Banking apps and websites have simplified transactions and given customers great flexibility so they can meet most of their banking needs online. You might think there’s not even really a need to walk into a bank in 2022, especially since even ATMs are usually located outside the bank. Contrary to popular belief, some actions still need to be performed inside the Brick and Mortar Bank, as they cannot be performed virtually.
Let’s take a look at a reason why you will always need to enter a bank.
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Withdraw a large sum of money
Most ATMs have a withdrawal limit of $1,000 per day. If you buy something from an online ad or go to a cash-only business to make a large purchase, you may not have time to spread your ATM withdrawals over several days. If you want to withdraw more than $1,000 in cash in a single day, you will need to physically go inside a bank and speak to a teller to secure the funds.
Get a cashier’s check
If someone asks you for a cashier’s check, it must be obtained from a bank or credit union. Typically, you’ll need a cashier’s check to make a down payment on a house or post a bond on an apartment. You may also need it to pay closing costs on a mortgage. Bank checks have no amount limit and are preferable for some merchants since the amount of the check actually goes out of your account and into the bank’s account, fully guaranteeing the amount to the recipient. The amount of money is usually made available to the beneficiary within one business day.
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If you travel abroad and return with foreign money, you can go to a bank to have it exchanged for US dollars. Although you can also do this at the airport, there are usually higher fees associated with this. Your bank should be able to do this for a lower fee.
Buy travelers checks
A travelers check has an assigned amount that you decide and can be used when traveling internationally to make purchases or exchanged for cash. The biggest advantage of a travelers check is that it is not as risky as simply taking cash abroad. If you lose a traveler’s check, it can be easily replaced and the amount never expires. It’s also not a big deal if they get stolen, as checks usually don’t contain any personal information. You must go to your bank to obtain these checks, as they cannot be ordered online.
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Receive financial advice
Most banks have advisors on staff who can help you with your finances, especially at crucial times, such as buying a home, retiring, or developing a debt repayment plan. If you take out a loan, you will most likely need to meet with a bank advisor to finalize the process.
Obtain a mandate
Money orders are another item that cannot be ordered online, so you will need to visit a bank to purchase one. Money orders are like regular checks, except the bank confirms that you have the amount of money in your bank before issuing the money order so that the amount is guaranteed to the recipient. The recipient can cash the check at any bank or credit union free of charge. Similar to travelers checks, there isn’t much identifying information on these. Money orders can also be sent from one country to another. A personal check will contain your bank account number and routing number, but not money orders. A downside to money orders is that they can only be purchased up to $1,000, so you’ll need to get multiple money orders if you need more than that amount.
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Get a Medallion Signature Guarantee
A Signature Guarantee Medallion, or MSG, is a certified stamp that proves documents are genuine. An MSG is usually required to sell stocks or bonds that have a physical certificate. MSG guarantees that your identity has been confirmed and that you own the stocks and bonds you wish to sell. You need to go to a bank to show your ID and get the MSG.
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