banking

5 common banking myths debunked

You don't have to visit a branch again
You don't ever have to go to a branch again © Rob Wilson/Shutterstock.com

You don't have to visit a branch again

Online banking is convenient, but there are times when it might be best to step foot inside your local branch. This is especially true for anything that's not straightforward, England says. Say you want to set up a trust or help an aging relative manage an account. Sitting down with someone can make it easier to understand the process and work through the various steps involved.

When seeking help, younger customers are especially eager to reach a live person. About 54 percent of Americans between the ages of 18 and 34 said they go to their bank branch for information on financial products and services, according to the TD Bank Financial Education Survey released in March 2014.

Even for general banking needs, "taking the time to have that conversation with a person can be meaningful," Sacknoff says. For instance, by sitting down with a representative, you might learn you can get a discount on your mortgage if you set it up in the same bank where you have a checking account.

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