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Internet Banks and Online Banking - Do You Prefer Brick & Mortar?

Wednesday, April 14, 2010 - 9:17 AM
Online banks are popular, but many still prefer brick-and-mortar banks. Jim at Bargaineering reviews the concerns of some regarding online banks and debunks some myths. I wonder if concerns regarding internet banks are also related to concerns over online banking? Do you have any accounts at online banks? If not, do you use online banking at your brick-and-mortar banks?
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Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Wednesday, April 14, 2010 - 7:18 PM
Completely agree with the reviewer. For my situation, I rarely need a brick and mortar bank. I keep an account at a local one, which has branches in the local grocery store and is open every day of the week - that's a nice plus. I mainly use it for getting cash (which doesn't happen a lot) and to deposit larger checks I receive (rather than mailing them to my main online bank at the risk of losing the check in the mail), but then immediately transfer the money to an interest bearing online checking or savings account.
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,919
2. Friday, April 16, 2010 - 2:23 AM
Online banks won't give you rolls of coins or wads of bills if you needed it that way (ATM withdrawals would be limited to bills only).  Otherwise, you would be forced to cash a mailed check at a bank that you don't have an account with.  Also, if you needed a cashier's check on short notice (such as winning a home auction or stock purchase), you would have to wait several days for delivery.  If you wanted it to be wired, that would cost you if you needed the money ASAP.
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AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,919
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