Jump to content

Recommended Posts

Hi,

 

We are expecting to make the transition to full timers this year. What banks have worked well for national coverage with a domicile address at Escapees in Livingston, TX? We have investments with Merrill Lynch, so BofA might make sense. Any experiences or pitfalls anyone can share?

 

Thanks for any help,

Art & Barbara Berggreen

Share this post


Link to post
Share on other sites

First of all, let me welcome you to the forums! Judging from your SKP number, you are hardly new to the RV club so we are happy that you have finally joined the forums. Please do participate in any and all of the subject areas and we look forward to a continuing conversation with you.

 

In this time of electronic communication, direct deposit, electronic bill payment, and debit/credit cards it really isn't very critical what bank you choose to do business with or where it happens to be located. If you move your business activities to TX then I'd suggest that you consider using Alliant Credit Union for a many reasons. Not only are they an "endorsed member" of Escapees, but they have a long list of satisfied customers in the club and they do financing for fulltimers who wish to buy or trade RVs and many banks hesitate to do this if you don't have a physical address. While they are not the only bank which can do the job, for one who is living in an RV they must be very near the top of the list of possible choices and they do understand what fulltime RV living is about.

Share this post


Link to post
Share on other sites

since its rarely necessary to visit a physical bank these days, its more important to choose one with full services online for electronic banking. I use and am very happy with Wells Fargo; I was with them for 30 years prior to going fulltime and had no reason to change.

You should begin converting all your ongoing accounts to electronic statements, electronic billing, electronic online payments, and direct deposits.

The only caution I am aware of is that some banks are now strictly enforcing the CIP (customer identification program) required by the Patriot Act, and refuse to open new accounts to those using mail forwarding addresses. According to the law they should allow you to use the physical address of a close friend or relative to comply, while still using your own mailing address.

Share this post


Link to post
Share on other sites

There is no reason to change you bank if you are happy with it. And most likely they will allow you to change the address on your account to a mail forwarding service with no hassle since you are already a known entity to them

Share this post


Link to post
Share on other sites

Do you need a bank? If Merrill Lynch is like Fidelity you can do like we have done. Open a non IRA checking/cash account at Merrill Lynch (tied to your IRAs so you can take withdrawals if needed) and get a debit card along with checks. When we need cash we go to a Wal-Mart or grocery store and get cash back with the debit card. We have one less financial institution to deal with and everything is done electronically and no fees. Greg

Edited by Big Greg

Share this post


Link to post
Share on other sites

With everything electronic nowadays it's really easy. We haven't been physically into our bank in over 5yrs. After an initial glitch with B.O.A., which we got straightened out, we've been happy with them. On their web site is a place you can enter your travel plans so they know what area of the country you're traveling in.

Share this post


Link to post
Share on other sites

Thanks to all that responded. It helps me to think that I need to break more out of old habits as we turn full time. Since we have traveled a lot by RV, most of our finances and bills have been handled online already. We typically only write a handful of checks in a year. I have just not gotten around to setting up online bill paying with Merrill Lynch. We actually have Merrill Lynch debit cards that we don't use. We have BofA credit cards that are linked to the Merrill account and paid automatically each month. We need to seriously consider if we need to keep some separation between our day-to-day financial transactions and our investment accounts or fold all of it together.

 

Art

 

Share this post


Link to post
Share on other sites

We are planning to domicile in Florida, in Bushnell. Does anyone have a recommendation for a bank in the area?

 

Thanks for the response.

 

Frank and Rosita Williams

Share this post


Link to post
Share on other sites

The nice thing about most credit unions is that you can use an ATM or even make deposits and withdrawals at any credit unions across the country that display the COOP Credit Union logo. It looks sort of like a triangle and has the word "COOP Network" on it. There are no charges for ATMs displaying this logo if you are a member of one of the member credit unions.

Share this post


Link to post
Share on other sites

Since going FT couple years ago,I've never changed my bank - no need as everything (mostly) can be done online and by phone.

Share this post


Link to post
Share on other sites

When we went fulltime we switched to Ally and have been very happy. They offer great interest rates, personal phone help, a good website, and total rebates on fees from any withdrawals from atms. Check it out and I don't think you will find a better bank for travelling.

Share this post


Link to post
Share on other sites

One problem I have found is with using a credit card for repeated automatic payments rather than bank draft I guess you call it direct from your account. Credit cards and expiration dates and it never fails I don't remember who is being paid by credit card and where to update when new cards arrive with new expiration dates. I have found most all will do direct withdrawal but occasionally a few do not. The are a pain in the A$$ but luckily there are very few of them. For me I rather do the automatic direct withdrawal rather than the institution paying the bills. It seems to me the party needing payment are more apt to get it on time the vis-versa. I have had instances where the payment was late to my chagrin.

 

Anyway bottom line as you can see it is easily done . :)

Share this post


Link to post
Share on other sites

The nice thing about most credit unions is that you can use an ATM or even make deposits and withdrawals at any credit unions across the country that display the COOP Credit Union logo. It looks sort of like a triangle and has the word "COOP Network" on it. There are no charges for ATMs displaying this logo if you are a member of one of the member credit unions.

That has proven very difficult for us. Less Cu are doing this now. Nearest one to us now is 60 miles. We started using Alliant CU more now because of phone picture deposits.

Share this post


Link to post
Share on other sites

BOA for us. No problems except they left Idaho and we're in ID six months. But I do all my banking online so I don't need a BOA branch.

Share this post


Link to post
Share on other sites

That has proven very difficult for us. Less Cu are doing this now. Nearest one to us now is 60 miles. We started using Alliant CU more now because of phone picture deposits.

 

We've been using the PenFed Credit Union for a few years now. They recently joined the surcharge free Allpoint ATM network, adding 55,000 more locations including most CVS and Target stores. They also have photo deposits, bill paying, etc., along with the usual good CU interest rates. Their 5% rebate on fuel Visa rewards card is a nice plus as well.

Share this post


Link to post
Share on other sites

We are planning to domicile in Florida, in Bushnell. Does anyone have a recommendation for a bank in the area?

 

Thanks for the response.

 

Frank and Rosita Williams

If you want an institution with a brick and mortar location in Bushnell, then Suncoast Credit Union is a good option. They have branches all over west central FL, a very good website, and ATM access nationwide at many other credit unions. Check their website for eligibility requirements.

Share this post


Link to post
Share on other sites

We use Wells Fargo and a Credit Union that is a member of the credit union service center system.

Just look for the cuswirl.jpg logo.

 

We needed a cashier's check at a car dealer in Michigan when we bought our Miata, when a personal check wasn't acceptable. We found a service center member about 3 miles away and had a cashier's check using funds from our Indiana account in about 10 minutes.

 

edit: Forgot to mention there are NO Wells Fargo branches to be found in the lower peninsula of Michigan. They are in the U.P., but not under the bridge.

Edited by teacher's pet

Share this post


Link to post
Share on other sites

Have had an account with B of A and its predecessors for 50 years. Everything is electronic except withdrawing cash for which I need a BofA ATM if I don;t want to pay fees. This aggravates me about 4 times a year :) so I opened an account with Alliant CU and will use the CU network the next time I can't find a BofA ATM. Who knows, I may shift much of my banking to them over time as I tend to get peeved with the behavior of the big banks.

 

The changeover could be painful as we have many direct pay and direct deposit transactions every month.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×
×
  • Create New...