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Switching to online bank. Keep brick/mortar bank account open?

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  • Switching to online bank. Keep brick/mortar bank account open?

    After doing enough of my own research on forums and online, I'm convinced of the benefits of opening up an account at an online bank (Ally). However, I was wondering if I should be closing my brick/mortar bank account (Wells Fargo) or just leaving a small portion of cash there.
    -For those who only use online banks, has there ever been a time where you wished you had kept the brick/mortar account open?
    -For those who still maintain both types of accounts, for what reasons are you still using the brick/mortar bank?

  • #2
    brick/mortar-safety deposit box, can walk in and get denominations I need.  travelers checks available.

    otherwise don't need them too much.

    they do hold my mortgage.

     

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    • #3
      I have both.  Like q-school, I use the B&M for a safety deposit box, currency exchange, and a few other things that are convenient by having B&M.  I usually keep a small amount of my cash holding (less than $20,000) in B&M and transfer out additional funds to online banks.

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      • #4
        i haven't used a brink/mortar bank since 1988. no issues.

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        • #5
          I have both.

          I have business and personal relationship with local banker who provides excellent service to me when I need it. I get preferred CD rates, a free SDB, and low cost currency exchanges when I need them.

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          • #6
            You can walk into most any bank and just open an account in minutes if you ever need it.

            A dormant account might easily take half an hour to open, possibly several visits and/or phone calls.

            Keeping money in another bank is just one more thing to keep track of, one more thing to forget about.  No thanks.

             

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            • #7
              I haven't stepped foot in a bank since 2002 I think. Checks can be deposited with your phone.

              I was an early user of "Netbank" which ironically went bankrupt. Back then it was a pioneer in online banking. I'm still surprised how many brick-and-motor bank locations there are.

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              • #8
                I keep one B&M for access to a notary republic which has been a need on occasion, there may be other ways to get one but I haven’t researched it.

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                • #9
                  yes lots of other ways to find a notary. and it is not a requirement for banks to have notary service anymore so not guaranteed (branch specific). Other places which offer notary service (and most even free) public library, AAA (comes with membership), your realtor, accountant office or insurance office, schools and universities, many hotels to include Disneyworld, police stations, hospitals, military posts, city/county offices (usually with small fee), UPS store (with fee). I have four notaries in my hallway at work.......

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                  • #10
                    I've used my b&m bank for getting documents notarized.   other then that I havent had much need to go to a bank for personal business for the last decade.

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                    • #11
                      B&M banks also provide signature guarantees / medallion signatures, which are somewhat harder to find than notaries.

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                      • #12




                        B&M banks also provide signature guarantees / medallion signatures, which are somewhat harder to find than notaries.
                        Click to expand...


                        Yes these can be an issue.  I know people have a hard time getting them to do it for non-customers as well.

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                        • #13
                          As long as your online bank allows direct deposit, mobile check deposit and refunds ATM charges, I don't know why you'd need a physical bank. We did open my 9 year olds checking and savings account at a local bank because I think it made the process more exciting, official and grown up. But hopefully you don't need that incentive to be interested in your finances anymore ;-)

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                          • #14
                            I don't have a B&M bank, and what I miss most is the ability to deposit cash.  Sure, I can spend it, but forgoing credit card rewards is like paying a 2% tax on everything.  I hadn't thought of currency exchange, but that's definitely useful for me.  But I doubt I'd want to keep money in a B&M bank just for this; the monthly fees or cash drag would more than exceed any benefits I'd get monetarily.

                            I do have a BoA account through Merrill's Preferred Rewards, but no branches where I live.

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                            • #15




                              I don’t have a B&M bank, and what I miss most is the ability to deposit cash.  Sure, I can spend it, but forgoing credit card rewards is like paying a 2% tax on everything.  I hadn’t thought of currency exchange, but that’s definitely useful for me.  But I doubt I’d want to keep money in a B&M bank just for this; the monthly fees or cash drag would more than exceed any benefits I’d get monetarily.

                              I do have a BoA account through Merrill’s Preferred Rewards, but no branches where I live.
                              Click to expand...


                              what fees?  I don't have any fees.

                              the interest is lower than ally bank but I don't keep that much cash in the B&M

                               

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