The Internet has made our lives more convenient in many ways. A number of people have started closing their traditional banking accounts and opened accounts with online banks instead. While online banking can be convenient, there are still a number of benefits of using traditional banks instead.
There are a number of reasons that people prefer using accounts with their traditional banks over online ones. Here are some benefits that you will need to keep in mind.
Easier Making Deposits
One of the biggest problems with online bank accounts is that it is difficult to deposit money if you don’t have direct deposit. It is much easier to have an account with a local bank. You can simply walk into the bank and deposit a check or cash.
Cheaper ATM Withdrawals
Very few online bank accounts have their own ATMs. This means that you will end up paying hefty withdrawal fees when you need money.
You can save a lot more money on withdrawal fees by having a traditional bank account. You won’t need to pay fees to use their ATMs or make withdrawals directly at the bank.
Online banks are major targets for hackers. Winston Bond of Arxan recently said that many hackers are using free Internet tools to hack bank accounts and banking apps. Many experts discourage people from using online banking until these security problems are better understood. Keeping your money in a physical brick and mortar bank will be much safer.
More Personal Service
Online banking companies can’t provide the same level of customer service that your local bank does. You can go into your local branch during banking hours and speak with a teller or representative if you have any issues. They tend to be more committed to serving their customers. They are also more personable with people that they meet face-to-face.
Help Grow Your Local Economy
Your local bank hires people in your community. Many banks also donate a lot of money to community events, schools and nonprofits. You will be helping stimulate your local economy when you give your business to a local bank instead of one that is managed in another part of the country.
Don’t Give Up on Traditional Banking
Many people assume that newer concepts are inherently better. However, there are still some clear benefits of traditional approaches, such as using brick-and-mortar banking. Online banking may be more convenient, but there are still a number of benefits of traditional banking that you will want to consider. Most traditional banks do have online banking options, so you may want to look into one of them. This will give you the convenience of online banking while other providing the quality service and security offered by traditional banking.