I like the convenience of walking into a bank and speaking with someone in person. My bank also has an investment brokerage, so I can talk to them when needed.
But lately, the in-person service has been hit or miss. Reasonable requests, like transferring funds, sometimes don’t happen. It feels like staffing has been reduced, probably as a cost-cutting move, and I’m already paying more for less service (low interest rates, for example).
Is there still any real value in sticking with a brick-and-mortar bank?
If you need to deposit cash, a brick-and-mortar bank is invaluable. You can also keep a local account for cash handling and use an online high-yield savings account for better returns, transferring funds via ACH as needed.
I keep my checking account at a brick-and-mortar bank for local access and ATM availability. Everything else, like savings, CDs, and investments, is online.
Brick-and-mortar banks are great for handling large amounts of cash, getting cashier’s checks, or depositing large checks. I don’t trust ATMs or mobile apps for those tasks. It’s reassuring to do it in person and know it’s done correctly.
Even if it’s not your main account, having a brick-and-mortar bank can be helpful. You might need to deal with cash, make an unusual deposit, or get a cashier’s check.
Banking is about trust. Established brick-and-mortar banks often have the stability and brand recognition that inspire confidence, unlike some faceless online platforms.
Bay said:
Banking is about trust. Established brick-and-mortar banks often have the stability and brand recognition that inspire confidence, unlike some faceless online platforms.
Good point. Maybe that does offer more motivation for them to stay stable.
Online banking works until you hit a problem. Then it’s a nightmare. Sometimes, being able to walk into a branch and get help face-to-face is worth it.