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

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gator1
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Anyone go 100% Ally or another online bank for all banking needs?

Post by gator1 » Thu Oct 05, 2017 7:48 pm

I know someone asked this question regarding Ally awhile ago but I figured I'd start an updated one.

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

So the tl;dr. . . . . . . is anyone on here 100% online for their banking and do you run into any issues?

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

Post by stlutz » Thu Oct 05, 2017 8:01 pm

Yes I'm 100% online and no I haven't encountered any issues.

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

Post by nolesrule » Thu Oct 05, 2017 8:03 pm

I started with Netbank some 15 years ago, which got taken over by ING, and then it became Capital One 360. I haven't had any serious issues over the years.

I think there have been 3 instances where I had a check I tried to deposit that wouldn't work with their mobile deposit, but that's the only real issue I've had. I needed to mail in the check. There was a time I needed to exceed the daily ATM withdrawal limit and I called customer service and they lifted the limit for me temporarily.

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

Post by jmg229 » Thu Oct 05, 2017 8:04 pm

With the exception of for sign-up bonuses, we have been 100% online bank for about 7 years (ING->CapitalOne360, PenFed, USAA). No issues at all. I honestly have more issues with brick and mortar banks whose customer support will tell you to handle something at the branch which has inconvenient hours and long lines. I would rather rely on internet customer service.

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

Post by ClevrChico » Thu Oct 05, 2017 8:04 pm

100% with Ally for years. I'm a happy customer.

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

Post by Nummerkins » Thu Oct 05, 2017 8:06 pm

I use Ally as my primary bank. I have a local CU account for depositing cash which otherwise sits at a zero balance. I haven't had a B&M bank as my primary in 15 years. I can do most things easier, faster and cheaper online. ATM refunds, free checks, 24/hour service.

need403bhelp
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by need403bhelp » Thu Oct 05, 2017 8:29 pm

Capital One 360 as primary bank for checking for many years.

Online only but can deposit cash at capital one atms or in branch.

This used to be ing direct until capital one bought them.

Highly recommend.

EDIT: my savings is also online only but I use synchrony bank.
Last edited by need403bhelp on Thu Oct 05, 2017 8:30 pm, edited 1 time in total.

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

Post by livesoft » Thu Oct 05, 2017 8:30 pm

I consider all banks to be online banks nowadays. Some online banks have buildings, too.

Or do banks exist that don't have web sites and ways for clients to conduct transactions via the internet?
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Dendritic Tree
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by Dendritic Tree » Thu Oct 05, 2017 8:33 pm

Ally for high-interest savings (emergency fund), USAA for all other banking. I've never had a brick-and-mortar bank. My first bank was USAA and I used to do all my banking by mail before everything went online and it got a lot easier. I've never needed a physical bank once in 25 years of banking.

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

Post by MisterBill » Thu Oct 05, 2017 8:36 pm

I've been using Bank of Internet as my primary bank for a few years now, 1.25% interest so long as I do 15 debit transactions a month (it used to be easier to get before they changed the requirements). The only thing i miss having a local bank for is if I get cash and need to deposit it. I have a Bank of America checking account (at the Platinum Honors level) as a result of my Merrill Edge account, so I can just use that when necessary. (but that's really the only thing I use it for). I could use the Bank of Internet account for ATM withdrawals, but I prefer to use my Fidelity account for that because they rebate foreign ATM fees. and that's typically where I use ATMs (I don't think BofI rebates international ATMs).

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

Post by ebrasmus21 » Thu Oct 05, 2017 8:41 pm

Dendritic Tree wrote:
Thu Oct 05, 2017 8:33 pm
Ally for high-interest savings (emergency fund), USAA for all other banking. I've never had a brick-and-mortar bank. My first bank was USAA and I used to do all my banking by mail before everything went online and it got a lot easier. I've never needed a physical bank once in 25 years of banking.

Been with USAA since my dad set me up with my own checking/savings account when I was 14 or 15. Always had good results with them.

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

Post by 123 » Thu Oct 05, 2017 8:45 pm

I assist some elderly relatives with their finances and they've used online banks. Generally there haven't been any problems but we've had bottlenecks occur (not unexpectedly) when one member of a couple passes away and there have been joint (CD) accounts. Though the forms and paperwork for Ally Bank and Synchrony Bank were straightforward and we included certified copies of death certificates it took each of them 3 or 4 weeks for funds to be moved or checks issued. Big banks, like Bank of America or Wells Fargo, have done all the paperwork and new set-up while we're still in the branch. I was really impressed with Fidelity's service, we visited a branch and they indicated two weeks to transfer securities to a new account, but it was completed the following day.
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by Spirit Rider » Thu Oct 05, 2017 9:02 pm

I'll ask the question from the other direction. I understand the allure of simplification, but is it really that big a problem to keep the CU account open?

I have kept my CU membership even though I do almost all of my banking online. There are no fees of any kind and it is < 1 mile from my house.

Some useful things: easy immediate check cashing, Get cash immediately > daily ATM limit, free notary public, Medallion Signature Guarantee, cashing I Bonds, etc...

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

Post by gasdoc » Thu Oct 05, 2017 9:08 pm

Spirit Rider wrote:
Thu Oct 05, 2017 9:02 pm
I'll ask the question from the other direction. I understand the allure of simplification, but is it really that big a problem to keep the CU account open?

I have kept my CU membership even though I do almost all of my banking online. There are no fees of any kind and it is < 1 mile from my house.

Some useful things: easy immediate check cashing, Get cash immediately > daily ATM limit, free notary public, Medallion Signature Guarantee, cashing I Bonds, etc...
I do the same, and recently increased the amount at the CU to about 3 weeks expenses.

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

Post by mega317 » Thu Oct 05, 2017 10:57 pm

MisterBill wrote:
Thu Oct 05, 2017 8:36 pm
1.25% interest so long as I do 15 debit transactions a month
This sounds awful. You can get that rate lots of places with no debit transactions, or much better rates with the debits.

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

Post by MrJones » Thu Oct 05, 2017 11:35 pm

Hundred percent Ally only for 7 years now and no issues. Once a year or so would wish I had a way to deposit cash mostly from Craigslist sales. But that's not worth the extra complexity of maintaining a secondary account.

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

Post by triceratop » Thu Oct 05, 2017 11:55 pm

I use Schwab for my primary banking; they're supposed to be primarily online. The good news is their ATM card allows no-fee withdrawals anywhere in the world, on any bank's ATM. I usually use the BoA ATMs in my town. I use BoA for their credit cards, which I pay off in full every month. And I use my local credit union + electronic transfer to cash checks because I am too lazy to walk to the nearest branch of BoA or Schwab (which my town has, surprisingly, though I have never entered the physical branch).

I'm a bank's worst customer because there is no chance any of them will make more than a red cent or two off of me. Usually I keep <1mo. salary in the account, with the rest in investment accounts or credit union savings. Fortunately for them, online-only customers can't cost them much money.
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by perl » Fri Oct 06, 2017 12:10 am

Another Schwab customer here. They have fabulous customer service. And they do have branches if you need one at some point.

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

Post by denovo » Fri Oct 06, 2017 12:56 am

Here's a few reasons I can think of to have an account with a brick and mortar bank.

1. Many banks do free notarizations for customers.
2. If you ever need a medallion signature guarantee, an online bank can't help you.
3. Discounted price on safe deposits.
4. Quickly need a cashier's check.

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

Post by gasdoc » Fri Oct 06, 2017 8:30 am

I believe lots of people are now going 100% online banking- wonder if anyone has ever done it and had a problem....

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

Post by learning_head » Fri Oct 06, 2017 8:49 am

mega317 wrote:
Thu Oct 05, 2017 10:57 pm
MisterBill wrote:
Thu Oct 05, 2017 8:36 pm
1.25% interest so long as I do 15 debit transactions a month
This sounds awful. You can get that rate lots of places with no debit transactions, or much better rates with the debits.
+1. Seems like quite a pain. Plus, for any kind of "pay off" worth mentioning, you'd need a large enough balance + using debit card - not a secure combination. I get more than 1.25% at a good bank without doing any work.

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

Post by Jags4186 » Fri Oct 06, 2017 8:56 am

I have a TD Bank account with $100 in it to keep it fee free so I can quarters for the laundry machines. Very convenient because they're open on Sundays which is usually when I do laundry and always seem to have no quarters!

Other than that I'm 100% online. We have $40,000 earning 4.59% interest at Consumers Credit Union interest and another $20,000 earning 5% interest at Northpointe Bank. Rest is at Schwab or floating between accounts waiting for new account bonuses.

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

Post by Pajamas » Fri Oct 06, 2017 9:30 am

I do almost everything financial online and my primary bank is internet only. They reimburse ATM fees as long as you maintain a certain balance and provide postage paid envelopes for deposits.

However, I do keep a basic savings account at a national bank with lots of branches, including one near where I live. I use it for ATM withdrawals, depositing small checks, getting exact change or fresh bills, depositing coins, notary service, etc. Sometimes being able to walk up to a teller is necessary or much more convenient than having to mail something or submit it electronically.

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

Post by AAA » Fri Oct 06, 2017 10:36 am

gator1 wrote:
Thu Oct 05, 2017 7:48 pm
I'll also add that I can link my parents account and transfer money there and then get it out that way if ever needed.
Just curious - I thought linked accounts had to be titled the same.

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

Post by Loandapper » Fri Oct 06, 2017 10:39 am

How do the 100%-online people handle cash deposits?

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

Post by Pajamas » Fri Oct 06, 2017 10:54 am

Loandapper wrote:
Fri Oct 06, 2017 10:39 am
How do the 100%-online people handle cash deposits?
I am not 100% online but I literally cannot remember the last time I made a cash deposit. On the rare occasions I get cash, I just use it for the $30-40 in cash that I carry for when cash is needed such as buying fruit from street vendors, purchases from stores with minimums for credit card use, etc.

Couldn't you just use an ATM for a cash deposit, same as with a check? I don't know if that is an option or not.

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

Post by Spirit Rider » Fri Oct 06, 2017 10:56 am

Pajamas wrote:
Fri Oct 06, 2017 10:54 am
Couldn't you just use an ATM for a cash deposit, same as with a check? I don't know if that is an option or not.
While you can withdraw at any ATM, you can not make cash deposits at an ATM for an online only bank.

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

Post by Loandapper » Fri Oct 06, 2017 10:58 am

Pajamas wrote:
Fri Oct 06, 2017 10:54 am
Couldn't you just use an ATM for a cash deposit, same as with a check? I don't know if that is an option or not.
Nope. Most ATMs will not accept deposits. Those that do only allow you to make deposits to accounts at their respective banks.

Maybe I make a cash deposit once every year or two, but haven't been able to figure out a solution.

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

Post by truenorth418 » Fri Oct 06, 2017 11:03 am

I went 100% Schwab Bank a couple of months ago. I love it. It rebates all my ATM fees at the end of every month. It is conveniently tethered to my Schwab Brokerage account. It does not pay as much interest as other online banks but I don't keep much money there. I guess it is not technically an online-only bank as there are a few branches in Reno, NV and the San Fran area.

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

Post by englishgirl » Fri Oct 06, 2017 11:12 am

I am basically 100% online (well, my HSA is with a local credit union so I guess I could technically go into a branch to transact with them, but I don't).

I have run into a few minor issues but nothing insurmountable.

First, when buying a house last year we ended up with a month between closing the sale of our old house and the purchase of our new house. I ended up with a lot of money in the accounts, and there was a question of how I would transfer it when it came time to do the new house purchase. Because the HUD statement (or whatever it is called now, ALTA I think) didn't come out until 2 days before closing with all the final figures, it was actually too late to have the bank send a physical cashier's check. And there is a wire transfer limit of $250k which we exceeded. After a few fraught phone calls, a bank represented finally figured out that the wire transfer limit was a transaction limit, not a daily limit so we split the transfer into two transactions and it all went through. That did mean paying two wire transfer fees so it cost an extra $30. But, meh.

My other issues are with Capital One Spark business checking. You cannot transfer money from Capital One Spark business checking to Capital One 360 checking. You can transfer to another bank, no problem. But I find it ridiculous that you can't transfer to the same bank. I used to be able to easily transfer when I had Wells Fargo accounts. Anyway, their solution was for me to order myself a business checkbook (at a cost of $30), handwrite myself a check, and then use the Capital One 360 app to take a photo of the check and deposit it. :oops: Anyhoo, their online bill pay is fairly sucky too, and does not have some features that I have come to expect from other business or personal accounts. I am going to assume that this is a function of their business accounts being a fairly new offering and hope for things to improve.

As for cash deposits, I usually just spend cash on my lunches. My business is not a big generator of cash as most people pay by credit card or check, so I am never left with giant amounts of it.
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by Ice-9 » Fri Oct 06, 2017 11:14 am

I've had both online and brick and mortar (obviously with online presence as well) for more than a decade. I am finding that I visit the b & m bank less and less.

The most recent thing that brought me there was my late mother-in-law's final social security check, which was made out to both "Ice-9's Wife" and "Ice-9's Mother-In-Law D'csd." No way I was going to try to get that one into Capital One 360. At the brick and mortar bank, three employees studied the check before concluding they could proceed with the deposit. So, score one justification for keeping the local bank.

Occasionally, people give me a decent amount of cash, and I deposit that at the b & m bank only to quickly ACH it to the higher interest online bank ASAP. Not sure how one would deposit cash without a local bank branch.

One thing I thought would be an advantage of my local bank branch but turned out not to be: I have a lazy friend who apparently likes to pay others back for things by signing over a check he has received, saving himself the trouble of depositing it and then writing a check of his own. I hadn't experienced this sort of situation since the early 1990s, and didn't even want to try it online with Capital One 360. However, I was surprised that my local bank branch wouldn't process the check either. Regardless, ended up telling this friend he had to make a trip to his own bank to settle that.

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

Post by Jags4186 » Fri Oct 06, 2017 11:15 am

Loandapper wrote:
Fri Oct 06, 2017 10:58 am
Pajamas wrote:
Fri Oct 06, 2017 10:54 am
Couldn't you just use an ATM for a cash deposit, same as with a check? I don't know if that is an option or not.
Nope. Most ATMs will not accept deposits. Those that do only allow you to make deposits to accounts at their respective banks.

Maybe I make a cash deposit once every year or two, but haven't been able to figure out a solution.
I can’t imagine a scenario where’d I’d have enough cash to need to make a deposit, but I guess worst case scenario I could buy a money order or traveler’s check and mail it in.

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

Post by Pajamas » Fri Oct 06, 2017 11:17 am

Interesting. My online-only bank doesn't really address this issue, although some online-only banks apparently have agreements with other financial institutions like check-cashing stores.

You could also buy a money order and mail it in for a rare cash deposit. They are fairly inexpensive at the post office or grocery and convenience stores.

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

Post by Spirit Rider » Fri Oct 06, 2017 11:24 am

I don't mean to continue flogging a dead horse, but why is this even an issue, other than bragging rights to be able to say; "I am 100% online.

Will somebody please tell me this massive benefit from not having access to B&M banking services. I hardly go to an ATM anymore, let alone go into my CU branch, but I fail to see what drag from keeping it open has on my life?

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

Post by Momus » Fri Oct 06, 2017 11:33 am

I can't go 100% online since Ally doesn't do international wire anymore. I have $1500 checking account (minimum balance) with bank of america just to wire money internationally. And, to get their $120/yr free money on better balance rewards credit card.

I also like the fact that I have free notary services with Bank of America (or any major bank) if you have an account with them. Ability to get a faster cashier check, and deposit money with their ATM or inside teller. So, it's likely I will continue to keep my $1500 cash there for those reasons alone. It's a nice perk, cost me almost nothing.

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

Post by rec7 » Fri Oct 06, 2017 11:39 am

Spirit Rider wrote:
Fri Oct 06, 2017 11:24 am
I don't mean to continue flogging a dead horse, but why is this even an issue, other than bragging rights to be able to say; "I am 100% online.

Will somebody please tell me this massive benefit from not having access to B&M banking services. I hardly go to an ATM anymore, let alone go into my CU branch, but I fail to see what drag from keeping it open has on my life?
It might make it easier when you move or do your taxes. That is what I was thinking. Right now I have six accounts and could use a trim but I can not get down to one.
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by JoMoney » Fri Oct 06, 2017 11:40 am

Loandapper wrote:
Fri Oct 06, 2017 10:39 am
How do the 100%-online people handle cash deposits?
I don't deal with cash to often, but have visited casinos while on vacation and actually left with more than I could (wanted) to spend before returning home. Trying to figure out what to do with wads of cash is a nice problem to have :wink:

In some parts of the U.S. Capital One has ATMs that will accept cash deposits.

Used to be able to get a cashiers check (for a low fee) from US Bank that could then be deposited via smart phone or mail, but US Bank (and most every other B&M bank I've checked) will no longer cut cashiers checks for people who do not maintain an account with them.

If possible, I try to just spend the cash until it's gone, but i don't have a lot of expenses and I like to get my credit card rewards. I have used Walmart (and elsewhere) electronic bill pay services (for a $1) to overpay credit card and generate a credit to spend down. Theoretically, after overpaying the card I could request a refund from the credit card company and they would be required to mail me a check (reg z) which i could then deposit... but I haven't actually done that, once I have the money as a credit on my CC that's good enough. I've heard overpaying frequently can get you flagged for suspicious activity though and should not be done on the regular basis.
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by Pajamas » Fri Oct 06, 2017 11:53 am

Spirit Rider wrote:
Fri Oct 06, 2017 11:24 am
I don't mean to continue flogging a dead horse, but why is this even an issue, other than bragging rights to be able to say; "I am 100% online.

Will somebody please tell me this massive benefit from not having access to B&M banking services. I hardly go to an ATM anymore, let alone go into my CU branch, but I fail to see what drag from keeping it open has on my life?
If your B&M bank were local and you moved, you might not need to open a new account at a local bank. Some people (myself included) also prefer to minimize the number of accounts they have for simplicity's sake. I have known people with literally dozens of various accounts, CDs, individual bonds, etc. It's a lot to keep up with for an individual, complicates an estate, and is probably a major reason money ends up as unclaimed funds with the state comptroller.

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

Post by Nearly A Moose » Fri Oct 06, 2017 12:24 pm

100% online. No issues. If I didn't already have a Schwab checking account that was heavily tied into all my automatic transfers, I would simply to 100% ally.
Pardon typos, I'm probably using my fat thumbs on a tiny phone.

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

Post by Copper John » Fri Oct 06, 2017 12:47 pm

Momus wrote:
Fri Oct 06, 2017 11:33 am
I can't go 100% online since Ally doesn't do international wire anymore. I have $1500 checking account (minimum balance) with bank of america just to wire money internationally. And, to get their $120/yr free money on better balance rewards credit card.

I also like the fact that I have free notary services with Bank of America (or any major bank) if you have an account with them. Ability to get a faster cashier check, and deposit money with their ATM or inside teller. So, it's likely I will continue to keep my $1500 cash there for those reasons alone. It's a nice perk, cost me almost nothing.
+1
I have been 100% with Ally for over 8 years and the fact that Ally did not provide international wire transfers was the only time I wish I had a B&M account. I have only needed to to do this one time during this time period. I had to transfer funds from Ally to my Fidelity account which did provide this service at that time.

Not being able to deposit cash is a minor inconvenience. This only occurs for me when I withdraw cash for travel and I have cash left over after a trip. I just end up spending the left over cash in lieu of using a credit card in those instances.

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

Post by tc101 » Fri Oct 06, 2017 3:27 pm

Another Schwab customer here. They have fabulous customer service. And they do have branches if you need one at some point.
They used to have fabulous customer service. Lately I have just hung up the phone in frustration after waiting more than 5 minutes to get to a human. I am thinking of switching to someone else.
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by SpaethCo » Fri Oct 06, 2017 3:52 pm

Spirit Rider wrote:
Fri Oct 06, 2017 10:56 am
While you can withdraw at any ATM, you can not make cash deposits at an ATM for an online only bank.
It depends. Alliant Credit Union, for instance, has a contract to use US Bank branch ATMs to take deposits. Since US Bank has many "envelope free" ATMs that will take both checks and cash, you can deposit cash into your account if you have reasonable access to one of those machines.

https://www.alliantcreditunion.org/branches-and-atms/

Just search for deposit taking ATMs.

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

Post by czeckers » Fri Oct 06, 2017 4:29 pm

We were 100% online for a while, but ended up splitting the difference and having both an online bank account and smaller account at a local brick and mortar bank. We use the online bank for most of our financial needs. However we use cash fairly often, and have had issues with limited ATM access. Thus, we use the local bank for our day to day spending needs and the online bank for everything else such as savings, emergency funds, credit card payments and any bills that are paid through automatic bill pay.

I think in days it was beneficial to have a personal relationship with an actual banker if you were looking for a loan, but those days are long gone.
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sunny_socal
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by sunny_socal » Fri Oct 06, 2017 4:32 pm

I have many online accounts and I'm happy with them. Each has a purpose.

I also have several B&M accounts and here's why:
[Note: I have some kind of 'special relationship' w/ BofA for some of this free stuff, though I don't know why]
- Free lock box! (All the youngsters can just watch a Jason Bourne movie to find out what this is...)
- Free cashiers checks
- Free regular checks if I ask nicely :wink:
- Can pull out more cash than the ATM daily limit
- Great HELOC rates at my CU; Easy application process and great F2F customer service

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

Post by Dendritic Tree » Sat Oct 07, 2017 3:19 am

Spirit Rider wrote:
Fri Oct 06, 2017 11:24 am
I don't mean to continue flogging a dead horse, but why is this even an issue, other than bragging rights to be able to say; "I am 100% online.

Will somebody please tell me this massive benefit from not having access to B&M banking services. I hardly go to an ATM anymore, let alone go into my CU branch, but I fail to see what drag from keeping it open has on my life?
I don't think of it as "bragging rights". I don't really care what people think about my banking habits. It's just that I've never had a B&M bank, and I've never missed one in a couple decades of banking, so why start now? We essentially live in a near-cashless society anyway. I've never had to make a cash deposit - in the rare cases where we find ourselves with cash, we save it for the farmer's market or for lunch/coffee. USAA will reimburse me for any ATM fees I'm charged, which means any ATM in the country is available to me. B&M banks just seem antiquated - though I guess I can't really say for sure; I've never been in one.

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

Post by Cash » Sat Oct 07, 2017 3:58 pm

I am mostly online (Alliant Credit Union and Fidelity), but I keep some money in a TD Bank account for free ATM withdrawals, writing non-billpay checks*, and the rare occasion in which it would be easier to visit in person. One of those rare occasions happened today: My mother-in-law wanted to sign over a check for $500 to us. I imagine it would have been difficult to mobile deposit such a check. Instead, we went to TD Bank, she signed a release, and it was deposited into my account. Easy.

They are open seven days a week and past normal business hours, which adds to their convenience.

But like I said, I don't keep much money there.

*Since that time when someone drained my Alliant account of $13,000 by modifying a canceled check, I have stopped writing checks from any of my primary financial institutions. Same for ATM withdrawals given all of the ATM card skimming going on. I don't keep enough in the TD Bank account to care that much whether someone drains it, and freezing the account won't cause any hardship to me.

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

Post by MikeG62 » Sun Oct 08, 2017 7:02 am

I think the ability to get your hands on larger amounts of cash than the ATM daily limit on fairly short notice, even if only on rare occasions, and/or needing to deposit cash into your account (which you cannot do through an ATM with Ally) weigh in favor of keeping the B&M CU account open. [I saw your comment about using your parents account with the CU as an option for transfers and making the larger cash withdrawals, but I‘m not sure I’d want that my permanent solution.] I mean, if it is not costing you any money to maintain the CU account, why fuss over it. You could always try and do all your banking with Ally while leaving the CU open (but dormant) for a few years and see how it goes.

FWIW, I have been using internet banks for a decade now, but still have my checking accounting at a large B&M bank. I have thought about shifting to all online, but for the reasons I mentioned above (among others brought up in this thread by other contributors) I have chosen to maintain the B&M account.

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

Post by harvestbook » Sun Oct 08, 2017 7:47 am

B & M's are also handy when you need to withdraw a larger amount of cash than an ATM trip.
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midareff
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Re: Anyone go 100% Ally or another online bank for all banking needs?

Post by midareff » Sun Oct 08, 2017 7:53 am

I'm 99% online at Ally. I keep a local CU account for when I need cash for a trip overseas and have Ally move a few cents in and out monthly so the account doesn't show inactive. All my DD's go to Ally.

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

Post by flamesabers » Sun Oct 08, 2017 9:01 am

So long as you're not having to pay fees or maintain large balances, I don't see the incentive to cut all ties with your local B&M bank. It's not much of a hassle for me to generate a little activity for my B&M bank account every other month or so to prevent it from being classified as a inactive account.

I keep my B&M bank account because:

*I need quarters for laundry machines.
*to deposit the occasional check I get. I know I could use mobile deposit, but the old way works just fine for me.
*to maintain checkwriting with a local bank. I don't write many checks, but I think local vendors/local government prefer to receive checks from a bank that has a local presence. I know most places don't accept checks anymore, but I remember as a child seeing signs at stores that said "we don't accept checks from out-of-town banks."

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