Bank to open Checking Account
 

We bought a house, but we will not be able to move in for a few months. We would like to open a checking account to buy large items, like a used car. Are there banks that you would recommend (or not recommend) for this purpose? Can we just use our out-of-state checking account in Florida (part time residence) or do we have to open a checking account in Florida? We will be in Florida several months out of the year.

You can use your out of state checking account. And, if the bank has branches in Florida, you don't even need a new bank. But, if not, I think Citizens First is probably the most convenient bank in The Villages because it has the most branches in the area and it even has some ATM machines at the local postal stations where you will be picking up your mail. Note that Citizens First is a local bank, not to be confused with Citizens Bank, which is a national bank.

...

I think you mean Citizens First Bank, not Citizens Bank. Two different banks.

We moved here just over a year ago and figured we would find a local bank.

Turns out we get a better deal with our old bank which is in Va so still with them for the bulk of our banking needs. Now that you can make deposits remotely and use a CC for everything little need for a local bank.

I retained my 30+ year old BofA account originated in CA which I can use all over the country. My Schwab account provides me with an ATM card I can use free anywhere, including at the convenient Citizens First ATMs peppered all over The Villages. Works for me.

We opened an account at citizens first just in case we received a check we would have a place to cash it

We use Fudpucker Savings and Loan. Freddie is the only employee in the branch.

Seriously we like Chase and don't like Bank Of America after the stunt they pulled at the beginning of Covid. It's not that they closed their branches it's that they didn't communicate anything, Zero.

Citizens were doing just fine until we had an issue on the weekend. Outta luck till Monday. Back to Chase. There is always someone to speak to at Chase. It may not be English on the first attempt but your not alone if something comes up.

We use a local New England bank for the bulk of our needs but also have a Bank of America account that we established back home. With online banking and the ability to deposit checks on line there is no need for a local Florida bank. It works for us others may have different preferences.

Can you use an Out-of State check to buy a used car?
 

We do put most things on a credit card, but I was thinking that we would need a check to buy a used car. Can you use an out-of-state check to buy a used car in Florida?

Freddie is my third cousin three times removed but is a wonderful fellow even if he has a record in three states.

...

It’s important to have a checking account based in Florida, which could be a national bank chain because your former state of residency could use that against you to force you to pay their state income tax. Some states, like Minnesota, have residency “intention” factors”, which they use to determine your residency.

This is especially important if you’re a snowbird. Even if you are not present in the income taxing state for more than six months, they might still be able to force you to continue to pay the state income taxes, if you violate the residency “intention” factors, such as the location of your most active checking account, where your vehicle is registered, insured, and stored, gym club and church memberships, and other things. They might also have the “right” to know what you told your insurance company. They also can get your cellphone location records.

The most aggressive states for retaining their taxes are New York. New Jersey, and California. It’s important to protect yourself from an unpleasant surprise of having your former taxing state force you to pay their taxes.

Before we had our new Florida checks printed, we used our old Minnesota checks for a large item, a whole house electric generator, and smaller things like a chlorine to saltwater pool conversion. But we changed our address at our national bank and had new checks printed with our Florida address.

So, as some others said, it depends on whose accepting the check. Be careful about fraud and theft of checks, especially in Florida. Checks have much more risk attached to them than credit cards. It’s dangerous to carry around blank checks in your wallet!

We have a villa in Hadley but live mainly in the U.K. We use Chase Bank & find them particularly helpful & ‘user friendly’ internationally. We also use their Chase Visa Freedom credit card for purchases, great cash back scheme.

Go anywhere but Citizens!!!!

You can use your out-of-state account.
Check-out processing might be slow sometimes.
Change your address on your checks........it might be worth the cost.


All banks are good in The Villages.
Over the last 10 years, I have seen good & bad reviews on every bank & credit union.


Good Luck

Bank
 

Wells Fargo is everywhere

We just moved down and open with Citizens First. Their service caused us to open at 2 other banks hoping that one would be good. Both turned out to be very good. Citizen First will be the FIRST bank that we will discontinue. Maybe I was just used to the good service we had before moving here.

you can use your out of state checks...it just takes longer to clear

Totally disagree that Citizens First Bank is not great. We have been with them for 13 years and have never had a problem. Many branches to pick from and they were one of the few banks that were open (inside) during the pandemic. We also use one of the local credit unions because I still have an account in a NY Credit Union and I can transfer money back and forth with no charge.

Any bank, not a problem

Just use a wire transfer as payment
 

Easiest way is to use a wire transfer from your bank to pay for the vehicle, that way the money goes straight into the Dealers Bank and there are no questions!!!! Or use a credit card to pay for it, I did once, the dealer almost had a conniption fit over it!!!!!

National bank with local branches. Able to deposit checks which exceed limits for remote deposit, cashiers checks, wire transfers, safe deposit boxes, and usually 24/7 customer service. Plus one-on-one assistance with account issues.

If you have a Chase bank account you will be OK.
If you go to Citizens First, and want to open a checking or savings account and give them $5,000 cash, they will want to know (need proof) where you got it from. Opening a bank account with them is a PITA.
Chase is good anywhere, and their ATM (indoors) is open 24/7.

I agree.

Charge card is easier and faster

Do a nation wide bank like Chase. We had no problem.

It's called KYC, Know Your Customer. Every federally insured bank has to collect that information for new customers.

We moved to TV a few months ago. We continue to use our small community bank back in Ma. even when we moved to Me. All our income is directly deposited there. Do all our bill pay online with them, even for bills in Fl. Been with them for 50 years, the personal attention is the best. I can even deposit a check we receive here over our I-phone and have it in our account the next day. We really use cash for anything. but when we need it we use the ATM. It just bothers me to take my money out, and be charged a fee. But, I think they have feels ATM accounts now.

Nope.
The reporting requirement is at $10,000.

True, but, even if the amount is greater than $10,000, I don't think the bank needs to determine where you got the money. They just need to report the transaction to the IRS.

We have an act in NH and one at Citizens in The Villages....we pay from either one...they are used to out of state checks. We were going to get a mortgage at Citizens so we did that before closing but then found better rates on line.

Yes & No............they need to know where the cash came from.......what type of transaction ie: RE transaction, personal services, debt payment, etc.

My wife had an account with BoA. It was fine except they didn't have any golf cart accessible locations near us.

We have owned in TV for several years now. We saw no particular need to change from our NJ bank which we like.

That said, Ebay changed their payment method and now requires access to a checking account. I was looking for somewhere to park money that didn't give Ebay access to our main checking account and I found Ally bank.

I have to say, I love it. No fee checking, you get a debit card and they pay a small bit of interest on balances as well. It has Zelle and transfers in and out have been a breeze. It also doesn't send up red flags if you transfer money into Crypto accounts like Coinbase or Kraken. It's an FDIC insured bank. My NJ bank cancelled those transactions on me 4 years ago. I would have had .2 bitcoin for $100!

Wire transfers are cheaper than my NJ bank and it has more features on the phone app than my NJ bank. Heck, even the picture taking for remote deposits is easier. Great bank! Banking, Investing, Home Loans & Auto Finance | Ally

I like having a credit card issued by the same bank where I have a checking account. That way, I can discuss credit card issues with a live person. And, I can pay my credit card bill in a few seconds by just transferring money between accounts online from a single website.

I have used my credit card for automobile purchases - there is a limit to how much you can charge. ($2K?) However - It builds up point quickly that I mainly use for free rooms at Marriott when we travel- !

jabacon——I, too, keep my acct in another state (with a credit union I’ve been with for over 40 years) because of their superior service. I also opened a BofA acct here in TV because I thought I needed access to all their ATMs and was unhappy about being charged when I used them. Found out from my CU that the ATM in front of Publix on 466 is part of a network that my CU belongs to & there is NO charge to use that ATM! Ask your out-of-state bank if they belong to the Co-Op network.

Wilson you are usually right on the money with your posts, but I have to correct you.

It is true that the reporting requirement is anything over $9999.99 to the fed, that is for any transaction. When it's a new customer the bank has to collect all kinds of personal information, like source of funds, whether you're a politically exposed person, etc...... The bank has to know who they are dealing with and there are KYC and OFAC rules in place that they must follow.

A possible alternative. If, you have a brokerage account they offer free checking.
Were you to open a Florida checking account and use it to buy,"large items," you would need to have a large enough balance in the account so that checks do not bounce.
May be old news but a local check must be cleared by the bank in two days, an out of town check will take 10 days to clear. A credit card gives you many advantages including the right to cancel in 24 hours and more power to dispute any issues. The reason why some businesses refuse to take a credit card. IE the stereotyped used car lot that moves every week or three.