By Gabrielle Olya
But are some transactions still better done in person? Here are a few reasons you might want to make a trip to your bank’s physical branch.
Applying for a Loan
While you can apply for a loan online, you may be able to get better rates or terms when you apply in person, said Kunal Sawhney, CEO of Kalkine Group, an equities research firm.
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“In the case of banking at physical branches, a person gets to establish a relationship with the person managing the information or finances,” he said. “Applying for a loan may be better to do at a physical branch because when a customer has built a level of trust with the staff or manager, they may be able to get some changes to the terms of the loan.”
Opening a New Account
Only 17% of those surveyed said they would visit a physical branch to open a new bank account, but it could be beneficial to do this in person.
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“If you need to open a new bank account or make significant changes to an existing account, such as adding or removing a joint account holder, it’s usually best to visit a bank branch in person,” said Dennis Shirshikov, former adjunct professor of finance and economics at the City University of New York and strategist at Awning.com. “This allows you to verify your identification, discuss your financial needs and goals with a bank representative, and ask any questions you may have.”
Reporting Fraud
If you see a suspicious charge on a credit card, this is usually easily handled via phone, but for more complex situations, it’s probably best to pay a visit to your bank.
“If you suspect that you may be the victim of identity theft or financial fraud, it’s a good idea to visit a bank branch in person to report the issue and take steps to protect your accounts,” Shirshikov said. “A bank representative can help you identify any unauthorized transactions and take steps to secure your accounts, and may be able to provide additional resources or assistance if needed.”
