2.1.6 Ways to do your banking

Financial institutions offer you many different ways to do your banking. Each has benefits and disadvantages. Review this list to determine the best options for your needs.

How you bank



When to use

In person
  • personal relationship with staff
  • personal advice and answers to questions
  • secure interior location
  • limited hours and locations
  • may require an appointment
  • may charge higher service fees
  • when opening a new account
  • when you need to sign papers, such as an account agreement
  • when you want a personal discussion
By phone
  • personal advice and answers to questions
  • available from any phone
  • often available outside of business hours
  • cannot handle cash or papers that need to be signed
  • communication can be more difficult
  • when you need to talk to someone, especially after regular banking hours
By Internet or mobile device
  • can check your account, transfer money and pay bills at any time from any computer or mobile phone with a secure Web connection
  • no paperwork needed
  • may be less expensive
  • may be possible to communicate to banking staff via Internet
  • cannot handle cash or papers that need to be signed
  • may not be able to ask questions except by email
  • may not offer easy access to Internet or mobile networks for cost or other reasons
  • when you have a secure Internet connection
  • when you want to do banking from your home or office
  • when you are travelling
By automated teller machine
  • can get cash from machines in many locations
  • can make deposits, pay bills and transfer money at your own financial institution's machine
  • can avoid branch line-ups
  • can bank outside of regular hours
  • may charge fees
  • may not be in a convenient location
  • may not feel safe
  • may hold your deposit for a longer period
  • when you need to get cash or make a deposit
By debit card reader (point-of-sale terminal or POS)
  • no need to carry cash
  • prevents you from spending money that isn't in your account
  • shows purchases in your account without delay
  • may be slower than using cash
  • may charge fees
  • card readers sometimes misused for fraud
  • some sellers don't take debit cards
  • when you want to pay for items from your account
  • when you don't want to carry cash
  • when you prefer not to use a credit card

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