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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
May/June 2021
The Banking Dilemma
Is a traditional bank or an online bank the best choice for you? It may depend on the features that are most important to you.
Traditional Banks
Brick-and-mortar banks have been a banking mainstay for many years. They offer in-person banking and personalized customer service and the convenience of having multiple branches and ATM locations within a short distance of your home.Traditional banks typically offer a variety of checking and other accounts, and many have budgeting tools that can help you track spending. Most have mobile and online banking options for monitoring your account, transferring funds, paying bills and depositing checks with your phone or other device.
However, traditional banks do have a few drawbacks. Because of higher operating costs, they generally offer lower interest rates than online banks. Accounts may also have maintenance costs, high overdraft charges and out-of-network ATM fees that you’ll want to consider.
Online Banks
With an online bank, you set up and manage your accounts on your computer or mobile device. Their low operating costs generally mean few or no fees. Online banks typically offer higher interest rates since they have no branches to maintain. And, your account is accessible around the clock, so you can transfer funds, pay bills or deposit checks at any time of the day or night.The drawbacks of an online bank: Customer service is strictly over the phone, so if you have an issue with your account, you may have to speak with several people before it’s resolved. Online banks may also offer fewer account options than traditional banks. And keep in mind that cash may be hard to deposit since there are no branches.
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