Online Banking vs Traditional Banking: Pros and Cons

Pros and cons of traditional banking versus online banking. In this video we will discuss the advantages and disadvantages of traditional and online banking. By online banking, we mean managing your bank accounts with a computer or mobile device. This includes transferring funds, depositing checks, opening a high interest savings account, investing and paying bills online.

While online banks may offer lower fees and higher interest rates, digital banks also have hidden stress costs in the form of technology and service interruptions. Whereas brick-and-mortar banks like Bank of America, Chase, and Wells Fargo have better customer service because you can actually talk to someone. Find out which type of bank account is best for you.

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No one in this video is a CPA or a financial advisor. We are just regular folks sharing our stories, in the hopes that you might learn something from our experiences. Follow TabuMoney:
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[sofiamoll]

Nowadays most traditional banks have an online feature which I think it’s the best of both worlds!

[lee-]

I have one traditional bank which also have online features for my income and general expenses (I like the fact if I have a problem I can go in and rectify it) additionally, I have an online bank for my emergency fund and sinking funds (im taking advantage of the higher APY)

Great Video!

[nestorjrabalos]

General rule, don’t put your eggs in one basket. So regardless of online or traditional bank, just scater your emery fund or whatever. I’d go for online banking only because of its higher interest rate. Or else if i only needed a checking account, no way i’d go for online. Traditional bank will always be safer. Most institutions offering online banking are never-heard entities, which could make you think they’re shaddy for offering ridiculous rates. Yes the overhead is lower but then operating online only transactions could have some significant costs, e.g. cloud rental, huge systems maintenance, etc. in short the difference in cost of operations could not be really really huge.

[odettemoshola]

Online banking only for me. I like the ease and lack of confusion. Also, it’s so much faster. Truth be told I haven’t done any extreme travel, so haven’t had issues come up. Live & learn. Good stuff! 🙌🏻

[localyokel]

Local banks offer no incentive to depositors. Looks like they are going to eventually dissappear.

[Mantus-uqru]

Hey,

I found your channel as my direct bank has to switch from a non time based model to a time bases package model.
None of these packages suites my needs anymore and this is why I searched for traditional banking vs online banking.
I really appreciate your content and wondering why your quality content has less than 1k subscriber.

I wonder if you would also investigate and create content for crypto, especially for the DeFiChain and check, weather this might be an additional high risk way with high returns to reach financial independance.
This crypto project lives for 3 years and is very popular in Germany, Austria and Swiss and has attracted companies like cake-defi and dfx-swiss which are built on this blockchain.
The point is that is has a huge community which would help your channel growing if you create related content.

Cheers!

[tabumoney]

Do you prefer a bank with brick-and-mortar branches or an online-only alternative that gives you a purely online banking experience? Have you used online banking before? Share your comments with us, we love hearing from you!

[Jscox]

Your comments were good, however I use a brick and mortar bank which offers online services. I like paying bills through the banks mobile services. If I need to speak with a live person I go to the bank. Reaching someone on the phone can be difficult.

[marilucearaujo-cox]

Thanks for the information. I enjoyed watching it .

[almay]

I use Dave app to get paid 2 days earlier

[luccamazza]

Haha the Tuchel reference made me laugh... thanks for the video, I'm definitely going to look into the brokerage account options offered by my bank

[mariadefatimaazevedo]

Thanks for your explanations.
Congratulations for the good work
👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼