The year is 2040. Needing a snack one night, you use the internet device implanted in your head to order from your favorite restaurant. Within seconds, you've transferred units of Dogecoin to pay and are notified that food arrives in 30 minutes. It's amazing how much easier life has become since lines of computer code adorned with the face of a befuddled yet adorable Shiba Inu replaced the dollar in 2033. Don't forget to tip; thanks to general AI, drones have feelings too, you know. This scenario is, of course, the most ridiculous type of financial science fiction. While not as bizarre, there's plenty of misinformation about the future of the financial world is misinformed. Cryptocurrency is the future of payment processing, stock fundamentals now matter less than market sentiment, and online banking is rapidly eliminating the need for local bank branches. Of these claims, you might think that the last one is the least unusual. In truth, though, it's one of the most pervasive myths in the financial world today.
Despite the belief that banking is purely digital, local banks and credit unions are alive and well. In fact, they are often still the better choice for a wide range of consumers. Here are some of the disadvantages of online banking compared to doing business with your local bank.