Six Things Your Internet Banking Can’t Offer

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Some people have asked if branch banking still matters today with the rapid growth of digital/internet banking. Almost all banking transactions can now be done online, largely thanks to the internet and digital banking.

However, bankers told us that bank branches still matter today.

Online banks and online banking have changed the way we bank (for the better), and some people live entirely without a physical bank account. They earn more money, pay fewer fees, and enjoy the convenience of banking from their computer or mobile device.

However, you may not want to give up the bank (or microfinance bank) branch just yet. Although they may seem dated, they offer several valuable services that you only miss when you can’t get them.

Does that mean you have to close your Internet-only accounts? Not at all. If you don’t have internet banking, you’re missing out. Plus, if you don’t have an online savings account (let alone a checking account), you’re also missing out.

According to www.thebalance.comHere are six things your online bank or online bank can’t offer you. This means that you can only do them at a bank branch. This means that bank branches still matter today.

  • Instant payments by check or bank draft

Do you need to make a purchase? Sometimes a card (or personal check) isn’t enough? For some transactions, such as home purchases and certain types of deposits, you will need “cleared” funds. This usually means bringing a check, transferring money, or providing a bank draft to the person you are paying.

Some online banks offer checks, but you don’t get same-day service. You’ll have to order the check online and then wait a few days for the mail (or pay a modest fee for overnight service).

In some cases, you won’t even know the exact amount of the check until a day or two before your transaction. It’s nice to have the flexibility to change things up without tying up your funds.

Whether you’re looking to rent the perfect apartment or negotiating a last-minute home purchase, instant access is a must.

You probably don’t often need a lot of money, but when you do, it’s good to have a choice. Suppose you want to buy a used car in the short term.

It won’t be easy to get everything you need from the ATM. There are ways to get large sums of money from online bank accounts, but it takes a bit of work.

If you have an account with a brick-and-mortar bank or a microfinance bank, getting cash is as easy as filling out an in-branch withdrawal slip. As a bonus, you can also get money back into your account quickly and easily – so you don’t have to keep dangerous (or tempting) cash stashes around longer than necessary.

Do you have small valuables and no good place to keep them? Are you worried about what will happen to your files if your house catches fire?

A safe is a great place to store important documents and small valuables. Instead of reinventing the wheel and creating an ultra-secure (fireproof, anti-theft, water-resistant) place in your home, let the experts take care of it. Banks will store your items at very low prices, and all you have to do is go to a branch during opening hours to collect your items.

There are documents you may have but rarely need. Some of these documents might include birth certificates, copies or originals of certain agreements, and more. If it’s just an impending accident, why not put them in a facility that can do a good job of keeping them safe?

The only downside to safes is that you might need something when the bank is closed. To avoid problems, don’t put anything you might need in the short term, such as passports and medical care guidelines.

  • A place for your coins/notes

What are you supposed to do with all those coins or banknotes that end up in your coin jar? In Nigeria, coins are no longer used. How about if you have a lot of money at home beyond what you can deposit through the ATM. It’s worth presenting them in an easy-to-use form, whether you’re spending the money or using it to save.

If you only have online bank accounts, it’s not possible to send your money (and probably isn’t even allowed). You could pay for it to be counted at a machine in the grocery store, but many banks and microfinance banks still accept notes as deposits without taking part of your savings.

Some agreements must be notarized. This means that a notary public must verify your identity and watch you sign the document. This guarantees that it was you who signed the document, and that you did so voluntarily (among other things).

By definition, an online bank or online bank cannot really offer this service in person. But many banks and microfinance banks do this – often for free (at least one or two signatures may be free, but you’ll pay a fee if you have a stack of papers).

As with many services at physical branches, getting a document notarized is not something you need every day. But it is extremely important on the occasions when you need it. Alternatively, you can find a local (or mobile) notary public to handle single signatures.

We live in a virtual world and many tasks are easier to accomplish online. Going to manage a simple transaction in person is tedious and often a major inconvenience.

That said, there are times when it’s nice to sit face to face with someone. Communication over the phone or the Internet isn’t always clear, and sometimes it’s just better (and faster) to speak and point fingers than to type questions and answers.

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Copyright PUNCH.

All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the prior express written permission of PUNCH.

Contact: [email protected]

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