Should I Choose a Bank with a Branch?

Choosing a bank is not always an easy task and there might be a lot of different factors that you need to think about when you are choosing. It can be a good idea to think hard about the different factors that are important to you. For example, you might think about whether you need to use a bank with a branch that is local to you. There are advantages and disadvantage to this and it is a good idea to have a think about these to help you to decide whether it will be a useful thing for you.

Face to Face Dealing

Some people really enjoy the fact that they are able to deal face to face with someone. They can feel that it is easier to explain things to people face to face or they feel it is more friendly. Sometimes it can also seem easier to explain things if you can do it face to face as well.  It can be difficult for some people to use the phone and not being able to see the person that you are talking to also comes with problems for some as well. Some people do not have the Internet or good access to it and they may not trust online banking either. This all means that it can be difficult for some to be able to use any other option but banking using a branch and some people just prefer it.

Restricted Opening Hours

If you rely completely on banking in a branch you will only be able to do so during their opening hours. These will vary depending on the specific bank that you use but they will generally be 9-5 Monday to Friday and some may open Saturday morning. What this means is that you will need to be sure that you are available at those times if you need to do any banking. You will be able to draw out cash from ATM’s outside of these hours and get a balance but if you want to do anything else, such as transferring money, checking statements etc, you will have to wait until the branch is open to be able to do it.

Night be More Expensive

It could be more expensive to use a bank that has a branch. This is because you will find that the bank will be paying rent on the branch and on all of the branches they have. High street rent is expensive, which is why many branches are closing down, but it also means that there is a chance that the branch may pass that cost on to you as a customer. This could mean that they pay out less interest on savings and that they charge more for loans. It may not always be the case but it is good to do a comparison and try to find out first as that can help you with your decision.

Bigger Choice

If the bank you are considering has a branch and offers telephone and online banking it will mean that you will have a big choice of methods to contact them. This could be very convenient as it means that you could bank online at any time but if you feel you want face to face contact, you still have that method as an option to you. It is worth thinking about what appeals to you the most really.

It is always worth bearing in mind though, that banks are closing branches and this means that if you really want a branch you may have to change banks if they close your local branches.