Do I need a local bank?

[random1234]

Hello everyone, incoming MS-1 here. I am moving from the east coast to the midwest and my national chain bank does not have any branches there. I like my bank though for numerous reasons so I am keeping my account with them. They have a mobile app for check deposits, etc.

My school is asking for direct deposit information for fin. aid, and I was wondering if I really need to create another local bank account in the city I will be attending med school. Since I use a debit card, my bank informed me that I can get money for free from cash back (like at grocery stores) or via cash advances in other banks. I can also write a check to myself.

Did anyone not create another local bank account and make it out fine? I rarely have to physically walk into my bank as it is, so I thought I could probably skate by without having a physical branch near me.

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[SBR249]

Ask your bank if they refund fees if you use another bank's ATM. I use an online only bank account with no physical banking privileges. The debit card I have refunds fees up to something like $25 per month when I need to get money from a random ATM.

The best thing to do imo is to get a side job like private tutoring. You can get paid in cash and you get extra money. No need for ATM. win-win situation.

 

[Sephiroth]

I had the same issue and I just opened a second account with another bank that had a good presence around my school and the surrounding area. It's pretty easy and shouldn't make a difference unless you already have several accounts or would use a credit card irresponsibly. You could do the writing a check to yourself thing or just use credit/debit cards. Don't do cash advances. You would probably have to pay a fee anytime you wanted to withdraw from an ATM, but I guess you could avoid that by keeping enough cash on you just getting it from self-checks and cashback (just make sure you won't have to pay a fee for it) when places are open.

 

[pilotjoe]

Just open a second account at a national bank, like US Bank, Bank of America, etc. I haven't heard of "free" cash advances. It helps to have a local bank in your area if you ever need anything quick (notary, fax, loan, etc.).

 

[Espadaleader]

Open an account at BofA.

 

[DocVapor]

If you or your parents, or maybe even one of your grandparents, were in the military, I can't say enough amazing things about USAA (www.usaa.com). The only problem I have run into is having to deposit cash, but I find myself in that situation so rarely that I've never bothered to actually look up how to do it.

 

[Deadlifts]

Ally seems to run the best checking/savings account interest rates and reimburses ATM fees at the end of the month.