Notifications
Clear all

Which Bank?

Page 1 / 2
 
JD on STT
(@jd_on_stt)
Advanced Member

Hello everyone. I've been on island for about a month and all is going well so far.
I went to First Bank to open a basic checking account. They told me I have to maintain a $1000.00 balance to avoid the monthly service fee. Is this the norm or are there banks that don't require such a high minimum balance?
I've read here that people use their state side banks and don't bother with the banks here. Assuming my job doesn't do direct deposit, how do I make deposits and what do I do to get cash?
Thanks for your help. JD

Quote
Topic starter Posted : September 3, 2014 2:01 pm
Petra
(@Petra)
Advanced Member

You can make deposits with mobile banking. You just take a photo of the front and back of an endorsed check with a smart phone then upload the photo to your banking app. The link below explains Wells Fargo's mobile banking just to give you an idea.

Mobile Banking FAQs

ReplyQuote
Posted : September 3, 2014 2:52 pm
JD on STT
(@jd_on_stt)
Advanced Member

No smart phone. I wonder if you can download the app to a Kindle Fire. How do I get cash?
Go to the company bank and cash a check from time to time?

ReplyQuote
Topic starter Posted : September 3, 2014 3:16 pm
OldTart
(@the-oldtart)
Expert

How do I get cash?
Go to the company bank and cash a check from time to time?

You can use your bank debit card in an ATM while some of the stores (KMart and Home Depot are two) will give you cash back when you use your credit/debit card.

ReplyQuote
Posted : September 3, 2014 3:30 pm
Petra
(@Petra)
Advanced Member

Yes, several of the stateside banks have mobile banking apps for Kindle Fire.

ReplyQuote
Posted : September 3, 2014 3:34 pm
Iris Tramm
(@Iris_Tramm)
Trusted Member

Hello everyone. I've been on island for about a month and all is going well so far.
I went to First Bank to open a basic checking account. They told me I have to maintain a $1000.00 balance to avoid the monthly service fee. Is this the norm or are there banks that don't require such a high minimum balance?
I've read here that people use their state side banks and don't bother with the banks here. Assuming my job doesn't do direct deposit, how do I make deposits and what do I do to get cash?
Thanks for your help. JD

Had an account here briefly and then decided it wasn't worth it. Too much hassle. Kept my stateside bank which I'd had for 25 years. Deposit via mobile banking app and withdrawals via ATM or by cash advance at a local bank. Bo'STX will give me up to $3K/day from my stateside account off my debit card for FREE if I come in in person versus the $300 withdrawal limit on the ATMS (plus the $5 service fee).

There is no need to get a local account unless you need a loan or a mortgage.

IT

ReplyQuote
Posted : September 3, 2014 3:58 pm
Petra
(@Petra)
Advanced Member

Are there any fees for cash advances at the local banks on STT or STX?

So most ATM fees are $5? Or does it vary depending on where you are on the island?

ReplyQuote
Posted : September 3, 2014 5:12 pm
Iris Tramm
(@Iris_Tramm)
Trusted Member

Are there any fees for cash advances at the local banks on STT or STX?

So most ATM fees are $5? Or does it vary depending on where you are on the island?

ATM fees on STX at FirstBank ATMs are $5 for non-members. Not sure what Scotia charges. $3 or $5. On the other hand, cash advances, at least at the Bo'STX were FREE. And that was for three grand. Another tip is to use the USPS for cash withdrawals without extra charges. I know Kmart does it, but I think it limits you to $50 or $20. I think the USPS goes up to $100, but could be wrong.

IT

ReplyQuote
Posted : September 3, 2014 5:34 pm
OldTart
(@the-oldtart)
Expert

I bank with Scotia and there is no fee for removing money via their ATMs.

ReplyQuote
Posted : September 3, 2014 5:50 pm
Lmarion
(@Lmarion)
Advanced Member

IT please forgive my ignorance, what is Bo'STX ? I do know that STX is St Croix. Very interested in where to get free cash advances. Thanks L

ReplyQuote
Posted : September 3, 2014 5:50 pm
Iris Tramm
(@Iris_Tramm)
Trusted Member

I bank with Scotia and there is no fee for removing money via their ATMs.

Right. I'm specifically talking about fees charged by local banks to people with STATESIDE accounts who wish to use the local ATMs. I have no doubt Scotia doesn't charge it's own customers, but that's not what I was referencing.

IT

ReplyQuote
Posted : September 3, 2014 5:52 pm
Iris Tramm
(@Iris_Tramm)
Trusted Member

IT please forgive my ignorance, what is Bo'STX ? I do know that STX is St Croix. Very interested in where to get free cash advances. Thanks L

Sorry. My abbreviation for the Bank of St. Croix. The same one that got robbed yesterday.

I was advised by my bank in the States that ANY FDIC insured bank MUST give cash advances on any card with a VISA or MC logo, including debit cards. The amount of the cash advance is generally limited by the entity that holds your card, but can also be limited by the bank from which you're trying to get an advance. It's an arrangement with VISA and MC. Whether they charge you for it is, I dunno, probably a separate issue.

IT

ReplyQuote
Posted : September 3, 2014 5:54 pm
OldTart
(@the-oldtart)
Expert

Right. I'm specifically talking about fees charged by local banks to people with STATESIDE accounts who wish to use the local ATMs. I have no doubt Scotia doesn't charge it's own customers, but that's not what I was referencing.

IT

Yes, I realize that. I was backtracking to the OP's question about a local account. To further answer that question, I deposit cheques via the ATM, also use direct deposit and, if my account falls below the $1K mark I believe the monthly charge is a little over $10.

ReplyQuote
Posted : September 3, 2014 6:06 pm
Iris Tramm
(@Iris_Tramm)
Trusted Member

Right. I'm specifically talking about fees charged by local banks to people with STATESIDE accounts who wish to use the local ATMs. I have no doubt Scotia doesn't charge it's own customers, but that's not what I was referencing.

IT

Yes, I realize that. I was backtracking to the OP's question about a local account. To further answer that question, I deposit cheques via the ATM, also use direct deposit and, if my account falls below the $1K mark I believe the monthly charge is a little over $10.

Yeah, but by keeping my stateside account I don't have to mess with $1K minimum balances, monthly charges, or suffering ATM fees if I get free cash advances instead. I also don't have to make trips to a bank to deposit my checks. I just take a picture of it with my phone. Easy peasy! No lines! No driving! No money stuck away in an account that I can't spend!

IT

ReplyQuote
Posted : September 3, 2014 6:20 pm
OldTart
(@the-oldtart)
Expert

Yeah, but by keeping my stateside account I don't have to mess with $1K minimum balances, monthly charges, or suffering ATM fees if I get free cash advances instead. I also don't have to make trips to a bank to deposit my checks. I just take a picture of it with my phone. Easy peasy! No lines! No driving! No money stuck away in an account that I can't spend!

IT

I understand completely. Obviously my situation is a little different since this is my "forever home" now (at least I believe it is) but certainly remote banking is indubitably the way to go and absolutely the best way to start out. No argument there whatsoever. Just answering the OP's question if the decision is made to bank locally.

ReplyQuote
Posted : September 3, 2014 6:44 pm
JD on STT
(@jd_on_stt)
Advanced Member

Hi, First Bank account holders are not charged a fee for using their ATM. The monthly maintenance fee for basic checking is $5.00. I was just surprised you have to maintain such a high balance to avoid such a small fee.
If my company does direct deposit I'll use my stateside bank. I'll just write my rent check a week in advance.

ReplyQuote
Topic starter Posted : September 3, 2014 7:44 pm
Iris Tramm
(@Iris_Tramm)
Trusted Member

Yeah, but by keeping my stateside account I don't have to mess with $1K minimum balances, monthly charges, or suffering ATM fees if I get free cash advances instead. I also don't have to make trips to a bank to deposit my checks. I just take a picture of it with my phone. Easy peasy! No lines! No driving! No money stuck away in an account that I can't spend!

IT

I understand completely. Obviously my situation is a little different since this is my "forever home" now (at least I believe it is) but certainly remote banking is indubitably the way to go and absolutely the best way to start out. No argument there whatsoever. Just answering the OP's question if the decision is made to bank locally.

Yeah, my whole rejection of the local banks has more to do do with their minimum balance policies because I'm a poor and cannot afford to just let $1K sit in some bank account (and that there really are no downsides to keeping a stateside account unless you need a local mortgage) than it has to do with this being my "forever home" (or not) . But kudos to those who have that much extra cash lying around!

IT

ReplyQuote
Posted : September 3, 2014 7:56 pm
JD on STT
(@jd_on_stt)
Advanced Member

Well, the company I work for has direct deposit. I'll be keeping my stateside account and pay my landlord a week early. I'll use K-Mart like an ATM when I need cash. Even if I have to pay an ATM fee I'm o.k. with that. I wonder if the banks here realize or even care about how much business they're losing because of their policies.

ReplyQuote
Topic starter Posted : September 5, 2014 1:58 pm
OldTart
(@the-oldtart)
Expert

I wonder if the banks here realize or even care about how much business they're losing because of their policies.

I'm confused - how are their policies different from stateside banks?

ReplyQuote
Posted : September 5, 2014 2:33 pm
JD on STT
(@jd_on_stt)
Advanced Member

I wonder if the banks here realize or even care about how much business they're losing because of their policies.

I'm confused - how are their policies different from stateside banks?

I have TD Bank in N.J. I have totally free checking and ATM privileges for maintaining a daily balance of just $100.00.
First Bank $1000.00
Scotia Bank $2000.00
I didn't waste my time checking other banks here. If there's something I missed please let me know.

ReplyQuote
Topic starter Posted : September 5, 2014 3:28 pm
OldTart
(@the-oldtart)
Expert

I guess the next question then is, what does your stateside bank charge if you go below the minimum $100/day balance? You said FirstBank charges $5/month if you can't maintain a $1K balance. Simply curious!

ReplyQuote
Posted : September 5, 2014 4:36 pm
JD on STT
(@jd_on_stt)
Advanced Member

If you really want to know I can find out. I think it's $10.00. It doesn't make sense to tie up $900.00 I don't have to in a bank here. That's a lot of money. I'm afraid to ask what they charge for checks.

ReplyQuote
Topic starter Posted : September 5, 2014 4:45 pm
East Ender
(@east-ender)
Expert

JD: You will hear this phrase frequently: "You aren't in the states anymore." In NJ, banking is a competitive business. Everyone is vying for your $100, here not so much. This explains the high fees and the customer service issues...

ReplyQuote
Posted : September 6, 2014 12:48 pm
Jamison
(@Jamison)
Trusted Member

JD: You will hear this phrase frequently: "You aren't in the states anymore." In NJ, banking is a competitive business. Everyone is vying for your $100, here not so much. This explains the high fees and the customer service issues...

That would explain JDs question above, about if they realize they are in fact competing with state side banks.

ReplyQuote
Posted : September 6, 2014 1:45 pm
JD on STT
(@jd_on_stt)
Advanced Member

JD: You will hear this phrase frequently: "You aren't in the states anymore." In NJ, banking is a competitive business. Everyone is vying for your $100, here not so much. This explains the high fees and the customer service issues...

I would think it's just the opposite. There are millions of customers to go around " in the states ". The banks, wireless providers etc. have more clients than they know what to do with. They should be more competitive here if they want people to do business here.
If it were $250.00 or even $500.00 min. balance I would have considered it. But $1000.00?
So now they don't get my business and I know lot's of people here that refuse to open accounts here.

ReplyQuote
Topic starter Posted : September 6, 2014 1:49 pm
Page 1 / 2
Close Menu