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Old 03-27-2018, 07:04 PM
 
Location: la la land
27,138 posts, read 11,338,839 times
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Quote:
Originally Posted by cebuan View Post
You have an ATM that gives $100 bills? When I travel, I carry about $2,000 in cash, and a hundred bills won't fit in my moneybelt. And money exchanges often refuse to accept worn bills or those with early series dates. I go to my bank and ask for crisp new hundreds, and they go through their stack and pick them out for me.

If having a smartphone is a prerequisite to having an online bank account, I'm disqualified. Even some walkin banks, I'm not eligible for online banking, because if they ever decide I have to reset my password, I have no mobile number they can text a security code to.
No, let's try this again...this is what I said:

Quote:
Originally Posted by 2sleepy View Post
Most banks have mobile deposits. As long as you have a smartphone it's much easier than going to the bank even if it's a few blocks away. Open the app, click on deposit, enter the amount of the check and take a picture of the front and back of the check with your phone's camera. While I can't get $100 bills from a bank without a local presence I can get as much as I want out of the ATM, if I need more than $400 I call the bank and they raise the limit for the day.
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Old 03-27-2018, 09:05 PM
 
Location: Austin, TX
16,688 posts, read 39,304,746 times
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Quote:
Originally Posted by Dad01 View Post
what about american express they are offering currently 1.75% rate ?

what is the difference between a high yield saving account vs money market account ?

is there a risk of losing your investment in the money market account ? or is it FDIC insured
I don't have any experience with American Express.

The differences of the accounts may vary from bank to bank, you can check what they offer online. At Ally.com the interest rates are significantly higher for the savings account over the Money Market account.

https://www.ally.com/bank/online-savings-account/

https://www.ally.com/bank/money-market-account/

Both are FDIC insured at all of the online banks I am aware of. You should be able to confirm that on the banks website.

Last edited by CptnRn; 03-27-2018 at 09:27 PM..
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Old 03-27-2018, 10:18 PM
 
Location: Austin, TX
16,688 posts, read 39,304,746 times
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Anybody here use an Internet Bank?
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Old 03-28-2018, 10:20 AM
 
Location: Aurora Denveralis
2,961 posts, read 1,007,246 times
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Ally.com: 12-month CDs 1.75-2.00% with tiers at $5k and $25k. Savings 1.45%. MM .90-1.00% (limited to six transactions a month). Checking 0.10-0.60%.

My local CU: 12-month CDs 1.15% ($500 min.) Savings 0.10%. MM 0.10-0.15%. Checking 2.25% (capped at $25k). And a branch pretty much every direction I go.

For differences of 1% or less across the board, it's just not worth either the limitations of an online bank or the hassle of two banks. Do the math: for moderate amounts, it's around $100 a year for somewhat less convenience and flexibility, and for more, you shouldn't be in retail-bank level investments anyway. Just maybe worth it if you're working a CD ladder in the $50-200k range.
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Old 03-29-2018, 11:22 AM
 
Location: Oregon, formerly Texas
5,242 posts, read 3,393,710 times
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I've used several internet banks. Ally is the best in terms of the power of the technology they use and their customer service. Their better tech results in slightly lower interest rates. They have good CD rates though.

Synchrony and Marcus by Goldman Sachs are decent.

CIT bank has the highest rates but mediocre technology and customer service.
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Old 03-29-2018, 12:00 PM
 
Location: Aurora Denveralis
2,961 posts, read 1,007,246 times
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Quote:
Originally Posted by redguard57 View Post
Ally is the best in terms of the power of the technology they use and their customer service. Their better tech results in slightly lower interest rates.
I don't follow. What "better tech" do they have from any modern bank, local-service or online?

I've had banks with really crappy online tools and access, and ones that were a joy to use. No real correlation between size or quality of the bank, and I doubt the cost differential between a crap-azz online portal and a good one can impact bottom line to the point of affecting their rates. (Maybe the differential between any online portal and none at all.)
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Old 03-29-2018, 01:14 PM
 
Location: Oregon, formerly Texas
5,242 posts, read 3,393,710 times
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Quote:
Originally Posted by Quietude View Post
I don't follow. What "better tech" do they have from any modern bank, local-service or online?

I've had banks with really crappy online tools and access, and ones that were a joy to use. No real correlation between size or quality of the bank, and I doubt the cost differential between a crap-azz online portal and a good one can impact bottom line to the point of affecting their rates. (Maybe the differential between any online portal and none at all.)
Faster, more intuitive, more visually appealing & effective website, apps & the tools therein. 24 hour customer service - actual Americans who speak understandable English when you call & seem to know what they're talking about, low or no wait times. Processing times for various transactions were faster, meaning they must have more people on the clock.

I imagine that costs them more money, but less than operating branches.

Chase has good apps & customer service too, but lots of branches, and they pay near-zero interest.
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Old 03-29-2018, 01:24 PM
 
Location: Aurora Denveralis
2,961 posts, read 1,007,246 times
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Quote:
Originally Posted by redguard57 View Post
I imagine that costs them more money, but less than operating branches.

Chase has good apps & customer service too, but lots of branches, and they pay near-zero interest.
My CU has an excellent online interface whose biggest fault is that there are different portals for personal and business; they fix that with a major upgrade next month. They have long business hours CS, and about ten branches across the metro. And pay the above interest rates.

I still don't see any correlation. Having a great online portal is, well, great... but it's far from exclusive to either online or "high" interest banks.
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Old 03-29-2018, 02:45 PM
 
Location: Oregon, formerly Texas
5,242 posts, read 3,393,710 times
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Quote:
Originally Posted by Quietude View Post
My CU has an excellent online interface whose biggest fault is that there are different portals for personal and business; they fix that with a major upgrade next month. They have long business hours CS, and about ten branches across the metro. And pay the above interest rates.

I still don't see any correlation. Having a great online portal is, well, great... but it's far from exclusive to either online or "high" interest banks.
You must be lucky on the CU front. I looked up the interest rates of the local CU's around here and the highest interest rates they're paying is about .09%
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Old 03-29-2018, 02:55 PM
 
Location: Aurora Denveralis
2,961 posts, read 1,007,246 times
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Quote:
Originally Posted by redguard57 View Post
You must be lucky on the CU front. I looked up the interest rates of the local CU's around here and the highest interest rates they're paying is about .09%
Which is a perfectly good reason to go online. I suspect, though, that for many people the era of Ally, ING etc.'s advantages has passed.
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