bank online?Here is one move you might want to do

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There’s a reason so many people have moved away from physical banks in the last few years and started banking online instead. Online banks often offer higher interest rates on deposits than brick-and-mortar banks, and it’s easy to see why.

It costs money to keep a physical office running. In addition to hiring staff, there are rent, electricity, housekeeping, supplies, and overhead costs of all kinds.

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Online banks do not charge the same costs. That means we can often pass that savings on to our customers by making the interest rates on our savings accounts and CDs more competitive.

But if there’s one downside to online banking, it’s the loss of certain benefits that only brick-and-mortar banks can offer. For example, online banking does not allow you to walk into a bank to access safe deposit boxes or notary services. You also can’t log into your online bank account, and a wad of cash magically appears in your hand. Rather, you need an ATM for that.

In fact, not having access to an ATM is probably the biggest drawback of sticking to online banking. So, if you ditch your physical bank, there’s one important move you want to make.

Keep some physical cash on hand

You might be in the habit of swiping your credit or debit card or using a payment app for most purchases. But you never know when a situation will arise where you’ll need real cash to buy something.

For example, some small businesses are cash only. And if you need to hire a babysitter to watch over your child at the last minute, or have a baby-him shower gift ready for a neighborhood friend, you may have no choice but to submit the actual bill. Yes (unless the sitter or neighbor uses a babysitter). apps like Venmo).

Therefore, it is advisable to keep sufficient cash on hand when using online banking. Even if you don’t have good ATM access, you can avoid the hassle of having to travel long distances to withdraw your money. You can also save on fees charged for using ATMs that are not part of your bank’s network.

keep cash safe

It’s a good idea to keep a few hundred dollars worth of cash on hand when banking online. But you don’t necessarily have to walk around with all that money in your wallet.

For one thing, you might want to use it. Also, if you lose your wallet, there is a high chance that you won’t get your money back.

A better way is to keep your cash in a safe place at home or in another safe place, such as a locked drawer at your office. Withdrawing large amounts of cash makes sense if you don’t have a convenient, fee-free ATM network at your disposal. But wasting or losing that money really does nothing.

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