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3. Think about accessibility - 8 tips for choosing a new bank


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3. Think about accessibility

When it comes to banking, another key factor is accessibility.

Most consumers will want to take into account ATM location convenience, branch location convenience and the availability of online and mobile banking, says Paul McAdam, senior director of banking services at J.D. Power. The characteristic that’s most important, however, varies, particularly by generation. For younger consumers, mobile banking capabilities trump branch location convenience. The opposite is true for older bank customers.

Still, branches continue to play a role in the lives of most Americans, with 78 percent saying they’ve opened their most recent new account or product in person at a branch, according to J.D. Power. Their data also indicates that branch offices in convenient locations is the most common reason why a consumer selected their primary financial institution.

The takeaway? Even if you plan to do almost everything online, you might want a bank with some physical branches.

bankrate.com

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