How often do you visit your bank? In GOBankingRates’ Best Banks 2023 survey, 38% of the 1,000 respondents said the last time they had visited their banks was within the last month.
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While most customers can fulfill their financial needs through online banking or mobile apps, there are many reasons it can be beneficial to visit banks in person.
Cashing or Depositing Checks
When asked why they visit their banks, 40% of respondents said they preferred to cash or deposit checks in person. About 46% of people ages 18 to 24 held this preference, and 43% of those 65 and over like to do their checking business in person.
About 38% of respondents preferred making large cash deposits in person. Millennials (35-44) were most likely to show up in person for big deposits.
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A popular reason to visit a bank is to exchange coins. Banks that offer coin counting services can take your coins and turn them into cash or deposit the change into your account.
About 20% of people surveyed said coin exchange was why they chose to visit banks.
Signing Up for a New Account or Product
When signing up for new accounts, 17% of respondents said they would do it in person. Millennials were most likely to use this service in person, while people ages 55 to 64 were least likely to visit their banks to sign up for new accounts or products.
Chris Yancey, head of integrated sales and advice at TD Bank, said while digital banking has grown exponentially in recent years many customers still seek out in-person experiences and advice. This is especially true when more complex decisions are involved.
“Customers want to feel supported through their financial journey,” Yancey said, “whether they are applying for a loan, financial planning for significant life events, saving for a child’s college tuition or building an emergency fund.”
You’re Not a Fan of Mobile Banking
While mobile banking is an option available to most customers, it isn’t everyone’s preference. About 6% of the survey respondents said they do not like their bank’s mobile app or experience. People ages 25 to 34 made up the highest percentage (8%) who didn’t enjoy using an app for their banking needs.
Customers who aren’t big on mobile banking may prefer to visit banks in person. They can make these visits more frequently than once a month, too. According to GOBankingRates, 17% of respondents had visited their bank within the last couple of months.
“I think we’ve all learned over the past few years there’s no replacement for in-person interactions, especially when it involves something as precious as your financial well-being,” Yancey said. “There’s tremendous value in building a relationship with your bank and bankers. It strengthens your general financial knowledge and builds a level of comfort when approaching difficult conversations around money.”
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