7 benefits of a full-service bank
We live in a world of seemingly endless choice and constantly evolving technology. Banking is no exception, and today there are several banks that exist entirely online. These institutions often have some fun perks and a slick digital experience, but how well do they stack up to a full-service bank — especially one that has its own digital platform? Here are seven benefits of full-service banks you may not have considered before.
1. Extensive branch and ATM networks
One of the first things you might notice about digital-only banks is that they’re built with a sharp focus on facilitating online transactions. If you need to withdraw or deposit actual cash, you’ll generally need at least an ATM. Full-service banks typically have much more extensive networks of both ATMs and branches where you can do what you need to do, and you can use the bank’s mobile app to help you find eligible ATMs nearby. With a digital-only bank, you’re more likely to have to search for an in-network ATM or pay third-party fees for out-of-network use.
2. Comprehensive experience
Full-service banks live up to the name by providing a much more comprehensive banking experience. On the Chase Mobile® app, for instance, you can view and manage your money, send peer-to-peer payments through Zelle®, set up investment accounts , shop for mortgages and auto loans, and so much more — all under one roof. By comparison, most digital-only financial institutions have a limited selection of things you can do, and you’ll likely end up needing several apps and accounts to do everything that’s available through full-service banks.
3. Smart money tools
As mentioned above, full-service banks offer a wide variety of tools and services via their apps. For example, the Chase Mobile® app has tools to help you pay your bills, send or request payments, send wire transfers, deposit checks and connect and manage external accounts. There are also tools to help you set up custom savings goals, track spending, monitor your net worth and keep an eye on your credit score with Chase Credit Journey®. The app also has educational resources and access to a financial advisor. It truly is a one-stop shop where you can take care of all your money moves through a single platform.
4. Larger selection of services
Besides the various tools that a bank like Chase can offer, full-service banks generally also tend to have a much broader range of services overall. While digital-only institutions typically only offer simpler services like checking or savings accounts, full-service banking tends to include other services like credit cards, business banking, personal loans, financial advisors and estate planning services. Full-service banks also tend to have various other perks for customers, such as rewards points on eligible credit card purchases, various payment solutions such as the ability to split purchases into equal payments and a rotating menu of special offers and cash-back benefits across countless popular retailers.
One of the major advantages of a full-service bank is the many products and services that grow with you as you move through different stages of life. For example, Chase has student checking accounts that help students learn to start managing their money independently. As you grow, you can transition to other account types and products. Need a mortgage for your first home? A car loan to get a family-friendly SUV for your growing household? How about a small business loan to get your dream up and running? Full-service banking has you covered.
5. Robust banking security
Another major benefit of full-service banks is the robust security that these institutions offer. "Traditional” banks can draw upon experience and expertise when it comes to helping protect you and your money.
Full-service banks also tend to have a more thorough understanding of the regulatory environment and general consumer protection. For example, most major bank deposit accounts are backed by the FDIC (Federal Deposit Insurance Corporation), which means that your deposits are federally protected in case of bank failure.
Our online and mobile banking commitment to you
If you see that money was removed from your Chase checking or savings accounts through our mobile or online banking bill pay or transfer services and you didn’t authorize the transaction, let us know right away. We’ll reimburse you for those unauthorized transactions when you contact us promptly after the transaction first appears on your statement.
See your Deposit Agreement (PDF) and Digital Services Agreement (PDF) for details.
6. Personalized customer care and relationships
One of the most overlooked benefits of full-service banking is the opportunity to build personal relationships within your bank. Unlike impersonal online platforms, traditional banks give you the opportunity to take advantage of in-person help and develop ongoing relationships with bankers who understand your unique financial situation. Personalized customer care like that can be priceless when you need help with more complex transactions or financial planning.
Even on a day-to-day customer service level, full-service banks generally have more support options — including ways to speak to a real person. At Chase, you can reach a 24/7 helpline by calling the phone number on the back of your card (just one of the many ways we can help you). In contrast, support options for digital-only banks may often be limited to automated chat and customer service lines that might not be open 24/7.
7. Local community engagement
Another oft-overlooked benefit of full-service banking is these banks are physically rooted in the communities they serve. Your local banker might be your neighbor, a member of your school’s PTA or a star in your local bowling league. More importantly, they understand the needs of your community and actively engage with it through sponsorships, financial education, regional initiatives and supporting local businesses with financial services.
In summary
In an era of niche solutions and ever-changing digital trends, there are a lot of ways to handle your money. The true value of full-service banking isn’t in individual features, it’s in the ability to have a comprehensive and enduring partnership with your bank. With full-service banking, you get services to help handle your money today and for the long-term. From extensive networks to the local community engagement, the benefits of full-service banks are hard to replicate in a purely digital environment.
