Money ramble

[Optimistic Paranoid]

Before you pick a bank, it's not enough to ask how big it is, or how many branches they have.  The question is:  do they have branches where YOU want to be?

The big banks all have apps and websites for finding a branch.  Using them for research, I discovered that Wells Fargo had branches in states like Montana, Wyoming, and Alaska.

NONE of the big eastern banks - BoA, Chase, Citibank - did.

I have my Social Security deposited in my credit union, and all recurring monthly bills are direct-paid from that.  I also have my savings account/emergency fund there.  I've been a member there for over 20 years, and I know I would have no trouble getting a loan from them if I needed one.

My state pension goes into a Wells Fargo checking account.  I opened it just for traveling. I think that's going to be the easiest way to get money on the road WHERE I'M GOING TO BE.

And I like not having all my eggs in one basket.

 

[Ella1]

Many credit unions are partners (if that's a correct word) which work together. Mine has associate cus in many other cities/states. Though my money is here, with my account number and a photo id, I can deposit or withdraw, do standard transactions at co-operating credit unions.

CO-OP Shared Branch Locator - Credit unions empower people. CO ...
https://co-opcreditunions.org/locator/
CO-OP's nearly 30,000 ATMS and 5,000+ shared branches means you have more direct, surcharge-free* access to your money than most traditional bank customers do. ... Text a street address or zip code or "City State" to 692667 (my coop) to find the closest CO-OP ATM locations. https://co-opcreditunions.org/locator/

Text Text a street address or zip code or "City State" to 692667 (my coop) to find the closest CO-OP ATM locations.

Phone Call Call 1-888-SITE-CO-OP (888-748-3266) to find a location by telephone. There's a link at that site, or call your CU



NOT ALL credit unions take part in this, so check to determine if YOURS does

 

[jester]

I've been with USAA for probably 30 years and never once set foot in a building. I arranged a mortgage through a local-ish credit union without ever physically being there and only got a local bank account a few years ago for small checks from selling off stuff and doing odd jobs for people. Now that the house has sold and I'm preparing to leave I'll close the local banks and transfer everything to USAA or online banks that have better interest.

The whole 'local branch' thing is mystifying to me. If you need cash periodically then get a debit card that you can use at a supermarket for free cash withdrawal.

 

[Peaceseeker]

It got me thinking, since I am planning to sell my house before I become mobile and have my vehicle insurance as my only regular bill, which I'd pay annually and my phone bill, which I'd have to figure out how to pay , what would be the downsides (I'm sure they are numerous ) to keeping all my money with me? I'll be collecting S.S. in 2 years so I'll have to have a bank account for that, but until then ..... I've seen a thread about safes, but not for carrying a large amount of cash.

I suppose the major danger would be theft of the whole vehicle, but a hidden safe would protect from fire, a vehicle accident and such. I wonder what other alternatives there are for not using banks.

My dream is to be as independent of every system as I possibly can, including banks. Think that's a pipe dream ?

I'm with you on the whole "being independent of every system as I possibly can, including banks," thinking.  Keep as very little in the system as possible.  Here's some thoughts, for whatever they're worth:
  Have you considered a location to safely cache some of your valuables to be accessed periodically?
  I wonder if you can convert your home sale proceeds to smallish denomination cashier's checks, made payable to you? You may have to pay a fee to cash them, (unless you are plugged into the system somehow), but it would provide another layer of protection from theft.  Just cash cashier's check's as you need the cash.  Wonder if there is a 'must be cashed by certain date' clause involved.
  My research and gut says hold the silver unless you are under dire circumstances.  Again, think cache.
  FDIC....2% of depositors will ever see their $.  FDIC essentially bankrupt.  Easier to google than to explain.

 

[Stephen]

I've been with Capitol One 360 for years, since it was ING.  I also have credit union accounts (mortgage, car loan) but my paycheck is deposited to and my bills all paid from Capitol One 360.
The only possible downside is lack of brick & mortar locations, but they are expanding.  I've never had need for one.

Thanks for the reply, mayble. I too have been with 360 since it was ING. I know other online banks pay better interest, but I have been happy with 360 for as much as I use it, which is very little. I still have a S&B bank, but when I hit the road, I will move things over. Have you had any troubles traveling and using 360?

 

[cherterr]

My 2 Cents, and things I've done/learned:

First of all; yes.  I lean a little more toward the conspiracy side of things.  Guess I never got over Y2K?
ANYHOW:

After my husband died almost 20 years ago, (actually, 3 months before y2k.) I was moving and wanted to cash out/in hand some of the insurance money.  That was funny.  It took them three days to get it and they looked at me like I'd lost my mind walking out the door w/$60K in hand.

I used to keep 40 of it in the glove box of my ... (wistfully..) VAAAANNN.(94 Chevy G20 350- "Globey")   It locked.  So did the doors.  Double security.  Who in the world would think a 'soccor mom type w/kids' was carrying around that kind of cash?  Nobody was thinking about it.  I could get to it any time I wanted!!   The extreme few who knew  thought I was crazy, but hey.. I lived rural.  Maybe today w/cop issues and all the confiscations.. I dunno.  Unfortunately, I don't have to worry about that now. :blush:

CreditCards.. no.  I've been in situations over the years where I have had Debit, Credit, PayPal fancy Merchant accounts.  When it comes to ISSUES, like someone spending money on MY cards: CHASE is the one that told ME and gladly refunded my money pronto.  Credit card and PP took weeks.  Nuff said. 

My regular monthly bills I pay w/Chase online whose program I like very much compared to others I've used (Wells Fargo, credit unions, and credit cards.)  You can photograph a deposit check, pay regular people online w/an email address, etc..  I Hate the 'big guys' but unashamedly LOVE Chase.  (I sometimes have to get over myself on this!! lol