countrygirl66 Posted February 20, 2009 Report Share Posted February 20, 2009 This was an idea I heard about today and I think it is kind of interesting. The entire bank would be virtual. You would do everything online. If you needed actual cash you could still use an atm or do the cash back when you use your debit card. With automatic deposits and bill pay it is an interesting idea. There is nothing in the bailout exploring this though. Can you imagine if citigroup got rid of all their stuff!!! and put the bailout money into a virtual bank. I was wondering what you guys think? Quote Link to comment Share on other sites More sharing options...
pam Posted February 20, 2009 Report Share Posted February 20, 2009 I have had 2 accounts which are online banks only. So this is not a new concept. There are pros and cons. The con being...they were both home based on the east coast and I'm in the west. If I had personal checks/cash given to me..I would have to mail to the corporate offices...which delayed the deposit to my account. The pro was...very few fees and any fees were actually lower than local banks. They didn't have the overhead that many banks have. Quote Link to comment Share on other sites More sharing options...
Aesa Posted February 20, 2009 Report Share Posted February 20, 2009 This tightens a banks control on your money. Massive problem. Quote Link to comment Share on other sites More sharing options...
miztrniceguy Posted February 20, 2009 Report Share Posted February 20, 2009 I do not want my money in a bank I cannot walk into. I bank with a locally based bank, but work for Citi, who does not have banks here. Quote Link to comment Share on other sites More sharing options...
pam Posted February 20, 2009 Report Share Posted February 20, 2009 That's one of the reasons why I gave up that account. Many times I needed to do transsactions right then...grew more difficult doing everything by mail. Quote Link to comment Share on other sites More sharing options...
miztrniceguy Posted February 20, 2009 Report Share Posted February 20, 2009 i think they are good for savings accounts for that reason, but would never have my main acct without a bank to walk into. Quote Link to comment Share on other sites More sharing options...
applepansy Posted February 20, 2009 Report Share Posted February 20, 2009 Would the next step be "virtual" money? Maybe then instead of printing more devalued currency our government could just type in a number. Save the cost of printing? Quote Link to comment Share on other sites More sharing options...
pam Posted February 20, 2009 Report Share Posted February 20, 2009 That's called credit. hahaha Quote Link to comment Share on other sites More sharing options...
hordak Posted February 20, 2009 Report Share Posted February 20, 2009 I have had 2 accounts which are online banks only. So this is not a new concept. There are pros and cons. The con being...they were both home based on the east coast and I'm in the west. If I had personal checks/cash given to me..I would have to mail to the corporate offices...which delayed the deposit to my account.The pro was...very few fees and any fees were actually lower than local banks. They didn't have the overhead that many banks have.I'm with you Pam. I have had times where i have had $100 cash on hand but my bank check card has bounce by $1 (giving me huge fees:mad:) because my current bank is not in my state and i have no way to add cash on hand to it. Quote Link to comment Share on other sites More sharing options...
pam Posted February 20, 2009 Report Share Posted February 20, 2009 I hear ya hordak. I had experienced that same thing. Plus the main one I did business with didn't have savings accounts, only checking. I have a local account for savings. Now I could have money wired to my checking...but then I was paying fees for the wiring. It just got to be too much of a hassle..all for trying to save a buck in some of the outrageous fees that some banks charge. Quote Link to comment Share on other sites More sharing options...
hordak Posted February 20, 2009 Report Share Posted February 20, 2009 I could have money wired to my checking...but then I was paying fees for the wiring. It just got to be too much of a hassle..all for trying to save a buck in some of the outrageous fees that some banks charge.That's the real kicker. Take the $30 over draft fee or pay $15-$20 to both banks for the money transfer. Quote Link to comment Share on other sites More sharing options...
Moksha Posted February 20, 2009 Report Share Posted February 20, 2009 Anyone take a check written on the First National Bank of Zwinky? Quote Link to comment Share on other sites More sharing options...
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