Ever since the first debit card was introduced over fifty years ago, banking has been moving in the direction of cashless transactions. Most people now use electronic forms of payment like debit and credit cards, or online apps, to pay for their purchases. This has also changed the way that banks do business, and many online banks now dispense with bricks-and-mortar branches altogether. With so many banking options how do you choose which one is right for you? Do you just do a search for banks near me and go with the first name that pops up? To find the right bank for your needs, it helps to do your homework.
Choosing a bank
It’s easy to find a bank, any bank. Just doing a simple online search for banks near me will turn up at least twenty choices within a ten mile radius. But all banks are not the same, and it’s always a good idea to do a little homework and find a bank that meets your specific needs. The first step is to make sure that you’re looking at a reputable bank, which does not have a history of fines or citations by regulators.
Then there are local and national banks, and your lifestyle and job will determine which kind is better suited for you. If you travel or move often, opening an account with a national bank means that you won’t have to go through the process over and over. You will also have access to a nationwide network of ATMs and branches for cash withdrawals and help with any other kinds of banking needs. Finally, you should be sure that you pick a bank where deposits are insured by the federal government. A search for banks near me will give you a list of nearby locations.
Mobile and online banking
Ever since the first debit card was introduced by the Bank of Delaware in 1966, we have been moving on the direction of a cashless society. According to the Federal Reserve, 70% of all Americans, or 174 million people, have at least one credit card. Nowadays most people use credit or debit cards or other forms of electronic payments like online apps.
A Gallup poll in 2016 found that 60% of all the people surveyed felt that the U.S. would be a cashless society in the future. Banking tends are definitely moving in this direction, and most banks already have a substantial presence in mobile and online banking. These allow you to carry out many transactions online, such as checking your balances, depositing checks and transferring funds. Online banks are a little different from regular banks, because they have no physical presence at all.
What are the benefits of online banking?
Online banks don’t have any real world branches or locations at all. This means that they have lower or no overhead costs, and this lets them offer better rates and lower fees to customers. They also have tie-ins with other banks so you can access your money through a network of ATMs around the country and even overseas.
Even though you can carry out most banking functions with an online banking account, it may be best not to make this your only bank account. There are still times when you need to visit a real bank and talk to a real person.
The expansion of mobile and personal banking has greatly extended the convenience of banking. When choosing a bank, many people just do a search for banks near me and picking the first name on the screen. A better way is to do some research before opening a bank account, so you can find one that best meets your current needs.