Whether you’re a busy college student, overworked employee, or struggling parent, trying to balance everyday life in addition to finances can be difficult. Especially after a global pandemic, going in person to speak with tellers and sort out financial issues feels entirely new and anxiety-inducing. If any of this sounds familiar to you, read on and learn about how online banking differs from its traditional counterpart to decide which option is better for you.
In this day and age, traditional banking may not be the best option for everyone. For instance, it is no secret that older generations have more experience than younger ones; therefore, when it comes to banking, older individuals have no problem visiting their local branch, talking with tellers, and spending time sorting out the meticulous details of their
finances. At the end of the day, older folks have years of experience and fiscal responsibility that enable them to feel confident in their financial situations, which is not the case for everyone. This is why having the choice is key here.
The biggest difference between traditional and online banking is that while some traditional banks have online features and apps, online banking is fully online. This means your accounts are accessible to you at any time, making things like depositing checks, checking balances, and moving money from account to account possible with just a few clicks.
Traditional banks have in-person branches and tellers in addition to limited phone services while online banks have customer service options available online by phone or messaging services. Traditional banks also have higher fees that happen more frequently, whereas online banks have low fees and can even be free.
Online banks offer higher interest rates because no money is spent on external banking needs. This extra money goes directly to you! They also take less time and energy when opening accounts, whereas traditional banks require you to come in during regular business hours (when you probably have work) and bring paperwork (which you’ll probably
have to search for).
In short, online banks are generally more convenient and save you gas money.
mph.bank is simple. There are no random fees showing up: no ATM charges, no service fees, and no overdraft fees. As long as you use your card at least 15 times per month, this bank won’t charge anything and requires no minimum amount to open. Worried about making 15 purchases per month? According to the mph.bank FAQs page, the average person makes 68 purchases per month with 23 on a debit card.
mph.bank doesn’t spend money on advertisements. Instead, they use those funds to operate a referral program that allows customers to make money for every friend they refer to mph.bank. You can earn one dollar every month per friend that you refer–and each of those friends can refer their friends, creating a chain of money linking back to you.
mph.bank also allows you to create different accounts dedicated to different things. Want a specific account for car payments, or maybe a “just-in-case” fund? The mph.bank Goals account makes it possible.
As the name suggests, online banking allows you to do everything online. With mph.bank, you can pay bills, transfer money from external accounts, easily check your transactions, check your credit score, and more all without leaving your home.
After reading this, it may seem like online banks like mph.bank operates without people to help you when trouble arises. Thankfully, that couldn't be further from the truth!
At mph.bank, there are Happy Helpers available every day to assist you, conveniently available via phone call, secure messaging, or secure online chat service whenever you need help.
At the end of the day, there are countless traditional banks to choose from, all with similar benefits and downfalls; however, if you have a lot going on and need something simple, easily accessible, and goal-oriented, consider making the switch to an online bank like mph.bank.
At mph.bank, we are happy to help provide you with an excellent banking experience that helps put more money back in your pocket! Learn how to sign up today!