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Would you go to a bank other than your own?

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  • snafu
    replied
    Another voice with experience similar to kork. Check the various banks in your community as many will reimburse international ATM fees and it's worth opening a short term account for cost, convenience, and safety factors while out of home country. I've used USD for airport to accommodation taxi even in Islamic Malaysia as it's the currency of international business. You need to know the official rate of exchange; the most expensive conversion rates are hotels and airports.

    I've gone to specific branch of issued cheque when uncertain about efficacy of paper. Asking for goodwill and explaining my desire to avoid NSF complications got the cooperation I needed.

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  • LivingAlmostLarge
    replied
    Same as kork. Of course some places the money exchange is better at the money lenders depending on competition. Mostly we use ATM. Although I try to grab some sort of cash before we go in case we need it to get out of an airport. Cabs usually need cash. Ugh.

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  • TexasHusker
    replied
    People often tend to view banks as quasi-government institutions- almost like the post office. Often folks don't realize that a bank is a business, just like the coffee shop next door.

    Folks often also assume that banks are there to protect the customer and his/her money, and whatever the bank says, you do, because they work with money all the time and know 100 times more about it than the customer does.

    In reality, the bank's only motive is earning a profit. They do this by taking your deposits, paying you little or no interest on it, but lending it to other people for 5-10% interest. And of course the revenue off of all the service fees.

    And a bank isn't going to give out $10K in cash for some random check.

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  • kork13
    replied
    Originally posted by disneysteve View Post
    You can get foreign currency from an ATM? I've never heard of that. When DD needed Euros this summer, we had to order them from our bank. And she had to go back to convert what she had left over.
    Yes, anytime I go to a foreign country (at the moment, for example -- Hello from South Korea!), I can hit any ATM and pull out the local currency. The best part is that doing so almost always gets me a better exchange rate than I would get at a currency exchange booth in town or at the airport, because the banks process the exchanges in bulk and get (thus give) better rates. And my bank also refunds $15 in ATM fees each month, so it costs me nothing to do so. I'm way more comfortable getting foreign currency in small amounts from ATMs than ordering large amounts of foreign currency from my bank before I leave the U.S. and traveling with hundreds in cash. You get the same benefit when you use your U.S.-based credit card overseas. The credit card company converts the amount using the (more advantageous) banking exchange rate, and charge your account for that amount of USD. Keep in mind, though, that you want to use CC's that don't charge foreign currency fees (typically 2-4%). Capital One & some AMEX cards don't charge exchange fees, for example.

    One last note -- because your local town bank branch has to order in the currency for you, they charge fees that negate the better exchange rate that they provide...in fact, often costing even more than the poor-rate airport exchanges. For one trip, I considered ordering it in advance... They were going to charge $15 to exchange $200 to Yen!!! So yeah, I always stick to the ATMs.

    ETA: To clarify, because I did say that I use B&M bank branches to exchange currency... I will go to a bank (typically in-country) to exchange currency BACK to USD. I never change USD to foreign currency in a bank, I only get it from the ATM. Though sometimes, those in-country ATMs will also take cash deposits of foreign currency, which will get re-deposited as USD (at the banking rate) back into my accounts... Highly desirable, when this is an option.
    Last edited by kork13; 09-08-2017, 05:52 PM.

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  • MonkeyMama
    replied
    Originally posted by creditcardfree View Post

    I'm honestly surprised how many people waste time going to a branch when so much can be done online.
    Totally agreed.

    My first "bank" was a credit union that didn't have a local branch. That was in the 1980s? You can do everything by phone or mail. So I guess I never got into much of a banking habit. & then of course all that got replaced by the internet.

    I go to my current CU once in a blue moon because it's walking distance from my house (so it's convenient). Mostly use it to deposit cash. (As an aside, I was mostly paid in cash as a teen, but everyone was happy to use me as their ATM). I am guessing this is the primary reason I ever go into a CU branch these days, to deposit cash, and it is not very often.

    Reminds me... My kids have a CU account that pays 7% interest. We didn't have to be members so only my kids are members and have accounts there. On the flip side, the only way to get their money out is to go in person. They only earn 7% on first $500 so we go down there once every year to withdraw their interest (which we then deposit in a higher-interest bank). In my mind this is an extraordinary PITA. But I Am just not used to having to go to a branch to do anything.

    P.S. I did not choose think CU because of it's location. I think they built this branch after we joined? But I share because is the only reason I ever even really bother to go into a branch. If I had to drive more than one minute out of my way, I'd probably mostly never utilize.
    Last edited by MonkeyMama; 09-09-2017, 07:44 AM.

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  • MonkeyMama
    replied
    Originally posted by disneysteve View Post
    You can get foreign currency from an ATM? I've never heard of that. When DD needed Euros this summer, we had to order them from our bank. And she had to go back to convert what she had left over.
    Yes, in foreign countries.

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  • disneysteve
    replied
    Originally posted by kork13 View Post
    usually just use ATMs to get foreign currency
    You can get foreign currency from an ATM? I've never heard of that. When DD needed Euros this summer, we had to order them from our bank. And she had to go back to convert what she had left over.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Joan.of.the.Arch View Post
    I've gone into a bank that is just a block away numerous times for change. I don't have any accounts there.
    Not all banks will do that. There is a bank right next to my urgent care center. We've gone over there for change but they only do that for customers, which I can certainly understand.

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  • disneysteve
    replied
    Originally posted by Petunia 100 View Post
    Was the check drawn on your bank? If so, i can understand why she wanted to cash it there. If not, sounds scammy.
    Why would you go to the bank it was drawn on rather than your own bank? Is there some advantage to doing that?

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  • Petunia 100
    replied
    Originally posted by disneysteve View Post
    On the rare occasion when I need to do something that requires physically going to a bank, I always go to a branch of the bank where we have our account. It would simply never occur to me to just walk into some random other bank and expect them to help me. Apparently some people don't see it that way.

    I had to go to the bank today. The woman in front of me in line was apparently trying to cash a check. The check was for over $10,000. The teller explained that they don't keep that much cash on hand and would have to order it. "Are you a customer here?" she asked. The woman said she was not. She banks at TD (another local bank). The teller said they can only order the cash for bank customers and that the woman ought to go to her own bank. They won't have the cash on hand either but they'll be able to order for her. She had to explain this a couple of different ways and the customer was not happy with the answer.

    What exactly was she expecting? Why should a bank be expected to provide service to you when you aren't a customer. There's absolutely nothing in it for them and they're the ones assuming all of the risk if anything goes wrong. I can't help but wonder if there was something fishy going on, especially considering the amount of the check. Was there some reason she didn't want to go to her own bank? Who knows. It just amazes me that people would even attempt that.
    Was the check drawn on your bank? If so, i can understand why she wanted to cash it there. If not, sounds scammy.

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  • Joan.of.the.Arch
    replied
    I've gone into a bank that is just a block away numerous times for change. I don't have any accounts there.

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  • creditcardfree
    replied
    We bank primarily online as well. In the last two years I have visited a branch to change a $20 bill into quarters for a garage sale. The second time was to exchange foreign currency back to dollars. There was a $7.50 for the currency exchange.

    Checks can be mailed and this is what we did before mobile banking.

    I'm honestly surprised how many people waste time going to a branch when so much can be done online. My neighbor had to pay her mortgage at the branch last week because she didn't mail the check in time. I told her she could pay online (Wells Fargo). I knew she could because that is who we had our mortgage with. She said she couldn't without a fee because she doesn't have a checking account there only a mortgage. She had her mind made up she had to go to the branch. I'm sure she could have mailed the check too without being considered late. Payment on the first is not a firm date for mortgage payment.

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  • kork13
    replied
    I have never used a local bank, I've always used online banking since I first left high school in 2004. My primary bank has only 3 physical locations in the entire country. I've almost never needed to walk into a physical bank. Only times I have had been to get cash changed into either a money order (for deposit to my bank) or into a different currency (to/from USD), and both of those services don't even need to be done at a bank at all. I normally use the post office for money orders, and usually just use ATMs to get foreign currency. But those random times that I do walk into a bank, I'll use whatever bank is handy. They charge a small fee, and I'm done with them for another year or three.

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  • disneysteve
    replied
    Originally posted by Jluke View Post
    I haven't done any kind of banking at a physical branch since I closed my First Union account in 1999.

    Amazing right?
    I end up needing a bank at least 2-3 times a year. Occasionally I have a check that for whatever reason can't be scanned by the mobile app or ATM and I need to go to a teller to deposit it. I guess there's probably some way to mail it in but I honestly don't know.

    Today's visit was because we have a couple of affairs to go to this month and we want to give $50 cash gifts. I wanted to get a few crisp $50 bills. The only other place I can think of to do that would be a casino but we're 25 minutes from the nearest one.

    When we have a yard sale, I go in to get change and small bills. I'm not sure where else I could do that other than a bank.

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  • Jluke
    replied
    Originally posted by disneysteve View Post
    Where do you go when you need to do something that requires a branch visit? Have you had any trouble going to a bank where you aren't a customer.
    I haven't done any kind of banking at a physical branch since I closed my First Union account in 1999.

    Amazing right?

    Leave a comment:

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