Consider these important aspects of online and traditional banking
Although online banks have become an increasingly popular alternative to the traditional banking experience, traditional banks still offer several distinct advantages that online-only institutions may not provide.
So how do you decide which type of bank is right for you? Here are a few important transaction-related factors to consider.
getting cash
If you use cash on a regular basis, it’s important to consider the location and accessibility of in‑network ATMs before choosing a bank. Local banks often provide easy access to multiple ATMs, and many offer reimbursements for fees incurred when using out‑of‑network machines.
Online banks typically don’t operate their own ATM networks, which can mean paying a fee each time you withdraw cash. While some online banks may reimburse a portion of these fees, reimbursements are often capped monthly. Depending on how frequently you access cash, those costs can add up over time.
As a Five Star Bank checking account customer, you have access to over 43,000 surcharge-free ATMs nationwide at convenient retailers. Find an ATM near you by visiting: Five-StarBank.com/locations.
making deposits
Another important consideration is how you’ll deposit money into your account. While both online and traditional banks usually support direct deposit from an employer, options for other types of deposits can vary.
At a traditional bank, depositing cash, checks or money orders is straightforward. You can simply visit a branch and work with a representative. If you frequently deposit cash or checks, especially larger amounts, having access to a physical branch can be a significant consideration.
With online banks, deposit options tend to be more limited. While mobile check deposit may be available, daily deposit limits can apply. If a check exceeds that limit, it may need to be mailed in. Depositing cash often requires purchasing a money order or cashier’s check and mailing it to the bank, which can involve additional fees and extra steps.
customer service
Many online banks offer customer service through call centers, live chat and mobile apps. However, for some customers, face‑to‑face interaction is an important part of building trust and resolving complex issues. In‑person service available through traditional brick‑and‑mortar banks can be especially helpful when dealing with account issues, financial decisions, major life changes or unexpected situations.
Choosing a bank is a personal decision that depends on which services matter most to you and how you manage your day‑to‑day finances. With Five Star Bank, you can enjoy modern digital banking tools while still having access to knowledgeable local professionals when you need them.
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