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Banks, Electronic, No B&M
meeker
Registered User regular
Registered User regular
So I have heard some good things about some of the different Online banks, Ing, WaMu, specifically.
I have a few questions hopefully some of you will be able to answer. And i am alos looking into opinions and experiences anyone has had.
1. How the hell to they take deposits? Snail-Mail? I use Direct deposit for my paycheck, but what about the $12 check i get from my Grandma for my birthday?
2. They say "No fees on XX,000 ATMs in the US." Is this any ATM? So the bank doesn't charge anything to use it, but what about the ATM at the bar that wants to charge you $3.75 to use it?
3. What happenes if they mess something up, there is no B&M branch I can go into to prove I am who I say i am and I did not make that $6400 charge at the strip club the other night. Fax/telephone customer service? How able-bodied is their CS staff?
I am wondering if it is in my best interest to keep my Wells Fargo account open to use deposits (these I can do at any WF ATM for free) and then transfer money into my online account for bills and purchases, then transfering it back to WF if I need to get large cash withdrawals.
Thanks for the advice.
I have a few questions hopefully some of you will be able to answer. And i am alos looking into opinions and experiences anyone has had.
1. How the hell to they take deposits? Snail-Mail? I use Direct deposit for my paycheck, but what about the $12 check i get from my Grandma for my birthday?
2. They say "No fees on XX,000 ATMs in the US." Is this any ATM? So the bank doesn't charge anything to use it, but what about the ATM at the bar that wants to charge you $3.75 to use it?
3. What happenes if they mess something up, there is no B&M branch I can go into to prove I am who I say i am and I did not make that $6400 charge at the strip club the other night. Fax/telephone customer service? How able-bodied is their CS staff?
I am wondering if it is in my best interest to keep my Wells Fargo account open to use deposits (these I can do at any WF ATM for free) and then transfer money into my online account for bills and purchases, then transfering it back to WF if I need to get large cash withdrawals.
Thanks for the advice.
meeker on
0
Posts
This is pretty much what you have to do. Online banks might let you deposit checks through the mail, I'm not sure, but the easiest way to do it is to have a checking account at a B&M bank where you can channel money into your online account.
1. I use snail mail for deposits. They send free deposit envelopes and deposit slips, postage prepaid.
2. USAA doesn't have any deals worked out for free withdrawal, but refunds up to $2 on 3 withdrawals a month. If there are larger fees and I'm in a pinch then I'm screwed, but I would probably be screwed with a B&M bank anyway.
3. Customer service is prompt and intelligent, however I haven't had anyone break into my account, knock on wood.
Disclaimer: I think some of this stuff might be different with USAA because it's a non-profit service for military veterans and their families (my father was in Vietnam), not a real bank. I know it offers car insurance that's way cheaper than anything I can get anywhere else, as members of military families are less likely to have accidents than the general population and there's no profit margin.
The online banks are mostly savings accounts; they're not really intended to replace a checking account for daily stuff. I wouldn't necessarily say that they're better in terms of service than a savings account through a B&M bank, but the reality is that it's close enough, and the interest rates are WAY higher. I've found it much easier to do what I'm currently doing (most money in an HSBC online savings account, Bank of American free checking account for daily stuff/atm/depositing checks/paying bills/etc)
This also has the advantage of having your savings account being somewhat more isolated, i.e. you won't be carrying around an atm card for it, you won't have it linked to paypal, etc etc, which lessens the risk somewhat (though probably neglidgibly)
In any case, keeping an account at a local bank is always a good idea.
VVV Edit: Ah.
I know WaMu has B&M, they just don't have any in MN...
I am looking at more than just savings, specifically the checking accounts/debit cards with free bill pay and many other benefits that Wells Fargo doesn't currently offer me.