garykung

You clearly don't know how the system works.

A relationship is established when you begin with a new institution. Banks evaluate customers like customers evaluate banks. To banks, they look at history, revenue, etc. to evaluate if a customer is worthy.

To better illustrate - a home mortgage is a perfect product. Schwab does not have its own mortgage products. It refers them to Quicken instead. Since Quicken does not know who you are, Quicken will have to underwrite the entire loan by the book. On the other hand, BofA (per your example) can factor your relationship in the entire decision making to work with its own customers.

For example, BofA could potentially forgo some minor credit issues and provide the most preferred rate despite the defects (i.e. working with customers). But Quicken, working with Schwab, will be forced to either approve the loan with a higher rate, require a higher downpayment, or deny the loan application.

That's why I said this is a too small issue to be focused.

Use a MC credit card without AF whenever possible.

tev9999

This is the one thing I lose without a B&M bank, but have only run into having too much cash twice in the last 10+ years. One was heading to the airport on the way to Europe and my "unbanked" friend hands me $1000+ to finance her trip. In this case I had my BoA card on me so I deposited it into a branch ATM and then pushed it to Fidelity by mobile app. I already had enough in the Fidelity account to cover both of us while it was moving. The other was a royal flush at quarter video poker - $1000 in 20s. I tried depositing that directly to Fidelity through a PNC Bank ATM (PNC issues the Fidelity debit card) but it failed. Ended up having to get the BoA card out of storage.

If I were to hit another royal next week I would probably just spend the $1 on a money order and deposit that via mobile app. I do need to look into getting a debit card for my PenFed credit union account. Even there are no local branches, I THINK I can deposit through a local partner credit union ATM.

kayanco

I did some research on this. Here are my findings:

Schwab:
Cash: Does not accept cash deposit at branch, nor at any ATM.
Mobile app: accepts both Cashier's checks and Money orders.

Fidelity:
Cash: Does not accept cash deposit at branch, nor at any ATM.
Mobile app: accepts Cashier's checks, but not Money orders.

Capital One:
Cash: Accepts cash deposit at Capital One ATMs, and Target stores (which have Cap One ATMs)
Mobile app: accepts Cashier's checks, but NOT Money orders.

PenFed:
Cash: According to rep, Allpoint ATMs accept cash deposits for PenFed. BUT I tried two Allpoint ATMs, but neither had a deposit option. Has anyone tried this?
Mobile app: Does NOT accept Cashier's checks, nor Money orders.

So overall, for cash deposits, Capital One has the advantage.
(If PenFed does indeed accepts deposits at Allpoint, that would be good too. But not sure if others have tried?)

tev9999

Didn't realize Capital One ATMs were in Targets. I guess I'm covered for my next jackpot. Thanks.

kayanco

It's new/recent development