Bank Accounts  

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SausageInTheCan
(@SausageInTheCan)
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Joined: 6 years ago
Posts: 396
April 28, 2014 1:32 pm  

Hello, I know this is a topic that comes up regularly. I've read that some or most of you recommend leaving your money in a stateside account instead of on the island. Primarily because of delays using your money, high fees etc.
But then I've read that paying rent etc. with a stateside check is a no no because it takes too long for funds to clear and it's not fair to the recipient. I'm confused.:S


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Rowdy802
(@Rowdy802)
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Joined: 7 years ago
Posts: 518
April 28, 2014 1:36 pm  

For me, I have both stateside and a local... In my case, it works perfect...


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STTGuy
(@STTGuy)
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Joined: 7 years ago
Posts: 39
April 28, 2014 2:09 pm  

I would echo what Rowdy said. I, too, have an account stateside, and another here. There are needs for both. I use PayPal to move money back and forth between them, when the need arises.


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Afriend
(@afriend)
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Joined: 13 years ago
Posts: 484
April 28, 2014 2:20 pm  

I too have both. I keep most of my money in my US stateside account. I keep 2 local "island accounts" with minimal balances - one for me for spending money and one used by my housekeeper for household expenses. I have online banking (with both banks) so it's easy to transfer money from the US based bank to my island accounts as it's needed. Between using debit cards for most purchases, ATM's for when I need a little cash and credit cards (I have many of my recurring expenses automatically charged to my credit card - it's great way to build up Frequent Flyer miles) I hardly ever go inside a bank and I personally write very few checks.


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Kahu
 Kahu
(@Kahu)
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Joined: 11 years ago
Posts: 120
April 28, 2014 2:23 pm  

Yup... you'll find that pretty much a common situation, especially now that you can do the photo/mobile deposit route to go right into that stateside account. When transferring funds between accounts though, you have to factor in the timeframe, it's not exactly immediate. 8)


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speee1dy
(@speee1dy)
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Joined: 11 years ago
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April 28, 2014 2:59 pm  

i recommend both a stateside and local. my stateside is the major one, the local for those occasions when only a local check will do.


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rosesisland
(@rosesisland)
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Joined: 8 years ago
Posts: 703
April 28, 2014 3:12 pm  

Yeah, me, too! Only have enough in STX bank to cover doctor visits or rent! I kept my stateside bank for my auto deposits. I you pay your rent with stateside check, just be prepared to deliver it two weeks early so the check will clear went rent is due.


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SausageInTheCan
(@SausageInTheCan)
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Joined: 6 years ago
Posts: 396
April 28, 2014 3:30 pm  

Hi Again, O.K. so keep money in a stateside bank to transfer money to an island account when needed. But are the transfer fees high?
But, plan to pay rent etc. 2 weeks in advance if paying from a stateside account.
It sounds a little tricky but obviously it works so it's something to get used to.

Thanks everyone for your help.


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speee1dy
(@speee1dy)
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April 28, 2014 4:23 pm  

no transfer fees if you write a check to deposit to this account.


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CruzanIron
(@cruzaniron)
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April 28, 2014 5:02 pm  

I keep my cash in Discover Bank (savings) at .85% interest, transfer to my local FirstBank account if I need to - no limit or cost to transfer. I can deposit checks to Discover with my phone, and deposit cash to the Firstbank account and tranfer to Discover at no cost with no frequency limit.

FirstBank checking $2.50 per month fee if a minimum aveage balance is maintained.


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Afriend
(@afriend)
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Joined: 13 years ago
Posts: 484
April 28, 2014 5:39 pm  

First, my US bank has an "affiliation" with my island bank so I don't incur any transfer fees between banks.

Second, when I transfer funds between my US bank and my island bank the funds are available the next business day.

Third, when I transfer money between my 2 island accounts the money transfer is instantaneous and there are no transfer fees.

As I said earlier, I do everything on-line using the banks' websites. You can set up automatic recurring transfers or just use pre-set defaults so all you have enter the amount and date you want the transfer sent and then just click "OK".

Depending on the bank(s) you use you can even have them pay bills to different vendors directly.

It's all very easy, secure and cuts down tremendously on paper. I hardy ever write a check anymore - although my housekeeper does pay a number of small vendors by check. Also cuts down considerable on the amount of cash I have to carry around with me (which is very little).


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Linda J
(@Linda_J)
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April 28, 2014 6:02 pm  

We only used an island bank and had no problem. Direct deposit my state side pension, our social security, and our island jobs. We were full time residents.


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Jumbie
(@ohiojumbie-2)
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Joined: 10 years ago
Posts: 712
April 29, 2014 12:21 am  

We only used an island bank and had no problem. Direct deposit my state side pension, our social security, and our island jobs. We were full time residents.

My wife & I had the same "no hassle,no pain" experience when we lived full time on STX. We opened up a checking account with a bank on island for direct deposits of pension, social security, wages, wiring $$ (deposits & withdrawals).

Jumbie -

Keith Crilow


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ChrisMI
(@ChrisMI)
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Joined: 7 years ago
Posts: 213
April 29, 2014 8:13 pm  

Order your own checks. After trying for months to get checks from either USVI bank I opened an account at I finally got them from First Bank, and on my statement found that they charged my $252 for them. Not a typo. $252 for checks, and when I go to their branch I get worse customer service than someone in line for a welfare check would. I love it when there is a long line and 4 tellers, and 3 of them have their "go someone else" sign up leaving one teller to work the line. Maybe STX is just way better than STT for banking, or I am just all alone in having Candid Camera experiences at multiple banks here. SMH.


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OldTart
(@the-oldtart)
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April 29, 2014 9:03 pm  

We only used an island bank and had no problem. Direct deposit my state side pension, our social security, and our island jobs. We were full time residents.

My wife & I had the same "no hassle,no pain" experience when we lived full time on STX. We opened up a checking account with a bank on island for direct deposits of pension, social security, wages, wiring $$ (deposits & withdrawals).

Jumbie -

Ditto. Now that I don't have a business I've no reason to go into the bank proper at all. I've always got my cheques from an internet supplier but only write a couple a month now as everything's done online. If I have a deposit I just put it into the ATM.


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Alana33
(@Alana33)
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April 29, 2014 10:40 pm  

$252.00 for a box of checks is a rip-off.


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speee1dy
(@speee1dy)
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Joined: 11 years ago
Posts: 8749
April 29, 2014 10:59 pm  

thats crazy. i use bank of st croix and love them


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gonetropo
(@gonetropo)
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Joined: 8 years ago
Posts: 427
April 30, 2014 11:07 am  

Money at First Bank here and Fidelity in the States. Transfer money back and forth all the time and no fees.


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ms411
(@ms411)
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Joined: 10 years ago
Posts: 3554
April 30, 2014 7:57 pm  

What's the need for stateside bank? When major US banks were here, I used them, but when they left wanted a more national bank so switched to eTrade. I had problems getting atm cards, so switched to a local bank with international affiliates and no problems.

Is there something I'm missing by not having a stateside account?


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CruzanIron
(@cruzaniron)
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Joined: 6 years ago
Posts: 2447
April 30, 2014 8:30 pm  

What's the need for stateside bank? When major US banks were here, I used them, but when they left wanted a more national bank so switched to eTrade. I had problems getting atm cards, so switched to a local bank with international affiliates and no problems.

Is there something I'm missing by not having a stateside account?

No local bank will pay an interest rate close to a stateside bank.


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Ric
 Ric
(@Ric)
Advanced Member
Joined: 15 years ago
Posts: 393
April 30, 2014 11:50 pm  

My feeling was that I was going to be a Virgin Islander. I closed my stateside bank account and opened a new one on STX. I put VI plates on my cars (no choice there). I got a STX PO Box. I registered to vote and voted In every election that was held while we were there. I tried to adopt the customs of the islands. I could have done better at that but us old people don't change all those years of training very well. My suggestion is get rid of your stateside stuff and adopt your new home. If things go sour, like it did for us, get your stateside stuff back. Having said that, I hold on to a lot of things and all the memories of our years on STX.


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speee1dy
(@speee1dy)
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Joined: 11 years ago
Posts: 8749
May 1, 2014 12:29 am  

i keep my stateside bank account because the bank is in every state i need to visit. and at the time i was not sure if the locals had online bill pay. and when i moved here i did get to use the local banks and did not like the majority of them. i now have both.


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Linda J
(@Linda_J)
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Joined: 15 years ago
Posts: 3920
May 1, 2014 12:37 am  

As far as interest on deposits, I seriously doubt it can be less in the vi than in the states. Right now a regular savings account is paying about 1 percent.


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richardrblc
(@richardrblc)
Advanced Member
Joined: 7 years ago
Posts: 22
May 1, 2014 12:39 am  

i use usaa for all my banking my checks have local address on them rent and utilities i pay with check never had a problem using usaa check to pay


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STXjill
(@STXjill)
Advanced Member
Joined: 10 years ago
Posts: 215
May 1, 2014 12:46 am  

I kept my BofA accounts when I moved here and opened an account at the local Scotia bank in F'sted, thinking it would help simplify things. It didn't, the local bank account was horrendous, standing in a line of 30 people was the end of my local banking experience. That was over 10 years ago, but I closed my local account soon after opening it, and now I only use my Bank of America account. I write very few paper checks, only for monthly rent to a property manager, and there is no writing checks in advance. If I chose to have a local bank account again, it would be with Bank of St. Croix, which I deal with for my employment and find them to be the best as far as customer service goes. I'll stick with my bank in the states, and have no need for local banking.


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