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Banking Online or Offline?

May 19, 2023


Banking has undergone a major transformation over the past few decades, with the rise of online banking. While traditional in-person banking still has its advantages, online banking offers a range of benefits that many customers find appealing. Here are some pros and cons to consider when deciding whether to bank in person or online. As always, this post is being written to inform, not to instruct. Always speak to your financial professional before making decisions. You can Schedule a FIT Meeting with us at any time by clicking that link and booking directly with the advisor, if you are seeking an advisor in the Grand Rapids area. 

The rise of online banking began in the 1990s with the advent of the internet. Initially, online banking was seen as a novelty, with many people still preferring traditional in-person banking. However, over time, online banking has become more sophisticated and secure, and many customers now prefer the convenience and lower fees of online banking. Even in-person banks offer a wealth of services in their online platforms in the form of webpages and apps on our phones.


In-Person Banking Pros:

  1. Personal Interaction - In-person banking offers the opportunity to develop a personal relationship with your banker. You can get to know the staff and they can get to know you, which can help build trust and a sense of community.
  2. Cash Handling - In-person banking offers the convenience of being able to deposit or withdraw cash in person. This can be especially helpful for those who deal with cash transactions regularly.
  3. Customer Service - In-person banking often offers more extensive customer service options, including the ability to speak directly with a banker or customer service representative.

In-Person Banking Cons:

  1. Limited Hours - In-person banking is typically only available during regular business hours, which can be inconvenient for those with busy schedules.
  2. Limited Locations - In-person banking may not be available in all areas, which can be a disadvantage for those who live in rural or remote areas.
  3. Longer Wait Times - In-person banking can often involve longer wait times, especially during busy periods or for more complex transactions.

Online Banking Pros:

  1. Convenience - Online banking offers the convenience of being able to access your accounts 24/7, from anywhere with an internet connection.
  2. TimeSavings - Online banking can save time, as many transactions can be completed quickly and easily online, without the need to visit a bank in person.
  3. LowerFees - Online banks often have lower overhead costs than traditional brick-and-mortar banks, which can result in lower fees and better interest rates for customers.

Online Banking Cons:

  1. Security Concerns - Online banking can come with security concerns, as customers need to be careful about protecting their personal information and avoiding scams or phishing attempts.
  2. Limited Cash Handling - Online banking may not offer the same level of cash handling capabilities as in-person banking, which can be a disadvantage for those who deal with cash transactions regularly.


Ultimately, the decision to bank in person or online depends on individual preferences and needs. Some people find a mix of online and in-person banking is best for them! In-person banking offers personal interaction, cash handling capabilities, and more extensive customer service options. Online banking offers convenience, time savings, and often lower fees. It's important to carefully consider the pros and cons of each option and choose the one that best meets your needs and preferences.

Remember to always consult with a financial advisor or other financial professionals before making any financial decisions. You can Schedule a FIT Meeting with our team conveniently online. We even work with some of our clients over Zoom, or you can visit our office in Grand Rapids, MI. We are conveniently located 5 minutes from the Gerald. R. Ford Airport and Ada, MI. We’re ready to help you pursue your financial goals when you’re ready to start the financial planning process.