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P.O. Box 1411 Bismarck, ND 58502-1411



May/June 2021

The Banking Dilemma

The Banking Dilemma

Is a traditional bank or an online bank the best choice for you? It may depend on the features that are most important to you.

Traditional Banks
Brick-and-mortar banks offer in-person banking, personalized customer service and the convenience of having multiple branches and ATM locations. Traditional banks typically offer a variety of accounts and budgeting tools that can help you track spending. Most have mobile and online banking options for monitoring your account, transferring funds, paying bills and depositing checks. However, traditional banks do have a few drawbacks. Because of higher operating costs, they generally offer lower interest rates than online banks. Accounts may also have maintenance costs, high overdraft charges and out-of-network ATM fees that you’ll want to consider.

Online Banks
With an online bank, you set up and manage your accounts on your computer or mobile device. Their low operating costs generally mean few or no fees and higher interest rates. And, your account is accessible around the clock, so you can transfer funds, pay bills, or deposit checks at any time of the day or night. The drawbacks of an online bank: Customer service is strictly over the phone, so if you have an issue with your account, you may have to speak with several people before it’s resolved. Online banks may also offer fewer account options than traditional banks. And keep in mind that cash may be hard to deposit since there are no branches.


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