Cash in a local bank or credit union

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DaftInvestor
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Joined: Wed Feb 19, 2014 10:11 am

Re: Cash in a local bank or credit union

Post by DaftInvestor » Sat Oct 07, 2017 5:43 pm

I still have a local bank account. Some of the uses:
- have a safety deposit box there
- they have a change counter with 0 charge to customers and while I don't use it very often anymore since I'm primarily a credit card user I still end up with change in a bucket at home that I drop off every few years
- I once or twice have needed bank checks or money orders which they can provide.
- its still my primary zero fee checking account. I do all my online Bill payments from it and link it to all hi yield savings accounts

simas
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Joined: Wed Apr 04, 2007 5:50 pm

Re: Cash in a local bank or credit union

Post by simas » Sat Oct 07, 2017 5:50 pm

"
I would recommend against taking a lot of dollars on a last-minute international flight for a number of reasons, not the least of which is she might get flagged as a suspicious traveler, undergo a more intensive search, and potentially have the money seized under suspicion of being a drug courier."

Define "a lot" here - I travel to see my parents (in former Soviet Union) and there it is ONLY cash economy. Good luck using any plastic anywhere, banks are not trusted in any form (which I do not judge given the history of governments ripping every and all savings from their citizens), and foreign banks? forget it. they don't speak English, don't know where your bank is located and don't care. Also any transactions from that part of the world would not be connected to Visa/MC/Amex. Bring cash or stay home..

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midareff
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Location: Biscayne Bay, South Florida

Re: Cash in a local bank or credit union

Post by midareff » Sat Oct 07, 2017 9:42 pm

Cash wrote:
Sat Oct 07, 2017 4:09 pm
midareff wrote:
Fri Oct 06, 2017 11:59 am
I can have Ally cash in my CU to give her on the way to the airport the next AM. .. flights to BKK don't happen every hour. Taxis and tuk-tuks don't take plastic in BKK and she will need cash money, not plastic, for lots of things from medical supplies for food for her and so forth. Many stores don't take plastic there yet. Of course I would purchase the ticket by plastic for her here, that was never the issue.
You mean you would withdraw the cash in Thai baht? Otherwise, she would need to exchange your dollars for baht at the airport...which she could probably do more easily by just withdrawing directly from the account using an ATM card at a Thai ATM machine or Travelex at the airport.

I would recommend against taking a lot of dollars on a last-minute international flight for a number of reasons, not the least of which is she might get flagged as a suspicious traveler, undergo a more intensive search, and potentially have the money seized under suspicion of being a drug courier.
Thanks for the tip but that is not a problem. There are places in BKK which offer much better conversion terms than the airport and we have a few baht here so it is not a conversion emergency.

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camillus
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Re: Cash in a local bank or credit union

Post by camillus » Sat Oct 07, 2017 9:59 pm

We keep $30k at the local credit union earning 3%. Wife likes round numbers.

MikeG62
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Re: Cash in a local bank or credit union

Post by MikeG62 » Sun Oct 08, 2017 7:09 am

I keep the vast majority of my cash at Ally bank, but do use a B&M bank for checking and ATM withdrawals. My B&M bank requires I maintain an average monthly balance of $1,500 to avoid fees. I’d say my average balance at any point in time is in the range of $5,000. Sometimes it gets down to around $2,500 (at which point I will initiate a transfer from Ally or one of my brokerage accounts) to the B&M bank to increase the balance. Sometimes the balance gets up to or above $10,000, but usually only because I have upcoming CC payments due. I am leaving a minuscule amount of interest on the table with my approach, but the convenience much more than outweighs the tiny incremental interest I might have by keeping the average B&M checking balance down much closer to $1,500.
Real Knowledge Comes Only From Experience

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