Do you use an online-only banking account?

[Nik2010]

If so, which one is it, and why did you choose that particular one?

Just looking for some ideas.  I have a big-bank checking account and a credit union checking account, which I love, but I want my daughter to get one that has some products geared toward teens (my current CU doesn't have one).  Plus...my big-bank checking is getting rid of their free checking, so I'm looking to move from there soon, too.

Thanks!

[SFernandez13461]

I've been using Ally for about two years, and I've been really happy with them. They don't charge monthly service fees and there's no minimum deposit required. My only minor complaint would be I wish that deposits were made available sooner, but considering the convenience of making mobile deposits and that the account is free, it's really not such a big deal. And depending on when you get your checks, it's not that bad. I usually end up getting them on a Friday evening, which means they're considered received Monday, and the first $200 is available Tuesday, and the rest the following day.

I did have an account with ING, and I liked it just fine too. But once Capital One bought them out, I stopped using that account. My only issue with ING was that I never received a $50 bonus I had earned just after I opened the account.

The last response just reminded me that Ally also reimburses you for any ATM charges.

[p-]

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Nik2010 wrote:  Do you use an online-only banking account?...my big-bank checking is getting rid of their free checking...

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I fired Wells Fargo last August when they couldn't figure out how to waive an 8 dollar monthly fee.  I use USAA now, and it's gone well so far.  I went with them because I already had a savings account and credit card with them, and they offered real free checking.  

I like the ATM policy; they reimburse me for the ATM fees that other banks charge, so I can even still use the Wells Fargo ATM.  I use the droid app for mobile deposits which is great.  I work for a small company that does not have direct deposit, so I am able to do my own direct deposit.

One catch; they start out conservative with the funds availability.  If I remember right, they put a five business day hold on my first deposit, which was inconvenient.  Then, they started giving me part of the funds available immediately.  After a few successful deposits, all of my funds became immediately available.

There is a daily deposit limit, and if you have a check that requires an in person ID or cash you can't deposit it.  I know that some UPS branches accept in person deposits, but I ended up keeping a free account at a physical bank for things like that.  I can do a large deposit, cash, money order, or a special check into the branch account, and then do a pull transfer at the USAA end with immediate funds availability.

I was nervous moving to online, but the USAA people have been great to deal with.  It's worked out great for the last 10 months or so.  Just watch out for that funds availability when you first start out.  It can be kind of a gotcha.

[p-]

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@p- wrote: ...I use the droid app for mobile deposits which is great...

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One more thing; You have to have a credit product with them in order to do the mobile deposit.  Or at least you did when I first signed up.  I assume if I ever kite a fake check, I'll find a cash advance on my credit card statement.

[guiness56]

I had USAA. I like them but I got tired of the online only part of it.  I wanted a bank I could walk into when I needed it.

[p-]

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guiness56 wrote:  I had USAA. I like them but I got tired of the online only part of it.  I wanted a bank I could walk into when I needed it.

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I have USAA and Penfed and use them for online, then I use a local credit union and big bank for walk in.  I can't remember the last time I walked in, but my wife had an ID verify required check last week and had to walk in to a branch.  It is nice to have someplace on standby if you need it.

[Sangha1]

I use Ally. Have a checking and savings with them. Went with them initially as they were awarded best online bank by Money Magazine, also have a great interest rate. All atm fees are reimbursed and have my direct deposit going there. My direct deposits are available instantaneously.

[guiness56]

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@p- wrote:

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guiness56 wrote:  I had USAA. I like them but I got tired of the online only part of it.  I wanted a bank I could walk into when I needed it.

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I have USAA and Penfed and use them for online, then I use a local credit union and big bank for walk in.  I can't remember the last time I walked in, but my wife had an ID verify required check last week and had to walk in to a branch.  It is nice to have someplace on standby if you need it.

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I had ID theft while with USAA.  Such a PITA doing everything online.  That's what made me switch.

[john398]

I use USAA as one of my bank accounts, pretty much online only, the nice thing is I can use pretty much any ATM and get reimbursed up to 10 a month I belive

[p-]

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guiness56 wrote:  I had ID theft while with USAA.  Such a PITA doing everything online.  That's what made me switch.

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Wow, really?  Ugh.  Sounds like a pain.