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However, a bank isnt just a place to store funds and withdraw them when needed.
Some institutions, like Bank of America, even offer tailor-made services in the form of elder financial care.
Here are fivebanking services that retirees should be using.
Online Banking and Mobile Apps
For many generations, banking via the internet is commonplace.
But for many retirees who are from the baby boomer generation, it can still feel alienating and unsecure.
Often here at Addition …
I see retirees avoiding certain banking services they should be using.
Many dont want anything to do with online baking.
Debit cards are another banking service they tend to avoid, Gravitt said.
Retirees like to have cash in their hand or simply write checks.
However, Gravitt tries to encourage retirees to consider debit as an alternative.
No need to drive to the local branch and deposit the check in person.
Some retirees still avoid direct deposit they dont want to give up control, Gravitt noted.
If they have the check and come to the bank, they can cash it.
To them, cash is king.
According to Gravitt, retirees fear entrusting their funds to a computer.
ACHs move trillions of dollars each year from one bank to another.
This is an electronic online grid for processing transactions, Gravitt explained.
They still like to sit down, open their bills and send out payments on their own.
But the benefits of ACH shouldnt be avoided, especially by retirees.
They dont want to get their statements online, Gravitt said.
They still enjoy and trust getting their statements in the mail.
Many still sit down and balance their checkbooks with their paper statements.
We explain it is safer online and often they can access years in the past.
This way they can avoid having piles of statements at home which could be stolen or lost.
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