Do you trust online banking?

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Muse

Muse

Lifer
Jul 11, 2001
38,048
8,431
136
I know, this may sound stupid but here goes. I have a pretty large check, not sure how/when I'm going to invest it, figure meantime I should be getting something out of the cash. My local branch banks (Chase and Union Bank) where I have a few accounts (free checking, one savings) have yields that are practically zero on savings accounts. I could tie up the cash in a CD, but the rates for those aren't great and not sure I want to freeze the cash for 6 months or whatever.

I got a letter from Discover (have their credit card) that said they had a 0.87%/year savings thing, FDIC insured (this was around a year ago, but I imagine it's pretty much the same now). Well, I mentioned this to a friend (a business woman, used to be small sole proprietorship, now a successful real estate broker), who told me doesn't think she would do something like that online. She said she wouldn't want to give her money to people who didn't have a B&M presence where she could walk in and talk to them face to face (pretty much her words). What do you think?
 
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poofyhairguy

poofyhairguy

Lifer
Nov 20, 2005
14,612
318
126
I think I like people like her with her funny misconceptions so bank teller jobs aren't outsourced to India.
 
Markbnj

Markbnj

Elite Member <br>Moderator Emeritus
Moderator
Sep 16, 2005
15,682
13
81
www.markbetz.net
Yes, I do trust online banking, at least the services from regulated U.S. banks. Our consumer banking is on BofA, but for investments I use TD Ameritrade. You can create an account and easily move cash into it from your bank despository accounts, and from there you can either leave it in a low-yield cash money market account, or easily invest it in index funds or whatever you want to do.
 
Atomic Playboy

Atomic Playboy

Lifer
Feb 6, 2007
16,432
1
81
I'm fine with online banking, but I can see her concern about banking with a company that had no B&M presence. I like to talk to people in person about investment decisions. Call me old fashioned.
 
MrDudeMan

MrDudeMan

Lifer
Jan 15, 2001
15,069
92
91
+1 she's crazy

I use multiple online-only banks and I've never had an issue. Actually, they usually respond faster than local banks when I need something.
 
S

Soundmanred

Lifer
Oct 26, 2006
10,784
6
81
A guy came to my door with a really nice looking leather bag that said "$ BANK $" on the side (both sides actually!) and asked if I'd like to become a member. He said I didn't have to pay ANY interest, compared to a lot of banks where you pay a few percent. I said "YES" of course! I gave him my cash and went to the ATM of my old bank and took out all I had there as well to deposit with him.
All I have to do is call him when I need money and he said he'd come over. How is THAT for service?! Amazing.
The best part? I didn't have to sign ANYTHING unlike all the BS paperwork I had to fill out at my old bank.
Take that so called "professional" banks!
 
C

cubby1223

Lifer
May 24, 2004
13,518
42
86
My personal opinion, less that 1% interest is not worth the hassles of maintaining yet another account. I used emigrant direct back when they were nearly 6%, and actually just recently finally pulled the last of the money out of the account. No problems whatsoever.
 
D

darkewaffle

Diamond Member
Oct 7, 2005
8,152
1
81
My mom won't use online billpay because she "likes the feel of a paper bill" or some retarded shit lol.

Goddamn old people.
 
MrDudeMan

MrDudeMan

Lifer
Jan 15, 2001
15,069
92
91
Soundmanred said:
A guy came to my door with a really nice looking leather bag that said "$ BANK $" on the side (both sides actually!) and asked if I'd like to become a member. He said I didn't have to pay ANY interest, compared to a lot of banks where you pay a few percent. I said "YES" of course! I gave him my cash and went to the ATM of my old bank and took out all I had there as well to deposit with him.
All I have to do is call him when I need money and he said he'd come over. How is THAT for service?! Amazing.
The best part? I didn't have to sign ANYTHING unlike all the BS paperwork I had to fill out at my old bank.
Take that so called "professional" banks!
Click to expand...

what the hell is the point of this? it's not funny and doesn't actually explain a valid underlying concept. stupid post is stupid.
 
Muse

Muse

Lifer
Jul 11, 2001
38,048
8,431
136
Markbnj said:
Yes, I do trust online banking, at least the services from regulated U.S. banks. Our consumer banking is on BofA, but for investments I use TD Ameritrade. You can create an account and easily move cash into it from your bank despository accounts, and from there you can either leave it in a low-yield cash money market account, or easily invest it in index funds or whatever you want to do.
Click to expand...
Yes, actually I also have a TD Ameritrade account (margin and Roth IRA accounts). I have electronic transfer set up from my margin account to my checking account, maybe it would work the other direction, should investigate that! :cool:

As you say, the money market accounts at TD Ameritrade are low yield. I am not averse to index fund trading (plan to do that), but I'm leery of doing that just now because I fear a correction that will seriously dent my capital. I want to get in when the odds are much better (have you heard of the Golden Cross?).
 
Muse

Muse

Lifer
Jul 11, 2001
38,048
8,431
136
dank69 said:
she sounds old
Click to expand...
She's about 62. Not young, not old, has a lot of energy, as people say, she could be a little looney, yes, but she's not stupid. She got her real estate license, has invested a lot of money and energy and time into developing a new career in representing buyers and sellers of houses in the region and listening to her I have to think she's outclassing the great majority of the other agents in the area.
 
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Muse

Muse

Lifer
Jul 11, 2001
38,048
8,431
136
Soundmanred said:
A guy came to my door with a really nice looking leather bag that said "$ BANK $" on the side (both sides actually!) and asked if I'd like to become a member. He said I didn't have to pay ANY interest, compared to a lot of banks where you pay a few percent. I said "YES" of course! I gave him my cash and went to the ATM of my old bank and took out all I had there as well to deposit with him.
All I have to do is call him when I need money and he said he'd come over. How is THAT for service?! Amazing.
The best part? I didn't have to sign ANYTHING unlike all the BS paperwork I had to fill out at my old bank.
Take that so called "professional" banks!
Click to expand...
1/2 way through this I figured it was Soundmanred, ribbing me again. Hey red, how's it going?
MrDudeMan said:
what the hell is the point of this? it's not funny and doesn't actually explain a valid underlying concept. stupid post is stupid.
Click to expand...
Soundmanred can be a pain in the ass, well, in truth I think he's a little oblique.
 
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dank69

dank69

Lifer
Oct 6, 2009
35,813
29,739
136
Muse said:
She's about 62. Not young, not old, has a lot of energy, as people say, she could be a little looney, yes, but she's not stupid. She got her real estate license, has invested a lot of money and energy and time into developing a new career in representing buyers and sellers of houses in the region and listening to her I have to think she's outclassing the great majority of the other agents in the area.
Click to expand...
Yup. Only an old person with nothing to do with their spare time would say something like "I prefer driving to the B&M and waiting in line to talk to someone pretending to like me instead of spending 30 seconds on the internet to accomplish the same thing while simultaneously fapping to midget porn."
 
Markbnj

Markbnj

Elite Member <br>Moderator Emeritus
Moderator
Sep 16, 2005
15,682
13
81
www.markbetz.net
Muse said:
Yes, actually I also have a TD Ameritrade account (margin and Roth IRA accounts). I have electronic transfer set up from my margin account to my checking account, maybe it would work the other direction, should investigate that! :cool:

As you say, the money market accounts at TD Ameritrade are low yield. I am not averse to index fund trading (plan to do that), but I'm leery of doing that just now because I fear a correction that will seriously dent my capital. I want to get in when the odds are much better (have you heard of the Golden Cross?).
Click to expand...

I haven't heard of that, no, and I don't play the odds personally. I let Vanguard do that :). They're good at it. We're up 16-ish percent this year.
 
disappoint

disappoint

Lifer
Dec 7, 2009
10,137
382
126
Muse said:
She's about 62. Not young, not old...
Click to expand...

Wait so how old are you that you think 62 is not old? Back in Jesus' times most people didn't live half that age! Mostly because they were crucified! Sorry Jebus! Omg I'm talking to a dead man! Sorry Jebus followers! Omg I'm talking to braindead men! Oh man I need a new schtick, this religiobashing is gettin old..it's like 62..posts old or something...

Stream of consciousness is fun! It's funny what human consciousness conjures up sometimes. Like a cat coughing up a hairball.
 
N

Noo

Senior member
Oct 11, 2013
389
10
81
Having the ability to physically see and interact with a banking representative is a crazy idea?? Lol you guys are funny.
 
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