RumorsDaily

51tiggy

hannahlin

northernplateguy

ahdn

PeteyNice

youbastid

hannahlin

medalian1

xamarshahx

consumingall

At the highest interest rates of last year, $2500 will yield $10 a month in interest. Use a foreign ATM 5 times a month and you have matched that. Use it more and it pays to lose the interest and get the fees reimbursed.

That's at 5% interest. Now with interest rates in the toilet, it makes even more sense to have a checking account that reimburses fees.

sleze69

burgundyyears

If enough people go this route, why doesn't Bank of America just up its fee charged to nonmembers to something like $10/transaction? It would provide BoA with sorely needed cash while zinging a competitor. And if the fees charged to someone like Schwab become to high, Schwab will either just end the program or significantly limit the amount it's willing to reimburse each month.

That's why I'm hesitant. I think this ATM fee reimbursement, while great, is only temporary.

rpm773

Michael Belisle

gingerCE

SeraSera

And by the way, the USAA campus is massive and so heavily guarded you'd better be sure you know EXACTLY where you're going if you want to make a deposit in person. It's a very scary place. :)

halajenn

vision646

burgundyyears

There are limitations on it though, you have to have at least 5k in your checking to get the high interest rate, and I believe you need either 5k in your checking or 50k in all of your accounts (brokerage included) to get unlimited ATM refunds. Don't quote me, check the fine print. For what it's worth, the max-rate checking interest rate has not been dropping nearly as quickly as the savings rate.

Anyway I think it's a real time saver to have your checking, savings, and brokerage accounts in the same place, and it's definitely a bonus that I can always get to my money regardless of where I am (my city does not share any banks with my hometown, so I always found myself travelling with entirely too much cash on me). But I don't fault people who keep accounts at several different banks for the sake of maximizing their interest rates, this just makes things so easy for me.

yourbffjill

skittlbrau

*Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice, and may be delayed.

Michael Belisle

Vanvi

Nodren

I second Schwab. Excellent customer service. Unlimited ATM refunds, postage paid deposit envelopes, interest on your money (Currently 3% not great but better than 0%). And it is available to anyone. Like USAA they only have one branch (In Reno, NV) but the unlimited ATM refunds and postage paid envelopes take the sting out of that.

As for WaMu. Unless you have more than $100k in accounts there I wouldn't be too concerned. Either they will be bought up by another bank or, worst case, the FDIC will back you up.

PeteyNice

alejo699

BeFrugalNotCheap

Tiny local bank <3 4evr!

sabrinad

Buran

mdkiff

The commerce bank chain (located in the midwest) also offers free coin counting services.

A while back I read about a coinstar machine hack that allowed you to get your change counted without their % fee. Involved unplugging the phone line to the machine & picking some other form of payment. The machine attempts to call , but cant so it gives you your full amount back. [www.antiyawn.com]

forgottenpassword

geeniusatwrok

[www.bloomberg.com]

Landru

I can't say enough good things about USAA (except that their online trading platform sucks, but it's not geared to active investors anyway). I used a BofA ATM over the weekend and was startled at the $3 fee for a sec but went "WTF, I'll get it back" and took the cash.

Also, while you must meet specific affiliation requirements for their insurance, pretty much anyone can use USAA banking services.

geeniusatwrok

GhettoGodfather

PNC has a free coin counter (for customers or non, you get a receipt to take to the tellers) but they put it in a bad spot - enclosed in a smallish glass room. Talk about LOUD.

As for changes to my personal finance system, I've closed all bank accts I don't need. At one point I had five, due to location and company paychecks. Now I'm down to two and hoping to get to one shortly!

That70sHeidi

Beerad

ideagirl

PirateSmurf

Since I basically use a cash-back rewards credit card for just about all cash transactions...I find I rarely need to stop by an ATM for cash & IF I ever do I will only do it at one of my bank's atm locations, but I keep a 20 in my wallet just in case.

Btw.... I dont like debit cards as they often dont offer the same protections credit cards do. ANd besides....if something DOES happen its the credit card's money it happens to....NOT MY money in my bank account.

forgottenpassword

ahdn

ludwigk

MerylBurbank

vastrightwing

vastrightwing

chemmy

merkidemis

So I rolled up the quarters and dimes (for a sweet $90 back!), but took the nickels and pennies to one of those machines at the grocery store. A whole bucketful only added up to like $14, so for a measly $1.40 'fee', the machine is well worth the time saved.

savvy9999

The only problem is they have zero branches, except at their headquarters in San Antonio, TX, so unless you plan on visiting the lone star state quite often, you can't deposit cash. Only drawback, but it's a small issue, and with your other account, you should be able to do that digitally. Welcome!

ucdcsteve

But I nearly never use cash -- prefer the fraud protection of credit cards and pay them off monthly.

If you don't live in an area with a large national bank that serves your home area and everywhere you want to travel to, finding a bank/credit union with this policy makes sense, but personally I'd rather not have any fees to worry about reimbursement for in the first place.

Buran

themidget

Michael Belisle

I got it though my dad and step-mom (whose dads are both retired military), but my step-dad, who was in the Marines about thirty years ago can't sign up for USAA now because it's been too long.

Also, when my dad and mom were married, they had a credit card through USAA so now that my mom is divorced, she only has access to USAA's credit cards, not anything else and my step-dad can get a credit card through my mom, but nothing else.

It's kind of complicated. It doesn't hurt to call them up and ask. All CSRs they have are really nice.

On topic, I do love USAA and their free checking.

Copper

devsgurf

rmz

AD8BC

as far as i know..... getting cash back at every retailer that lets you is free (i haven't found one that charged me yet)

i never use atms.

fuzzymuffins

Michael Belisle

Personally, I switch to cash until I run out for the month, when I switch to credit. It sort of defeats the idea, but I think I'm making headway at pushing that date back.

Good moves Ben.

Michael Belisle

rdm

A.W.E.S.O.M.-O

COELACANTH

qwickone

Aside from spending thousands of dollars on stocks selling for half of what they're usually worth as stock prices plummet... no, not really.

With the specter of a recession hanging over us, I think getting nicked at the ATM shouldn't fall under the purview of "changes in personal finance."

redhelix

Jorel

mdkiff

A.W.E.S.O.M.-O

Non-profit banks and credit unions rule!

SaveMeJeebus

Personally, I have an easier time spending cash than money on my card. I have a debit card and no credit card. So I don't carry cash, except when I need to. That way I spend less. It just depends on the person though which ends up working better.

NewPerfection

Bladefist