Anyone NOT use a B&M bank?

[infomama]

I'm looking into this in an effort to reap some benefit not currently afforded by my local bank which is where we hold four accounts. We get zero rewards and our savings interest rate is so low...I know we can do better. I am not sure I am ready to give up the B&M bank however institutions such as ING look pretty sweet.
http://bucks.blogs.nytimes.com/2010/05/14/seeking-the-best-checking-account-rewards/
Thoughts?

[lizzywednesday]

I've had an Orange Savings account with ING for years and will be opening another Orange Savings account for my DD soon. They've still got the best interest rate!

I'm intrigued by the Electric Orange checking account, but don't know that I can keep the minimum balance it requires to get the best interest rate. It's a nice idea, though!

[kep]

I think a non-B&M bank is an interesting idea, but I am just uncomforable in general not having a bank I can go into, sit down and talk with someone if need be. I would probably be okay with saving accounts only, like the PP said, but not for a checking account. Too much room for errors on our part. :ROTFLMAO:

[mytwosons]

My main checking and savings are online. But, I kept our no-fee B&M checking so I would have a place to deposit the random checks we get every now and then. The accounts are linked so I can transfer funds between them.

[cvanbrunt]

Yup. That's all we use. Our primary accounts are with USAA (you can deposit checks using an iphone app) and we do investing through internet brokerages and we have ING savings for the girls.

[infomama]

I kept our no-fee B&M checking so I would have a place to deposit the random checks we get every now and then.
Didn't think of that...good point. Would have to keep at least one account at the B/M bank open for that.

[infomama]

Our primary accounts are with USAA.
USAA looks like a great option...

[sidmand]

We've had an only online bank for years now. Charles Schwab. And because they don't have any B&M institutions or ATMs we're not charged an ATM fee.

Not sure why you need a B&M for random checks you receive because we use them for those too. But maybe different online banks have different requirements.

I was worried at first but I HATED every bank we ever had and so far this has worked. I'd say it's been about 10 years.

[kijip]

I have an account with ING but it's not our primary account.

[hdubs]

We're all about online banking. My DH and I are both military, so we move fairly frequently and it's not fun changing B&M banks every couple years. I only use a B&M bank now for safe-deposit boxes.
We have an HSBC Direct savings account (best interest rate I could find when openning it a couple years ago)--we use this account for long-term savings.
We've got our main accounts at USAA--rates are okay for regular checking and savings accounts--better than local banks. Good online bill pay system and easy to use. You can deposit checks online using your all-in-one printer or a scanner (you just scan in the checK and it gets all the required codes/numbers off the check and immediately deposits the money to your account). They also have a new mobile phone app thing that lets you do the same thing by just taking a picture of the check, but I haven't tried that.
FYI - You can get an account with USAA if you have a relative in the military (active/reserve, or prior service) or even federal government I think.

[infomama]

Carrie...does your USAA debit card have a Visa (or the like) logo?

[mom2224]

Carrie...does your USAA debit card have a Visa (or the like) logo?

I've been with USAA for 15 years and have had everything (checking, savings, credit card, auto/home insurance, IRAs, 529s) online for the past 5 years with them. USAA has exceptional customer service. I use deposit at home (with a scanner) for checks or they can mail you self addressed stamped envelopes for you to mail checks to be deposited. We have the World MasterCard and put most purchases on it (pay off every month) to earn 1.25% cashback- no annual fees.

My USAA debit is MasterCard.

HTH

[jjordan]

We use USAA as well. It works great because they have TERRIFIC customer service. I wouldn't risk having all accounts online if I didn't know 100% for sure that the customer service was up to speed and would take care of me just as well as a neighborhood bank.

[cvanbrunt]

Yes it does. Our cc is a Visa Platnium and the debit is a MC.

[GonnaBeNana]

All of our banking is with USAA and it's all online. We deposit any paper checks we receive by scanning them into the computer and they accept them immediately. It is so convenient. It's primarily a bank for military persons, but I think others can utilize it now. There's no fee checking, free checks, they refund all ATM fees, pay a rebate on our purchases with our debit card, have free online bill pay with statements sent electronically to them so I never have to wonder what it is. They have phones open from 5am to 11pm and whenever my husband deploys, they halt all interest accumulation on our MC with them. Their customer service is outstanding! We have our homeowners and auto insurance with them as well and they're far cheaper than any other we've found.

Beth

[infomama]

Thank you mom2224, Carrie and Beth!! DH is a former Marine so we would qualify.

[MacMacMoo]

ING checking us to be Netbank. I grew up with netbank. My dad would put my allowance and lunch money into my account when i was in high school I recall it really annoying to have to find an ATM before school in order to get lunch.

Netbank went under and was bought out by ING so I've been with them for a while now. I love how you can open multiple savings account, I like to label my money and have a hard time seeing it when its all lumped into one account.

I use my Amex for most of my shopping. But I pay it off every month. DH likes using debit so we opened a USAA account a few years ago when he deployed because his B&M was killing him with international ATM fees.

Currently the only reason why we still have a B&M is when we need some cash quick (ie we finaly got our first place and need furnishings and found lots of great deals off CL). And when we end up with a large amount of cash and need to deposit it and then shuffle it into our on-line accounts. Also to avoid non-member ATM fees.

I love ING because I can shuffle money from USAA and B&M without dealing with transfer fees like B&M website would make me deal with if shuffled from their site.

I also like using mint.com to track where the money is going. though USAA uses street address when posting where you buy things.

[AnnieW625]

We have an orange savings account, but our interest rate now stinks. When we got it 3 yrs. ago it was above 5%.

[lizzywednesday]

We have an orange savings account, but our interest rate now stinks. When we got it 3 yrs. ago it was above 5%.

Yeah, compared to the 5% initially, 1.1% stinks ... but so much better than .01% or whatever it was at the local banks!!!!

[cvanbrunt]

Thank you mom2224, Carrie and Beth!! DH is a former Marine so we would qualify.

It really is an amazing company. DH even bought my engagement ring from them!

[infomama]

I'm sold on USAA. Thanks again everyone

[lovebeingamom]

I'm intrigued by the Electric Orange checking account, but don't know that I can keep the minimum balance it requires to get the best interest rate. It's a nice idea, though!

I am researching a non-B&M bank as well. I was looking into ING .... however, I do not see where the required minimum balance is for the Electric Orange Checking????? What am I missing?

Also quick question .... when using a non-B&M bank (i.e. ING or USAA), do you still receive checks in which to write for miscellaneous reasons (i.e. church tithing, tax collector, etc)? How dow you handle this?????

[jjordan]

If you have a checking account then you order checks to use with it. USAA sends checks for free, although I think most banks charge for them.

[jenmcadams]

Yup. That's all we use. Our primary accounts are with USAA (you can deposit checks using an iphone app) and we do investing through internet brokerages and we have ING savings for the girls.

This is us exactly...we love USAA

[infomama]

Loving USAA. First CS interaction (newbie questions from me) was great. Thanks to everyone who suggested USAA!