[Bill14564]

Originally Posted by Pugchief

Can someone explain why you think you need a "local" bank in 2024? Unless you have a need to deposit cash frequently, you can literally do the other 99.9% of your banking online. I used to use Schwab, now Fidelity. Free ATM including reimbursement of fees, free wire transfers, free bill pay, no fees for most basic needs.

All of my bills are auto-debited using the routing number on the checks (Fidelity uses UMB Bank as their checking back-end, and the rep told me to use that routing number). You can transfer $100,000 per day in or out electronically via ACH. If you need to send more, you can wire it for free. Easy to use online interface. And balance earns 5% currently (that's why I switched from Schwab). And if you really need to do something in person, there is a branch in LSL.

The only thing more unnecessary than a local bank is one of the too-big-to-fail megabanks that rape you on fees and have nearly destroyed the US economy on more than one occasion. They don't deserve your business IMHO.

99.9% doesn't help much when you really need that 0.1%:
1. I was able to pick up my golf cart the same day with a bank check from the local citizens first bank. Otherwise, I would have waited a week for the personal check to clear.
2. I was able to deposit a very large check with a trip to the local branch. I don't know what limits the online banks have but I'm skeptical that they would have accepted it via mobile deposit.
3. I dislike paying ATM fees to get cash. A local bank gives me free ATM plus the option of stopping in person.

[CoachKandSportsguy]

Originally Posted by Pugchief

Can someone explain why you think you need a "local" bank in 2024?

I get dividend checks which have such high security on them that ATM machines don't accept them. But that's because the shares are in my possession, and not at fidelity.

I also went to a Citizens bank (not first citizens) for a new debit card. They printed a new MasterCard debit card for me on the spot. . . We have had mail issues with Citibank Visa card, in that the card has taken more than the allotted time to arrive, which indicates that its been opened and used, and then sealed up and continued on its mail journey

[Pugchief]

Originally Posted by New Englander

Yes, Citizens First gives me free popcorn.

[Pugchief]

Originally Posted by CoachKandSportsguy

Fidelity in LSL is only for planning, can't do anything else there, i just tried to do a transaction there, and was told no transactions here.

Fidelity's visa card department is worthless. They didn't flag phony transactions, they had extensive paperwork to fill out and send in snail mail to dispute obviously fraudulent transactions. Cancelled that card as soon as the person explained to me how to do it.

What did you want to do at LSL that you can't do online or over the phone? They have always been very accommodating to me and the wife.

I have had Fidelity's credit card for years and have never had an issue, which is more than I can say for some cards issued by the megabanks. It is also standard procedure to have to fill out a dispute form and snail mail it. I have had to do that with the megabanks on multiple occasions, so that is not unique to Fidelity.

I have nothing but good things to say about both my investing and banking experiences at both Fidelity and Schwab. Obviously, YMMV.

[Pugchief]

Originally Posted by Bill14564

99.9% doesn't help much when you really need that 0.1%:
1. I was able to pick up my golf cart the same day with a bank check from the local citizens first bank. Otherwise, I would have waited a week for the personal check to clear.
2. I was able to deposit a very large check with a trip to the local branch. I don't know what limits the online banks have but I'm skeptical that they would have accepted it via mobile deposit.
3. I dislike paying ATM fees to get cash. A local bank gives me free ATM plus the option of stopping in person.

1. That's fair, but you could have done a free wire transfer to the dealer, same day.
2. As I said in my previous post, I can deposit up to $100,000/day. That includes ACH and remote check deposits.
3. Both Fidelity and Schwab not only don't charge a fee to use ATMs, the also REIMBURSE the ATM owner's fee. Even internationally. I haven't paid an ATM fee in close to 20 years.

Literally the only thing that I can't do (that I am aware of) is deposit cash. And since I can't remember the last time I have had that need, not an issue for me.

[Bill14564]

Originally Posted by Pugchief

1. That's fair, but you could have done a free wire transfer to the dealer, same day.
2. As I said in my previous post, I can deposit up to $100,000/day. That includes ACH and remote check deposits.
3. Both Fidelity and Schwab not only don't charge a fee to use ATMs, the also REIMBURSE the ATM owner's fee. Even internationally. I haven't paid an ATM fee in close to 20 years.

Literally the only thing that I can't do (that I am aware of) is deposit cash. And since I can't remember the last time I have had that need, not an issue for me.

But you didn't ask why I thought Pugchief would need a local bank, you asked why I thought I would need a local bank. Apparently, you don't need one, I still do.

[CoachKandSportsguy]

Originally Posted by Pugchief

What did you want to do at LSL that you can't do online or over the phone? They have always been very accommodating to me and the wife.

I have had Fidelity's credit card for years and have never had an issue, which is more than I can say for some cards issued by the megabanks. It is also standard procedure to have to fill out a dispute form and snail mail it. I have had to do that with the megabanks on multiple occasions, so that is not unique to Fidelity.

I have nothing but good things to say about both my investing and banking experiences at both Fidelity and Schwab. Obviously, YMMV.

I stopped into the Fidelity Center LSL because I could and meet the people and find out about their office, in case i needed anything. I did have to call in a shareholder action selection though for that reason Over at my local Fidelity center in MA, 10 miles away right next to my Citizens account, I walked a $500,000 check from Citizens to Fidelity for elapsed time of 45 minutes from requesting a bank check at that amount to depositing the check at Fidelity, not having to spend any money or time setting up electronic transfers, etc. after spending time on the phone with several Fidelity departments setting up trust accounts in an unusual situation. Family lawyer didn't agree with what Fidelity and I agreed to do from a legal point of view, but was done in person and over the phone combined. I tend to want to hand deliver signed paperwork at the Fidelity office, even though I have a scanner and have uploaded forms, etc. . The review time is cut down to minutes versus up loading and waiting in line for reviews.

Do not have to snail mail disputes to all banks, with Citi, the dispute was taken over the phone right there, no snail mail needed. The was verified recently with a few fraudulent transactions.

With the fidelity Visa dispute, we got a new card, but due to fidelity telling the fraudulently purchased subscription vendors the new card number to continue monthly billing with a new card to prevent service interruption, I had to cancel the card before I even used the card again. They were just not proactive enough and very slow with the dispute resolution, ie the forms and snail mail reduces the amount of dispute time.

As with everything else in life, it works until it doesn't, and when it doesn't its a pain in the a$$! and since i tend to get involved in very out of the ordinary scenarios, not everyday issues, I tend to fall into a lot of rat holes. . I have caused two banks to rewrite software as i have found bugs. . .

[mtdjed]

Originally Posted by golfing eagles

SS checks are there on the fourth Wednesday of the month without exception. My wife's pension checks are always there on the 1st of the month

My experience also. Whatever works for you. We live a simple life. Bank for convenience of money in and money out. Pension and SS in, Bills and withdrawals out. When I pay a large bill, it is paid when I say. When I need cash, local ATMs free. No foreign transfers, No CDs or any investment expectations.

[OrangeBlossomBaby]

I just want a brick and mortar bank. Bank of America has a branch near me by car, and at a reasonable distance away by golf cart. Citizens First has branches all over the place, and there's a Chase bank in walking distance to my house, if I had decided to go with them instead of Citizens First.

I want to know that if there's a problem, or I have questions, I don't have to press 7 for this, then 3 for that, then 1 for that, then wait on hold for 20 minutes, only to be disconnected and have to start over again. Or worse - go online, search for a FAQ, not be able to find it, then use their "chat with an associate" feature only to discover that it's not a person, it's a bot, and they can't answer my question and won't set up a call with a real person. OR - they will, but that person is in Pakistan. I can instead go to the bank, talk to an actual person, IN person, within 10 minutes of my decision to talk to someone.

[dhdallas]

Originally Posted by frayedends

We opened a Citizen's first account when we bought down there for our part time home. Figured it's easy to pay the mortgage and keep a separate account for all our Florida expenses.

But I'm thinking of dumping them. First, when I do an external transfer from my bank up here in MA, I can only do $2K each time. It takes them 3 business days to post an electronic tranfer, which is absurd. Not only that, they remove it from my bank here immediately. So what they are doing is keeping the 2K for 3 days, and making interest off it before they post it. Never had this issue with banks up here.

The 2K limit is frustrating as I have to make multiple transfers to keep my balance high enough for mortgage and all expenses. I'm not down there to make larger deposits in person.

Anyhow, just a gripe. Other banks you prefer?

We have had Citizen's for 4 years now and have never had a problem with their service.

[sdeikenberry]

CHASE Bank...all the problems of Citizens solved...and they are available all over the USA.

[Eebnhab]

We closed our accounts at Citizens after they started charging us monthly “dormant account” fees on our savings account because we hadn’t moved any money into or out of the account for a period of time. When we questioned this, we were told Federal regulation required them to do it. Did our research and Federal regulation “allows” dormant account fees after a certain time, but does not require them. This is a Citizens Bank policy, not a Federal regulatory requirement. We were done.

[westernrider75]

Originally Posted by Dusty_Star

When I was considering purchasing, I made a list of banks that were both in my northern home town & in The Villages. I got a list of 4 national banks & I went with Bank of America, I remember another one was Chase. I used the BofA for my wire transfers for the purchase, plus I am able to use branches both in the north & in The Villages. I am still somewhat in transit, but I think once I am there full time, I will leave BofA for a local bank (meaning I'm not over the moon about BofA, it does the job - no complaints, but I still think I will leave it). I'm not expecting any major transfers, but if Citizens delays things, like pension or social security deposits then maybe that will not be the local bank I choose. Does anyone have anything to add about their Citizens experience?

We use Citizens First primarily and have zero problems. My only gripe is they are not open on Saturdays, so if we both have to be present for a transaction we have to rush after work to get there.

[jim@jedward.com]

Chase

[frayedends]

Originally Posted by jim@jedward.com

Chase

I'm boycotting Chase. I forget why. Some political or anti-gun owner stance.