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CPRVHokie

Joined: 05/26/2007 Posts: 40188
Likes: 5731

What's this?

I’m in the industry and here is my take:


As long as you don’t need a “relationship” with your bank/banker, online banks work and work well. Technology has almost eliminated the need for brick and mortar locations.

If you own a business or are an entrepreneur or have complicated finances where having someone at your bank that knows you and can get things done, then a community bank is your best bet. Remember @48zip trying to get his car re-titled and being blocked by BBT?

Finally, I will point out that community banks are important to their communities. They support businesses and charities that make your neighborhood better. It’s the “shop local” concept.

But many online banks are damn good and can meet the needs of most people.

(In response to this post by Gator Hokie)

Posted: 01/26/2019 at 10:00AM


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Current Thread:
 
  Anyone switch to the strictly online banks? How has that worked out? -- Gator Hokie 01/26/2019 05:47AM
  For all those not switching because it’s too hard, you should look again. -- CPRVHokie 01/26/2019 12:38PM
  Thanks for the input... -- Gator Hokie 01/26/2019 1:06PM
  ...I’d rather fight than switch ** -- chumley 01/26/2019 12:04PM
  Don’t use an online bank, but haven’t set foot in mine in years. -- RoswellGAHokie 01/26/2019 11:59AM
  I use Fred's Bank! ** -- Major Kong 01/26/2019 11:53AM
  I've been switching savings account between online-only banks for years... -- MP4VT2004 01/26/2019 11:50AM
  I am using the AMEX savings, 2.1 % -- HortHokie 01/26/2019 10:58AM
  **deleted because it was a dumb comment**** -- CPRVHokie 01/26/2019 11:36AM
  I’m in the industry and here is my take: -- CPRVHokie 01/26/2019 10:00AM
  Agree. Even though I opened my account at a brick and mortar I do -- HokieNLot11 01/26/2019 2:04PM
  Smaller FIs are closing the gap on tech offerings -- One4VT 01/26/2019 1:15PM
  What does your avatar say? Too blurry to read. ** -- CPRVHokie 01/26/2019 1:28PM
  I am a founding stockholder of a local bank that's only about 10 years old. -- F4EHokie 01/26/2019 11:27AM
  You make an excellent point about the importance -- mancunian 01/26/2019 10:28AM
  And that's why they aren't going to disappear. -- EDGEMAN 01/26/2019 10:10AM
  Well, regulations imposed following 2008 have made the formation of de novo -- CPRVHokie 01/26/2019 10:17AM
  Is that the same regulations banks pushed to get into insurance? -- Stork 01/26/2019 11:24AM
  On reread this sounds argumentative and that is not my intent. A cautionary -- CPRVHokie 01/26/2019 10:20AM
  This whole thread makes you sound respectable. I’m not sure how I feel -- VTScanlo 01/26/2019 10:36AM
  He must work at Towne Bank. ** -- Stork 01/26/2019 11:24AM
  ...with slick Willy Sessoms ** -- chumley 01/26/2019 11:50AM
  Nope. ** -- CPRVHokie 01/26/2019 11:37AM
  My distaste for My Cousin Vinny is a badge I wear proudly. Because it’s -- CPRVHokie 01/26/2019 11:09AM
  I'm still a NFCU member -- EDGEMAN 01/26/2019 10:30AM
  I take it back, there is another bank that's closer... -- EDGEMAN 01/26/2019 10:31AM
  Not sure how this relates to community banks... ** -- CPRVHokie 01/26/2019 10:51AM
  I think the new one is a Community bank -- EDGEMAN 01/26/2019 6:24PM
  TownBank sucks ** -- CPRVHokie 01/26/2019 6:36PM
  Been using an online bank (USAA) for probably 20 years now -- Tafkam Hokie 01/26/2019 06:27AM

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