Banking, using an online bank, cashing checks, etc.

[Luckypenny]

Hello there,
I have read a few posts on the subject of banking, but have not found anything conclusive to help me. My bf and I will be full timing in a few months. We plan on at least one of us keeping our current bank, and trying to bank online. We have Citizen’s right now.
On the road ee will be working for various employers, probably will not have the option of direct deposit, will likely be paid in checks (payroll and personal), and would like to know if anyone can talk about the bank they are currently using. We will be spending the first month traveling, the following 6 months in Montana. I am planning on using SD as my domicile, bf will be using WY. I’m also interested in using a bank I can deposit Money Order’s into, since if I accumulate a lot of cash (for instance from waitressing) I like to change it into MOs.

In the past, when I have done online banking, depositing checks using my phone, there have been a number of problems with it. One bank I used would not let me deposit personal checks over $200, nor would it let me deposit PAYROLL checks over $500. This was very limiting as you might imagine. Without a sticks and bricks location (or ATM in the state), my only hope to deposit the check was to send it to them and allow for 7-14 business days for processing. What a pain in the ass.

I was trying to look up several other banks that I could use:

It looks like Citizen’s has a limit on the amount you can put in as well, although it doesn’t specify the amount. It also prohibits you to mobile deposit Money Orders, traveler’s checks, etc.

Capital One’s terms and conditions don’t specify the maximum amount, just that there are maximums:
“The Services are subject to limits including daily and monthly limits on the dollar amounts of Images you can Transmit. We can modify these limits and add others at any time at our option.”

What banks do fulltimers (without direct deposit) use? What issues, if any, have you run across with these banks?

Thanks for any information you can provide!

[vairman]

obgraham wrote:
I've used only Capital One 360 (and ING, its forerunner) for 12 years now. All deposits and all payments, and free ATM's most everywhere. Never a mistake, someone always available. Check deposits works okay if your scan/picture is good.

I have had the same experience with Capital One 360. Great service, never an issue and no fees. They do have a limit on dollar value on checks that can be deposited electronically which is $5,000. Similar to obgraham, we have used them for over 10 years and now use them exclusively. The one issue that you might want to check out is money orders. I have never tried to deposit one, only checks.

Good luck.

[GoPackGo]

"Big Bank has ATMs and branches everywhere."

I have FREE access to 80,000 ATMs through my credit union, or in the unlikely event I don't have one close by, they will also rebate up to $20/month in ATM fees. Having lots of branches used to be a necessity but nowadays you can do just about everything on-line or by using an app on your phone.

On edit.

Interest rates are awful compared to 10 years ago. But the flip side is low loan rates. Can't have everything. I am getting 1.00% on savings and .7% even on my checking account from my credit union.

[2oldman]

What is the current interest rate...0.10%? I think I made $12.00 in interest last year.

[Ductape]

GoPackGo wrote:
I'm at a loss as to why you think you need two 'banks' (Credit Union and a Bank). They both do exactly the same things. Not trying to pry into your life, just trying to understand.

Credit union pays more on deposits and has lower rates on loans.
Big Bank has ATMs and branches everywhere. Use the best tool for each need.

We just opened new accounts at another bank also. Why? How about $800 in cash bonuses? :B

[GoPackGo]

I'm sure you'll be fine with whichever options you choose. I have had exactly zero financial issues so far in my fulltimer life. The whole wireless technology thing is making banking while traveling easier every day.

My best advice is to make sure and pick a bank (Credit Union !) that has a robust on-line presence with a good phone app that is easy to use, and has 24 hour, 7 days a week, real people support.

[Luckypenny]

GoPackGo wrote:
I'm at a loss as to why you think you need two 'banks' (Credit Union and a Bank). They both do exactly the same things. Not trying to pry into your life, just trying to understand.

Just because there is two of us, and we will be using different banks to avoid ATM fees and things like that. We're not married, we might get a joint account but definitely have our own separate ones too.

[GoPackGo]

I'm at a loss as to why you think you need two 'banks' (Credit Union and a Bank). They both do exactly the same things. Not trying to pry into your life, just trying to understand.

[Luckypenny]

Thank you for all your thoughtful comments. I think we will do a combination of the big bank and credit union between the two of us. The BF already has a Paypal account, so that can work out in a pinch as was suggested.

[beemerphile1]

dahkota wrote:
A Credit Union is probably your best bet. We are members of NASA FCU which gives us access to over 3000 Credit Unions in the country (sharedbranching.org). We can go to any of the other member credit unions to deposit checks or make withdrawals. They have fee free ATMs, online banking, mobile check depositing, low fees, and a full array of bank services. Even better, they aren't in the business of making money for themselves by taking yours. To find one check Smarter Choice.

Nice thing about credit unions is that you are an owner, not a customer. The people you deal with work for you, not some giant "too big too fail" money changer.

[ependydad]

Bank of America and a hometown credit union have been sufficient for me.

4X4Dodger.. why the secrecy on your bank?

[dahkota]

A Credit Union is probably your best bet. We are members of NASA FCU which gives us access to over 3000 Credit Unions in the country (sharedbranching.org). We can go to any of the other member credit unions to deposit checks or make withdrawals. They have fee free ATMs, online banking, mobile check depositing, low fees, and a full array of bank services. Even better, they aren't in the business of making money for themselves by taking yours. To find one check Smarter Choice.

[mkl654321]

Simple solution: have a Wells Fargo bank account. They are nationwide and their customer service is excellent. Since they aren't The First National Bank and Chicken Farm of Eastern Southern North Dakota at Burnt Tree Junction, they will deposit and clear your checks with a minimum of fuss and delay (the FNBCFESND survives on the revenue from the float on all those delayed checks; the truth is that NO check takes longer than 24 hours to actually clear, meaning that for 13 of those 14 days before they let you have access to your money, they're earning interest on it).

Also, open up a PayVampire account (they call themselves PayPal, but they ain't nobody's pal, not with the fees they charge). You can often get people to remit funds to your PayVampire account. You get hit with a steep 3% fee to get your own money back out, but that might be better than waiting for all eternity for a check to clear.

Basically, one method is a backup for when the other doesn't work.

[2cAmerica]

I believe Wells Fargo; BOA; and Chase are the big players. After nearly 25 yrs with BOA we discovered they were behind the curve with supporting situations like you posted. Our solution was Chase, any checks we receive, Chase offers (free) application for most devices which you simply take a photo and process directly on (secured) wifi the deposit. Awesome!!! Trust this assist you in reaching a solution.

Dick 🙂

[lbrjet]

Wells Fargo has more locations in the west than anyone else in my travels.