Meanwhile, most people don't even have $15000 lying around with nothing else to do. My understanding from surveys done by various companies is that 60% of Americans don't even have $1000 in savings. And those with beaucoup money are negotiating their own loan rates, because there's better places to park their money for long-term interest.
Had I banked at Chase, they would've provided me an actual "cashier's check" in branch at a moment's notice.
Is it worth ~$200/year in interest to not be able to get to your savings at a moment's notice? Before, I would've said yes. Now that its cost me an $1800 IRS penalty, no longer.
[1] https://www.fdic.gov/regulations/laws/rules/6500-3222.html
This kind of thing doesn't normally happen, or shouldn't.
You should have a local bank account for the times you need local branch if you do most of your banking online.
If you're going to spend quite a bit of money soon, like within a month or so, you should move that money into a local branch beforehand, like I did when I was buying my house and I knew I'd need the funds on closing date.
Even if you fail to do that ahead of time you can wire the money for, maybe, $20 to the local bank, wire transfers are instant, and get the cashier's check there.
That's like saying "you shouldn't use brokerage accounts cause if you need the money you'd have to wait for the sale to settle before you can access your funds."
I have documentation to show I made a best effort attempt to repay the loan in time (official check, fedex tracking numbers, etc), but I won't know if its good enough until I file next year's tax returns and challenge the 401k provider's 1099-R.
$20s and credit cards are only accepted by machines on the outside of the faregates. It is not possible to load excess value onto your card while underpaid; you can only pay the card up to the minimum value to exit, in cash, subject to the change the machine is prepare to give.
If, like me, the only cash you carry is $20s from an ATM, the only way to get out of BART in this situation is to illegally walk through the emergency exit gate.
Being able to go to a bank teller who gives out $5s and $10s is a big deal.