topic Re: ARe: thinking about switching to an online bank. in Credit Cards

thinking about switching to an online bank.

idonthaveaname — Thu, 24 Jan 2013 14:21:29 GMT

I'd prefer not to mail in a check . any ideas?Is there any that offers remote deposits or smart phone deposits

Re: thinking about switching to an online bank.

bs6054 — Thu, 24 Jan 2013 14:30:36 GMT

idonthaveaname wrote:
I'd prefer not to mail in a check . any ideas?Is there any that offers remote deposits or smart phone deposits

Many/most of them do. I use Everbank (checking/money market), TIAA (savings), Barclays (savings) and they all offer remote deposit on Android and iPhone.

I also have Cap One Internet (which I don't think does) and Bank of America e-banking (which does but isn't an online bank!)

My daughter has Ally which also offers smartphone deposit (now!)

Re: thinking about switching to an online bank.

Swapmeet — Thu, 24 Jan 2013 14:33:51 GMT

I use USAA for my everyday checking. I just open my iphone app, take a pic of a check, front and back, and it is deposited and available right then.

Re: thinking about switching to an online bank.

idonthaveaname — Thu, 24 Jan 2013 14:35:16 GMT

Hey I heard USAA only allows the smartphone option if you are in the military?

Re: thinking about switching to an online bank.

Swapmeet — Thu, 24 Jan 2013 14:44:43 GMT

idonthaveaname wrote:
Hey I heard USAA only allows the smartphone option if you are in the military?

This is false I'm afraid. I know this because I am not, nor have I ever been in the military. This does bring up a good point though. In order to be able to use their mobile deposit system, you must have a credit product with them. There is a second way, but it escapes me right now, unfortunately.

Re: thinking about switching to an online bank.

idonthaveaname — Thu, 24 Jan 2013 14:51:26 GMT

Thats what I meant regarding the mobile deposit. I'd like to be able to have that option but i didn't think you can actually have a credit product unless you are in the military

Re: thinking about switching to an online bank.

Swapmeet — Thu, 24 Jan 2013 14:54:09 GMT

Once again I have to say ~P. I have a credit product through them as well. You will have to be a full member, which is easy to do if anyone in your family has ever been in the military or banked with them.

Re: thinking about switching to an online bank.

idonthaveaname — Thu, 24 Jan 2013 14:56:34 GMT

no:(

Re: thinking about switching to an online bank.

awdsmama — Thu, 24 Jan 2013 15:05:27 GMT

I've heard about various online banks but haven't looked into them much.

What's the draw/benefit of them?

Re: thinking about switching to an online bank.

PetRaccoon — Thu, 24 Jan 2013 15:35:46 GMT

For checking I really don't see much of an advantage if any at all. If you're using direct deposit then I'd say theres not much difference unless you have to deposit other types of money

I guess it also depends on where you live. Here in NY, its easy to find a Chase almost everywhere which is convenient for me, although the minimum balance requirement kind of stinks. Which can be another advantage of online banking.

However for savings, online banks like Ally or AMEX give much better rates than your traditional bank usually.

Re: thinking about switching to an online bank.

bs6054 — Thu, 24 Jan 2013 15:47:36 GMT

PetRaccoon wrote:
For checking I really don't see much of an advantage if any at all. If you're using direct deposit then I'd say theres not much difference unless you have to deposit other types of money

I guess it also depends on where you live. Here in NY, its easy to find a Chase almost everywhere which is convenient for me, although the minimum balance requirement kind of stinks. Which can be another advantage of online banking.

However for savings, online banks like Ally or AMEX give much better rates than your traditional bank usually.

Well, even for checking the advantages can be great. At Everbank, I am getting 1.25% interest, which is a 6 month introductory, after it drops to about 0.75%, compared to BoA offering 0.01%! So that is really money. I went from getting $5 interest per year in BoA to about $800.

Other advantages, you can use any ATM, and get all fees refunded. This may matter a little less in your bank's ATMs are all over the place, but it's just another really useful feature. And ACH transfers are free, many big B&M impose fees on transactions initiated from them.

In fact, I don't see any reason to stick with B&M banks for most people. I don't really think that "building" a relationship counts for all that much with large corps, and anyway, I prefer to shop around, getting CCs from some issuers, banking at other places, getting a mortgage from internet brokers.

At some stage in your credit life, and with the right bank, a relationship might help, but I remain to be convinced!

Re: thinking about switching to an online bank.

PetRaccoon — Thu, 24 Jan 2013 15:47:19 GMT

That sounds pretty nice, to be honest I only keep my Chase account because its easy to pay my Chase CCs with it.

Guess I need to look at it some myself.

Edit:

Ahh...

Monthly fee in any month when average daily balance is below $5,000

$8.95

Well bugger, thats a turn off for me..

Re: thinking about switching to an online bank.

bs6054 — Thu, 24 Jan 2013 15:49:37 GMT

PetRaccoon wrote:
That sounds pretty nice, to be honest I only keep my Chase account because its easy to pay my Chase CCs with it.

Guess I need to look at it some myself.

Edit:

Ahh...
Monthly fee in any month when average daily balance is below $5,000 $8.95

Well bugger, thats a turn off for me..

That's Everbank. Ally has no fee, Everbank is good for balances above $5K (which isn't such a high limit compared to many B&M banks!)

Re: thinking about switching to an online bank.

PetRaccoon — Thu, 24 Jan 2013 15:52:18 GMT

bs6054 wrote:
PetRaccoon wrote:
That sounds pretty nice, to be honest I only keep my Chase account because its easy to pay my Chase CCs with it.

Guess I need to look at it some myself.

Edit:

Ahh...
Monthly fee in any month when average daily balance is below $5,000 $8.95

Well bugger, thats a turn off for me..
That's Everbank. Ally has no fee, Everbank is good for balances above $5K (which isn't such a high limit compared to many B&M banks!)

I know, just you quoted that one specifically and that sounded really nice.. Chase at the moment is $1.5K, which I can live with, although I have my HSBC which is sitting at 0 thanks to a joint with my mom. BUT I hate HSBC's online banking, and paying the Premier card has such a huge delay when doing transfers..

ARe: thinking about switching to an online bank.

flowfaster — Thu, 24 Jan 2013 16:02:00 GMT

Alliant Credit Union is simply the best deposit account

Next day ACH push and pull!

Mobile Deposit!

No Fees.

Great rates.

Decent credit products.

EDIT: hard pull for membership.

Re: thinking about switching to an online bank.

FutureBillionaire — Thu, 24 Jan 2013 16:31:56 GMT

idonthaveaname wrote:
I'd prefer not to mail in a check . any ideas?Is there any that offers remote deposits or smart phone deposits

ING direct is a good option for checking and savings. So is Ally bank.

Re: ARe: thinking about switching to an online bank.

bs6054 — Thu, 24 Jan 2013 16:35:33 GMT

flowfaster wrote:
Alliant Credit Union is simply the best deposit account

Next day ACH push and pull!
Mobile Deposit!
No Fees.
Great rates.
Decent credit products.

EDIT: hard pull for membership.

Not sure about that. Checking rates are pretty good (need monthly deposit), savings rate isn't good, and it looks like they don't refund owner ATM fees.

Re: thinking about switching to an online bank.

Smug — Thu, 24 Jan 2013 16:40:00 GMT

Ally, BOFA,amex,discover, I have a few

Re: ARe: thinking about switching to an online bank.

dobirdsmommy — Thu, 24 Jan 2013 16:41:35 GMT

I have Chase in NY and I do not have to keep a min amount.. We deposit my husbands check via the Ipad and I have my check DD every other week. I do not pay any fees at all

Re: ARe: thinking about switching to an online bank.

bs6054 — Thu, 24 Jan 2013 17:04:57 GMT

dobirdsmommy wrote:
I have Chase in NY and I do not have to keep a min amount.. We deposit my husbands check via the Ipad and I have my check DD every other week. I do not pay any fees at all

And what rate do you get? The object is to get a good rate with no fee, and most banks listed do that (Everbank is the exception. They are not a standard internet bank, as they have core businedealing with niche areas such as metal speculation and foreign currency deposit accounts, but if you meet the 5K, very good rates