Online vs. Brick and Mortar Banks

[havasu]

A question for the masses...

Do you use Brick and Mortar banks for any savings accounts you may have, or are you going for higher interest with online "Virtual" Banks?

 

[Supervisor42]

A question for the masses...

Do you use Brick and Mortar banks for any savings accounts you may have, or are you going for higher interest with online "Virtual" Banks?

I only use Brick and Mortar banks that I can walk into and cuss.
When I leave, I chirp my famous phrase: "Don't make me have to come down here again!".

 

[Neb]

A question for the masses...

Do you use Brick and Mortar banks for any savings accounts you may have, or are you going for higher interest with online "Virtual" Banks?

We moved from a bank to a local savings and loan when they changed the banking laws where depositor are paid last.

Ben

 

[Caribou]

I use brick and mortar banks. I recommend multiple banks and multiple types of banks. There are you banks and your savings and loans. Each of these come in both State and federal flavors. I’ve seen the S&L’s crash, it took years for the depositors to get their money. We’ve all seen bank holidays. If they ever lock our banks and allow limited withdraws then having two accounts, in different banks, allows you twice the access to your funds. If you could withdraw four times the limited amount life might be close to normal.

 

[havasu]

We moved from a bank to a local savings and loan when they changed the banking laws where depositor are paid last.

Ben

Are you concerned with the FDIC?

Personally, I have no issue when one bank goes under for one of a thousand stupid reasons. They have, and FDIC has protected the savings for the little guys, like you and me. My bigger concern is what happens to the little guy when 50-100 banks fail in one day? Does anyone think the FDIC would bail them out?

 

[zoomzoom]

Both.
Brick & mortar for my day-to-day banking.
Online (in particular Vanguard who may have branches around here) for my larger savings. They're currently giving 4.7% on savings.

 

[angie_nrs]

I use brick and mortar banks. I recommend multiple banks and multiple types of banks.

Yup, me too.

If you are concerned about interest, you can always ask about CD specials with your local banks. Right now, short term CD's (5 months or less) offer a better rate than the longer term CD's at over 5%. Your funds are as safe as in an account and IF you needed to pull that money out before the maturity date, you'd typically just lose some of the interest you were supposed to get. All of your initial investment is generally safe.

I don't do online banking b/c I don't need to and I don't want to. I like to keep my money close.

 

[Supervisor42]

I only use Brick and Mortar banks that I can walk into and cuss.
When I leave, I chirp my famous phrase: "Don't make me have to come down here again!".

I thought about this some more, and I wasn't being completely honest .
I too am guilty of working online credit-card banks a bunch.
They are considered "pre-approved loans" in my book.
I never give them a dime in interest or fees, but Chase and BOA still love me very much.
So I also use 'online banks'.

 

[Bacpacker]

Our main accounts are local credit Unions. Wife does have checking and Savings at a local to our county bank. Plus I have accounts, 401k and IRA that are online, plus credit cards. So some of all I guess

 

[rice paddy daddy]

Our main bank is on line, USAA who also has our vehicle insurance.
We also have a joint account, which is used by me alone, at a brick and mortar place. It is a regional bank, SE Georgia and one county in NE Florida. They have been around for over 100 years, went thru the Great Depression, WWII, the Great Recession. I’m not worried at all about my money.

 

[zoomzoom]

I too am guilty of working online credit-card banks a bunch.
They are considered "pre-approved loans" in my book.
I never give them a dime in interest or fees, but Chase and BOA still love me very much.
So I also use 'online banks'.

I do the same.

Like Vanguard, Fidelity and others, Chase and BOA have branches near me but I only do online with them (except BOA - They pissed me off a few years ago so I stopped banking with them).

I don't pay any fees or otherwise but my Chase credit card gives me back around $1000-1500 per year.

 

[Morgan101]

We use banks, credit unuons, and recognized brokerage institutions. We don't do anything on-line.

 

[Supervisor42]

I do the same.

Like Vanguard, Fidelity and others, Chase and BOA have branches near me but I only do online with them (except BOA - They pissed me off a few years ago so I stopped banking with them).

I don't pay any fees or otherwise but my Chase credit card gives me back around $1000-1500 per year.

I had to sentence my Capital-One card to a 3-year death sentence in the drawer when I found out they were racist against whites and cut my credit limit in half for no reason.
I too launder about 90% of my spending thru CC's and rack up huge 'bonus points' (also called 'free dollars').
Used the last batch to buy a bunch of books .

 

[dademoss]

I have a local Brick and Mortar I can go yell at, 99% of my stuff is done online.

Maybe twice a year I hit the ATM for hamburger money.

 

[old tex]

I use a credit union for our banking & love them. We can also sign in online to check or modify our account. My SF uses a regular bank which I deal online with them. I can't tell you how little they want to do things for you unless they can collect money for it. For instance the checks he has from them don't have deposit slips, they charge for printing & shipping them. Also they charge a minimum if your balance drops below $10,000. I think that if all CU's closed I'd keep my money in a box rather than deal with a bank because their main interest is sucking money from you.

Oh & just so you know, he has a LOT OF MONEY in there, yet gets charged for everything they can.

 

[Supervisor42]

I have a local Brick and Mortar I can go yell at, 99% of my stuff is done online.

Maybe twice a year I hit the ATM for hamburger money.

When we were in Bama, the bank mistakenly deposited DW's paycheck into her savings account, instead of her checking.
Big mistake!
By the time she found out, there were numerous overdraft fees, bounced check fees, etc.
Fortunately, she packs a loaded, live-fire, AH, who went with her.
By the time 'we' had finished, they had reversed all of the charges including one that they even had to pay her in cash.
When we turned around to leave, every teller and employee in the place, was staring at us!

 

[Amish Heart]

Marcus (online) no minimum savings at 4.4%. Vanguard for 401K. Otherwise brick and mortar local. Local credit union 9 month CD's at 5%. Use a local First National for checking. Spread it out. Marcus is easy to get money in and out, don't have to talk to anyone.

 

[Sourdough]

Alaska had 76% of all Banks & Savings & Loan & Credit Unions go "BANKRUPT" In the 1980's. I had FOUR banks that I had business accounts in went Bankrupt. FDIC made it all good. Was still a pain in the ass. I did months & months of research on safe banks.

 

[backlash]

Both
We also use Credit Unions.
All are brickand morter but I do most banking on-line.

 

[Tommyice]

I have a local community bank that I love. They only have about 7 branches but they aren't too big. The most helpful people that know folks by name. The one manager shops at our pharmacy and is always giving the heads up on when special things/accounts are happening.

I also have a USAA checking account as a backup. I also have car/homeowner's insurance with them and one credit card.