Hello!!
Well, I have bank accounts at 4 different banks, one being a credit union. No I don't have any double lives but I do have several savings account for different reasons and a few checking to pay for certain bills linked to certain accounts.
I have accounts with a credit union and they do have a location but I don't ever use them, I just take care of what I need online. I also bank with State Farm bank which is known for only being an "online bank" and have no physical locations. I don't think you ever need a physical location as long as you have direct deposit for your checks, or your bank offers to deposit them from you phone like most do these days.
It's all in personal preference I guess, do what you think is best for you.
@ExplicitElicit wrote:Hello!!
Well, I have bank accounts at 4 different banks, one being a credit union. No I don't have any double lives but I do have several savings account for different reasons and a few checking to pay for certain bills linked to certain accounts.
I have accounts with a credit union and they do have a location but I don't ever use them, I just take care of what I need online. I also bank with State Farm bank which is known for only being an "online bank" and have no physical locations. I don't think you ever need a physical location as long as you have direct deposit for your checks, or your bank offers to deposit them from you phone like most do these days.
It's all in personal preference I guess, do what you think is best for you.
For me its about rates,lack of fees, and access to almost any ATM. My current has interest checking,which none of brick and mortars offer. I use ally for savings which give me 20x+ better rates for savings accounts
that's basically it its not for everybody but it satisfies my requirements from a bank
Edit: forgot to mention cu gives you access to some good auto and mortgage rates also
@mo6579 wrote:
@FixMyCredit1992 wrote:I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.
I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.
Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?
I wouldn't worry about a branch so much. I am part of a 1 branch credit union, about 10 mins from work and 45 mins from home. I almost never go in person. I don't even have direct deposit, I just mail my checks endorsed For Deposit Only to Checking acct#, and the next day it's in my account. They've given me a code to use over the phone to call in if I ever need a wire transfer or cashier's check mailed out. Exceptional service when I do go in. Good internet access/options. What I realized after being stuck in chexsystems for years and using only a safe as a bank is that I don't use most of the features that a bank advertises since I don't have $250k+ in a savings account/investments. Look at how many services BOA and Citi offer that you really use and compare that to what DCU offers vs. how much you'll make on their better rates.
On the point of lacking branch most CU's, including DCU, allow you to do the deposit your check thru your smart phone, if you decide to not to DD option. Unless you need to talk to an actual banker for whatever reason having an actual bank is uneccesary imo.
@SunriseEarth wrote:
@FixMyCredit1992 wrote:I applied for membership with DCU and was approved, pending submitting a copy of my DL and SS Card.
I currently bank with Citi Bank and BOA. However DCU appears to have great rates, the only con seems to be no branches anywhere near me.
Does one really need a branch? Should I switch to DCU, or does Citi/BOA have a place?
How often do you actually go in a branch? I'm not sure how DCU is in particular, but CUs often have partner branches if you really need to go in a location where they don't have their own branch. If you really only need ATM access, you can do fee-free transactions at any CO-OP ATM. Every 7-11 in the country has one of those, as does every CU. It's extremely convenient to find a CU ATM.
every drugstore around here too has those coop-atms i believe also. Here every CVS and walgreens has those atms. They are popping up everywhere, we have like 8 cvs here in my little town. Craziness.