Benefits of Having a Bank Branch Nearby

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Digital banking has taken over. In 2024, 55% of Americans used mobile apps as their primary banking method, while only 8% still relied mainly on visiting branches, according to a survey by the American Bankers Association.

But even as we’ve moved most banking online, physical branches offer something that apps and websites simply can’t replicate. Whether it’s handling complex transactions, getting face-to-face advice or accessing services that require a human touch, local bank branches continue to provide unique value in our increasingly digital world.

3 unique advantages of nearby branches

1. Services you can’t get online

Physical branches offer specialized services that no mobile app can provide. Safe deposit boxes remain one of the most valuable branch-only services, giving you a secure place to store important documents, family heirlooms and other valuables.

Many branches also provide notary services, which are essential for real estate transactions, legal documents and loan agreements. While some online services offer remote notarization, having an in-person notary at your bank creates a convenient one-stop experience.

Large cash deposits present another area where branches excel. While mobile apps allow you to deposit checks by taking photos, they often have strict limits on deposit amounts. If you run a cash-heavy business or need to deposit a large sum, walking into a branch provides immediate access to your funds without the restrictions of digital deposit limits.

Need banking that works for your business? Explore Bankrate’s best business checking accounts to find options that combine digital convenience with robust branch support.

2. Direct access to cash and foreign currency

Despite the rise of digital payments, cash access remains important for many people. While online banks rely on ATM networks, which can come with fees at out-of-network machines, having a local branch typically means fee-free access to cash whenever you need it. This matters especially for small business owners who need to make regular cash deposits or withdrawals.

Foreign currency exchange is another service where branches shine. If you travel internationally, airport currency exchanges and standalone foreign exchange offices typically offer poor rates and high fees. Local bank branches often provide more competitive exchange rates and can handle currency orders for less common currencies.

Here’s a list of banks that exchange foreign currency.

3. Personal relationships and community connections

Building relationships with bank staff can provide benefits that extend far beyond basic transactions. When you regularly visit a branch, employees get to know your financial patterns, business needs and personal goals. This familiarity can be invaluable when you need a loan, want to negotiate fees or encounter account problems.

These relationships can also lead to better financial opportunities. Local bankers who understand your business or personal situation may be more willing to approve loans or offer products that algorithm-driven online banks might reject.

Local banks often integrate into their communities by sponsoring events, supporting local businesses and offering financial education workshops. When you bank locally, you’re supporting these community-building activities while building your own network of local business connections.

When branches matter most

Certain situations make branch access particularly valuable. Complex account problems that require multiple steps or detailed explanations often resolve faster in person than through phone support or chat.

Large financial transactions like wire transfers, cashier’s checks or setting up new business accounts typically go smoother when handled face-to-face. Branch staff can walk you through paperwork, answer questions immediately and ensure everything is completed correctly.

Emergency situations also highlight the value of local branches. If your card is compromised while traveling, being able to walk into a branch for immediate assistance can be invaluable.

Bottom line

The future of banking likely involves a hybrid approach where customers use digital tools for routine transactions while relying on branches for specialized services and complex needs.

Many successful banking relationships combine the best of both worlds: using mobile apps and online banking for daily money management while maintaining access to a local branch for services that require a human touch.

Ready to find your ideal banking setup? Compare Bankrate’s picks for best checking accounts to get the best of both worlds.