The way we bank has been improved by online banks. Customers who bank online can save money, earn more money, and enjoy the ease of banking from their smartphones or computers.
You are missing out if you do not have an online savings account; however, you may not want to completely abandon your conventional credit union or bank just yet. Even though they may appear out of date, branches provide several useful services that you only miss when you can’t get them.
Using a bank or credit union with a physical location comes with six advantages.
Money Orders and Instant Cashier’s Checks Need to make a purchase but can’t use a credit card or personal check? You need “cleared” funds for some transactions, like buying a house and making certain types of deposits. This typically necessitates bringing a cashier’s check, transferring funds to an account, or supplying a money order.
Online banks can give clerk’s checks, yet you will not have the option to get one around the same time you demand it. Instead, most of the time, you place your order online and have to wait a few days for the check to come in the mail. You can pay extra to have the check delivered overnight; however, you will need to visit a bank branch to receive same-day service.
It is not always possible to mail a check and wait for it. You probably won’t know precisely how much the check ought to be worth until a little while before you want it. It’s nice to be able to change things without draining your bank account. Account holders must have sufficient funds to cover all of the checks—even the ones you are attempting to cancel—to place multiple orders for cashier’s checks and attempt to cancel an unused cashier’s check via mail.
Instant access is essential if you’re looking for the ideal apartment or negotiating a home purchase at the last minute.
Cash Withdrawals and Deposits These days, it’s rare to need a lot of money, but when you do, it’s nice to be able to take out what you need. You might want to buy a used car right away, for instance.
It is difficult to withdraw a significant amount from a typical ATM. There are ways of pulling out significant measures of money from online ledgers, however, you might have to visit an accomplice bank or credit association that will oblige your solicitation for the benefit of the internet-based bank.
Getting cash is as simple as signing a withdrawal slip at a physical bank or credit union with an account. You can also easily and quickly add more money to your account. Cash is risky to keep, and some people find it tempting to spend any extra money they have. It is simple to deposit that cash safely into your account at a physical bank branch.
Safe Deposit Boxes Have a few small valuables but don’t know where to put them? Are you worried about what would happen to your documents in the event of a house fire? Do you believe that original copies of your Social Security card and birth certificate will not be required shortly?
Customers can store small valuables and important documents in a bank’s safe deposit box. You can access your belongings at any time the bank is open for a minimal fee. The safe deposit box at your local bank is probably the safest and easiest way to store your valuables unless you intend to transform a portion of your home into a highly secure, water-, fire-, and theft-resistant safe.
Services of a Notary Public Some contracts require notarization. This means that a notary public needs to see you sign the document to make sure you are who you say you are and verify your identity.
A lot of traditional banks and credit unions can provide this in-person service, but an online bank cannot by definition. If you only require one or two signatures, they’ll probably even do it for free.
Similarly as with many administrations at physical branches, getting a record authenticated isn’t something you want consistently. But you’ll need it when you need it. The kinds of paperwork that call for a notary public typically have no leeway in terms of the requirements they have. You won’t be able to submit the documents if you can’t locate a notary public. Not only bank a convenient location for notarizing documents, but they’re not the only ones.
A Place to Keep Your Coins What are you supposed to do with the coins in your coin jar? Whether you intend to spend the money or put it into savings, it is worthwhile to convert coins into a form that is simple to use.
It is impossible to ship coins to a bank that only accepts payments online—if at all permitted. You can pay to have it counted at a grocery store machine, but many banks and credit unions still accept coins without charging you a fee. Most of them will let you drop off a jar of mixed coins and let the bank sort and count them.
Meetings in Person In our digital world, there are times when it’s nice to talk to someone in person. This can be especially true when it comes to financial matters, which frequently involve delicate or complicated details.
Although Internet banks provide customer service via email, phone, or other online means, hold times can be discouraging. After speaking with a representative, it may not be as easy to follow up with questions and the answers may not be as clear as you had hoped. Composing questions and answers has its place, however, it’s not generally the best arrangement. It’s sometimes worth it to go to the bank because you can look someone in the eye, see any documents they use, and learn from their body language.
The Future of Bank Branches Branches are not extinct; rather, they are changing. In the past, banks opened branches to serve customers. However, times have changed. In a computerized world, clients don’t have to visit branches to open records or set aside installments. The purpose of bank branches changes as well as the requirements of customers.
At your bank’s branch, some of the new features you might notice include:
Branch targets: In this day and age of online banking, banks are taking their careful location selection to a new level. These days, a bank opens a branch with a specific purpose in mind.
Increased technology: There might also be fewer people working inside branches. Banks may reduce staff while keeping a branch open by installing machines that allow customers to talk to a remote teller via video chat and that accept deposits.
Extravagant services: Customers have traditionally opened checking and savings accounts by going to a branch. That is still an option, but the majority of customers find it easy to complete these routine tasks online. Instead, specialized services like wealth management and small business banking may become available only at branches.
