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Old 04-28-13, 06:11 AM   #1
Alfster 
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'Brick and Mortar' banks vs Virtual banks

Yesterday I set up an account with a Virtual bank to take advantage of a higher savings interest rate than the traditional brick-and-mortar banks offer. But I have to admit that I'm not a big fan of dealing with an online-only bank ... not being able to go meet someone face-to-face in a local branch if I need something specific.

Do any of you guys use a Virtual bank, and is it your only bank? I'm in my late 40's, so maybe it's an age thing? Younger generation may be more trusting than I am for virtual stuff in general?
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Old 04-28-13, 06:23 AM   #2
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I use both. I have accounts in Bank of Hong Kong, Barclays, and several other as well as a "local" bank with a branch.
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Old 04-28-13, 06:29 AM   #3
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Quote:
Originally Posted by Tom Stormcrowe View Post
I use both. I have accounts in Bank of Hong Kong, Barclays, and several other as well as a "local" bank with a branch.
Does the Federal Government in the States guarantee/insure deposits up to a certain amount? I will be opening up several accounts over time as well, but only when ... or if ... I reach that maximum guaranteed amount.
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Old 04-28-13, 04:59 PM   #4
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I just got back from vacation, so I can't build my saving back up for a while, but I do a bit of both. I havea checking and savings acct with my local/regional bank, but I also borrow/lend from Prosper, and at one point, had CDs at ING direct, now Capital One 360(YAY for no minimum to open!). Most US savings and loan banks(investments are NOT) are FDIC insured, btw. I wouldn't want ot rely on internet based for my necessary stuff, but I have no problem with virtual banking for non-essential access.
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Old 04-29-13, 06:11 PM   #5
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we have an ING account for stashing away savings. They are good for higher interest accounts.
But nothing beats the convenience of a brick & mortar bank down the road.
What if you need to deposit a check, or birthday cash? Or need a no-fee ATM. Or a cashier's check?
There are so many reasons to keep an account at a regular bank.
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Old 04-29-13, 06:54 PM   #6
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Daughter does. She lives in Switzerland and has a local Swiss bank...which ironically doesn't do checks or anything it is all ATM/cash or plastic...so may as well be virtual. For US$ checks she initially was going to the Swiss branch on B of A as she had a Stateside account. They were charging her excessive fees - like $35 when she would cash a US$ check and convert to Swiss Frank, or even simply deposit in her US$ checking account. Then a friend told her about USAA which is now her US$ account. If she receives a US$ check, simply scans the deposit. Only once did she have to mail the deposit in as it was a Canadian $ tax refund check from some consultant work she did in Canada.
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Old 04-29-13, 07:34 PM   #7
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I use a brick and mortar but it might as well be virtual. Right now I'm closing on some property. I cashed in some assets, had the money sent electronically to my bank, will then transfer money electronically for closing, and no need to ever do anything inside the bank including a cashiers check. When I get cash, I just keep it at home and spend it. When I get checks, I deposit them with a scanner at bank ATM type locations.
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