. Needless to say I am not happy. Is there any reason why I should keep the accounts with my local bank?
Yes, you should leave your local bank.

arf30
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Re: Should I leave my local bank

Post by arf30 » Mon Mar 11, 2019 5:45 pm

This is why I don't use local banks/CUs anymore, they're all stuck in the stone ages.

bayview
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Re: Should I leave my local bank

Post by bayview » Mon Mar 11, 2019 5:50 pm

Bigfish wrote:
Sun Mar 10, 2019 12:59 pm
Last Tuesday I attempted an online transfer of $4,000 from my local bank to my Ally savings account. When I got to the end of the process a note appeared on the screen that stated "The transfer amount you have entered exceeds the daily limit for Standard Service Type." I called customer service and was told that any amount over $2,000 requires approval by the bank but she really could not tell me why. I was also told that someone should get back to me that day or at the latest by the end of the week. Well, I have yet to hear from the bank. I use the bank to write a few checks, access their ATM machine and auto pay some of my accounts. Needless to say I am not happy. Is there any reason why I should keep the accounts with my local bank?
Even though you now know how to move the money (pull from Ally), I would leave because of this:

"I was also told that someone should get back to me that day or at the latest by the end of the week. Well, I have yet to hear from the bank."

B&M institutions ought to be able to compete on the basis of personalized service. There is no excuse for failure on their part to follow up. I'd find a new local B&M (for reasons discussed in threads above).
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

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cheese_breath
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Re: Should I leave my local bank

Post by cheese_breath » Mon Mar 11, 2019 6:37 pm

I find Ally and my credit union (no bank) go fine together. I regularly transfer funds back and forth between them. The highest I've ever tried at one time was about $30K, and it went fine.
The surest way to know the future is when it becomes the past.

mako171
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Re: Should I leave my local bank

Post by mako171 » Mon Mar 11, 2019 7:50 pm

WSJ just did an article on this, which was an interesting read: https://www.wsj.com/articles/the-proble ... 1551502885

Someone above mentioned POPMONEY. Ha, my local bank has that; what a joke. Hard for the little guys to keep up.

Flyer24
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Re: Should I leave my local bank

Post by Flyer24 » Mon Mar 11, 2019 8:12 pm

Nah. I wouldn’t leave over one minor issue. There are quite a few reasons to keep an account at a local bank.

go_mets
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Re: Should I leave my local bank

Post by go_mets » Sat Mar 16, 2019 10:09 pm

DIFAR31 wrote:
Sun Mar 10, 2019 7:17 pm
go_mets wrote:
Sun Mar 10, 2019 6:59 pm
DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
I have a local bank, and I have always pulled money from my online accounts.
I am not sure how to even push money from my local bank except using Popmoney.
A small local bank (or any bank) may not even offer the online capability to transfer money to or from accounts at other institutions.
I have a checking account at TD Bank, I still don't see the capability to push money to my other online accounts.
What should I look for?

.

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dogagility
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Re: Should I leave my local bank

Post by dogagility » Sun Mar 17, 2019 6:26 am

fortfun wrote:
Sun Mar 10, 2019 1:06 pm
Only if you need to deposit cash.
+1
I'd also add this: only if the cash is more than you want to carry in your purse/wallet and spend on everyday expenses.
Taking "risk" since 1995.

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samsoes
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Re: Should I leave my local bank

Post by samsoes » Sun Mar 17, 2019 6:45 am

johnny wrote:
Sun Mar 10, 2019 1:05 pm
I closed my local bank account 18 years ago. Haven't had any problems.
How do you deposit cash or rolls of coins? Can you photograph and mobile-deposit cash and destroy the bills after a couple of weeks? After all, they have unique serial numbers. :mrgreen:

I just offloaded several rolls of quarters, dimes, nickels and pennies yesterday, at the same time getting a crisp $50 bill for a relalative's kid's birthday.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

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nisiprius
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Re: Should I leave my local bank

Post by nisiprius » Sun Mar 17, 2019 6:56 am

Bigfish wrote:
Sun Mar 10, 2019 12:59 pm
Last Tuesday I attempted an online transfer of $4,000 from my local bank to my Ally savings account. When I got to the end of the process a note appeared on the screen that stated "The transfer amount you have entered exceeds the daily limit for Standard Service Type." I called customer service and was told that any amount over $2,000 requires approval by the bank but she really could not tell me why. I was also told that someone should get back to me that day or at the latest by the end of the week. Well, I have yet to hear from the bank. I use the bank to write a few checks, access their ATM machine and auto pay some of my accounts. Needless to say I am not happy. Is there any reason why I should keep the accounts with my local bank?
I think your question is "I would leave this bank unless I thought that I would encounter the same restriction elsewhere, will I?"

The only answer I can give is that something does seem to have happened in the last few years or so, but I don't know what, and the dollar amount of the limit varies and $2,000 sounds extraordinarily low. I see that my Capital One 360 (online) website is showing:
Effective 3/20/2019 the following changes will apply to your account:

Automated Clearing House (ACH) External Transfer transactions are subject to limits on the dollar amount of electronic transfers between your account and external accounts at other financial institutions. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts, as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice.
Back in 2017, I recall needing to make a low-five-figure transfer and being surprised by finding out for the first time--the need had never previously arisen--that there were limits and that they varied from bank to bank by a surprising amount. However, in all cases the limit was much higher than the transfer I wanted to make.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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dogagility
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Re: Should I leave my local bank

Post by dogagility » Sun Mar 17, 2019 6:57 am

samsoes wrote:
Sun Mar 17, 2019 6:45 am
johnny wrote:
Sun Mar 10, 2019 1:05 pm
I closed my local bank account 18 years ago. Haven't had any problems.
How do you deposit cash or rolls of coins? Can you photograph and mobile-deposit cash and destroy the bills after a couple of weeks? After all, they have unique serial numbers. :mrgreen:

I just offloaded several rolls of quarters, dimes, nickels and pennies yesterday, at the same time getting a crisp $50 bill for a relalative's kid's birthday.
One option would be to use credit cards for transactions whenever possible. It pretty easy to never handle cash or coins in this scenario.
If you're a person receiving tips on the job, then not handling cash is more difficult (as one example).
Taking "risk" since 1995.

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nisiprius
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Re: Should I leave my local bank

Post by nisiprius » Sun Mar 17, 2019 7:11 am

I would also say that I have a very very very low tolerance for anything a bank does that seems intended to impede my withdrawing my own money that is mine and belongs to me, I myself. I want "Yes sir, of course sir, right away sir, nothing pleases us more than giving you money, sir, and would you like that bundle of fives tied with a plain band or a pretty ribbon?"

Any kind of reluctance (like the time a bank instituted a $20 fee for letting a CD mature instead of rolling it over) makes me blow my top.

So, yeah, in your situation, if I could switch banks without a major hassle (i.e. you have another local bank), I probably would. I'm not saying it's the right thing to do, though.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

mggray17
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Re: Should I leave my local bank

Post by mggray17 » Sun Mar 17, 2019 7:23 am

DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
This.

I keep a local bank for cashing checks, Medallion service, etc.
My father kept large sums of money in same local bank and when he passed I set up an estate account there.

When it came time to transfer large amounts of cash, I learned that the ACH limits and fees, only apply to the bank initiating the action.
Thus look at Ally's limits and fees structure and if your action falls within those, initiate the pull from Ally and the local banks limits do not matter.

arf30
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Re: Should I leave my local bank

Post by arf30 » Sun Mar 17, 2019 7:35 am

samsoes wrote:
Sun Mar 17, 2019 6:45 am
How do you deposit cash or rolls of coins? Can you photograph and mobile-deposit cash and destroy the bills after a couple of weeks? After all, they have unique serial numbers. :mrgreen:

I just offloaded several rolls of quarters, dimes, nickels and pennies yesterday, at the same time getting a crisp $50 bill for a relalative's kid's birthday.
It turns out this stuff was very easy to replace after we switched to online banking. Of course people living a cash based lifestyle should stick with local banks, but we're mostly cashless. Just informational for anyone else reading this thread:

Coins: Don't waste time rolling up loose change, just go to a coin machine like Coinstar. They're in every Walmart or grocery store. Choose the gift card option and there's no fee (I usually do Amazon gift cards).

Cash: Nobody gives us cash anymore, but it's easy to just spend at the store. You can also pay your credit card bill with cash in person. Otherwise pay a buck for a money order at the post office or UPS and mobile deposit it.

Notary/Medallion: Fidelity, Schwab do it for free, Chase will do it free if you have a credit card with them (no checking account required).

Taking out a ton of cash: I've never needed to do this, but you can take your Schwab debit card to any bank and ask for a cash advance, and they won't charge any fees.

Cashier's check: Good banks/brokerages will overnight them, but I've never needed one that fast.
Last edited by arf30 on Sun Mar 17, 2019 7:38 am, edited 1 time in total.

Trism
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Re: Should I leave my local bank

Post by Trism » Sun Mar 17, 2019 7:37 am

Bigfish wrote:
Sun Mar 10, 2019 12:59 pm
Last Tuesday I attempted an online transfer of $4,000 from my local bank to my Ally savings account. When I got to the end of the process a note appeared on the screen that stated "The transfer amount you have entered exceeds the daily limit for Standard Service Type." I called customer service and was told that any amount over $2,000 requires approval by the bank but she really could not tell me why. I was also told that someone should get back to me that day or at the latest by the end of the week. Well, I have yet to hear from the bank. I use the bank to write a few checks, access their ATM machine and auto pay some of my accounts. Needless to say I am not happy. Is there any reason why I should keep the accounts with my local bank?
I promise you will hate something about every bank you try.

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RickBoglehead
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Re: Should I leave my local bank

Post by RickBoglehead » Sun Mar 17, 2019 7:38 am

arf30 wrote:
Sun Mar 17, 2019 7:35 am
samsoes wrote:
Sun Mar 17, 2019 6:45 am
How do you deposit cash or rolls of coins? Can you photograph and mobile-deposit cash and destroy the bills after a couple of weeks? After all, they have unique serial numbers. :mrgreen:

I just offloaded several rolls of quarters, dimes, nickels and pennies yesterday, at the same time getting a crisp $50 bill for a relalative's kid's birthday.
It turns out this stuff was very easy to replace after we switched to online banking. Of course people living a cash based lifestyle should stick with local banks, but we're mostly cashless. Just informational for anyone else reading this thread:

Coins: Don't waste time rolling up loose change, just go to a coin machine like Coinstar. They're in every Walmart or grocery store. Choose the gift card option and there's no fee (I usually do Amazon gift cards).

Cash: Nobody gives us cash anymore, but it's easy to just spend at the store. You can also pay your credit card bill with cash in person. Otherwise pay a buck for a money order at the post office or UPS and mobile deposit it.

Notary/Medallion: Fidelity, Schwab do it for free, Chase will do it free if you have a credit card with them (no checking account required).

Taking out a ton of cash: I've never needed to do this, but you can take your Schwab debit card to any bank and ask for a cash advance, and they won't charge any fees.
Many banks will not accept a USPS Money Order via mobile deposit, including Ally.
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arf30
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Re: Should I leave my local bank

Post by arf30 » Sun Mar 17, 2019 7:45 am

RickBoglehead wrote:
Sun Mar 17, 2019 7:38 am
Many banks will not accept a USPS Money Order via mobile deposit, including Ally.
Ally accepts them by mail, Schwab and others do accept them by mobile.

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HueyLD
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Re: Should I leave my local bank

Post by HueyLD » Sun Mar 17, 2019 7:51 am

nisiprius wrote:
Sun Mar 17, 2019 7:11 am
Any kind of reluctance (like the time a bank instituted a $20 fee for letting a CD mature instead of rolling it over) makes me blow my top.
A friend who wanted to redeem a matured CD for a house down payment and he asked for a cashier's check. The banker claimed that the bank's policy was to charge $25 for issuing a cashier's check even for matured CD proceed.

He was upset and asked for 100% cash instead. Well, the branch didn't have that much cash and gave him his money in a cashier's check without any charge.

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samsoes
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Re: Should I leave my local bank

Post by samsoes » Sun Mar 17, 2019 7:56 am

arf30 wrote:
Sun Mar 17, 2019 7:35 am
samsoes wrote:
Sun Mar 17, 2019 6:45 am
How do you deposit cash or rolls of coins? Can you photograph and mobile-deposit cash and destroy the bills after a couple of weeks? After all, they have unique serial numbers. :mrgreen:

I just offloaded several rolls of quarters, dimes, nickels and pennies yesterday, at the same time getting a crisp $50 bill for a relalative's kid's birthday.
It turns out this stuff was very easy to replace after we switched to online banking. Of course people living a cash based lifestyle should stick with local banks, but we're mostly cashless. Just informational for anyone else reading this thread:

Coins: Don't waste time rolling up loose change, just go to a coin machine like Coinstar. They're in every Walmart or grocery store. Choose the gift card option and there's no fee (I usually do Amazon gift cards).

Cash: Nobody gives us cash anymore, but it's easy to just spend at the store. You can also pay your credit card bill with cash in person. Otherwise pay a buck for a money order at the post office or UPS and mobile deposit it.

Notary/Medallion: Fidelity, Schwab do it for free, Chase will do it free if you have a credit card with them (no checking account required).

Taking out a ton of cash: I've never needed to do this, but you can take your Schwab debit card to any bank and ask for a cash advance, and they won't charge any fees.

Cashier's check: Good banks/brokerages will overnight them, but I've never needed one that fast.
Seems like quite a bit of gymnastics to avoid a checking account at a local bank.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

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Bigfish
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Re: Should I leave my local bank

Post by Bigfish » Sun Mar 17, 2019 8:05 am

As someone mentioned I initiated the transfer from Ally and it went seamlessly, I never did hear from my bank.
BF

Dandy
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Re: Should I leave my local bank

Post by Dandy » Sun Mar 17, 2019 8:14 am

Most big brick banks have horrible features e.g. high minimum balances, low interest rates, fees etc. But they are convenient. I opened an online bank and an online credit union and am very happy with them. I also like their 24/7 availability. I did find it hard to cut ties to the local big brick bank -- for now. I keep a minimum there and have my wife's SS sent there so there are no fees. Every month of so I transfer money to the online bank. I do have a concern that if there is a problem I won't see someone face to face but deal with a phone rep.

I made sure to check the reviews of the online bank/CU vs being wooed by teaser rates.

Sooner or later I might cut ties and figure out how to cash in coins or get a certified check without the brick bank. :oops: For now the arrangement is okay.

coachd50
Posts: 211
Joined: Sun Oct 22, 2017 10:12 am

Re: Should I leave my local bank

Post by coachd50 » Sun Mar 17, 2019 8:26 am

Bigfish wrote:
Sun Mar 17, 2019 8:05 am
As someone mentioned I initiated the transfer from Ally and it went seamlessly, I never did hear from my bank.
BF
Part of the reason (if not the reason entirely) is probably the local bank limiting their liability due to fraud.
If there is a fraudulent "pull" from Ally, then Ally is on the hook for the amount. However, if the transaction is generated by the local bank, they would more than likely be stuck.

fru-gal
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Location: New England

Re: Should I leave my local bank

Post by fru-gal » Sun Mar 17, 2019 8:40 am

I haven't had time to read all the replies, but:

There are several no fee places to get notary service where I live, including the library and chamber of commerce.

I have accounts at local credit unions because their CD rates are currently higher than brokerage CD rates. This is usually the case in my area.

I like the convenience of just popping into a branch to take care if things like IRA RMDs, changing CD renewal terms, depositing checks (I will never fork out $1000 for a phone to do this), getting cash, etc. Plus, lollipops, coffee, chats with the tellers and manager, etc. Indispensable for my safe deposit box.

I am constantly amazed at posts about local banks and credit unions missing features. That is simply not the case in my area.

However, there are noxious banks like B of A.

nguy44
Posts: 196
Joined: Sun Jul 09, 2017 1:52 pm

Re: Should I leave my local bank

Post by nguy44 » Sun Mar 17, 2019 2:19 pm

We keep a small amount in a local bank - the branch is less than 2 miles from our home - for reasons mentioned above - notary services (free), safe deposit box, coin deposit (they have a machine, you dump the coins in, get a receipt, deposit done), etc. Local check clear the next day. We recently cashed in old savings bonds and having a local bank who knew us made it much easier, as DW's name had been messed up the bonds. In general, they are good at giving personal service, so that makes it convenient. But the bulk of our savings cash is in online accounts, from where we initiate any needed transfers.

If you do not need the personal service, no need for a local bank. But having access to one we find convenient. YMMV.

DIFAR31
Posts: 316
Joined: Mon Jan 01, 2018 5:51 pm

Re: Should I leave my local bank

Post by DIFAR31 » Wed Mar 20, 2019 12:46 pm

go_mets wrote:
Sat Mar 16, 2019 10:09 pm
DIFAR31 wrote:
Sun Mar 10, 2019 7:17 pm
go_mets wrote:
Sun Mar 10, 2019 6:59 pm
DIFAR31 wrote:
Sun Mar 10, 2019 1:05 pm
Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
I have a local bank, and I have always pulled money from my online accounts.
I am not sure how to even push money from my local bank except using Popmoney.
A small local bank (or any bank) may not even offer the online capability to transfer money to or from accounts at other institutions.
I have a checking account at TD Bank, I still don't see the capability to push money to my other online accounts.
What should I look for?

.
Login to you TD Bank account, select "Transfers" at the top of the screen, click on the tab labeled "With Accounts Outside TD," and go through the steps to add an external account. At least, that's how it works for me.

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Darth Xanadu
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Joined: Sat Jan 27, 2018 1:47 am
Location: Middle Earth

Re: Should I leave my local bank

Post by Darth Xanadu » Wed Mar 20, 2019 2:12 pm

Flyer24 wrote:
Mon Mar 11, 2019 8:12 pm
Nah. I wouldn’t leave over one minor issue. There are quite a few reasons to keep an account at a local bank.
The minor issue being the inability to access your money held at said local bank?
"A courageous teacher, failure is."

lakpr
Posts: 3065
Joined: Fri Mar 18, 2011 9:59 am

Re: Should I leave my local bank

Post by lakpr » Wed Mar 20, 2019 3:08 pm

nisiprius wrote:
Sun Mar 17, 2019 7:11 am
I would also say that I have a very very very low tolerance for anything a bank does that seems intended to impede my withdrawing my own money that is mine and belongs to me, I myself. I want "Yes sir, of course sir, right away sir, nothing pleases us more than giving you money, sir, and would you like that bundle of fives tied with a plain band or a pretty ribbon?"

Any kind of reluctance (like the time a bank instituted a $20 fee for letting a CD mature instead of rolling it over) makes me blow my top.

So, yeah, in your situation, if I could switch banks without a major hassle (i.e. you have another local bank), I probably would. I'm not saying it's the right thing to do, though.
Laughing out loud. Nisiprius, I have always enjoyed your posts, but this particular one is really a stand-out for its clarity and on-the-point bluntness. Completely agree and nodding my head

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Lancelot
Posts: 247
Joined: Thu Jul 05, 2007 9:09 pm
Location: Philippines

Re: Should I leave my local bank

Post by Lancelot » Wed Mar 20, 2019 6:16 pm

arf30 wrote:
Sun Mar 17, 2019 7:35 am
Cashier's check: Good banks/brokerages will overnight them, but I've never needed one that fast.
Good to know. Having a fast way to receive a cashiers check would be helpful when buying a used car from a private seller. Otherwise, I prefer to bank online and not waste my time going to a physical bank :sharebeer
No Where for Very Long...

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