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-   -   Branchless/Net-Only Banks: Experience, suggestions? (http://www.trekbbs.com/showthread.php?t=203941)

SeerSGB February 19 2013 09:57 PM

Branchless/Net-Only Banks: Experience, suggestions?
 
A some point in the next several months me and the Mrs. are looking at doing a lot of traveling--some back and forth between the US and Canada--and I'm looking into branchless banking to solve some of the money handling issues (our credit union doesn't allow outside the US ATM / POS transaction--they're even a beast to deal with on international orders made online).

I don't know anyone around my parts that has used these types of banks, so I'd see if any one of the board has. If they did any warnings, advice, bank recommendations?

Robert Maxwell February 20 2013 03:23 PM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
I currently use a credit union located 700 miles from where I live. So, I'm effectively "branchless." I've been doing this for 4 years now, so I can say it works fairly well. The main drawback is having to pay ATM fees, but I don't use ATMs that much--I tend to debit as much as possible.

I'm surprised to hear your CU doesn't allow international ATM usage. Mine does.

I'd say just look up online reviews of any bank/credit union you're thinking of trying. Any of the big ones will probably be fine, in any case.

Count Zero February 21 2013 12:07 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
I used to be in the same situation as Robert Maxwell, minus the ATM fees. The bank did have branches and you could call them. I once had to send in my debit card because it had been blocked. But apart from that, I didn't miss the branches.
I'm now with the online branch of a bank that also has real branches - though they're far and between. I only needed their help once. So, in summary, you should be fine but I'd look for one that offers help via phone (with real people on the other end), too, in case something unforeseen should happen. Some internet research should get you some reviews.

Mr. Laser Beam February 21 2013 02:19 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
I don't do much dealing with a bank, but when I do, I use a local bank. (No, I don't drink Dos Equis.) I like the idea of being able to walk into a local branch and ask them questions if I have a problem.

Gaseous Anomaly February 21 2013 05:36 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
I'm with USAA for banking and have yet to step into a branch. They cater to military and former military so they have the whole branchless thing down pretty well. If you are prior service I'd suggest them.

T'Girl February 24 2013 07:02 PM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
Quote:

Mr. Laser Beam wrote: (Post 7709614)
No, I don't drink Dos Equis

Stay thirsty my friend.


I use a credit union too. It not exactly branchless, but they are few and far between. I pay no ATM fees when I use their machines, no service charges (other than buying new checks), and I receive interest on my checking account.

I've used ATM's in Canada, Panama and Brazil. The Brazilian ATM's took nearly three minutes to make the connections (which I basically expected), but it did work. Oh, and they charged me a three dollar fee.

:)

Mr. Laser Beam February 24 2013 07:04 PM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
If a bank literally has no branches, then how do you deposit cash? Usually they don't let you do that at ATMs, do they?

Gaseous Anomaly February 24 2013 07:17 PM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
I use mobile deposit with my smart phone, I can deposit 10,000 a day that way. The closest branch is 60 miles away, but I really don't feel I need to go there. I've been able to solve any problems over the phone and that was getting deposit mobile initially set up.

RoJoHen February 24 2013 08:39 PM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
Quote:

Gaseous Anomaly wrote: (Post 7725052)
I use mobile deposit with my smart phone, I can deposit 10,000 a day that way. The closest branch is 60 miles away, but I really don't feel I need to go there. I've been able to solve any problems over the phone and that was getting deposit mobile initially set up.

He was asking about cash. Like, paper money. I don't see any way that would work with a smart phone.

I'd be pretty screwed if my bank didn't have a branch since the majority of my income is cash and my paychecks aren't direct deposit.

Gaseous Anomaly February 25 2013 12:12 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
You could always get a money order or cashiers check, also I can make deposits at any UPS store.

RoJoHen February 25 2013 12:14 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
Quote:

Gaseous Anomaly wrote: (Post 7726417)
You could always get a money order or cashiers check, also I can make deposits at any UPS store.

In my experience, one needs to go to a bank to get a money order. And if I'm already going to the bank, I might as well just deposit my cash there. The point is that I would still physically need to take my cash somewhere.

And we don't have UPS stores around here.

And frankly, that sounds like a huge waste of time. Besides, the ladies at my bank are friendly, and they always thank me for having my deposit slipped filled out (because apparently most people don't do that).

Gaseous Anomaly February 25 2013 12:23 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
Quote:

RoJoHen wrote: (Post 7726423)
Quote:

Gaseous Anomaly wrote: (Post 7726417)
You could always get a money order or cashiers check, also I can make deposits at any UPS store.

In my experience, one needs to go to a bank to get a money order. And if I'm already going to the bank, I might as well just deposit my cash there. And we don't have UPS stores around here.

And frankly, that sounds like a huge waste of time. Besides, the ladies at my bank are friendly, and they always thank me for having my deposit slipped filled out (because apparently most people don't do that).

Enjoy your bank branch and all the perks. :rolleyes:

RoJoHen February 25 2013 12:25 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
I'm really not sure why you're rolling your eyes. I literally can't function without a physical place to take my money. I do most of my banking online, but I still need a place to go in order to actually get my money into my account.

Gaseous Anomaly February 25 2013 12:31 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
Have you tried direct deposit?
You can get money orders at almost any corner store or post office or grocery store too.

RoJoHen February 25 2013 12:36 AM

Re: Branchless/Net-Only Banks: Experience, suggestions?
 
I am a bartender. Most of my income is from tips. At the end of my shift, I leave with a wad of cash. That cash needs to get in the bank. Why would I get a money order when I can just take the cash to the bank and put it directly into my account? Getting a money order is just creating extra unnecessary steps.


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