Bank Account - Checking

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NabSh
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Bank Account - Checking

Post by NabSh »

I usually keep about 6 months of living expense (as emergency fund) in my checking account
This is because my big national bank has a $20K minimum balance to avoid monthly fee.
As you can guess there is 0.001% interest rate on this account.

I am looking for alternatives, I did some search it looks like Credit Unions may be an option, but they require 10-12 Debt Card transactions. I dont use Debt Card, because it has less protection.

Are there any suggestions

1) where money is FDIC insured for larger balance? OR
2) where I dont have to keep a large balance and I can perhaps move funds to a savings account?
Rlew
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Re: Bank Account - Checking

Post by Rlew »

Switched to an online bank ~1-2 years ago and haven't looked back. I use Ally and have been very pleased
"When there are multiple solutions to a problem, choose the simplest one" Jack Bogle
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anon_investor
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Re: Bank Account - Checking

Post by anon_investor »

Rlew wrote: Mon Mar 22, 2021 9:57 pm Switched to an online bank ~1-2 years ago and haven't looked back. I use Ally and have been very pleased
+1. Ally Bank is FDIC insured has free online checking and savings accounts with no account balance minimums for either. The checking account has free checks. The savings account pay 0.5% right now.

I also keep a basic checking account with a bank that has a few branches in my area and a low minimum balance requirement (less than $200/mo). Online banks can't do cash deposits, same day certified check issuances, or notary/signature gurantee servies. But you can get all that with a basic checking account at a bank that has a branch nearby.
desiderium
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Re: Bank Account - Checking

Post by desiderium »

Some banks count brokerage deposits toward your minimums. I use Bank of America. I keep 100k in an index ETF at Merrill Edge that I would otherwise keep at Vanguard or FIDO. Merrill Edge has better customer service than either of the others in my experience. Everything is free at the bank, and I keep 8-10k in the checking account for cashflow purposes but I don't worry about it. My free Visa earns 2.625% on spend. I have had this going for many years now and it has been satisfactory. I rarely need the branch but it has helped on a couple of occasions and the availability is valuable to me. US bank has something similar with free checking using 25k deposit in a self directed brokerage. There may be other banks, such as Wells Fargo that have similar accounts.

ETA: I keep my cash reserve at Barclays, currently 0.5%, but there are others that offer equally poor interest (though higher that B&M banks)
Last edited by desiderium on Mon Mar 22, 2021 10:07 pm, edited 1 time in total.
sfmurph
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Re: Bank Account - Checking

Post by sfmurph »

NabSh wrote: Mon Mar 22, 2021 9:45 pm it looks like Credit Unions may be an option, but they require 10-12 Debt Card transactions. I dont use Debt Card, because it has less protection.

Are there any suggestions

1) where money is FDIC insured for larger balance? OR
2) where I dont have to keep a large balance and I can perhaps move funds to a savings account?
Some credit unions use credit card transactions (or dollar amounts) to qualify. Also credit unions are NCUA insured. Still the government, just a different org.

EDIT: Alliant is one credit union that has "high" interest of 0.55%.
Marseille07
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Re: Bank Account - Checking

Post by Marseille07 »

After terrible experience with banks w/ branches, I had to scramble & went with Ally. They give 0.25% on deposits above 15K or something like that, which isn't bad for a checking account.

They have some quirks but overall very pleased with them.
sport
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Re: Bank Account - Checking

Post by sport »

When I wanted to change banks, I went to a commercial area near home where there were about a half dozen different banks. I walked into each of them and asked about the services I expected to use and the costs for those service. They were not all the same. I picked out one that I liked better than the others.
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daw007
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Re: Bank Account - Checking

Post by daw007 »

I've been using Schwab Bank as my checking and Ally as my HYSA. Ally alone would be simpler. I like Schwab since it has free checks, no minimums, free ATM withdrawal worldwide, and pretty good customer service. They do have physical branches but obviously are quite rare compared to Wells Fargo, BofA, chase, citi, etc.

I tried BofA but I find them a bit sleazy with all their fees. Minimums necessary for all the different accounts and for things as simple as ACH unless you break certain barriers of holdings @ their institution. They also make it very convoluted to pay a BofA CC from a non-BofA bank account. BofA's 2.62% off anything/3% off travel+dining card however is quite intriguing.

I've been testing the waters with fidelity Cash Management account to try to consolidate more of my stuff @ one location. I read much of the Fidelity as a one stop shop thread and I am puzzled so far why people like it. I opened a trust account and it literally took 1.5 months to open. I had to submit it on paper and secure message it to them Trying to add ACH from fidelity to another bank also requires printing out a form to fill out, sign, and then submit and wait for them to process. it's kind of aggravating...
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BolderBoy
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Re: Bank Account - Checking

Post by BolderBoy »

NabSh wrote: Mon Mar 22, 2021 9:45 pmI am looking for alternatives, I did some search it looks like Credit Unions may be an option, but they require 10-12 Debt Card transactions.
Keep looking. It should be simple to find a local-ish brick and mortar credit union with free checking. Keep the bulk of your $20k in the savings part of the account and transfer it to checking as needed.

If you don't care about a local physical structure you can walk into, there are CUs across the country which you can join by using one of their membership mechanisms. There was a recent thread about these paying very nice interest rates, some with gimmicks and some without. The one that caught my attention is in Michigan I think.
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jco
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Re: Bank Account - Checking

Post by jco »

Porte Bank might be an option for you. 3% savings on up to $15,000 with 0 effort. Just move money to checking when needed (which probably has a 0% interest rate).

https://www.portebanking.com/savings-account/
calwatch
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Re: Bank Account - Checking

Post by calwatch »

T-Mobile Money is FDIC insured (Customers Bank) and pays 1% interest for everyone, and 3% up to $3,000 if you want to do the 10 debit transactions a month. You can write checks off the account and they will give you three free checks on opening.
radiowave
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Re: Bank Account - Checking

Post by radiowave »

NabSh wrote: Mon Mar 22, 2021 9:45 pm I usually keep about 6 months of living expense (as emergency fund) in my checking account
This is because my big national bank has a $20K minimum balance to avoid monthly fee.
As you can guess there is 0.001% interest rate on this account.

I am looking for alternatives, I did some search it looks like Credit Unions may be an option, but they require 10-12 Debt Card transactions. I dont use Debt Card, because it has less protection.

Are there any suggestions

1) where money is FDIC insured for larger balance? OR
2) where I dont have to keep a large balance and I can perhaps move funds to a savings account?
OP, Ally Bank is the most common online bank recommendation on the forum. It has zero balance checking and savings as well as a very robust CD structure so you can keep a little in checking, a few months backup in savings (currently 0.50% yield), and the rest in no withdrawal penalty CDs also at 0.50%. Of course you cannot deposit cash or have a safe deposit box or get a free donut. I've found customer service at Ally to be excellent with the caveat of longer wait times on the phone d/t pandemic.

The other online option mentioned above is Fidelity cash management account. You won't get the same yield as Ally on cash or savings, but can link to a brokerage account and use short term bond/treasury funds. Both have good online bill pay and eBill services. Note, I would recommend if you use eBill pay services that you have a backup in case something happens to your main account.
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Doctor Rhythm
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Re: Bank Account - Checking

Post by Doctor Rhythm »

I would have no concern about using an on-line bank to keep your emergency fund or the bulk of your cash equivalents. Whether you want to maintain a small account at a brick and mortar bank is up to you; I find its benefit is slightly greater than the hassles.
Topic Author
NabSh
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Re: Bank Account - Checking

Post by NabSh »

Thank you for sharing. The website says FDIC insured through "Partner Bank". Could you help me understand what does that mean?
jco wrote: Tue Mar 23, 2021 11:14 am Porte Bank might be an option for you. 3% savings on up to $15,000 with 0 effort. Just move money to checking when needed (which probably has a 0% interest rate).

https://www.portebanking.com/savings-account/
Marseille07
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Re: Bank Account - Checking

Post by Marseille07 »

If there's no urgency, you could also wait for Marcus Checking offering. They've been talking about it since last Feb and supposedly offering later this year.

I wanted to try them myself but I ran into a checking poopshow and needed to open one urgently, so I went with Ally. I'm happy with Ally now, so I don't think I'll make a switch unless I'm treated poorly in the future.
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FOGU
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Re: Bank Account - Checking

Post by FOGU »

US Bank has a checking account with a $1,500 minimum.
$6.95 fee if you don't average that minimum balance over the month.
No transactions required.

$20k minimum in checking? Absurd.
iamblessed
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Re: Bank Account - Checking

Post by iamblessed »

Most local credit union have free checking with $0 fees. Most do not ask you to use debit cards X times per month.
If online is ok I would go with https://www.alliantcreditunion.org/
.55% on saving easy move money to checking as needed
Here is $100 for opening it https://ww2.alliantcreditunion.org/ulti ... ty-savings
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FOGU
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Re: Bank Account - Checking

Post by FOGU »

Marseille07 wrote: Mon Mar 22, 2021 11:01 pm After terrible experience with banks w/ branches, I had to scramble & went with Ally. They give 0.25% on deposits above 15K or something like that, which isn't bad for a checking account.

They have some quirks but overall very pleased with them.
For those considering Ally, can you please expound on the quirks?
Thanks.
Marseille07
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Re: Bank Account - Checking

Post by Marseille07 »

FOGU wrote: Wed Mar 24, 2021 2:34 pm
Marseille07 wrote: Mon Mar 22, 2021 11:01 pm After terrible experience with banks w/ branches, I had to scramble & went with Ally. They give 0.25% on deposits above 15K or something like that, which isn't bad for a checking account.

They have some quirks but overall very pleased with them.
For those considering Ally, can you please expound on the quirks?
Thanks.
- 3-day hold on ACH is kind of slow (though if you hold the ACH connection for 3 months(?) you get 1-day).
- Once they put a 5-day hold on my check because they have confidential information indicating the counterparty (Citibank) might not pay.

Stuff like that.
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FOGU
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Re: Bank Account - Checking

Post by FOGU »

Marseille07 wrote: Wed Mar 24, 2021 2:37 pm
FOGU wrote: Wed Mar 24, 2021 2:34 pm
Marseille07 wrote: Mon Mar 22, 2021 11:01 pm After terrible experience with banks w/ branches, I had to scramble & went with Ally. They give 0.25% on deposits above 15K or something like that, which isn't bad for a checking account.

They have some quirks but overall very pleased with them.
For those considering Ally, can you please expound on the quirks?
Thanks.
- 3-day hold on ACH is kind of slow (though if you hold the ACH connection for 3 months(?) you get 1-day).
- Once they put a 5-day hold on my check because they have confidential information indicating the counterparty (Citibank) might not pay.

Stuff like that.
Thanks.
Any problems linking up with brokerage account? Say, Vanguard or the other biggies?
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anon_investor
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Re: Bank Account - Checking

Post by anon_investor »

Marseille07 wrote: Wed Mar 24, 2021 2:37 pm
FOGU wrote: Wed Mar 24, 2021 2:34 pm
Marseille07 wrote: Mon Mar 22, 2021 11:01 pm After terrible experience with banks w/ branches, I had to scramble & went with Ally. They give 0.25% on deposits above 15K or something like that, which isn't bad for a checking account.

They have some quirks but overall very pleased with them.
For those considering Ally, can you please expound on the quirks?
Thanks.
- 3-day hold on ACH is kind of slow (though if you hold the ACH connection for 3 months(?) you get 1-day).
- Once they put a 5-day hold on my check because they have confidential information indicating the counterparty (Citibank) might not pay.

Stuff like that.
I have had an Ally account for 10+ years. All my linked accounts get 1-business day ACH transfers. I have never had a long hold on a check. According to Ally:
https://www.ally.com/help/bank/deposits.html
If you deposit a check over $300:

The first $300 will be available the next business day
Up to $24,700 will be available on the 2nd business day
Remaining amounts over $25,000 will be available on the 5th business day
It looks like the 5 business day hold is due to amounts over $25k.
FOGU wrote: Wed Mar 24, 2021 2:51 pm Any problems linking up with brokerage account? Say, Vanguard or the other biggies?
I linked my Ally account to my Vanguard account, verified my Ally account with Vanguard via 2 small deposits from Vanguard. I have had 0 issues, I make purchases where Vanguard pulls the money from my Ally account multiple times a month. I have also sent money from my Vanguard account to my Ally account also with no issues. But to be clear the connection is 100% with Vanguard, so all my transactions are being initiated on the Vanguard website or mobile app.

I have pay all my credit card bills from my Ally account. I entered the account/routning number on the credit card's website and the ACH is a pull by the credit card company from my Ally account. 0 issues. My pay check is direct deposited into my Ally checking account.
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FOGU
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Re: Bank Account - Checking

Post by FOGU »

anon_investor wrote: Wed Mar 24, 2021 3:04 pm
Marseille07 wrote: Wed Mar 24, 2021 2:37 pm
FOGU wrote: Wed Mar 24, 2021 2:34 pm
Marseille07 wrote: Mon Mar 22, 2021 11:01 pm After terrible experience with banks w/ branches, I had to scramble & went with Ally. They give 0.25% on deposits above 15K or something like that, which isn't bad for a checking account.

They have some quirks but overall very pleased with them.
For those considering Ally, can you please expound on the quirks?
Thanks.
- 3-day hold on ACH is kind of slow (though if you hold the ACH connection for 3 months(?) you get 1-day).
- Once they put a 5-day hold on my check because they have confidential information indicating the counterparty (Citibank) might not pay.

Stuff like that.
I have had an Ally account for 10+ years. All my linked accounts get 1-business day ACH transfers. I have never had a long hold on a check. According to Ally:
https://www.ally.com/help/bank/deposits.html
If you deposit a check over $300:

The first $300 will be available the next business day
Up to $24,700 will be available on the 2nd business day
Remaining amounts over $25,000 will be available on the 5th business day
It looks like the 5 business day hold is due to amounts over $25k.
FOGU wrote: Wed Mar 24, 2021 2:51 pm Any problems linking up with brokerage account? Say, Vanguard or the other biggies?
I linked my Ally account to my Vanguard account, verified my Ally account with Vanguard via 2 small deposits from Vanguard. I have had 0 issues, I make purchases where Vanguard pulls the money from my Ally account multiple times a month. I have also sent money from my Vanguard account to my Ally account also with no issues. But to be clear the connection is 100% with Vanguard, so all my transactions are being initiated on the Vanguard website or mobile app.

I have pay all my credit card bills from my Ally account. I entered the account/routning number on the credit card's website and the ACH is a pull by the credit card company from my Ally account. 0 issues. My pay check is direct deposited into my Ally checking account.
Most helpful.
Thank you!
NextMil
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Re: Bank Account - Checking

Post by NextMil »

Charles Schwab for checking which comes with a free brokerage - no fees. I keep a month ahead in checking.
Ally for Savings account for remainder of emergency fund.

Been doing this for a decade and have never run into an emergency that tapped checking and the online 1-2 day transfer wouldn't cover in the interim.
Marseille07
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Re: Bank Account - Checking

Post by Marseille07 »

anon_investor wrote: Wed Mar 24, 2021 3:04 pm I have had an Ally account for 10+ years. All my linked accounts get 1-business day ACH transfers. I have never had a long hold on a check. According to Ally:
https://www.ally.com/help/bank/deposits.html
If you deposit a check over $300:

The first $300 will be available the next business day
Up to $24,700 will be available on the 2nd business day
Remaining amounts over $25,000 will be available on the 5th business day
It looks like the 5 business day hold is due to amounts over $25k.
We've conversed before on your tremendous luck w/ Ally or banking in general.
The 5-day held check was around 15K...
We have information that indicates the check may not be paid. If the check is not paid, we'll notify you by mail. If the check you deposited is paid, we will refund any fees for overdrafts or returned checks that result solely from additional delays imposed by us. To receive a refund of these type fees, please call 877-247-2559. We're available 24 hours a day, 7 days a week.
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anon_investor
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Re: Bank Account - Checking

Post by anon_investor »

Marseille07 wrote: Wed Mar 24, 2021 3:13 pm
anon_investor wrote: Wed Mar 24, 2021 3:04 pm I have had an Ally account for 10+ years. All my linked accounts get 1-business day ACH transfers. I have never had a long hold on a check. According to Ally:
https://www.ally.com/help/bank/deposits.html
If you deposit a check over $300:

The first $300 will be available the next business day
Up to $24,700 will be available on the 2nd business day
Remaining amounts over $25,000 will be available on the 5th business day
It looks like the 5 business day hold is due to amounts over $25k.
We've conversed before on your tremendous luck w/ Ally or banking in general.
The 5-day held check was around 15K...
We have information that indicates the check may not be paid. If the check is not paid, we'll notify you by mail. If the check you deposited is paid, we will refund any fees for overdrafts or returned checks that result solely from additional delays imposed by us. To receive a refund of these type fees, please call 877-247-2559. We're available 24 hours a day, 7 days a week.
That is right, Ally thinks Citi is unreliable, haha. Assuming that check eventually cleared?

I have all kind of ACH transfers/payments initiated from outside to pull from Ally (not pushed from Ally) with no issues: daycare tuition, credit cards, various 529 plans, mortgage refi closing costs, another banks, Vanguard, utility bills, etc. But I also have had those same transactions from my local brick and mortar branch bank with no issued either.

The one nice thing about Ally is the much larger mobile check deposit limit ($50k) than my local b&m bank ($5k).
Marseille07
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Re: Bank Account - Checking

Post by Marseille07 »

anon_investor wrote: Wed Mar 24, 2021 6:14 pm That is right, Ally thinks Citi is unreliable, haha. Assuming that check eventually cleared?

I have all kind of ACH transfers/payments initiated from outside to pull from Ally (not pushed from Ally) with no issues: daycare tuition, credit cards, various 529 plans, mortgage refi closing costs, another banks, Vanguard, utility bills, etc. But I also have had those same transactions from my local brick and mortar branch bank with no issued either.

The one nice thing about Ally is the much larger mobile check deposit limit ($50k) than my local b&m bank ($5k).
Yeah it cleared, though I was asked to hold onto the check for 60 days :confused
And yes, Ally's limits are there but reasonable ones. My B&M bank also had a 5k limit and I had to go deposit my salary check while my direct deposit configuration was being processed.
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anon_investor
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Re: Bank Account - Checking

Post by anon_investor »

Marseille07 wrote: Wed Mar 24, 2021 6:19 pm
anon_investor wrote: Wed Mar 24, 2021 6:14 pm That is right, Ally thinks Citi is unreliable, haha. Assuming that check eventually cleared?

I have all kind of ACH transfers/payments initiated from outside to pull from Ally (not pushed from Ally) with no issues: daycare tuition, credit cards, various 529 plans, mortgage refi closing costs, another banks, Vanguard, utility bills, etc. But I also have had those same transactions from my local brick and mortar branch bank with no issued either.

The one nice thing about Ally is the much larger mobile check deposit limit ($50k) than my local b&m bank ($5k).
Yeah it cleared, though I was asked to hold onto the check for 60 days :confused
And yes, Ally's limits are there but reasonable ones. My B&M bank also had a 5k limit and I had to go deposit my salary check while my direct deposit configuration was being processed.
I think any bank where I have used a mobile deposit has some language about keeping the check for x number of days even after it clears.
Marseille07
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Re: Bank Account - Checking

Post by Marseille07 »

anon_investor wrote: Wed Mar 24, 2021 8:29 pm
Marseille07 wrote: Wed Mar 24, 2021 6:19 pm
anon_investor wrote: Wed Mar 24, 2021 6:14 pm That is right, Ally thinks Citi is unreliable, haha. Assuming that check eventually cleared?

I have all kind of ACH transfers/payments initiated from outside to pull from Ally (not pushed from Ally) with no issues: daycare tuition, credit cards, various 529 plans, mortgage refi closing costs, another banks, Vanguard, utility bills, etc. But I also have had those same transactions from my local brick and mortar branch bank with no issued either.

The one nice thing about Ally is the much larger mobile check deposit limit ($50k) than my local b&m bank ($5k).
Yeah it cleared, though I was asked to hold onto the check for 60 days :confused
And yes, Ally's limits are there but reasonable ones. My B&M bank also had a 5k limit and I had to go deposit my salary check while my direct deposit configuration was being processed.
I think any bank where I have used a mobile deposit has some language about keeping the check for x number of days even after it clears.
I mean, storing for a week or so I understand....but for 60 days :confused I don't understand what can happen for that long.
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anon_investor
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Re: Bank Account - Checking

Post by anon_investor »

Marseille07 wrote: Wed Mar 24, 2021 8:32 pm
anon_investor wrote: Wed Mar 24, 2021 8:29 pm
Marseille07 wrote: Wed Mar 24, 2021 6:19 pm
anon_investor wrote: Wed Mar 24, 2021 6:14 pm That is right, Ally thinks Citi is unreliable, haha. Assuming that check eventually cleared?

I have all kind of ACH transfers/payments initiated from outside to pull from Ally (not pushed from Ally) with no issues: daycare tuition, credit cards, various 529 plans, mortgage refi closing costs, another banks, Vanguard, utility bills, etc. But I also have had those same transactions from my local brick and mortar branch bank with no issued either.

The one nice thing about Ally is the much larger mobile check deposit limit ($50k) than my local b&m bank ($5k).
Yeah it cleared, though I was asked to hold onto the check for 60 days :confused
And yes, Ally's limits are there but reasonable ones. My B&M bank also had a 5k limit and I had to go deposit my salary check while my direct deposit configuration was being processed.
I think any bank where I have used a mobile deposit has some language about keeping the check for x number of days even after it clears.
I mean, storing for a week or so I understand....but for 60 days :confused
It could be due to a banking regulation, since I believe you have up to 60 days to report a fraudulent withdrawal in order to not be liable (the bank eats the loss).
Marseille07
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Re: Bank Account - Checking

Post by Marseille07 »

anon_investor wrote: Wed Mar 24, 2021 8:35 pm It could be due to a banking regulation, since I believe you have up to 60 days to report a fraudulent withdrawal in order to not be liable (the bank eats the loss).
I see. After all, they have information that the check might not be paid.
tj
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Re: Bank Account - Checking

Post by tj »

anon_investor wrote: Wed Mar 24, 2021 8:29 pm
Marseille07 wrote: Wed Mar 24, 2021 6:19 pm
anon_investor wrote: Wed Mar 24, 2021 6:14 pm That is right, Ally thinks Citi is unreliable, haha. Assuming that check eventually cleared?

I have all kind of ACH transfers/payments initiated from outside to pull from Ally (not pushed from Ally) with no issues: daycare tuition, credit cards, various 529 plans, mortgage refi closing costs, another banks, Vanguard, utility bills, etc. But I also have had those same transactions from my local brick and mortar branch bank with no issued either.

The one nice thing about Ally is the much larger mobile check deposit limit ($50k) than my local b&m bank ($5k).
Yeah it cleared, though I was asked to hold onto the check for 60 days :confused
And yes, Ally's limits are there but reasonable ones. My B&M bank also had a 5k limit and I had to go deposit my salary check while my direct deposit configuration was being processed.
I think any bank where I have used a mobile deposit has some language about keeping the check for x number of days even after it clears.
When i sold my co-op, it was over the $50k max for mobile deposit on Alliant Credit Union. Thankfully it was lower than Bank of America's. I used the BofA app, but there was a 9 day hold.

it freaked me out because the email confirming the deposit said "A hold was placed on your check(s) because check specific information indicates item may be returned." When I called them, they said their was no issue with the check, that they just needed to verify that the other bank has the funds and said the hold could be lifted sooner. The hold was lifted on the 9th day.
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anon_investor
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Re: Bank Account - Checking

Post by anon_investor »

tj wrote: Wed Mar 24, 2021 8:54 pm
anon_investor wrote: Wed Mar 24, 2021 8:29 pm
Marseille07 wrote: Wed Mar 24, 2021 6:19 pm
anon_investor wrote: Wed Mar 24, 2021 6:14 pm That is right, Ally thinks Citi is unreliable, haha. Assuming that check eventually cleared?

I have all kind of ACH transfers/payments initiated from outside to pull from Ally (not pushed from Ally) with no issues: daycare tuition, credit cards, various 529 plans, mortgage refi closing costs, another banks, Vanguard, utility bills, etc. But I also have had those same transactions from my local brick and mortar branch bank with no issued either.

The one nice thing about Ally is the much larger mobile check deposit limit ($50k) than my local b&m bank ($5k).
Yeah it cleared, though I was asked to hold onto the check for 60 days :confused
And yes, Ally's limits are there but reasonable ones. My B&M bank also had a 5k limit and I had to go deposit my salary check while my direct deposit configuration was being processed.
I think any bank where I have used a mobile deposit has some language about keeping the check for x number of days even after it clears.
When i sold my co-op, it was over the $50k max for mobile deposit on Alliant Credit Union. Thankfully it was lower than Bank of America's. I used the BofA app, but there was a 9 day hold.

it freaked me out because the email confirming the deposit said "A hold was placed on your check(s) because check specific information indicates item may be returned." When I called them, they said their was no issue with the check, that they just needed to verify that the other bank has the funds and said the hold could be lifted sooner. The hold was lifted on the 9th day.
I am sure some lawyers came up with some scary boiler plate language to use for everything. How do I know this? I am one of the lawyers who comes up with scary boiler plate language for my megacorp to use on stuff. :twisted:
livelovelaugh00
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Re: Bank Account - Checking

Post by livelovelaugh00 »

I have 100k in HM Bradley earns 3%. The 1099int was issued by Hatch bank.
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dratkinson
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Location: Centennial CO

Re: Bank Account - Checking

Post by dratkinson »

iamblessed wrote: Wed Mar 24, 2021 11:51 am Most local credit union have free checking with $0 fees. Most do not ask you to use debit cards X times per month.
If online is ok I would go with https://www.alliantcreditunion.org/
.55% on saving easy move money to checking as needed
Here is $100 for opening it https://ww2.alliantcreditunion.org/ulti ... ty-savings
+1. And if your selected CU is part of the CU COOP shared-branch network, then you should have a local branch near you wherever you travel.

Student exercise. You can boost your annual yield to ~2% tax-free by using the "ABP by CC technique". (Search forum.)

Taken together, this means you can select your banking relationships based on their convenience to you, and not on yield chasing or account opening bonuses.



Disclosure. I use presidential.com (bank) for primary checking ($1500 min balance to avoid $5 fee); later added local B&M canvas.org (CU) for local access, free 0.10% savings and 0% (backup) checking; and ABP by CC technique to boost their yield on 1yr of living expense kept there. The convenience feature I value most is the mailed monthly statements; harder for my heirs and me to forget the accounts.
d.r.a., not dr.a. | I'm a novice investor; you are forewarned.
tj
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Joined: Wed Dec 23, 2009 11:10 pm

Re: Bank Account - Checking

Post by tj »

dratkinson wrote: Thu Mar 25, 2021 8:12 am
iamblessed wrote: Wed Mar 24, 2021 11:51 am Most local credit union have free checking with $0 fees. Most do not ask you to use debit cards X times per month.
If online is ok I would go with https://www.alliantcreditunion.org/
.55% on saving easy move money to checking as needed
Here is $100 for opening it https://ww2.alliantcreditunion.org/ulti ... ty-savings
+1. And if your selected CU is part of the CU COOP shared-branch network, then you should have a local branch near you wherever you travel.

Student exercise. You can boost your annual yield to ~2% tax-free by using the "ABP by CC technique". (Search forum.)

Taken together, this means you can select your banking relationships based on their convenience to you, and not on yield chasing or account opening bonuses.



Disclosure. I use presidential.com (bank) for primary checking ($1500 min balance to avoid $5 fee); later added local B&M canvas.org (CU) for local access, free 0.10% savings and 0% (backup) checking; and ABP by CC technique to boost their yield on 1yr of living expense kept there. The convenience feature I value most is the mailed monthly statements; harder for my heirs and me to forget the accounts.
The irony is your Presidential Bank has Advantage Checking which gives 2.25% APY up to $25k if you have a monthly $500 direct deposit and have seven electronic withdrawals per month, including ATM, POS, ACH, and bill payments. That seems far less onerous than most reward checking accounts.
humblecoder
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Re: Bank Account - Checking

Post by humblecoder »

I think people may be getting mixed up. When I read your post, you are looking for a bank that has a checking account that has a low minimum balance. That way, you can keep the bulk of your money in a separate higher yielding savings account.

Most banks have some sort of no-fee low minimum balance checking product... even the big national banks. For instance, Bank of America has an "Advantage Plus" savings account which requires a $1500 minimum balance OR a direct deposit set up. So if you have all (or part) of your paycheck direct deposited to your checking account, effectively you have no minimum balance and no monthly fee. Chase has a similar product with similar rules.

You might be able to find even better deals with local banks of credit unions. One credit union near me has a checking account with zero monthly fee and zero minimums and zero requirements. Granted you don't earn any interest, but if you sweep your excess money into an online savings account, it really doesn't matter.

What I am saying is that if you use google, I am sure that you will find that there are many options if you are looking for a checking account with no fees and low to no minimum balance.

If you want the best of both worlds, one checking account that also gives a higher interest rate, then it becomes more specialized. The credit union I reference above has a high yield CHECKING account product, but that requires X ATM transactions per month and some other hoops. If you don't want to deal with that, get a zero fee zero minimum checking account with no hoops. Then also get a high yield savings account that you can transfer any excess money to. Done!
nyx328
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Re: Bank Account - Checking

Post by nyx328 »

daw007 wrote: Mon Mar 22, 2021 11:29 pm I've been using Schwab Bank as my checking and Ally as my HYSA. Ally alone would be simpler. I like Schwab since it has free checks, no minimums, free ATM withdrawal worldwide, and pretty good customer service. They do have physical branches but obviously are quite rare compared to Wells Fargo, BofA, chase, citi, etc.

I tried BofA but I find them a bit sleazy with all their fees. Minimums necessary for all the different accounts and for things as simple as ACH unless you break certain barriers of holdings @ their institution. They also make it very convoluted to pay a BofA CC from a non-BofA bank account. BofA's 2.62% off anything/3% off travel+dining card however is quite intriguing.

I've been testing the waters with fidelity Cash Management account to try to consolidate more of my stuff @ one location. I read much of the Fidelity as a one stop shop thread and I am puzzled so far why people like it. I opened a trust account and it literally took 1.5 months to open. I had to submit it on paper and secure message it to them Trying to add ACH from fidelity to another bank also requires printing out a form to fill out, sign, and then submit and wait for them to process. it's kind of aggravating...
I’ve used Fidelity as a one stop shop for about 3 years and have had no problems with it. I’ve got Taxable, Retirement, Savings (cash management) and a credit rewards card with them and it’s all been great. I’ve generally found their customers service to be very helpful too (many of the people that answer the phones
have Series 7) but sometimes it can take awhile to get through. I also think their app, besides maybe ETrade, is the best of the major brokers. I think it’s out of the ordinary that your account took so long/had so many steps.
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dratkinson
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Location: Centennial CO

Re: Bank Account - Checking

Post by dratkinson »

tj wrote: Fri Mar 26, 2021 10:00 am
dratkinson wrote: Thu Mar 25, 2021 8:12 am...
Disclosure. I use presidential.com (bank) for primary checking ($1500 min balance to avoid $5 fee); later added local B&M canvas.org (CU) for local access, free 0.10% savings and 0% (backup) checking; and ABP by CC technique to boost their yield on 1yr of living expense kept there. The convenience feature I value most is the mailed monthly statements; harder for my heirs and me to forget the accounts.
The irony is your Presidential Bank has Advantage Checking which gives 2.25% APY up to $25k if you have a monthly $500 direct deposit and have seven electronic withdrawals per month, including ATM, POS, ACH, and bill payments. That seems far less onerous than most reward checking accounts.
Thanks. Haven't looked at their website in years so didn't know about the changes! Had no need to, after setting up DD from employer, ABP with creditors, and receiving mailed PB statements.

Rhetorical question: Do I want to switch PB checking accounts to earn more interest? Since I average ~$5K/mo balance, I'd earn ~$80/yr, after uncle sugar and his nephews at state take their cut. Do I want to relink my financial life (employer's DD, creditors' checking ABP target for those who don't accept CC payment, brokerage link,...) for so little? And give up my mailed monthly PB statements... becoming completely dependent upon the internet for my banking information? No.


But OP might like PB; I have no complaints. And it should be easy enough to avoid monthly fees by automating the 7/month ACH + bill payment transactions for creditors that DON'T accept CC payment.

PB checking options: https://presidential.com/Personal-Banki ... s/Checking

Then OP can double-down by using ABP by CC technique for creditors that DO accept CC payment, and then pay CC by ABP linked to PB.

So you done good with your research!


Disclosure. When I opened my "Internet Checking" account with PB (2007) and relinked by financial life, they were paying 4.05%. And in no time, the rate seemed to drop to 0.12%. It was shortly after this that I swore off "rate chasing".

There are advantaged to keeping one's life simple. And it only costs me ~$80/yr in interest. Cheap enough. :happy
d.r.a., not dr.a. | I'm a novice investor; you are forewarned.
RudyS
Posts: 2821
Joined: Tue Oct 27, 2015 10:11 am

Re: Bank Account - Checking

Post by RudyS »

humblecoder wrote: Fri Mar 26, 2021 10:49 am I think people may be getting mixed up. When I read your post, you are looking for a bank that has a checking account that has a low minimum balance. That way, you can keep the bulk of your money in a separate higher yielding savings account.

Most banks have some sort of no-fee low minimum balance checking product... even the big national banks. For instance, Bank of America has an "Advantage Plus" savings account which requires a $1500 minimum balance OR a direct deposit set up. So if you have all (or part) of your paycheck direct deposited to your checking account, effectively you have no minimum balance and no monthly fee. Chase has a similar product with similar rules.

That BofA account works well for me. Between direct deposit, and having all my credit cards paid by auto pay from there, life is pretty simple. At this point in my life, simple is good.
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