Anyone use online only banking?

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Albany Tom

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Albany Tom
My local bank is merging with another local bank. All fine, but I kinda want to diversify a bit, and I don't need a brick and mortar for that. It's far from me having too much to put in one place, but more that when one has some sort of computer problem or my card gets eaten/corrupted/whatever, I'd like an alternate plan besides the credit card.

So just looking for something simple like online checking.

My primary concerns are simple ease of use online from a PC, the ability to use networked ATMs in NY State, and no to low fees. Don't care about interest or perks, I won't have enough in that account for it to make any difference.
 
I have a Schwab checking account for travel -- the ATM access is worthwhile, and it limits my fraud exposure to whatever I toss in the account -- usually a grand or two at a time.

It's been really nice, no complaints. I couldn't use it as my primary, as I occasionally have complex banking needs, and need in-person help once or twice a year. But it's a great secondary for me.
 
Yep, Navy Fed. Never a problem.
 
I'm not sure why you are interested in online only, but there is nothing that requires you to use paper checks and the like. Between my own banking and my Church (I'm the treasurer), I use two different banks and do as much as possible using online banking services. There are some times when writing a paper check makes more sense then online payment.

And since my sister worked at one of the banks for 50 years, I know a lot of people at that bank and do some banking in person. Sometimes in person makes things easier.

edit: you'd have to check with the bank, but I suspect banking regulations would require that you open an account in person.
 
Albany Tom said:
My local bank is merging with another local bank. All fine, but I kinda want to diversify a bit, and I don't need a brick and mortar for that. It's far from me having too much to put in one place, but more that when one has some sort of computer problem or my card gets eaten/corrupted/whatever, I'd like an alternate plan besides the credit card.

So just looking for something simple like online checking.

My primary concerns are simple ease of use online from a PC, the ability to use networked ATMs in NY State, and no to low fees. Don't care about interest or perks, I won't have enough in that account for it to make any difference.
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I use DiscoverBank ( https://www.discover.com/online-banking/ )
No complaints.
 
Albany Tom said:
My local bank is merging with another local bank. All fine, but I kinda want to diversify a bit, and I don't need a brick and mortar for that. It's far from me having too much to put in one place, but more that when one has some sort of computer problem or my card gets eaten/corrupted/whatever, I'd like an alternate plan besides the credit card.

So just looking for something simple like online checking.

My primary concerns are simple ease of use online from a PC, the ability to use networked ATMs in NY State, and no to low fees. Don't care about interest or perks, I won't have enough in that account for it to make any difference.
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Been doing it for a long time. First Internet Bank of Indiana, one of the originals. No complaints. They have very good CD rates. I conduct most of my business through Ally. No complaints. Also Schwab. That one pretty much for just the Debit Card. Like someone said above, it’s great to use in foreign countries.
 
schmookeeg said:
I have a Schwab checking account for travel -- the ATM access is worthwhile, and it limits my fraud exposure to whatever I toss in the account -- usually a grand or two at a time.

It's been really nice, no complaints. I couldn't use it as my primary, as I occasionally have complex banking needs, and need in-person help once or twice a year. But it's a great secondary for me.
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Thanks! And thanks for all the replies. This seems to fit my use case the most. I'll continue to use my local bank for most things, but the reason I want an online only for online, is because to me it ensures that I can do whatever I need to do remotely, as that is their only offering.
 
Bob Noel said:
…edit: you'd have to check with the bank, but I suspect banking regulations would require that you open an account in person.
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No physical presence required to open an account. There are other acceptable methods to satisfy know your customer/customer due diligence requirements.
 
Albany Tom said:
Thanks! And thanks for all the replies. This seems to fit my use case the most. I'll continue to use my local bank for most things, but the reason I want an online only for online, is because to me it ensures that I can do whatever I need to do remotely, as that is their only offering.
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I think many brick n mortars offer just about any online services that internet only banks do. Where the online only banks stand out is better interest rates and less fees.
 
Albany Tom said:
Thanks! And thanks for all the replies. This seems to fit my use case the most. I'll continue to use my local bank for most things, but the reason I want an online only for online, is because to me it ensures that I can do whatever I need to do remotely, as that is their only offering.
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I have been using BofA online banking for years. Mom put me on her Wells Fargo account and when she was in the hospital/rehab for 2-3 months I set up online banking for her and paid her bills from 300 miles away. When she got out, she went back to mailing her bills. I tried to tell her she could save the stamps, but she will not do it.:rolleyes:
 
Only? No. But my primary personal checking and savings accounts have been with online banks for 20 years. Paying bills easily, and in many cases automatically, and no fees for ATM withdrawals anywhere in the US has always been a great selling point.
 
Velocity173 said:
Yep, Navy Fed. Never a problem.
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NFCU has banks also. Not online only. But like you, I have banked with them for many years without going to a bank. Even though there is one not too far away.

I also bank with USAA, and there are no banks around. Not sure if there are even any.
 
My primary bank has been USAA for almost 30 years now. I've never been in a branch. I'm not even sure that one exists. Maybe they have one at the home office in San Antonio, I don't know.

I remember transferring funds around via telephone prompts and such.

But doesn't just about every bank and credit union now offer online banking? I mean, it doesn't have to be an "online-only" bank, though those do generally offer better interest rates. I can't imagine a bank or credit union these days NOT offering online bill pay, transfers, etc. They'd quickly go out of business.
 
I bank at a small credit union in Iowa, and live in AZ. I've only visited the CU once in the last 19 years (since I moved away). In the early years, it was a pain because I had to mail my checks. Now I can use mobile deposit for checks, set up payments via online banking, and pretty much anything I want to do. No fees or minimums, and someone available by phone if I have any questions.

Quite honestly, so many banks offer the same online features now that you can find one that has everything you want with the lowest fees and go with them.
 
Bob Noel said:
you'd have to check with the bank, but I suspect banking regulations would require that you open an account in person.
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I opened a business account online a couple months ago with WellsFargo, but I have done business with them for approximately 25 years. I did have to go in person for the business credit card.
 
Pinecone said:
I also bank with USAA, and there are no banks around. Not sure if there are even any.
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RussR said:
My primary bank has been USAA for almost 30 years now. I've never been in a branch. I'm not even sure that one exists. Maybe they have one at the home office in San Antonio, I don't know.
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They do. I go in every couple of years to redeem savings bonds I bought on active duty.
 
USAA. 600 miles from home. I have dir. dep. to my savings act, which also is my checking overdraft protection. My VISA is manually paid from savings on the 20th. Home and auto ins is auto-paid from savings. I have online bill pay for local utilities. I had my brokerage w/ USAA until they "shucked it" to Schwab. I check my accounts online daily. Life is good. I do NOT have any banking app on my cell (lest I lose it) but that's just me.
If my computer craters, I can just pick up a phone, give my PW and muddle thru.
 
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Another thing about USSA. They have a "Subscriber's Savings Acct" and it builds annually. The annual excess is kicked back. I designate it to Auto ins. I also get the "senior acct" kick back too.
 
Another person here that's a Schwab customer.

They handle all our financials.

I get to use any ATM machine anywhere in the world, free of fees (credited back once a month).

I DO have a brick/mortar office not far away from where I live (if you don't consider 25 miles far), but have never once used it.
 
Maxnr said:
Another thing about USSA. They have a "Subscriber's Savings Acct" and it builds annually. The annual excess is kicked back. I designate it to Auto ins. I also get the "senior acct" kick back too.
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I think that’s only if you are an insurance customer; nothing to do with the bank.
 
Van Johnston said:
I think that’s only if you are an insurance customer; nothg to do with the bank.
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Actually, they are an insurance company and they do banking on the side. It's a "big" side gig.
 
Maxnr said:
Actually, they are an insurance company and they do banking on the side. It's a "big" side gig.
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I think what’s he’s saying is that the SSA only applies if your insurance is with them. Has nothing to do with the banking side.
 
I joined my credit union in 1992 when I worked in NJ and haven’t been in a branch since 1994. So I guess that counts as on-line banking. I also haven’t written a check since I ran out about 10 years ago.
 
Fearless Tower said:
I think what’s he’s saying is that the SSA only applies if your insurance is with them. Has nothing to do with the banking side.
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Got it. The banking side tied w/ the insurance made it a better deal for me and my hometown bank couldn't touch it. I said goodby years ago.
 
The Schwab checking account only seems to work if you also have a brokerage account with them. Is anyone using them with a zero balance brokerage account?
 
Albany Tom said:
The Schwab checking account only seems to work if you also have a brokerage account with them. Is anyone using them with a zero balance brokerage account?
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Yup. I’ve done nothing in the brokerage account. Balance has been zero from day one. The only thing I use the checking account for is to use the debit card for ATM withdrawals. Never written a check or used the debit card to buy something. Don’t know how well it would suit you though. Sounds like you want to do actual banking stuff. I’m sure you can, but it earns practically no interest. And I don’t know what the fee schedules are. Paging @Rgbeard
 
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Actually, it sounds like a perfect compliment to my local brick and mortar. Their in person customer service is good, they're full service and have plenty of local atms, but they're not great while traveling and out of network. I was concerned their might be catches or fees associated with the broker account. With that a non-issue I think I'll sign up. Low rates aren't a concern, I'll not have enough in there to make any difference. The low/no fees make it a good deal for my purposes. Thanks!!
 
Albany Tom said:
Actually, it sounds like a perfect compliment to my local brick and mortar. Their in person customer service is good, they're full service and have plenty of local atms, but they're not great while traveling and out of network. I was concerned their might be catches or fees associated with the broker account. With that a non-issue I think I'll sign up. Low rates aren't a concern, I'll not have enough in there to make any difference. The low/no fees make it a good deal for my purposes. Thanks!!
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Their over the phone service is great also. At least the one time I had to use it. Lost my card in Mexico, called them. They express FedEx’d a card, no charge. Had it in a couple days.
 
It's worth mentioning that most "Online Banks" seem to be typically a branded entity associated with a traditional Bank. I've used several, particularly when I've wanted to keep larger amounts liquid funds yet still get some interest (which for the last several years was negligible).
 
Brad Z said:
It's worth mentioning that most "Online Banks" seem to be typically a branded entity associated with a traditional Bank...
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And the balance are likely using the same software/hosting services from a handful of vendors. I worked for one of those companies during the tech bubble.
 
We've been using Capitol One for online banking for years (and previously ING before CapOne bought it). Mrs. Costello was a bit reticent at first to go online-only, but it's actually worked out quite well. She manages the monies, and has been very effective at using the online experience to partition money around different accounts and such. Haven't needed an in-person experience once in the past decade or so.

We also have an online only Schwab account for investment stuff, and that has worked out just as well.
 
Another that uses USAA exclusively for personal use. If you have an issue, you get a real live American on the phone

Business wise we use a bank 90 minutes away. Everything online or by phone
 
RANT.

For years, I could have gone to Bank of Antartica and walked in, waited a while, and walked out having done a wire transfer.

Not now. I have to make an appointment.

Look, 1) give me the opportunity to do that online. I can e-write a check for one dollar less than one hundred grand through online payments. But I can't do a 'wire transfer.' or, 2) I see people waiting in line in the lounge area for a banker that can do their whatever things, and I'm happy with that.

I'm fed up. I actually tried to quit Bank of Antarctica five times. The last four they bought the banks I switched to.

I mean, I like my Bank of Antarctica credit card, I get 3% cash back on 95% of the stuff I buy.

Is there an alternative, as secure as a wire transfer, that isn't? Short of a check, and the people that insists on wire transfers generally won't accept a check.
 
Sac Arrow said:
RANT.

For years, I could have gone to Bank of Antartica and walked in, waited a while, and walked out having done a wire transfer.

Not now. I have to make an appointment.

Look, 1) give me the opportunity to do that online. I can e-write a check for one dollar less than one hundred grand through online payments. But I can't do a 'wire transfer.' or, 2) I see people waiting in line in the lounge area for a banker that can do their whatever things, and I'm happy with that.

I'm fed up. I actually tried to quit Bank of Antarctica five times. The last four they bought the banks I switched to.

I mean, I like my Bank of Antarctica credit card, I get 3% cash back on 95% of the stuff I buy.

Is there an alternative, as secure as a wire transfer, that isn't? Short of a check, and the people that insists on wire transfers generally won't accept a check.
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3%. Tell me more.
 
luvflyin said:
3%. Tell me more.
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B of A Visa. The limit increases over time, and once you get to the $25K limit the 3% cash back for a selected category kicks in, and 2% for everything else. But it took like 20 years for that to happen.
 
W/ all the variability, choosing the absolute best rewards card considering your buying habits and use of rewards is challenging. I've always liked what Clark Howard has to say.
 
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