I have around $5k in cash that I'm carrying around. My bank is USAA. USAA does not have a physical location or ATM within hundreds of miles of me. I don't want to carry this cash around. I've considered buying a gold bar and putting it in a safety deposit box somewhere, but buying a gold bar with cash is difficult, at least in this location.
What can I do to convert this cash into something more easily and safely stored or transfer it to my bank account?
Go to your local bank branch. Open an account. Put the cash into the account. Then setup a transfer to the online bank. Keep only a small amount in the local bank.
Of course check that the local bank offers that feature.
One of my kids does this all the time. One bank is the conduit for when they have to deal with cash. The online one has better rates, and holds the bulk of their money.
Caution: if the money was $10,000 or more the bank that takes the cash will report the cash transaction to the government.
People say USAA is a great bank. Put that to the test. They should have a reasonable answer for this problem, yes? So call up their customer service and ask them what to do. Expect, and demand, they have a reasonable and workable answer that doesn't involve gold bars.
Then, don't fall into "Halo Error"... if they don't have a good answer, than acknowledge that. Hey, I'm an Apple mad-dog but I don't expect cutting edge features in their phones or top video cards in their PCs.
You are absolutely allowed to have bank accounts at 2 banks. And it's not "cheating" LOL.
I think at one point, I had accounts at 4 different banks + 3 brokerages. Once I took unemployment... the benefits were paid to a bank's debit card which was highly inconvenient, so I just opened a bank account there because it let me access the money easier and with fewer fees.
Some banks have fees if you don't keep a minimum balance, but that's probably not a problem for someone who is liquid enough (and it sounds like you are). I was when I had those accounts.
In fact, a brokerage might not be a bad option for you, since most people can use a brokerage account, and USAA doesn't have a big practice here (they partner with Charles Schwab for most of it, and that might be the answer right there if Schwab has walk-up branches where you frequent). Find a brokerage that has walk-in branches most places you go. Deposits are generally FDIC insured unless they are invested in a risk investment such as a stock or mutual fund.
