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Randomguy

I saw an internet ad for an online bank. So how does that work?

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Like a bank.  Really, what's the difference?  I haven't set foot in a bank building in years.  Every couple weeks, I may hit an ATM.

Internet banks often offer decent interest on checking accounts

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Just now, 12string said:

Like a bank.  Really, what's the difference?  I haven't set foot in a bank building in years.  Every couple weeks, I may hit an ATM.

Internet banks often offer decent interest on checking accounts

But what if you had $23.64 in cash you had to deposit?  

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29 minutes ago, Randomguy said:

But what if you had $23.64 in cash you had to deposit?  

Why would anyone have cash to deposit unless you are selling drugs. You’re not selling drugs are you?

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Note that a lot of local federally-insured Credit Unions offer as good or better interest than the online banks and there's usually a very easy way to qualify for them.  For example, I've never been a State Employee but I belong to the State Employees Credit Union of Maryland: membership requirements including having a relative (even anyone you claim is a relative!) or graduate of a community college or college in Maryland besides having worked for the State.

I was advised to join SECU because it's statewide and there are branches all over the state if I need them.

I think, like my local Credit Union, the online banks have a smartphone app where you can scan your checks to deposit them.  Apparently there's a network to keep the code #'s on the check from being deposited twice.  I always feel more secure doing it at the Credit Union,  but even there they have a teller at another location on a TV screen and I have to feed my checks into a slot reader. Though I could do it online, I do my CD stuff with a live worker at the Credit Union because sometimes there are tips about an upcoming increase in interest, etc, a better way to divide and ladder my CD's, etc.

In general, I probably walk into the Credit Union about twice a year for reasons other than the ATM and that's mostly for depositing paper checks.

You can get cash from ATMs that have specific icons and I assume the online banks have may free ones.  My SECU of MD allows me to use over 70,000 ATMs in the USA including those in most Costco's, Target's, and 7-11's and 20,000 in other English-speaking countries with no fees as follows:

2045907503_SECUATMs.JPG.b446183302023bf3de7321c06b57a3d8.JPG

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Currency permeates the digital world. Moving 'money' through the digital domain is essential. I have only recently built a personal infrastructure for such activities. The online 'banks' don't do a real good job of handling real cash. I have found it helps to have a friend or family member who doesn't mind making the cash --> digital currency translation for me. A service like Paypal has its uses. Someone with almost any kind of bank account can send currency to what amounts to your email. I believe there are also phone apps that can deal with real world transactions and move some currency into the digital domain. I don't have a phone app but I do use Paypal and Amazon Payments. You may be able to use a prepaid card to transfer cash to digital accounts. Many brick and mortar stores have a service desk that can hook you up one way or another. Unfortunately, new accounts and first time transactions come with a significant delay. It's a matter of proving the identity of all accounts and preventing illicit or illegal transactions from happening.

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