Disadvantages of online checking accounts?What is the best way to transfer money between banks? [US]Why doesn't Bank of America or Wells Fargo have free ACH push or pull funds transfer?Ramifications of closing my Wells Fargo cash secured credit card only 3 months after openingOnline savings or money market account with a guaranteed rate?Can I get my savings from my mom's bank now that I'm 18?What should I be wary of when opening a savings account?How does Wells Fargo can detect my right account if I have multiple accounts when I am transferring money?Withdrawing or depositing more than ATM limit when dealing with online banks?Strategies to guarantee arrival time for transfers between banksDo US banks accept out-of-state applications for checking accounts?
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Disadvantages of online checking accounts?
What is the best way to transfer money between banks? [US]Why doesn't Bank of America or Wells Fargo have free ACH push or pull funds transfer?Ramifications of closing my Wells Fargo cash secured credit card only 3 months after openingOnline savings or money market account with a guaranteed rate?Can I get my savings from my mom's bank now that I'm 18?What should I be wary of when opening a savings account?How does Wells Fargo can detect my right account if I have multiple accounts when I am transferring money?Withdrawing or depositing more than ATM limit when dealing with online banks?Strategies to guarantee arrival time for transfers between banksDo US banks accept out-of-state applications for checking accounts?
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My parents helped me set up checking and savings accounts through Wells Fargo when I was a teenager and got my first job. Only now, ten years later, I’m realizing that the Wells Fargo accounts aren’t making good use of my money and I’m looking to switch.
I’ve been drawn to online bank accounts because of the high interest rates they offer. I’ve heard, however, that a person still needs a checking account at a brick and mortar bank. Why is that? I’m assuming:
- To make cash deposits
- For checks (possible with online banks)
- For ATM access (possible with online banks)
So what’s the deal? Do I need an online savings account and a physical checking account?
united-states online-banking checking-account
asked 10 hours ago
taylorpalmertaylorpalmer
183
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
My parents helped me set up checking and savings accounts through Wells Fargo when I was a teenager and got my first job. Only now, ten years later, I’m realizing that the Wells Fargo accounts aren’t making good use of my money and I’m looking to switch.
I’ve been drawn to online bank accounts because of the high interest rates they offer. I’ve heard, however, that a person still needs a checking account at a brick and mortar bank. Why is that? I’m assuming:
- To make cash deposits
- For checks (possible with online banks)
- For ATM access (possible with online banks)
So what’s the deal? Do I need an online savings account and a physical checking account?
united-states online-banking checking-account
asked 10 hours ago
taylorpalmertaylorpalmer
183
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
"Marcus", for instance, does not offer ATM use but "Synchrony" does. Neither offer checking accounts but Synchrony offers check-writing on money-market accounts. Online-savings-banks don't seem to require external bank accounts anymore and so they can accept a payment to the customer as through a bank. Obviously they don't accept cash or money orders for deposits but require funds through a bank. Also, take a look at a Treasury Direct account.
– S Spring
6 hours ago
1
I have an 'online only' checking account with Fidelity. They mailed me checks just like any other bank, and I'm able to deposit checks by taking pictures of them. I'm also able to use any ATM machine (Fidelity even pays any transaction fee). But your #1 seems to be correct, I don't have any direct way to deposit cash.
– Rob P.
5 hours ago
add a comment |
My parents helped me set up checking and savings accounts through Wells Fargo when I was a teenager and got my first job. Only now, ten years later, I’m realizing that the Wells Fargo accounts aren’t making good use of my money and I’m looking to switch.
I’ve been drawn to online bank accounts because of the high interest rates they offer. I’ve heard, however, that a person still needs a checking account at a brick and mortar bank. Why is that? I’m assuming:
- To make cash deposits
- For checks (possible with online banks)
- For ATM access (possible with online banks)
So what’s the deal? Do I need an online savings account and a physical checking account?
united-states online-banking checking-account
asked 10 hours ago
taylorpalmertaylorpalmer
183
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
My parents helped me set up checking and savings accounts through Wells Fargo when I was a teenager and got my first job. Only now, ten years later, I’m realizing that the Wells Fargo accounts aren’t making good use of my money and I’m looking to switch.
I’ve been drawn to online bank accounts because of the high interest rates they offer. I’ve heard, however, that a person still needs a checking account at a brick and mortar bank. Why is that? I’m assuming:
- To make cash deposits
- For checks (possible with online banks)
- For ATM access (possible with online banks)
So what’s the deal? Do I need an online savings account and a physical checking account?
united-states online-banking checking-account
united-states online-banking checking-account
asked 10 hours ago
taylorpalmertaylorpalmer
183
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 10 hours ago
taylorpalmertaylorpalmer
183
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 10 hours ago
taylorpalmertaylorpalmer
183
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 10 hours ago
taylorpalmertaylorpalmer
183
asked 10 hours ago
taylorpalmertaylorpalmer
183
183
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
taylorpalmer is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
"Marcus", for instance, does not offer ATM use but "Synchrony" does. Neither offer checking accounts but Synchrony offers check-writing on money-market accounts. Online-savings-banks don't seem to require external bank accounts anymore and so they can accept a payment to the customer as through a bank. Obviously they don't accept cash or money orders for deposits but require funds through a bank. Also, take a look at a Treasury Direct account.
– S Spring
6 hours ago
1
I have an 'online only' checking account with Fidelity. They mailed me checks just like any other bank, and I'm able to deposit checks by taking pictures of them. I'm also able to use any ATM machine (Fidelity even pays any transaction fee). But your #1 seems to be correct, I don't have any direct way to deposit cash.
– Rob P.
5 hours ago
add a comment |
1
"Marcus", for instance, does not offer ATM use but "Synchrony" does. Neither offer checking accounts but Synchrony offers check-writing on money-market accounts. Online-savings-banks don't seem to require external bank accounts anymore and so they can accept a payment to the customer as through a bank. Obviously they don't accept cash or money orders for deposits but require funds through a bank. Also, take a look at a Treasury Direct account.
– S Spring
6 hours ago
1
I have an 'online only' checking account with Fidelity. They mailed me checks just like any other bank, and I'm able to deposit checks by taking pictures of them. I'm also able to use any ATM machine (Fidelity even pays any transaction fee). But your #1 seems to be correct, I don't have any direct way to deposit cash.
– Rob P.
5 hours ago
1
1
"Marcus", for instance, does not offer ATM use but "Synchrony" does. Neither offer checking accounts but Synchrony offers check-writing on money-market accounts. Online-savings-banks don't seem to require external bank accounts anymore and so they can accept a payment to the customer as through a bank. Obviously they don't accept cash or money orders for deposits but require funds through a bank. Also, take a look at a Treasury Direct account.
– S Spring
6 hours ago
"Marcus", for instance, does not offer ATM use but "Synchrony" does. Neither offer checking accounts but Synchrony offers check-writing on money-market accounts. Online-savings-banks don't seem to require external bank accounts anymore and so they can accept a payment to the customer as through a bank. Obviously they don't accept cash or money orders for deposits but require funds through a bank. Also, take a look at a Treasury Direct account.
– S Spring
6 hours ago
1
1
I have an 'online only' checking account with Fidelity. They mailed me checks just like any other bank, and I'm able to deposit checks by taking pictures of them. I'm also able to use any ATM machine (Fidelity even pays any transaction fee). But your #1 seems to be correct, I don't have any direct way to deposit cash.
– Rob P.
5 hours ago
I have an 'online only' checking account with Fidelity. They mailed me checks just like any other bank, and I'm able to deposit checks by taking pictures of them. I'm also able to use any ATM machine (Fidelity even pays any transaction fee). But your #1 seems to be correct, I don't have any direct way to deposit cash.
– Rob P.
5 hours ago
add a comment |
2 Answers
2
active
oldest
votes
Do I need an online savings account and a physical checking account?
You don't need one, but you might find it convenient to have one. Cash deposits are still an issue with online banking, some allow ATM deposits but otherwise you'll typically be looking to turn the cash into a check to deposit online.
I have a couple local credit union accounts that were opened just because I get mortgages through credit unions. I like knowing that I can get things notarized, cash a check, or get a cashier's check same day if needed without much hassle. However, I've set foot in a credit union twice in the last 3+ years. I'm confident that I would be fine without a local bank account, but I would keep one open just in case. An issue with any account can leave you without access for a period of time, so a separate local bank account can still be helpful. There is no cost for me to keep these accounts open, if there were I'd likely close them.
answered 9 hours ago
Hart COHart CO
34.9k68196
add a comment |
I think it's appropriate to have an account at a local brick and mortar bank. It could be a savings or a checking account.
I have a free checking account (and online bill pay) as well as my safe deposit box at Wells Fargo. I don't keep much in the account. A monthly direct deposit check goes in and it almost covers my periodic cash withdrawals for everyday living expenses and payment of monthly bills. For large infrequent bills (car and home insurance, property tax, etc.), I transfer some additional money in.
The rest of my cash sits in a few high yield online savings accounts because local banks like Wells Fargo pay next to nothing.
Other than an occasional notary, Wells Fargo is just for the basics and local convenience.
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
add a comment |
protected by JoeTaxpayer♦ 5 hours ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
Do I need an online savings account and a physical checking account?
You don't need one, but you might find it convenient to have one. Cash deposits are still an issue with online banking, some allow ATM deposits but otherwise you'll typically be looking to turn the cash into a check to deposit online.
I have a couple local credit union accounts that were opened just because I get mortgages through credit unions. I like knowing that I can get things notarized, cash a check, or get a cashier's check same day if needed without much hassle. However, I've set foot in a credit union twice in the last 3+ years. I'm confident that I would be fine without a local bank account, but I would keep one open just in case. An issue with any account can leave you without access for a period of time, so a separate local bank account can still be helpful. There is no cost for me to keep these accounts open, if there were I'd likely close them.
answered 9 hours ago
Hart COHart CO
34.9k68196
add a comment |
Do I need an online savings account and a physical checking account?
You don't need one, but you might find it convenient to have one. Cash deposits are still an issue with online banking, some allow ATM deposits but otherwise you'll typically be looking to turn the cash into a check to deposit online.
I have a couple local credit union accounts that were opened just because I get mortgages through credit unions. I like knowing that I can get things notarized, cash a check, or get a cashier's check same day if needed without much hassle. However, I've set foot in a credit union twice in the last 3+ years. I'm confident that I would be fine without a local bank account, but I would keep one open just in case. An issue with any account can leave you without access for a period of time, so a separate local bank account can still be helpful. There is no cost for me to keep these accounts open, if there were I'd likely close them.
answered 9 hours ago
Hart COHart CO
34.9k68196
add a comment |
Do I need an online savings account and a physical checking account?
You don't need one, but you might find it convenient to have one. Cash deposits are still an issue with online banking, some allow ATM deposits but otherwise you'll typically be looking to turn the cash into a check to deposit online.
I have a couple local credit union accounts that were opened just because I get mortgages through credit unions. I like knowing that I can get things notarized, cash a check, or get a cashier's check same day if needed without much hassle. However, I've set foot in a credit union twice in the last 3+ years. I'm confident that I would be fine without a local bank account, but I would keep one open just in case. An issue with any account can leave you without access for a period of time, so a separate local bank account can still be helpful. There is no cost for me to keep these accounts open, if there were I'd likely close them.
answered 9 hours ago
Hart COHart CO
34.9k68196
Do I need an online savings account and a physical checking account?
You don't need one, but you might find it convenient to have one. Cash deposits are still an issue with online banking, some allow ATM deposits but otherwise you'll typically be looking to turn the cash into a check to deposit online.
I have a couple local credit union accounts that were opened just because I get mortgages through credit unions. I like knowing that I can get things notarized, cash a check, or get a cashier's check same day if needed without much hassle. However, I've set foot in a credit union twice in the last 3+ years. I'm confident that I would be fine without a local bank account, but I would keep one open just in case. An issue with any account can leave you without access for a period of time, so a separate local bank account can still be helpful. There is no cost for me to keep these accounts open, if there were I'd likely close them.
answered 9 hours ago
Hart COHart CO
34.9k68196
answered 9 hours ago
Hart COHart CO
34.9k68196
answered 9 hours ago
Hart COHart CO
34.9k68196
answered 9 hours ago
Hart COHart CO
34.9k68196
34.9k68196
add a comment |
add a comment |
I think it's appropriate to have an account at a local brick and mortar bank. It could be a savings or a checking account.
I have a free checking account (and online bill pay) as well as my safe deposit box at Wells Fargo. I don't keep much in the account. A monthly direct deposit check goes in and it almost covers my periodic cash withdrawals for everyday living expenses and payment of monthly bills. For large infrequent bills (car and home insurance, property tax, etc.), I transfer some additional money in.
The rest of my cash sits in a few high yield online savings accounts because local banks like Wells Fargo pay next to nothing.
Other than an occasional notary, Wells Fargo is just for the basics and local convenience.
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
add a comment |
I think it's appropriate to have an account at a local brick and mortar bank. It could be a savings or a checking account.
I have a free checking account (and online bill pay) as well as my safe deposit box at Wells Fargo. I don't keep much in the account. A monthly direct deposit check goes in and it almost covers my periodic cash withdrawals for everyday living expenses and payment of monthly bills. For large infrequent bills (car and home insurance, property tax, etc.), I transfer some additional money in.
The rest of my cash sits in a few high yield online savings accounts because local banks like Wells Fargo pay next to nothing.
Other than an occasional notary, Wells Fargo is just for the basics and local convenience.
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
add a comment |
I think it's appropriate to have an account at a local brick and mortar bank. It could be a savings or a checking account.
I have a free checking account (and online bill pay) as well as my safe deposit box at Wells Fargo. I don't keep much in the account. A monthly direct deposit check goes in and it almost covers my periodic cash withdrawals for everyday living expenses and payment of monthly bills. For large infrequent bills (car and home insurance, property tax, etc.), I transfer some additional money in.
The rest of my cash sits in a few high yield online savings accounts because local banks like Wells Fargo pay next to nothing.
Other than an occasional notary, Wells Fargo is just for the basics and local convenience.
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
I think it's appropriate to have an account at a local brick and mortar bank. It could be a savings or a checking account.
I have a free checking account (and online bill pay) as well as my safe deposit box at Wells Fargo. I don't keep much in the account. A monthly direct deposit check goes in and it almost covers my periodic cash withdrawals for everyday living expenses and payment of monthly bills. For large infrequent bills (car and home insurance, property tax, etc.), I transfer some additional money in.
The rest of my cash sits in a few high yield online savings accounts because local banks like Wells Fargo pay next to nothing.
Other than an occasional notary, Wells Fargo is just for the basics and local convenience.
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
answered 9 hours ago
Bob BaerkerBob Baerker
18.4k22754
18.4k22754
add a comment |
add a comment |
protected by JoeTaxpayer♦ 5 hours ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
1
"Marcus", for instance, does not offer ATM use but "Synchrony" does. Neither offer checking accounts but Synchrony offers check-writing on money-market accounts. Online-savings-banks don't seem to require external bank accounts anymore and so they can accept a payment to the customer as through a bank. Obviously they don't accept cash or money orders for deposits but require funds through a bank. Also, take a look at a Treasury Direct account.
– S Spring
6 hours ago
1
I have an 'online only' checking account with Fidelity. They mailed me checks just like any other bank, and I'm able to deposit checks by taking pictures of them. I'm also able to use any ATM machine (Fidelity even pays any transaction fee). But your #1 seems to be correct, I don't have any direct way to deposit cash.
– Rob P.
5 hours ago