Monday, March 12, 2012

Who wants to go back to the good old days?

We have a small savings account with an online bank. (Ally) I started it because they pay about 3X as much interest as our local bank, and they have some nifty online services. For instance online check deposit. I tried it out this morning and it is pretty slick. You endorse the check then follow their online
walk-through and scan the check. Zap! The check is deposited. No trips to town during business hours, no need for deposit slips, it is done I guess. You keep the original and after 60 days you destroy it. The image will be sent back to the check owner's bank statement. I plan to use it a lot because it is a hassle remembering to take checks to the bank, and we live quite a ways out. I can deposit it in 5 minutes at the house and I am done. It is also easy to transfer that money to any of our other accounts too.

I have also been amazed at the ease of all things online. A year ago I started an IRA with Fidelity and they are all online. They don't really have store-fronts, like Edward Jones and others, but you don't really need it. If you need help you can get a hold of somebody really quick on the phone or online chat. I set up a new IRA in one afternoon sitting on the couch. No muss no fuss. I don't have to pay some broker to handle my paperwork, I can log in anytime and buy or sell shares, etc.

One last example. Our local bank has online bill pay and I can go online and pay bills, they send the checks, and I don't have to waste time writing checks and licking envelopes! Of course I pay a lot of bills like our phone bills through the business' websites and they just draft our account. Even my revolving charge account at the tractor place I can log in and do an ACH and pay that. No checks, stamps, or envelopes. Sorry Dad about not using you as much.......good thing you are retiring!

I am just constantly amazed at how fast things are a changin'. And some of the changes like in banking are for the better if you ask me. Everybody gets all up in arms about bank fees and the like, but look at what you are getting in return. Besides that if your bank is charging too much fees, there are locally owned banks like ours that have very few fees. Their online bill pay is free for now, hope it lasts. Don't like Bank of America? Find another one you do like.


  1. AWWW. Fenton is getting cuter all the time. Yep, sad or happy to say we don't use very many stamps any more. Your dad is getting out before the P.O. goes the way of the Pony Express. Online is MUCH easier.

  2. Great Fenton pics. Hmmmm 3X the interest? We looked into maybe putting some of Maddy's savings into a CD at the beginning of the year. Then we found out that she would earn $1.50 for a whole year on interest! I said, "I will just give her a dollar fifty. Sheesh!"

  3. Yeah, 3X nothing is well, almost nothing! Money is quickly becoming worthless.