Why You May Want a Bank With Local Branches

There are many benefits to using an online bank. In fact, I've opted to use one myself. Online banks often charge fewer fees than traditional brick-and-mortar banks, which makes them an especially attractive option for people who don't want to pay their financial institution just for the privilege of being a customer.

But, while choosing an online bank for your checking or savings accounts can make sense in some situations, it's not right for everyone. In fact, there are three big reasons why some people may be better off with a bank that has local branches. Here's what they are. 

1. You can use a safe deposit box at the bank

Safe deposit boxes provide a great place to keep valuables. You could keep jewelry in one, or a coin collection, or important papers such as your last will and testament. Having this dedicated box at a bank can make it easier to ensure the things that matter the most to you are protected. It can also make it easier for your family to find and collect your valuables (and key documents, like a will) should something happen to you. 

With many banks, you can open a safe deposit box as long as you're willing to pay for it -- even if you are not a regular customer of the bank. But, at banks with limited safe deposit boxes, access may be restricted to customers. If you want a box at one of those banks, you'd need a local account. 

It can also be more convenient to manage your safe deposit box at a financial institution where you have other relationships as well. 

2. You could get access to other customer benefits, such as a notary

Aside from a safe deposit box, a local bank branch can provide some other great benefits to customers. For example, I've been able to get papers notarized for free at my bank. I've called a few times in the morning when papers unexpectedly needed to be signed quickly, and the bank has always been able to get me that same day to get a notary's stamp on them. 

Other benefits include the ability to get a certified or cashier's check by visiting your local branch -- which you may need for certain transactions such as buying a house or a car. You can pop into your local bank to get these checks but only if you have a branch to go to. Otherwise, your online bank may not offer these options or it may take time for you to get your cashier's or certified check sent to you by mail. 

If you have a transaction that requires you to have one of these types of checks, being able to quickly pick one up could make life a lot easier. 

3. In-person customer service can sometimes come in handy 

Finally, there may be times when you have questions or need assistance that it is just easier to get in person. If you can visit a branch and meet with someone face-to-face, that can be much simpler -- and sometimes much more likely to lead to a resolution to your issues -- than calling a faceless customer service person. 

When deciding whether to bank online or in person, be sure to consider these upsides of banks with local branches before deciding what is right for you