Any of you have any experience with this? Our local banks are still not paying any interest on savings even though I am sure they have raised their interest rates on loans.
I still favor writing checks and putting them in the mail, but the Mrs. does everything on line, kinda scary to me.
My daughter pays everything with her phone, even more scarrier. :-) [Reply]
I use online banking through my local bank for everything except income taxes and things I want paper proof of the transaction. Best of both worlds. So I write about 2-3 checks per year. I've never had a problem, just got to be careful if you set up many autopay bills. [Reply]
The majority of my cash is in Ally, online only. Pays way better than any brick and mortar bank.
However, you can’t really get away with only having an online bank. I basically use Ally for savings and paycheck get deposited and bills paid thru US Bank account. I can get money transferred from one to the other in one business day if needed. [Reply]
Completely online banks are typically industrial loan charter banks. There aren't that many at this time and typically they're based out of Utah and like two or three other states. They have a de novo period once the charter issued. They are subject to FFIEC, audits and totally legitimate. [Reply]
I've been using Ally online for a couple of years. It does all my bank needs (which are few). I get a good rate on Savings, better than the Credit Union I left - though it did drop during the past years - but it is rising again the last couple months.
I direct deposit there and pay bills online from there. No problems
The only drawback so far, is when I decided to cash in my coin jugs and the local banks declined unless I had an account. I finally found a small bank that did it. [Reply]
Originally Posted by tmax63:
I use online banking through my local bank for everything except income taxes and things I want paper proof of the transaction. Best of both worlds. So I write about 2-3 checks per year. I've never had a problem, just got to be careful if you set up many autopay bills.
I've been using online banking for around 20+ years. Use Quicken to pay bills.
Write checks maybe once a year. Usually to a contractor doing work on the house that chose that option. I always like to give then a choice to report the income to the man or not.
Do Taxes myself with tax software. Proof is the IRS received receipts. Keep majority of cash in money markets. Have savings in a couple of banks and transfer money as needed. [Reply]
Originally Posted by Jewish Rabbi:
The majority of my cash is in Ally, online only. Pays way better than any brick and mortar bank.
However, you can’t really get away with only having an online bank. I basically use Ally for savings and paycheck get deposited and bills paid thru US Bank account. I can get money transferred from one to the other in one business day if needed.
Same!
Ally is good peoples. The anti-Ubeja if you will [Reply]
I've written only 2 checks since 2006. One for a wedding gift since I mailed it when I couldn't attend and another when I wanted to pay with a money order and they wouldn't accept that form of payment.
Savings accounts are a waste.
Set up a money market account at a brokerage to keep your spare cash, which should not be excessive
If you have a large amount of cash, you're losing out. (Unless your hiding it from Uncle Sam) [Reply]
Originally Posted by tmax63:
I use online banking through my local bank for everything except income taxes and things I want paper proof of the transaction. Best of both worlds. So I write about 2-3 checks per year. I've never had a problem, just got to be careful if you set up many autopay bills.
Originally Posted by BigRedChief:
I've been using online banking for around 20+ years. Use Quicken to pay bills.
Write checks maybe once a year. Usually to a contractor doing work on the house that chose that option. I always like to give then a choice to report the income to the man or not.
Do Taxes myself with tax software. Proof is the IRS received receipts. Keep majority of cash in money markets. Have savings in a couple of banks and transfer money as needed.
FWIW, that's not exactly the same if you can also go down the street to the bank. These are 100% online, no physical locations. [Reply]
