Anyone use online only banking?

Discussion in 'Hangar Talk' started by Albany Tom, Sep 4, 2022.

  1. Albany Tom

    Albany Tom Pattern Altitude

    Joined:
    Jul 23, 2021
    Messages:
    2,215

    Display name:
    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.
     
  2. RyanB

    RyanB Super Administrator Management Council Member PoA Supporter

    Joined:
    Jul 21, 2010
    Messages:
    15,128
    Location:
    Chattanooga, TN

    Display name:
    Ryan
    Yep. Have for many years.
     
    Steve Costello likes this.
  3. schmookeeg

    schmookeeg En-Route

    Joined:
    Nov 6, 2008
    Messages:
    3,660
    Location:
    Alameda, CA

    Display name:
    Mike Brannigan
    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.
     
  4. Velocity173

    Velocity173 Touchdown! Greaser!

    Joined:
    Jul 3, 2012
    Messages:
    14,165

    Display name:
    Velocity173
    Yep, Navy Fed. Never a problem.
     
  5. Bob Noel

    Bob Noel Touchdown! Greaser!

    Joined:
    Jun 7, 2008
    Messages:
    20,111

    Display name:
    Bob Noel
    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.
     
    judypilot likes this.
  6. szwinger

    szwinger Pre-Flight PoA Supporter

    Joined:
    Oct 21, 2011
    Messages:
    55

    Display name:
    Steve
    I use DiscoverBank ( https://www.discover.com/online-banking/ )
    No complaints.
     
  7. luvflyin

    luvflyin Touchdown! Greaser!

    Joined:
    May 8, 2015
    Messages:
    14,147
    Location:
    Vancouver, WA

    Display name:
    Luvflyin
    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.
     
  8. Albany Tom

    Albany Tom Pattern Altitude

    Joined:
    Jul 23, 2021
    Messages:
    2,215

    Display name:
    Albany Tom
    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.
     
  9. TCABM

    TCABM En-Route

    Joined:
    Apr 23, 2013
    Messages:
    3,366

    Display name:
    3G
    No physical presence required to open an account. There are other acceptable methods to satisfy know your customer/customer due diligence requirements.
     
    Steve Costello and Albany Tom like this.
  10. luvflyin

    luvflyin Touchdown! Greaser!

    Joined:
    May 8, 2015
    Messages:
    14,147
    Location:
    Vancouver, WA

    Display name:
    Luvflyin
    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 and Mahneuvers like this.
  11. Plano Pilot

    Plano Pilot Line Up and Wait

    Joined:
    Oct 24, 2016
    Messages:
    694
    Location:
    KADS

    Display name:
    Plano Pilot
    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:
     
    Albany Tom likes this.
  12. midlifeflyer

    midlifeflyer Touchdown! Greaser!

    Joined:
    May 25, 2006
    Messages:
    14,678
    Location:
    Chapel Hill NC

    Display name:
    Mark
    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.
     
    TCABM and Albany Tom like this.
  13. Pinecone

    Pinecone Cleared for Takeoff

    Joined:
    May 24, 2022
    Messages:
    1,224
    Location:
    MD

    Display name:
    Pinecone
    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.
     
    Albany Tom and Velocity173 like this.
  14. RussR

    RussR En-Route

    Joined:
    Jan 12, 2011
    Messages:
    3,270
    Location:
    Oklahoma City, OK

    Display name:
    Russ
    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.
     
    Albany Tom likes this.
  15. MonkeyClaw

    MonkeyClaw Pre-takeoff checklist

    Joined:
    Sep 17, 2019
    Messages:
    188
    Location:
    Sedona, AZ

    Display name:
    Timothy Miller
    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.
     
    Albany Tom likes this.
  16. Zeldman

    Zeldman Touchdown! Greaser!

    Joined:
    Jun 13, 2014
    Messages:
    15,647
    Location:
    high desert NM

    Display name:
    Billy
    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.
     
    Albany Tom likes this.
  17. Van Johnston

    Van Johnston Cleared for Takeoff

    Joined:
    Oct 31, 2012
    Messages:
    1,498
    Location:
    South Texas

    Display name:
    Van Johnston
    They do. I go in every couple of years to redeem savings bonds I bought on active duty.
     
  18. Maxnr

    Maxnr Line Up and Wait

    Joined:
    Nov 1, 2018
    Messages:
    557
    Location:
    NW FL

    Display name:
    Bob
    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.
     
    Last edited: Sep 5, 2022
    mcdewey likes this.
  19. Maxnr

    Maxnr Line Up and Wait

    Joined:
    Nov 1, 2018
    Messages:
    557
    Location:
    NW FL

    Display name:
    Bob
    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.
     
  20. Rgbeard

    Rgbeard En-Route

    Joined:
    Aug 26, 2017
    Messages:
    3,851
    Location:
    Phoenix, AZ and Ensenada, Mexico

    Display name:
    rgbeard
    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.
     
  21. Van Johnston

    Van Johnston Cleared for Takeoff

    Joined:
    Oct 31, 2012
    Messages:
    1,498
    Location:
    South Texas

    Display name:
    Van Johnston
    I think that’s only if you are an insurance customer; nothing to do with the bank.
     
    TCABM likes this.
  22. Maxnr

    Maxnr Line Up and Wait

    Joined:
    Nov 1, 2018
    Messages:
    557
    Location:
    NW FL

    Display name:
    Bob
    Actually, they are an insurance company and they do banking on the side. It's a "big" side gig.
     
  23. Fearless Tower

    Fearless Tower Touchdown! Greaser!

    Joined:
    Jan 1, 2010
    Messages:
    16,106
    Location:
    Norfolk, VA

    Display name:
    Fearless Tower
    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.
     
    TCABM likes this.
  24. JScarry

    JScarry Pre-takeoff checklist

    Joined:
    Jun 15, 2008
    Messages:
    405

    Display name:
    JScarry
    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.
     
  25. Maxnr

    Maxnr Line Up and Wait

    Joined:
    Nov 1, 2018
    Messages:
    557
    Location:
    NW FL

    Display name:
    Bob
    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.
     
  26. Albany Tom

    Albany Tom Pattern Altitude

    Joined:
    Jul 23, 2021
    Messages:
    2,215

    Display name:
    Albany Tom
    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?
     
  27. schmookeeg

    schmookeeg En-Route

    Joined:
    Nov 6, 2008
    Messages:
    3,660
    Location:
    Alameda, CA

    Display name:
    Mike Brannigan
    Yep. I have never put a dollar to the brokerage side.
     
    Albany Tom likes this.
  28. Rgbeard

    Rgbeard En-Route

    Joined:
    Aug 26, 2017
    Messages:
    3,851
    Location:
    Phoenix, AZ and Ensenada, Mexico

    Display name:
    rgbeard
    we have multiples of each - and one is a zero brokerage account.
     
    Albany Tom likes this.
  29. luvflyin

    luvflyin Touchdown! Greaser!

    Joined:
    May 8, 2015
    Messages:
    14,147
    Location:
    Vancouver, WA

    Display name:
    Luvflyin
    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
     
    Last edited: Sep 5, 2022
    Albany Tom likes this.
  30. Albany Tom

    Albany Tom Pattern Altitude

    Joined:
    Jul 23, 2021
    Messages:
    2,215

    Display name:
    Albany Tom
    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!!
     
    schmookeeg likes this.
  31. luvflyin

    luvflyin Touchdown! Greaser!

    Joined:
    May 8, 2015
    Messages:
    14,147
    Location:
    Vancouver, WA

    Display name:
    Luvflyin
    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.
     
    Albany Tom likes this.
  32. Brad Z

    Brad Z Final Approach

    Joined:
    Dec 28, 2007
    Messages:
    6,529
    Location:
    Alexandria VA

    Display name:
    Brad Z
    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).
     
    Albany Tom likes this.
  33. Mahneuvers

    Mahneuvers Line Up and Wait

    Joined:
    Nov 3, 2020
    Messages:
    705

    Display name:
    Mahneuvers
    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.
     
    Albany Tom likes this.
  34. Steve Costello

    Steve Costello Pre-takeoff checklist

    Joined:
    May 24, 2017
    Messages:
    255
    Location:
    St. Louis, MO

    Display name:
    SteveCostello
    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.
     
    Albany Tom likes this.
  35. cowtowner

    cowtowner Pre-takeoff checklist

    Joined:
    Oct 7, 2009
    Messages:
    459

    Display name:
    Cowtowner
    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
     
    Albany Tom likes this.
  36. Sac Arrow

    Sac Arrow Touchdown! Greaser!

    Joined:
    May 11, 2010
    Messages:
    19,282
    Location:
    Oakland, CA

    Display name:
    Bro do you even lift
    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.
     
  37. luvflyin

    luvflyin Touchdown! Greaser!

    Joined:
    May 8, 2015
    Messages:
    14,147
    Location:
    Vancouver, WA

    Display name:
    Luvflyin
    3%. Tell me more.
     
  38. Pinecone

    Pinecone Cleared for Takeoff

    Joined:
    May 24, 2022
    Messages:
    1,224
    Location:
    MD

    Display name:
    Pinecone
    Yes, that is because you are a "member" not a client.
     
  39. Sac Arrow

    Sac Arrow Touchdown! Greaser!

    Joined:
    May 11, 2010
    Messages:
    19,282
    Location:
    Oakland, CA

    Display name:
    Bro do you even lift
    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.
     
  40. Mahneuvers

    Mahneuvers Line Up and Wait

    Joined:
    Nov 3, 2020
    Messages:
    705

    Display name:
    Mahneuvers
    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.