The last 10 years have seen lots of changes at the hands of new technology. None greater than the banking industry. Online banking, photo check deposits, and never balancing a check book. John Heasley with Texas Bankers Association says, "The banks are still issuing bank registers, bank books and hard copy checks, mostly to their older customers. But, there are still some families and younger adults who like their paper as well." He says that savings account pass books can be seen, "If you go to rural Texas or places where parents want to teach their children about working and saving their money – there are still some banks that hand our savings account pass books!”
But what about applying for a mortgage or other big loan online? Is it really better than meeting with your loan officer? Heasley says, “The advantage is convenience for those people who can qualify. They have steady employment, a good credit rating and want to borrow an appropriate amount of money. They may have the application on their phone! But there’s a disadvantage to those who may have an unusual occupation or other credit issues. They would have better luck going into a bank or a mortgage company and having a face-to-face conversation with the lender.
We hear cash still works, too!