Personalized Service: One of the biggest benefits of using a brick-and-mortar bank is the ability to receive in-person customer service. Whether you need help with your account, advice on financial products, or assistance with a loan, you can interact with a live person. 

Access to Physical Locations: With branches and ATMs available in many locations, it’s easy to access your funds and manage your accounts. 

Wide Range of Services: Traditional banks offer a variety of financial products and services, from checking and savings accounts to mortgages, auto loans, investment products, and more. 

Higher Fees: Brick-and-mortar banks often charge higher maintenance fees, ATM fees, and overdraft fees compared to other types of banks. 

Limited Access: Since these banks have physical locations, you may be limited by their hours of operation, which can be inconvenient for those who need banking services outside of regular business hours. 

Less Convenient Online Features: While many traditional banks have improved their online banking platforms, they may not offer as seamless or innovative digital experiences as digital-only banks. 

Better Rates and Lower Fees: Because credit unions are nonprofit organizations, they often offer lower interest rates on loans and higher interest rates on savings accounts. They may also have fewer and lower fees compared to traditional banks. 

Personalized Service: As member-owned institutions, credit unions often provide a more personalized banking experience, focusing on the needs of their members. 

Community-Oriented: Many credit unions are deeply involved in their local communities and provide financial education and support to their members. 

Limited Access to Branches and ATMs: Credit unions may have fewer branches and ATMs, especially if you don’t live in the area they serve. This can make accessing your funds less convenient, especially when traveling. 

Membership Requirements: To open an account with a credit union, you must meet specific eligibility criteria. This can be a barrier if you don’t meet the membership requirements. 

Fewer Products and Services: While credit unions offer a wide range of products, they may not have the same extensive financial services (like investment products or wealth management) that larger, traditional banks offer. 

Lower Fees: Digital banks generally have lower fees than traditional banks, as they don’t have the overhead costs associated with running physical branches. Many digital banks offer no-fee accounts, no minimum balance requirements, and no ATM fees for in-network machines. 

Convenience: Since everything is handled online, you can access your accounts anytime, anywhere, using a smartphone or computer. Digital banks also offer advanced features such as mobile check deposit, instant transfers, and financial tracking tools. 

Higher Interest Rates: Digital banks typically offer higher interest rates on savings accounts and CDs compared to traditional brick-and-mortar banks, due to their lower operating costs. 

No Physical Locations: One of the biggest drawbacks is the lack of in-person service. If you prefer to meet with a bank representative face-to-face, a digital bank might not be the right choice for you. 

Limited Services: Digital banks often focus on essential banking services, and may not offer the same range of products (like mortgages or personal loans) as traditional banks. 

Dependence on Technology: Since digital banks operate exclusively online, you need access to the internet and a device to manage your account. This may be inconvenient for individuals who aren’t comfortable with technology. 

What services do you need? If you require specialized services like wealth management or mortgages, a brick-and-mortar bank might be the better choice. For simple banking services, a digital bank or credit union might be sufficient. 

How important is convenience to you? If you want the ability to visit a branch for in-person service, then a brick-and-mortar bank or credit union may be better. If you prefer online banking and access to mobile apps, a digital bank might be more suitable. 

What are your fee preferences? If avoiding fees is a priority, digital banks typically offer lower fees. Credit unions are also a good option for members seeking lower fees and better rates. 

Are you open to membership requirements? Credit unions require specific membership criteria, so if you don’t qualify, a traditional bank or digital bank might be a better fit.