Hanging onto your branch: 4 features online banks don’t have
According to a report made by the Pew Research Group, 51% of U.S. adults bank online. It’s easy to see why; the convenience of online banking is hard to miss. Almost every bank offers online banking, which allows users to make routine bank transactions, such as balance inquiries, bill payments, money transfers, and account research. So when is it necessary to visit a branch? If you’re thinking about jumping from your brick-and-mortar bank to an online bank for the high interest rates and low fees, you should also consider what you sacrifice by going branchless.
Cash Deposits
Johnny receives a $100 bill from his grandmother in a birthday card and wants to save it rather than spend it. Keeping it at home won’t do him much good since he wants to consolidate his savings. He first decides to go to an ATM around the corner. Unfortunately, the ATM isn’t able to read the slightly weathered 100 dollar bill. The solution is to visit his branch, where he can also deposit all the loose change he collected that summer. Despite the heavy use of plastic nowadays, cash still has a place in finance and a branch can ensure that your cash makes it into your account safely and quickly.
Deposits and Withdrawals at a Branch
If you prefer to deal with your money at a local branch instead of an ATM, you have that option, plain and simple. On top of this, online bank customers cannot withdraw more than $500 to $600 a day from an ATM or spend over $3000 on a debit card. It is true that branches have daily limits depending on what account you have, but you do not have to be dependent on an ATM for the withdrawal maximum.
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