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New Contributor
PetRaccoon
Posts: 359
Registered: ‎11-29-2011

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


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

 




 

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Frequent Contributor
coterotie
Posts: 450
Registered: ‎11-30-2012

Re: thinking about switching to an online bank.

We have accounts with a local CU, USAA and ING.  Of the three, USAA is my favorite.

You can make a deposit of a check at a convenient UPS store, it is instantaneous, free and the funds are usually available immediately.

We transfer money from the local CU and even though it takes a few days to disappear from that account, we get immediate availability at USAA

No fees for ANY atm, they refund any fees that a foreign atm charges.

The iPhone, iPad aps are pretty sweet.  On one screen I have every balance to every credit product, deposit product, investment product, IRA, Pension at all 15 different places we have or owe money.  With a drill down capability that logs into the detail of those accounts.

All of this without full membership.

If you can get full membership, we were able to save 50% on our homeowners insurance and they have products for vehicles that aren't being driven.  So I can fully insure a car we're saving for my son for $50/year.  If I want to drive it one weekend, I can just pick up insurance for that weekend.
Don't have any credit products yet, but that will hopefully change shortly.

ING takes an extra day, just to transfer money between ING Bank and ING Brokerage which is ridiculous.  USAA is instantaneous.

We have the local CU, because a branch is located in the building with my wife's office.  We started with them several years ago when we made the switch from commercial banks to credit unions.

Even though I was a VP of a commercial bank, it is highly unlikely we'll ever deal with a local commercial bank again.

 

Valued Member
giants1986
Posts: 35
Registered: ‎01-24-2012

Re: thinking about switching to an online bank.

I actually just applied for an Ally Checking and Savings account since it seemed to be a good fit for me. I was told to call and confirm some details and now I'm waiting 3-5 days while my application is reviewed. A bit frustrating as I was ready to make this my direct deposit account. Hopefully I get an answer quickly.

Equifax - 621
Trans Union - 597
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

Re: thinking about switching to an online bank.


giants1986 wrote:

I actually just applied for an Ally Checking and Savings account since it seemed to be a good fit for me. I was told to call and confirm some details and now I'm waiting 3-5 days while my application is reviewed. A bit frustrating as I was ready to make this my direct deposit account. Hopefully I get an answer quickly.


Yes, the process of opening is a drawback of online banking, and the slow availability of deposits for the first 30 days.   But the rates generally make up for it!

Moderator
09Lexie
Posts: 24,091
Registered: ‎09-13-2012

Re: thinking about switching to an online bank.


bs6054 wrote:

giants1986 wrote:

I actually just applied for an Ally Checking and Savings account since it seemed to be a good fit for me. I was told to call and confirm some details and now I'm waiting 3-5 days while my application is reviewed. A bit frustrating as I was ready to make this my direct deposit account. Hopefully I get an answer quickly.


Yes, the process of opening is a drawback of online banking, and the slow availability of deposits for the first 30 days.   But the rates generally make up for it!


The availability of funds for new accounts will be the same even if its a brick and mortar bank.  However, the processing time to get accounts opened can be delayed due to the banks policy on indentity verification.  That being said, I have accounts  with Allant ( took 2  days to open needed copies of my DL and a utility bill and I received my packet a week or so later),  DCU ( I don't live anywhere near them so it was opened online/mail) and I was a customer of ING ( closed them in November - something about Cap 1).  I have had accounts with BofA and WF and swear I will never go back.  My deposits post immediately, there are no service fees and my checks are free.  What little contact I have had with CS has been professional and more than satisfactory. 

 

I have been an account holder with DCU since 2005 and Alliant since 2012. 

 

 

 

Contributor
nickn86
Posts: 130
Registered: ‎11-26-2012

Re: thinking about switching to an online bank.

I have Chase checking as a convert from WaMu.  It's pretty terrible.  I'm in grad school so I don't have direct deposit so I'll get hit with a $12 fee every month the funds in my account fall below a certain amount (I forget what it is).  Having been with Chase for 4 or so years, I've probably paid around $100 in fees because of that.  I never paid a cent to WaMu.  I've heard free checking is hard to come by now because of the overdraft fee legislation.

 

Also, Chase checking draws no interest and their savings account interest is .1 percent (which means you'll be getting pocket change every month in interest).  I should have switched, but I appreciated the convenience of Chase (their branches are EVERYWHERE in NYC and Chicago, the two cities I spend the most time in) and I'll have direct deposit permanently in a few months.

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Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012

Re: thinking about switching to an online bank.

[ Edited ]

Hmm.  No mention if Fidelity.  SP on account creation.  Brokerage account included (you can ignore if it you don't need it).  Free.  Not the best interest rates though.


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Valued Contributor
visorboy1974
Posts: 1,129
Registered: ‎05-17-2010

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


bs6054 wrote:

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.


80K ATMs where you don't have to pay a fee...I'm sure you can find one wherever you are.  

 

 

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

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

[ Edited ]

visorboy1974 wrote:

bs6054 wrote:

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.


80K ATMs where you don't have to pay a fee...I'm sure you can find one wherever you are.  

 

 


Yes, but the difference is that I don't need to look at all, just go to whichever one I see.  But yes, for checking the rate seems good, on par with Ally's rate for above 15K and Everbank's non-promotional rate.

 

Edit: note I was responding to "Alliant Credit Union is simply the best deposit account"  which I dispute!  I wouldn't have had an issue with "is a very good account"

Regular Contributor
ceemee2203
Posts: 201
Registered: ‎07-27-2012

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

[ Edited ]

I use Schwab for my checking and brokerage and love it. No fees, you can use any atm you like, call them at 3 in the morning and they'll be able to answer your questions. 

 

They pulled my Chex but they do a separate hardpull of Ex (I think) when you try to set up mobile check deposits (at least I think that's why they pulled it, kind of annoying). But the app is great, you can even pay bills with it. 

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