Do you bank with an "online" bank only? How do you like it?

[Ed_Flecko]

For a variety of reasons, I'm thinking about changing banks. I don't need a physical bank, so I'm thinking about one of the popular alternatives, like https://www.forbes.com/advisor/banking/best-online-banks/

I'm curious if you've made the switch from a "bricks & sticks" bank chain to an online alternative? How do you like it? How long have you been banking this way? Do you miss using a physical branch?

Thank you,
Ed

 

[RDY4WAR]

I kinda do. I bank with Navy Federal Credit Union but the nearest branch is over an hour away. I can do pretty much everything online so it's not an issue, and they have 24/7 customer service.

 

[PimTac]

I’ve used Charles Schwab Bank now for 6-7 years with no problems. In fact, they were very helpful when I called them from overseas on a important wire transaction. Both times I called CS I got a live person in Phoenix.

Their app is easy to use as well and a great feature of their account is a debit card that rebates all ATM fees each month. They also charge no fees for the account, no minimum balance and a modest interest rate to boot.

 

[Duffyjr]

I bank with a locally owned bank but I can't even tell you the last time I actually went there. Been doing online banking for many years.

 

[Audios]

I moved about 85% of my savings to AmEx online savings, was 2% interest, down to 1 now. I keep the rest on hand for larger purchases locally.

 

[Ed_Flecko]

I'm looking hard at Discover.

Thank you for your feedback!

Ed

 

[KJSmith]

My nearest Credit Union Branch is 250 miles away.
Been doing business online for 21 years now.

Sometimes I actually call them.... but not often.

I have been a member there for 35yrs.

 

[92saturnsl2]

I use Discover Bank, it's essentially all online though they do have a single branch in Delaware.

Best bank I've ever had, bar none. Absolutely zero fees, not even overdraft. They also consistently have one of the top rates for high yield savings accounts. You also get 1% cash back on any debit card purchases.

The number one reason I like them though is that when an issue comes up and you have to dial that 1-800 number... You get an American human on the other line IMMEDIATELY. And they are super friendly and helpful. No complicated menus, just dial a number and talk to a live human.

My only gripe about them is that they claim to have XXXX number of free ATMs across the country and you can look up the locations online or via mobile app. The two closest to me are about 15 miles away but they're on the way to work, so no big deal. However, even though they're listed on the app as free ATMs, I still got charged the couple times I used them. Not a deal breaker as I can count on one hand the number of times I've needed an ATM in the last several years. I'm sure I could call them and get it waived, but I forgot, guess I had more important things than $2.50 on my mind at the time.

I get direct deposit and any checks I happen to get are deposited through the app. Online services/bill pay and their mobile app are very user friendly. I've been doing online banking exclusively for the last 10 years or so, though I've only been with Discover for 2 years and won't be looking back. Prior to Discover, I used American Express as my online bank and it was fine, but their savings rate was lower and I grew tired of having to ask merchants whether they take AMEX or not. Smaller stores seemed to have about a 50/50 shot as to whether they accept it.

I the last two years I think I've encountered just one merchant that didn't take Discover, but I don't remember who it was. Pretty sure it was one of my utility companies. But acceptance has never been an issue, any store I've ever walked into takes it.

 

[Ed_Flecko]

I use Discover Bank, it's essentially all online though they do have a single branch in Delaware.

Best bank I've ever had, bar none. Absolutely zero fees, not even overdraft. They also consistently have one of the top rates for high yield savings accounts. You also get 1% cash back on any debit card purchases.

The number one reason I like them though is that when an issue comes up and you have to dial that 1-800 number... You get an American human on the other line IMMEDIATELY. And they are super friendly and helpful. No complicated menus, just dial a number and talk to a live human.

My only gripe about them is that they claim to have XXXX number of free ATMs across the country and you can look up the locations online or via mobile app. The two closest to me are about 15 miles away but they're on the way to work, so no big deal. However, even though they're listed on the app as free ATMs, I still got charged the couple times I used them. Not a deal breaker as I can count on one hand the number of times I've needed an ATM in the last several years. I'm sure I could call them and get it waived, but I forgot, guess I had more important things than $2.50 on my mind at the time.

I get direct deposit and any checks I happen to get are deposited through the app. Online services/bill pay and their mobile app are very user friendly. I've been doing online banking exclusively for the last 10 years or so, though I've only been with Discover for 2 years and won't be looking back. Prior to Discover, I used American Express as my online bank and it was fine, but their savings rate was lower and I grew tired of having to ask merchants whether they take AMEX or not. Smaller stores seemed to have about a 50/50 shot as to whether they accept it.

Hey, thank you...that's great to hear!



Ed

 

[JustinH]

I've been playing the checking account game for a few years. Where I live BOA, Chase, and Wells all have branches next door to eachother.

I keep one of those and a online savings account with Marcus (Goldman Sachs). Savings interest is nearly zip right now.

 

[qdeezie]

My primary checking and savings account are both with Discover. When Wachovia was no more, I needed to find a different bank for an online billpay that worked like Wachovia's. As in if I set my bill pay for August 14, 2020, the money is not withdrawn out of my account until August 14, 2020 and on August 15, 2020 the bill shows as paid with the payee. So, in using the aforementioned example if I were to schedule my mortgage or my cell phone bill for X date, on the next day, it shows as being paid on X date with my lender or cell phone provider. Discover's billpay is awesome.

Aside from the billpay, I love their checking account rewards and other features. I think Discover checking is a safe bet. I have had them for years at this point and do not plan to change banks anytime soon.

Not sure if this helps, but this is my experience.

 

[mattwithcats]

I have an account with a Credit Union...
You can use their bricks and mortar store, a Credit Union Service Center, or online..

I pay no fees, and get interest on savings and checking..

 

[earlyre]

I kinda do. I bank with Navy Federal Credit Union but the nearest branch is over an hour away. I can do pretty much everything online so it's not an issue, and they have 24/7 customer service.

Ditto, sorta...
I bank with PNC, but where I live the nearest branch is an hour away.
I opened the account when 1) it was National City, 2) I lived in a Bigger city with many branches. In fact i think the branch I actually opened the account at closed in the last couple years.... I've had no problems with them, unlike some others with improper fractions in their name, and 99% of what I've needed to do with them over the last 15 years has been easily accomplished either online or over the phone... the one time... I had to drive an hour to deposit a check that was JUST over the limit of the mobile deposit with their app.

 

[Malo83]

Bank with Wells Fargo Checking and Savings, also bank with Navy Federal credit union, keep a savings account and my IRA account, no online but get a lot done over the phone.

 

[PandaBear]

I would want to have at least one account in a physical bank nearby (within the same city), the rest of my accounts can be online only institution. This way if I need certain service that must be physically present I can go there.

 

[MNgopher]

Ditto the comment above - We maintain relationships/accounts with at least one bank that has local branches for services that may need to be done in person and immediate access to funds.

That being said, we have accounts at a Credit Union that is 7 hours away and do everything online with them. I did an auto loan and it was easy.

We've had savings accounts that are online only (Currently at American Express) and never had an issue with one. Just need to plan that it will be 2-3 days before the funds hit a local account.

 

[Oildudeny]

No I wouldn't feel comfortable.. I like that my bank is local and if I have any banking concerns I can walk into a branch. "However corona did a good job at making that almost impossible" have to schedule appointments now for in person.. Only drive-up window and atm svc readily available. I am a fan of the mobile banking app and can deposit checks pay bills with the bill pay move and transfer funds.. So maybe one day in the future I'll go to a 100% online banking where there's no local branches.

 

[Oildudeny]

I use Discover Bank, it's essentially all online though they do have a single branch in Delaware.

Best bank I've ever had, bar none. Absolutely zero fees, not even overdraft. They also consistently have one of the top rates for high yield savings accounts. You also get 1% cash back on any debit card purchases.

The number one reason I like them though is that when an issue comes up and you have to dial that 1-800 number... You get an American human on the other line IMMEDIATELY. And they are super friendly and helpful. No complicated menus, just dial a number and talk to a live human.

My only gripe about them is that they claim to have XXXX number of free ATMs across the country and you can look up the locations online or via mobile app. The two closest to me are about 15 miles away but they're on the way to work, so no big deal. However, even though they're listed on the app as free ATMs, I still got charged the couple times I used them. Not a deal breaker as I can count on one hand the number of times I've needed an ATM in the last several years. I'm sure I could call them and get it waived, but I forgot, guess I had more important things than $2.50 on my mind at the time.

I get direct deposit and any checks I happen to get are deposited through the app. Online services/bill pay and their mobile app are very user friendly. I've been doing online banking exclusively for the last 10 years or so, though I've only been with Discover for 2 years and won't be looking back. Prior to Discover, I used American Express as my online bank and it was fine, but their savings rate was lower and I grew tired of having to ask merchants whether they take AMEX or not. Smaller stores seemed to have about a 50/50 shot as to whether they accept it.

I the last two years I think I've encountered just one merchant that didn't take Discover, but I don't remember who it was. Pretty sure it was one of my utility companies. But acceptance has never been an issue, any store I've ever walked into takes it.

Never seen a atm bank card issued by discover

 

[alarmguy]

My bank (credit union) is roughly 1000 miles away, never saw the building. I love it! Been using them for about 10 years now. No BS, within the highest interest rates in the country for savings and free checking with interest too!

Good clean app, good clean website. Does everything right, access to something like 40,000+ ATMs at no cost PLUS if you go to a ATM that does charge they will pay the charge for you up to six times a month or something like that. Thing is with 40,000+ ATMs your money is always around.
Love the autopay, love the free bank checks that you can send anyplace at no cost for anything that may require a bank check.
Love the app, I deposit checks and with the snap of a finger and the money available to me.

Love the fact there are NO teaser rates, no BS, just straight forward banking, NO FINE PRINT.
I too, researched and reviewed a HUGE amount of banks and credit unions when I first joined them approx 10 years ago. At the time they were always in the top 10 depending on which online site. Now adays many of those sites are polluted by banks rating higher with high interest rates only to find out there are terms and conditions for that rate/FINE PRINT and THEN after a certain amount of money your rate falls into the sewer. Never mind no interest on checking ect, all BS, stay away or read the fine print on those sites posted by snowflake, so called writers now a days *LOL*

Anyway, check out https://www.alliantcreditunion.org
Being its a credit union, by joining, you are the bank and they have one of the best reputations. I did everything online, it was amazing, love it.
I do keep a free checking account near where I live in case I ever need a boatload of money to withdraw, I can simply transfer it from Alliant to my bank or better yet, write a check from Alliant and deposit in my local account, as many local banks now charge a fee if you do an electronic transfer, not Alliant.

(no I dont work for them*L*) Just believe when a company does right they need recognition over the press now a days)

Oh god ... I just realize now that this is an OLD thread... reconstituted by someone but anyway, that's a good thing because this is an up to date post!!!!
Bank buildings have limited use now and why they are all being downsized.

 

[Ed_Flecko]

No I wouldn't feel comfortable.. I like that my bank is local and if I have any banking concerns I can walk into a branch. "However corona did a good job at making that almost impossible" have to schedule appointments now for in person.. Only drive-up window and atm svc readily available. I am a fan of the mobile banking app and can deposit checks pay bills with the bill pay move and transfer funds.. So maybe one day in the future I'll go to a 100% online banking where there's no local branches.

I can assure you that the "bricks & sticks" banks are going away...quickly. Between the virus and businesses realizing that they don't need a physical location, etc., the banking model is changing. Besides, when you have to pay the overhead of commercial leases, on-site staff, etc., the physical banks can't compete with rates. I know...I used to work in banking for several years!

I challenge you to compare rates of return to your bank -vs any of the online banks, i.e., Discover, Chime, etc., etc.

Ed