Internet Bank or Brick-and-Mortar Bank

[bob22]

There are quite a number of articles available on the Internet that compare and contrast internet and brick-and-mortar banking. I didn’t find one that answered the question that I was really trying to ask: “Why do I need an account at a brick-and-mortar bank?”

For the foreseeable future, brick-and-mortar banks provide the following which internet banks do not—but for the most part, these services don’t require you to have an account with that bank:
-   ATMs (most internet banks will reimburse fees);
-   Large Currency (for gifts);
-   Cashier’s Check (though some banks require an account). *

* There are several places to get a money order up to $1000, including the U.S. Post Office.

But there are a few services that I don’t know of an easy alternative to having a brick-and-mortar bank account:
-   Cash/Coin Deposit;
-   Children’s Check Deposit; *
-   Unlimited Cash Withdrawal (ATMs are typically limited to $300 to $500 per day);
-   Safe Deposit Box (banks that I’ve seen require an account).

* Fidelity will let me deposit checks not addressed to me up to about $2500.

Has anyone gone completely brick-and-mortar free?

Are there other limitations of not having a brick-and-mortar bank account?

[czr]

I have both internet and B&M bank and they are both are free and although some overlap in services and I had to do a some things the last 3 months that I was thankful to have a physical bank

-Cash out large cash amount for a local CL purchase (no ATM cash out restrictions)
-Same day wire transfer with very large amount
-Free notary service
-Make change from big bills
-Got a bunch of $2 bills

Granted it's not completely necessary but don't see why not have one of each. I have about $5k in local branch and much more in savings account online.

[BrandNewPapa]

Replying to follow post. I've been thinking about making the switch from PNC to Ally only.

I currently have a Ally online savings and have been very happy with the service. PNC has been rather lack luster over the years, and I feel like their fees are creeping up and features creeping down.

Only thing holding me back in my rewards CC with PNC. I haven't found a better card for cash back (they don't offer it any more).

I can get "cash back" with a debit card and small purchase at Walmart if I need cash. Use money order instead of cashiers check.

[katsiki]

I am 100% Alliant credit union.  I have not needed a b&m bank.  However, I usually have at least one b&m bank account due to chasing bank bonuses.

I like Chase and Capital one the best due to their ATMs accepting checks.

[frugaliknowit]

I have an account at Chase for only 2 reasons:

1.  Chase and other "big boys" have a feature whereby you can transfer funds in/out of your Chase accounts on-line and free.  I regularly transfer money to/from my on-line bank.  My on-line bank does not offer this feature.

2.  If/when I purchase a used car by owner, it really helps to have a B&M bank to go to do the transaction.  If you're transacting with a dealer, it doesn't matter.

I used to turn my coins in to the commercial teller at Chase.  They no longer provide this service, so I avoid coins altogether.

[Ocinfo]

I hate going into an actual bank. I have accounts with Chase but nearest branch is 100+ miles away. I also have an account with Ally. I tried using TD Bank but their focus is on in person helpfulness, which just didn't work for me (their online services were terrible). In short, Chase has great online services that I am completely happy never visiting a branch.


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[terran]

Both. Ally is our primary/hub bank, but local is much more convenient when you need to deposit/withdraw cash. We also have Schwab investor checking since it plays nicer internationally (worldwide unlimited ATM fee reimbursement).

[nottoolatetostart]

I'm slowly moving to a B&M vs my online-type account. I need to deposit cash from Craigslist sales (spending it is not a good idea for me and my reporting), may occasionally need a cashier's check, and kind of into the higher end tech/mobile that a large B&M offers because they have the tech budget (like cardfree ATM, easy way to give retailers a card number that is unique/one time card number, can shut off my debit card if I misplace it but just now it is around the house, and I was able to get our dog's face on the debit card - sucker yes!). 

Our mortgage was just acquired by this B&M as a new servicer, so our balance gets us free stuff that should replace freebies I get from online banks. Maybe I don't get out much, but when I went in yesterday, I had an appointment and they had crayons, paper, and a little box of toys waiting for my toddlers - my kids thought it was a great outing and I enjoyed someone opening the account for me. Plus, my kids get a lollipop, which brings back nostalgia from my own childhood of going to the bank.

I just joined one that is a block from my kid's school and a grocery store I frequent. No fees. I never earned much interest at  internet bank anyway.