3 advantages of banking with local financial institutions
In the days before the Internet, switching banks or credit unions after moving to a new city was pretty much required. Nowadays, though, online banking and mobile apps let you access and manage your bank accounts from almost anywhere—and many will even let you pay your bills and deposit checks. This has led a lot of people to wonder if they actually need to switch banks after a move, or whether they can just stay with their previous financial institution.
While you don’t have to break up with your previous financial bank or credit union if you don’t want to, having an account at a local brick-and-mortar financial institution has some advantages you just can’t get online.
You can Deposit Change
Okay, this might not seem like the biggest advantage, but it’s probably the most obvious one. Pretty much everybody has a jar of loose change that they keep somewhere around their home that they eventually decide to deposit. While you could go to a grocery store or big box store to use one of their coin counting machines, you’ll also have to pay them anywhere from 10% to 20% for the privilege.
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