CITI: The 'Uber moment' for banks is coming — and more than a million people could lose their jobs

Business Insider ^ | 03/31/2016 | Portia Crowe

[Grams A]

Our local credit union uses students from the local junior college who work there as part of their work-study program. They all seem to be well trained and it provides work for students. Great arrangement.

Noticed yesterday that one of the majors in our area closed its branch bank and reopened under the name of Capital One Credit. Not sure what’s up with that but did see people in the ATM line so maybe they opened a bank?

[Svartalfiar]

I have a check for $3K in my hand and I want to cash it. What do I do?

Like others said, you just take pictures of it on your phone, and USAA drops it in your account. Immediately available (at least for me, largest I've deposited at once from checks was about $3k).

If you want to cash-cash it, you'll then need to pull it out of the ATMs. Not sure what USAA limits you to daily, but when I bought my motorcycle, I just called them and asked to have the daily atm limit bumped up to $2500 for a couple days. Easy. Good idea to have anyway to limit theft if someone steals your wallet or info.

[PAR35]

Another cycle of senior managers looking for bonuses. We’ve been through this before - branches are obsolete, replace them with ATM machines. But they found that reducing the footprint of branches brought with it a reduction in the customer count.

Smart banks will continue to develop multiple channels. Smart executives will reduce head counts and collect their bonus before the results show up.

[PAR35]

A bit dated:

“as of June 2014, some 6,669 banks and thrifts continued to operate 94,725 brick-and-mortar offices”
https://www.fdic.gov/bank/analytical/quarterly/2015_vol9_1/FDIC_4Q2014_v9n1_BrickAndMortar.pdf

Interesting reading for those interested in the subject.
Bottom line 2008-14: More offices closing that opening, but the numbers aren’t that far apart when you take out mergers and failures.

[Vendome]

No more cash and carry...

Take the mark in your right hand or pay with your Iphone...

[Go_Raiders]

If there is a branch of the bank the check is drawn from nearby, you can cash it there. Most banks anymore will not cash a check like you describe unless you are an account holder with that much in funds already deposited.

But really, credit unions are the way to go. Most credit unions have reciprocal agreements with other credit unions, so if you have an account at a credit union, there’s a good chance that there’s at least one credit union branch close by where you can cash your check, subject to the same amount already on deposit I described above.