The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retired Fools


Subject:  Re: opinions requested Date:  12/20/2002  8:14 AM
Author:  Trini209 Number:  8235 of 20632

You still should keep an account in a local bank, I think. Keep enough money in it to avoid fees. Having an account locally allows us to get free notarization at any time the bank's open. Also, I have ready access to household cash - even though I charge almost all purchases, I still need a little $$$ on hand.

Also, I can get certified and/or bank checks at the local bank. These are unobtainable from the discount brokerage we use for most of our assets.

Try to find a bank that will return your cancelled checks. Most banks no longer offer this service. Vanguard will still return cancelled checks. Fidelity will still (if requested) return checks written on a Mutual Fund account, but not on a brokerage account. On rare occasions, you still need the cancelled check to prove payment; for instance, our property tax bill clearly states that "your cancelled check is your proof of payment." After my father-in-law's death, when we went to sell his house, we were informed that a property tax from 10 years ago was unpaid. Since my FIL kept every cancelled check he'd ever gotten, we were able to dig up the check that proved he'd paid the tax when due.

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us