#1 Posted by Raven_Sword (3442 posts) -

So, right now I bank with ally, a internet only bank. They have less fees than the big banks, and even though I have to use other banks arms since they don't have a physical branch themselves, they do reimburse me any fees charged by the banks or ATM company's at the end of my statement cycle (or once a month.

However, as far as I can tell its impossible to deposit actual cash into the accounts, its either check or direct deposit.

This, in addition to the fact that I do want some form of physical branch access and ATM access that won't charge me fees to use, has gotten me to consider switching to one of the 4 big banks (b of a, wells Fargo, chase, or Citibank)

Do you use a online only bank or would you trust one with your banking needs? Which brick and mortar bank would you recommend?

#2 Posted by TheHBK (5471 posts) -

I would recommend getting into a Credit Union that has a lot of ATMs you can use where you live. I also have Wells Fargo and they are pretty ok since I like that they have a a checking account that accrues interest like a savings account. Though it has a $10 a month fee if you don't have a balance of $3,000 in there, but since it is like a savings account, it is cool. More ATMs for sure and I like the experience, hardly any lines.

#3 Posted by bybeach (4775 posts) -

I have a Credit Union. No real wisdom in that, just what I fell into decades ago and I like. I have done online banking for a long time, has not gone bad yet. A CC or 2, yes, but my accounts stay secure. Mostly what online banking does is prevent me from failing as I did so long ago, not keeping track and paying bills. Both are crucial.

#4 Posted by Demoskinos (14733 posts) -

I use a small local bank they also offer online services which I use all the time because I'm to goddamn lazy to keep a check book.

#5 Edited by Barrock (3525 posts) -

If you can use them go with USAA. Your parents or grandparents have to have served in the military. Absolutely fantastic experience for me. No fees, and they refund a certain number of ATM withdrawals from non-USAA ATMs every few weeks.

#6 Posted by Dagbiker (6957 posts) -

I use a credit union. And Capital one. I mostly use the credit union.

#7 Posted by Gamer_152 (14066 posts) -

I use an online banking service for one of the major UK banks. It's pretty convenient, but of course sometimes you need to show up to the bank or a cash machine in person.

#8 Posted by YoThatLimp (1897 posts) -

I just use chase because they are fairly decent, have an OK online banking system and are kind of everywhere.

#9 Posted by Clonedzero (4202 posts) -

Trust is earned.

#10 Edited by Raven_Sword (3442 posts) -

@thehbk: do you care about interest rates? I wondering if that should even be something I should be concerned with.

I've actually had b of a, wells Fargo, and chase all at one point. JM not a fan of b of as hidden fees. Wells Fargo was good from what I remember (I had a checking/savings combo.) And chase I didn't have major issues with. Really, i probably should have just stuck with wells Fargo or chase. I didn't have a bad experience with them and I only ever got hit with a fee when I overdrafted. And maybe having a fee attached to that will encourage me to curb my spending.

#11 Edited by TheHBK (5471 posts) -

@raven_sword: Unless you are opening a credit card with them (which I would recommend because I got my credit card stolen and it was less of a hassle than what my friend when through when he got his debit card stolen, better to have them steal someone else's money instead of taking it right of your bank account. Just pay it off every two weeks or every time you get paid) or looking to get a CD or something for really getting interest, most banks just have some minuscule rate for savings.

#12 Posted by geirr (2513 posts) -

Don't think I've touched cash in years.

#13 Edited by CornBREDX (5051 posts) -

I have used Wells Fargo for almost 20 years now.

It doesn't really matter what bank you use, interest rates are shit because of some reform or another so just know that you can not save to earn these days. I have a decent savings account and I get 1 cent a month out of it. So you can't really be saving with that in mind, is my point. Even if you get a bank that gives you a high interest rate it is only temporary (usually only a couple months to a year or something) and it's still not an interest rate worth having (you may get 1- 20$ a month for a short amount of time- give or take the bank and what their stocks are like- that is how they determine it).

So the thing that matters is hidden fees. All banks have them and really its up to you to find one you are comfortable with. I don't have any fees with Wells Fargo because of how long I've had them and having opened accounts making sure to meet the requirements of the account so they don't charge me. So far it's worked out fine. I mainly use it for liquidity anymore (I guess that's a no brainer) and move my funds into stocks when the time is right for that.

Realistically I don't even do that well, but that is the only way to make money off your money beyond buying into an actual business these days. It's kind of annoying in a way, but you get used to it.

I've used two online only "banks": pay pal- I only use that because one of the sites I write for pays to paypal and then I immediately transfer the funds to my actual bank account. The other is sharebuilder which I use for stocks and also functions as a sort of bank with the money it holds (with the same useless interest rates and all). Pay pal sucks because I lose a couple dollars every time I get paid through it- I hate it.

I don't know that "I don't trust" online only, per say. They are Federally insured and what not but most are not banks in the same way and there is often stringent limitations to them which is one of several reasons I don't use one for my main accounts. Maybe I'm just old fashioned but I feel less like the money is liquid given that the ones Ive looked into have limits on withdraws and I feel less like I have access to my money. Hell there's a ton of nightmare stories just with paypal. So I just stick with what I've had. I don't really "trust" Wells Fargo either but they don't tell me what I can do with my money.

Hope that helps in some way, if at all haha

Those are my thoughts.

Edit: Oh and you should know, it is now illegal for a bank to allow you to overdraft without your express consent. So, if you wanted to, you can technically not allow yourself to overdraft at all. What they will want you to do is link you account to a savings account so it takes it from your other account when you overdraft. It's up to you if you are comfortable with that- i don't personally care for it.