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oldragbaggers · 10-10-2014, 14:25

Quote:

Originally Posted by hellosailor

Over the years I've seen all sorts of banks make ridiculous mistakes, including Chase. But with Chase it always seems that ONE phone call, or ONE visit, can get the problem resolved and gone. BOA, Citibank...you can go back and forth six or eight times and get nowhere. TD Bank also has been very good. I stopped by one looking for a notary and asked "What do I owe you?" when we were done. I was astounded to hear "Nothing, we hope you'll bring us your banking business in the future."

BOA? Won't notarize anything except bank business! Chase? A little better, IF you can find a notary in the branch. (I'm told this year they've made a point to have more staff become notaries.)

Most of the "online only" banks will absorb most or all ATM fees, so it can be worth using that as your "ATM access" money, while keeping the rest safe elsewhere and just transferring it over as needed.

Thank you!

Reach · 10-10-2014, 16:15

We started cruising 6 years ago with one of the "online-only" bank for operating funds (i.e., annual cash flow) with ING Direct.

They've since been bought by Capital One - banking arm now named "Capital One 360". No brick & mortar, but good customer service.

They (ING) were always good for no ATM fees at most venues, and now we have no Foreign Transaction fees for banking either thanks to Capital One.

We also use a Capital One credit card while cruising for the same reason - waived Foreign Transaction fees.

Might be worth a look? (PS I'm from Baltimore - happy cruising!)

John A · 10-10-2014, 17:11

I used Merrill Lynch to hold most of my funds with their CMA as a debit account where I kept a fixed amount for the ATM's. direct deposits, and bill payments. Monitoring everything online and the odd wire transfer was not a problem and a phone call put me in touch with their office.

Kestle · 10-10-2014, 19:58

Quote:

Originally Posted by John A

I used Merrill Lynch to hold most of my funds with their CMA as a debit account where I kept a fixed amount for the ATM's. direct deposits, and bill payments. Monitoring everything online and the odd wire transfer was not a problem and a phone call put me in touch with their office.

I cannot recommend this approach. BoA is the best on ATM/online security but has the lowest deposits yield. Chase is best on C-cards, but you have to check them online. They cover you, but security is middle of the pack. Assets and cash should always be at separate institutions; ACH transfers make this pretty painless to do. Also, consider a (very) honest CPA or law firm to hold modest cash amounts and be able to legally act as your agent. Sometimes, you need bonding etc and ca't get or do it yourself.

Jeff

BandB · 10-10-2014, 22:00

Quote:

Originally Posted by Kestle

Also, consider a (very) honest CPA or law firm to hold modest cash amounts and be able to legally act as your agent.

I don't understand at all why to use anyone to hold cash. If you need them to do something requiring cash you can always do a wire transfer to their account and if you have more time an ACH. I don't trust any CPA or law firm that much. There have been too many situations from theft to bankruptcy. Partners get into disagreements. And any agency I need to give them I can grant in 5 minutes via fax. My lawyer and CPA have certain very specific and limited rights of agency related to routine filings. And for the record, I trust mine a great deal. But I might remind that a lot of people trusted Arthur Anderson and have trusted many law firms. A lot of very smart people trusted Bernie Madoff as well.

donradcliffe · 10-10-2014, 22:20

We have a BofA account for US banking, but never use it overseas--the fees are astronomical. We have used a small Fidelity brokerage account as a checking account for 25 years, with much better exchange rates and atm fees outside the US.

Schwab has even better rates. The nicest thing about Schwab is that the person on the other end of the phone has a brain. They also have better firewalls between my big money accounts and my current account--it takes a personal phone call to transfer money vs being able to do it online with Fidelity.

John A · 10-10-2014, 22:23

Quote:

Originally Posted by Kestle

I cannot recommend this approach. BoA is the best on ATM/online security but has the lowest deposits yield. Chase is best on C-cards, but you have to check them online. They cover you, but security is middle of the pack. Assets and cash should always be at separate institutions; ACH transfers make this pretty painless to do. Also, consider a (very) honest CPA or law firm to hold modest cash amounts and be able to legally act as your agent. Sometimes, you need bonding etc and ca't get or do it yourself.

Jeff

This has worked for me since 1988, including ten years cruising, 2000-2009. I had also created a trust fund and a living will.

Dot com and the downturn of 2008 were relatively painless. Security was never a problem as there was/is a limit on the amount of cash available for instant withdrawal. I have a separate Chase credit card which I put a hold on, requiring a phone call from me before a charge would be honored. The debit card was used for ATM's and day to day purchases were paid in cash. My brother-in-law was my stateside legal agent.
It worked for me, but others may have different requirements.

hellosailor · 11-10-2014, 10:36

"If you need them to do something requiring cash you can always do a wire transfer to their account"
As BOA explained it to me, there are two different "wire transfer" methods. One is overnight and the other is three business days. BOA wanted $20 for the overnight transfer and something like $3 for the three day.
This is another "fee" game most of the banks play, offering cheap or free transfers with enough strings attached that if you just want a transfer NOW, they make money on it. Chase, btw, will do a free transfer to anyone you can send an email to. Or at least, they were last time I looked.
Considering that they all will spend a couple of bucks to mail a check to anyone you make a payment to...the wire transfers certainly could be free too.

svadagio · 11-10-2014, 12:32

B of A debit card quit working in Columbia. B of A said they really did not want CC business from someone living overseas. Refused to send me a new card. Ever been in another country and no way to get money? I live and sail on my Westsail 42. I guess that is not good to them.
Bob

John A · 11-10-2014, 13:52

Quote:

Originally Posted by svadagio

B of A debit card quit working in Columbia. B of A said they really did not want CC business from someone living overseas. Refused to send me a new card. Ever been in another country and no way to get money? I live and sail on my Westsail 42. I guess that is not good to them.
Bob

It depends. First you interchange the type of card you're referring to, credit cards have different requirements than debit cards. Second is your credit history/score, also, do you have a stateside address?

Lastly is the credit card renewal process. As part of the verification, the phone number you call from is compared to the number they have on file, a difference creates flashing red lights in their office. Always ask to speak to their supervisor.

I called the number of each of my cards before I left and discussed with them what I would be doing so they could append a note to their records of my account. Sometimes they would put a hold on a transaction until I called in to update them on my travels.

btw. credit and identify fraud only occurred to me while living in the US.

svadagio · 11-10-2014, 14:12

John
I actually talked to them on the phone. They stated on the phone to me they do not want people that live outside the states the majority of the time. My credit is great and I have an address in the states. Did not mean to step on your B of A toes.
Bob

John A · 11-10-2014, 15:24

Quote:

Originally Posted by svadagio

John
I actually talked to them on the phone. They stated on the phone to me they do not want people that live outside the states the majority of the time. My credit is great and I have an address in the states. Did not mean to step on your B of A toes.
Bob

No problem. I apologize if yoy felt I was singling you out as the cause.i
I'm continually dismayed at how distrustful and cynical our world has become.

Rhapsody-NS27 · 11-10-2014, 16:49

When I was younger, I had an account with a bank that was bought out by SunTrust. About 10 years ago, or maybe more, I slowly switched everything to USAA and have been happy with them since.