Author Topic: Brick and mortar bank without access to brick and mortar  (Read 4757 times)

FiguringItOut

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Brick and mortar bank without access to brick and mortar
« on: May 08, 2015, 10:19:20 AM »
I have free checking and savings accounts with local credit union.  No monthly fees, no need for large balances, no requirement for direct deposit.  Just keep $5 in each account and you are good to go.

I will be moving over the summer to where this CU doesn't have any branches.  There will be some free ATMs around at places like 7-11, Walgreens, McDonalds, convenience stores, etc. No free ATM transactions with any of the actual bank ATMs.

This CU also offers great kids' checking accounts with debit cards where I can set limits on daily debit transactions, etc.  I plan to open such account for my 13 y.o. daughter to get her started with managing her money. 

For some reason, the whole no actual bank ATM issue bothers me.  I am sure it is mostly just in my head, so please feel free to set me straight.

Right now, around my work, the only place I can withdraw cash from my account is in McDonald.  Though I rarely need to take out cash, it does happen and I always feel very weird to be withdrawing cash at McD.  Especially if it's anything over $40.  I occasionally had to get $200 out of the ATM.

With my daughter, I would also feel weird with her having to use convenience store ATM instead of actual bank ATM. 

Please tell me to stop overthinking this.

I did check bank sites for overs of checking accounts (Citi, Chase, HSBC, BoA) and none have as good of a deal as I have now with my CU. 

Also, I am trying to think if not having access to actual branch/teller would become an issue at some point.  They have check depositing function on phone app, and bill payment.  What could I potentially need the branch/teller for?

Clean Shaven

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Re: Brick and mortar bank without access to brick and mortar
« Reply #1 on: May 08, 2015, 10:22:13 AM »
You could set up a free checking account at any big B&M bank that has a lot of ATMs in your area, then use electronic transfer to move $ to it as needed.

I basically do this with Wells Fargo. I use them for checking, but that's it. Emergency fund is in an online bank with higher %, connected to Wells account electronically.

FiguringItOut

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Re: Brick and mortar bank without access to brick and mortar
« Reply #2 on: May 08, 2015, 11:15:24 AM »
You could set up a free checking account at any big B&M bank that has a lot of ATMs in your area, then use electronic transfer to move $ to it as needed.

I basically do this with Wells Fargo. I use them for checking, but that's it. Emergency fund is in an online bank with higher %, connected to Wells account electronically.

That's the think, I didn't find any free checking accounts at regular banks.  And I just checked - there are no Wells Fargo locations where I will be moving too.  There are couple near my work though.  Wells Fargo seems to only require $1500 balance OR direct deposit.  One of the better deals I've seen.

FiguringItOut

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Re: Brick and mortar bank without access to brick and mortar
« Reply #3 on: May 08, 2015, 11:16:43 AM »
I'm not sure if my bank is considered online or brick and mortar. They have actual locations in Texas, but I've never been to one. The only time I think I should have a local bank is when I have cash I need to deposit. When I sold my car last year for $1k in cash I actually ended up giving the cash to my boss and having her write me a check since I can deposit checks with a smartphone or scanner. Otherwise I do everything electronically and it doesn't cause me issues. If I didn't have the ability to deposit at home it wouldn't work as well so that's something to consider

The other option is to find a CU in the new location. CU do tend to be better than national banks in general

Hm, I haven't thought needing to deposit cash.  I need to think how often that happens. 

I did a quick google maps search and did not see CU where I'd need one.  But I need to check again.

SilveradoBojangles

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Re: Brick and mortar bank without access to brick and mortar
« Reply #4 on: May 08, 2015, 11:20:34 AM »
Credit Unions are often part of a network, and you can use the atms within this network free of charge. Which is why I still use CUs that is based in a city that I haven't lived in for 15 years (their services are very good). You can look online to see if your CU works this way. Also, cash back at the grocery store is always free, and in my mind easier than making a separate bank stop.

FiguringItOut

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Re: Brick and mortar bank without access to brick and mortar
« Reply #5 on: May 08, 2015, 11:23:00 AM »
Credit Unions are often part of a network, and you can use the atms within this network free of charge. Which is why I still use CUs that is based in a city that I haven't lived in for 15 years (their services are very good). You can look online to see if your CU works this way. Also, cash back at the grocery store is always free, and in my mind easier than making a separate bank stop.

Agree on all counts.  Where I am right now, we actually use two different CU and they are in the same network.  I will need to check where I'm moving to.

Ever since I started using credit cards for travel bonuses, I haven't used my debit card at all, so I forgot that I used to do cash back at groceries stores.  Thanks for remining me. 

Overall, I think I was overthinking this situation. 

Beaker

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Re: Brick and mortar bank without access to brick and mortar
« Reply #6 on: May 08, 2015, 11:23:14 AM »
You might need a teller for cashier's checks, or change counting. That's all I got.

I spent 4 years with a bank that had no physical locations at all (First Internet Bank of Indiana). Worked fine, the only obnoxious part was that back then I had to physically mail checks to them for deposit.

KCM5

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Re: Brick and mortar bank without access to brick and mortar
« Reply #7 on: May 08, 2015, 11:26:40 AM »
You're overthinking this.

Also, you can deposit cash at an ATM.

Our bank's closest location is in my hometown 4 hours away. We were intending to find a bank in our new town, but have never had a compelling reason. After you move if you find it to be a hassle then find a new bank. No need to do it right away.

Prairie Stash

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Re: Brick and mortar bank without access to brick and mortar
« Reply #8 on: May 08, 2015, 11:46:19 AM »
Stop overthinking this!

Also, how does anyone know you're taking out more than $40 at McD's? You might want to stop flashing your cash...

KCM5

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Re: Brick and mortar bank without access to brick and mortar
« Reply #9 on: May 08, 2015, 02:17:33 PM »
You're overthinking this.

Also, you can deposit cash at an ATM.

Our bank's closest location is in my hometown 4 hours away. We were intending to find a bank in our new town, but have never had a compelling reason. After you move if you find it to be a hassle then find a new bank. No need to do it right away.
Not necessarily. When I had a CU I deposited all my checks through the ATM but when I moved out of state and changed to my maybe-online-maybe-B&M bank I tried to do an ATM deposit and they said it's only allowed in the city their branches are in. Albeit that was 8 years ago so things might have changed but that was my experience

As for change counting, I do very little with cash so I don't accumulate much but last year I cashed in what I did have for free at a bank I'd never been to before. I just called them up and asked if they would and they said it was okay as long as it wasn't a huge amount, I got ~$20 from mostly pennies. And they were the first bank I asked

Cashier's checks might actually cost me money soon. I'm closing on a house at the end of the month and will have to pay for a wire for the downpayment/closing costs unless I know the final amount in time to order a check mailed

Yeah, I think they've changed. I'm in a pretty podunk state and my bank is very rural. I can still deposit cash into the atms that are a part of its network. I only figured out I could do this like a year ago, so I don't know how long they've had that ability.

madamwitty

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Re: Brick and mortar bank without access to brick and mortar
« Reply #10 on: May 08, 2015, 02:34:09 PM »
I stuck with my CU after a cross-country move, mostly out of laziness. They have very good online banking services and ATM withdrawals are free within the network (STAR, I believe?).

My only problem is that I get irked at spending 40-whatever cents on a stamp every time I want to make a deposit. There is an e-deposit option but the same laziness that kept me from switching banks has also kept me from getting used to e-deposits. Even if I were use to it, there is a limit on the size of check I can put through e-deposit, something like $2000.

Most of my deposits are automatic from my paycheck so I don't actually have to deal with this often.

epipenguin

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Re: Brick and mortar bank without access to brick and mortar
« Reply #11 on: May 08, 2015, 04:05:37 PM »
I have an online-only bank that uses those ATMs inside convenience stores. Most of the time I don't even use cash, but if I do need to get some, I always like using the ATM at Walgreens. Seems classier somehow than McDonald's. Haha.

Anyway, does your ATM card have a network logo? Mine uses Allpoint - you can go to the Allpoint website and find all the local ATMs on a map. Maybe you can find some that you feel better about using.

Rubic

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Re: Brick and mortar bank without access to brick and mortar
« Reply #12 on: May 08, 2015, 04:48:40 PM »
I've been using a credit union (USAA) with no brick-and-mortar branches for over a decade with no problems.   The only reason I've recently opened up a checking account at a local branch was because of a $250 targeted bonus offer (and no minimum balance requirement!)