I am starting to think that it would be a good idea to have a "bank" bank account like Bank of America or HSBC. I have all the good Credit Union accounts - Penfed, Alliant, Patelco, and even some exclusive ones like USAA and a couple local CUs. However I do not have any accounts with a real nationwide bank. I looked into this a while back and they seem to charge fees and piss off customers. In fact, I think most FWFers only use them for signup bonuses. When I looked into a Bank of America and HSBC account, they want a monthly fee to let me have a basic 0.5% savings account with them. HSBC has an online savings account but it doesnt allow teller access.
One reason to have a real bank bank account is for safe deposit boxes. Most credit unions do not offer them, and most of the good credit unions we use are likely to be several hundred miles away. I am 1000 miles away from Penfed and 3000 miles from Patelco.
Another reason I needed one was for a signature guarantee stamp to go on a treasury direct application. Notorization was not acceptable and it needed to be a stamp from a financial institution. I was able to get my local CU to do this for me for free after trying to explain what it was but for the most part local CUs dont seem to know very much. Maybe banks are similar and I just havnt experienced it.
If I want to cash a treasury bond like an I Bond I need to use a real bank. I could mail it in the treasury department but it would be a lot easier with a real bank that does that. No CU does this.
Theres probably other reasons to need a real bank account that I havnt run into. Perhaps I get robbed on vacation and could walk into a Bank of America branch to get some cash.
Perhaps the most unconventional reason I could think of is that if someone is considering suing me and researches the savings I have, they would likely run the big banks first and if they dont see any accounts they can assume I have the money hidden elsewhere. If however they find one bank account with $28 in it, they might think I have nothing and leave me alone.
Does anyone keep a real bank account handy for such things?
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posted: Jan. 23, 2009 @ 1:27p
ppatin
Focused.
posted: Jan. 23, 2009 @ 1:33p
I've always been pleased with Bank of America for my checking account. They have branches and ATMs everywhere, and there are no monthly fees if you do direct deposit. Their rates on savings accounts and CDs are a pathetic joke, but I use other banks for those.
sushiosushi
Senior Member - 2K
posted: Jan. 23, 2009 @ 1:41p
tripleB said: Another reason I needed one was for a signature guarantee stamp to go on a treasury direct application. Notorization was not acceptable and it needed to be a stamp from a financial institution. I was able to get my local CU to do this for me for free after trying to explain what it was but for the most part local CUs dont seem to know very much. Maybe banks are similar and I just havnt experienced it.
For medallion signature guarantees at BofA you usually need to speak to the manager not the tellers at the windows. Only financial institutions that participate in the program can offer the stamp for you.
Interest is a "reasonable" 2.50%, teller access allowed, widespread ATM access including 7-11's. ATM deposits are available immediately. Very decent web interface.
I agree with ppatin above regarding BofA. I use the Schwab checking account as my main checking account and for ATM withdrawals, but I also have a free checking account with BofA that I plan to keep open. I think it's a lot easier to use a local BofA ATM to deposit cash/checks than mail them to Schwab, even though I only do so every month or so. BofA posts ATM deposits nearly instantly, so then I just ACH online to a higher-yielding account. Also, I have a Roth IRA with BofA that's free with the checking account.
mttatkns
Thrifty Member
posted: Jan. 23, 2009 @ 1:45p
I use Citibank Ultimate Savings for this. There is no monthly fee or minimum, it pays a reasonably high interest rate, and it can be serviced in branch (though they often bug you to open a checking account). If you don't travel to other states much, you may also wish to consider a regional bank (e.g. SunTrust).
ppatin
Focused.
posted: Jan. 23, 2009 @ 1:57p
brawa said: I think it's a lot easier to use a local BofA ATM to deposit cash/checks than mail them to Schwab, even though I only do so every month or so.
Ah, I almost forgot to mention BoA's awesome check-scanning ATMs. No envelopes required, you just let it scan the check and you're good to go.
I have a BofA checking account which is free with direct deposit and because their rates suck, I only keep a few hundred in there at a time. The branch is just across the street from where I live so it's very convenient, and when I move, I know won't have to go far to find another branch/ATM.
Thanks for the replies thus far, but is there advice to people like myself who currently do not have a bank-bank to have one open "just because" even though all current needs are met by regional CUs?
Kismet4Max said: Washington Mutual still offers the free checking account and the account will be grandfathered in once all the branches are converted to Chase.
I wouldn't count on anything being grandfathered in with Chase.
ppatin said: I've always been pleased with Bank of America for my checking account. They have branches and ATMs everywhere, and there are no monthly fees if you do direct deposit.MyAccess accounts opened online have no monthly fee, no direct deposit required. And you can get a $50 bonus too (maybe a $100 bonus, if you look hard enough for the right promo code).
mttatkns
Thrifty Member
posted: Jan. 23, 2009 @ 3:52p
tripleB said: Glitch99 said: tripleB said: I am 1000 miles away from Penfed and 3000 miles from Patelco.You realize we can now triangulate your location.....
I did not give lateral coordinates with respect to the vertical position of my location. It will still be extremely difficult to find me.Not really, you also told us you live about 60 miles north of Key Largo, FL, which puts you around Miami which is coincidentally about 1050 miles from Washington DC, where the nearest Penfed branch would be, 2840 miles from the nearest Patelco branch in Bakersfield, CA, and 3109 miles from Patelco headquarters in San Francisco.
Having a "walk-in" bank is a must for all sorts of little things like cashing rebate checks and getting an occassional money order and some of the other things you mentioned. Just about every bank has some sort of free account. Just walk out the front door of your office or home and look around. Open an account at the nearest location; convenience trumps all other factors in this department.
I've sometimes used Chase for this but more often National City Bank, a midwest regional bank (recently bought by PNC Bank with the help of some of our tax dollars). National City gives me a free safety deposit box with my account - if I recall it is employer-related & requires direct deposit - no fees, free checking, free physical checks for life, and they gave me a savings account with a 4% rate locked for 6 months (about 1 month remains and this offer has a $5k minimum I think). Interest on checking is tiny, but I keep most funds in savings.
Anything I deposit to savings by their daily cutoff time starts earning interest that same day - no runarounds & BS in terms of when it starts earning as I've sometimes had with some other banks. They have plenty of ATMs & branches where I live (neither Florida nor Michigan).
The physical “overnight depository” slot at a bank branch is handy sometimes, too - just drive by on the way to/from work, toss the envelope in, leave, and later at your leisure confirm the deposit on the web. No pecking at poorly-lit ATM keypads in the dark and cold.
But NatlCity is mainly if not exclusively midwest - maybe the addition of PNC also adds PA & maybe some other mideast states. Not your answer for nationwide access, but I think they do have locations in MI. And since FL was mentioned - interesting tidbit here, at least for me - how National City got to be in the state they were in (i.e. FDIC shotgun wedding with PNC) is due to the FL real estate they invested in rather late in the game. They just had to have some of that “sand state” real estate mojo. But, the FDIC makes it all good.
Their website is reliable but does not allow ACH pushes/pulls. BTW, I've gotten a signature guarantee at a bank (I think Chase a couple years ago), but I think you can often use a local broker for these if necessary.
tripleB said: Somebody hacked my account sorry I really live in Michigan. Sorry for any inconvience. I do not live in Miami.Now that paranoia will dictate that you move to another state, you can find out first hand how much hassle it is to change your address on all your accounts.
mttatkns
Thrifty Member
posted: Jan. 23, 2009 @ 7:38p
tripleB said: Somebody hacked my account sorry I really live in Michigan. Sorry for any inconvience. I do not live in Miami.Then why are you insuring your car in florida?
mttatkns said: tripleB said: Somebody hacked my account sorry I really live in Michigan. Sorry for any inconvience. I do not live in Miami.Then why are you insuring your car in florida?
i guess the hacker is from florida. i'll forward this to the police as evidence but for now please stop talking about this. i live in michigan now. thanks...
tripleB said: mttatkns said: tripleB said: Somebody hacked my account sorry I really live in Michigan. Sorry for any inconvience. I do not live in Miami.Then why are you insuring your car in florida?
i guess the hacker is from florida. i'll forward this to the police as evidence but for now please stop talking about this. i live in michigan now. thanks...
If you really live in michigan, then tell us how many women REALLY participate in the naked mile run?
mttatkns
Thrifty Member
posted: Jan. 24, 2009 @ 3:29p
gatzdon said: tripleB said: mttatkns said: tripleB said: Somebody hacked my account sorry I really live in Michigan. Sorry for any inconvience. I do not live in Miami.Then why are you insuring your car in florida?
i guess the hacker is from florida. i'll forward this to the police as evidence but for now please stop talking about this. i live in michigan now. thanks...
If you really live in michigan, then tell us how many women REALLY participate in the naked mile run?pics?
smackfu
Senior Member
posted: Jan. 24, 2009 @ 7:47p
I use my local bank for this. They only have 9 locations or so but I'm near the center of them so it's very handy. I guess they've done a good job of saturating the market because the national banks don't have very good coverage at all. A BOA and a Webster and that's it. This is in a small New England town.
He isn't as bad as my neighbor in my house in Florida.... he comes up with the craziest crap! He asks me how to defraud stores... He asks why people hate banks... He wants to know how much money I make, and what I do with it.... He asks me if I know of any great financial advice I can share with him... He wants to know how to become liked on the internet... He asks me if I have eve been on FW, and what my user name is.... He says "Isn't tripleB the greatest poster EVAH!!!!???"...
OH CRAP, he is MY neighbor!!
Hey brian, open the door, I want a cup of coffee in the morning!!!
This tripleB guy is nothing but a waste of forum space. I automatically give him/her/trans-v () red whenever posting due to the inflated sense of self importance.
Glitch99 said: tripleB said: I am 1000 miles away from Penfed and 3000 miles from Patelco.You realize we can now triangulate your location.....Actually, the interpretation of that data will result in two locations. Technically, triangulation actually requires three locations.
delzy said: Glitch99 said: tripleB said: I am 1000 miles away from Penfed and 3000 miles from Patelco.You realize we can now triangulate your location.....Actually, the interpretation of that data will result in two locations. Technically, triangulation actually requires three locations.
Im also 5 miles from Canada. So that should help you figure it out.
ElectricSavant
Senior Member
posted: Jan. 25, 2009 @ 4:08p
Free outgoing wires too!
Kismet4Max said: Washington Mutual still offers the free checking account and the account will be grandfathered in once all the branches are converted to Chase.
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