Banks

[HemiEd]

In gathering information about interest rate returns on savings I have stumbled onto a whole new concept to me.

Totally online banking? I have never heard of most of these outfits even though they say FDIC insured. Bask Bank? CIBC? LENDING Club?

https://www.bankrate.com/landing/sav...xoCsWMQAvD_BwE

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.

[BWillie]

I pay for everything in cash. Which is even scarier apparently to many businesses.

[neech]

Originally Posted by BWillie

I pay for everything in cash. Which is even scarier apparently to many businesses.

So you pay you gas, electric and water bill with cash then?

[Jewish Rabbi]

Originally Posted by neech

So you pay you gas, electric and water bill with cash then?

Don’t have to pay for that shit in section 8 housing bruh

[BWillie]

Originally Posted by neech

So you pay you gas, electric and water bill with cash then?

Funny story. I actually have before. But not usually. There is a way you can pay your credit card bill with cash but its a pain in the ass.

I pay cash for my dining, groceries and such. I remember one time my car got fixed and was $3000. They refused to accept my cash as payment. Said they "can't take it". Cash is legal tender. It should be illegal to not accept as a payment.

[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.

[BigRedChief]

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.

[Bearcat]

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.

[BigRedChief]

Originally Posted by Bearcat

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.

I've not been in a bank except to sign mortgage paperwork in 20+ years. Just because the bank has brick and mortar locations. I'd say that qualifies as doing all my banking online.

[Jewish Rabbi]

Originally Posted by BigRedChief

I've not been in a bank except to sign mortgage paperwork in 20+ years. Just because the bank has brick and mortar locations. I'd say that qualifies as doing all my banking online.

When was the last time you visited the spank bank

[BigRedChief]

Originally Posted by Jewish Rabbi

When was the last time you visited the spank bank

You want a video?

[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.

[New World Order]

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

[R8RFAN]

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 and I have a small local bank account that I rarely use as well but I direct deposit paychecks in Ally , use one credit card for about 99.9% of purchases, keep a couple thousand in the safe and online bill pay everything.

[Garcia Bronco]

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.