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Pro's, con's? I'm getting ready to make the leap to online banking, which I already do mostly. Only difference is I will no longer have the option to go to the bank if I have a problem.


B & M Bank
Pro's: go face to face if you need something
Con's: don't offer anything in interest(nothing in checking/pitiful savings)
atm yearly fee
monthly fee for bill pay

Online Banking
Pro's: good interest rates
no fee atm
no fee bill pay
Con's: can't speak to someone face to face if problem arrises

Any thoughts?
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You forgot that with a B&M bank the usual way to make deposits is by going to the bank and waiting in line, while with an online bank you usually make deposits by mail.

Depending on you and your needs, either one could be a pro or a con.
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> You forgot that with a B&M bank the usual way to make deposits
> is by going to the bank and waiting in line, while with an
> online bank you usually make deposits by mail.

Any bank in the U.S. will let you make deposits by mail. My mother does it all the time because she likes to bank at a place that she's moved away from.

Anyway, I'm not sure about all these fees you've ascribed to B&M banks... I have a "MyAccess" account with Bank of America, which though fee-happy is my bank of choice because their ATMs are so common in California and I like not paying ATM fees. With direct deposit, this account provides free online bill paying, no ATM-related fees (as long as you use their ATMs, otherwise it's pretty steep), and no monthly fee either.

In a typical month, I pay exactly nothing in fees, $2.00 plus the other bank's fee if I'm desperate enough to make an out-of-network ATM stop, which usually isn't necessary. For this I get unlimited check writing, no minimum balance, free online bill paying up to some number of bills per month I probably won't reach, and some number of teller visits I won't ever use.

-- Mark
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I have a "MyAccess" account with Bank of America, which though fee-happy is my bank of choice because their ATMs are so common in California and I like not paying ATM fees. With direct deposit, this account provides free online bill paying, no ATM-related fees (as long as you use their ATMs, otherwise it's pretty steep), and no monthly fee either.

In a typical month, I pay exactly nothing in fees, $2.00 plus the other bank's fee if I'm desperate enough to make an out-of-network ATM stop, which usually isn't necessary. For this I get unlimited check writing, no minimum balance, free online bill paying up to some number of bills per month I probably won't reach, and some number of teller visits I won't ever use.


Mark, I'm impressed that's an amazing deal. Around this area I don't believe such places exist. I know of no B&M Bank that has free online banking. Also all bankds charge a certain amount per year for the privelage of carrying an ATM card, whether you use it or not.

Arnie
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Mark, I'm impressed that's an amazing deal. Around this area I don't believe such places exist. I know of no B&M Bank that has free online banking. Also all bankds charge a certain amount per year for the privelage of carrying an ATM card, whether you use it or not.



Which banks do this? I have never heard of a bank charging a fee to carry an ATM card.
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I use First Union here in Philly and as far as I know, there has never been a charge for an ATM card

Jim
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>>Anyway, I'm not sure about all these fees you've ascribed to B&M banks... I have a "MyAccess" account with Bank of America, which though fee-happy is my bank of choice because their ATMs are so common in California and I like not paying ATM fees. With direct deposit, this account provides free online bill paying, no ATM-related fees (as long as you use their ATMs, otherwise it's pretty steep), and no monthly fee either.<<

Azotic: BofA's MyAccess account is a VERY attractive deal, particularly in California where they waive the usual $5.95/month Online Bill Pay fee. In other states, Bill Pay is an extra $5.95. Still, the MyAccess account remains very attractive for a B&M product, and a customer who doesn't have payroll direct deposit could link MyAccess to ING Direct or USAA and by making a monthly transfer into MyAccess from those accounts would be considered as having a direct deposit.

I do agree with you that in states like California and Washington where BofA has a LOT of BofA-branded ATMs, it can be a very convenient bank and can be very inexpensive if you understand the fee structure.

In some states BofA a waived-monthly-fee Advantage (aka "FirstChoice Gold" or "Prima") account to customers who have qualifying balances on a car loan, home equity loan, or line of credit, or ANY balance on a home loan.


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Guys it is an ATM/Visa debit card. No one else pays to have this? I can't beleive First Union of all places has it for free. I say this because I'm in South Jersey.

Arnie
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When VISA Check Cards and Debit Mastercard were first introduced, almost all banks charged a monthly fee for them. Slowly but surely almost all banks eliminated the monthly fee, probably to get everyone to use them more often, since they are money makers for banks. Of all the major banks, I can only think of one (Bank One) that still charges for them.
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> No one else pays to have this?

I've never paid to have one since I got my first one, in Arizona in 1992.

If you want one for free and none of your local banks offer them without a fee, I'm sure some of the online banks do.

-- Mark
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My credit union originally had a $1/mo fee for the "check card" (combination ATM card and Visa debit card). As a result nobody signed up for it. They dropped the fee and made a big splash about it, sent out cards unsolicited to everyone (with a nice picture of a knight chess piece attacking a king piece, get it, "check") so now they get good usage (judging by the pieces in their monthly newsletter).
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Wow, I feel like I've been left in the dark around here. I am currently looking into NetBank and something offered by AAA. I say something because in the monthly newsletter there is no mention of the bank. I will be investigating this futher. So thanks everyone........

ps: Both are online and both have free check cards...


Arnie
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