Posted on 03/09/2024 9:18:18 AM PST by caww
Banks are growing increasingly confident in the capabilities of online banking, according to Steven Reider, the founder and president of Bancography, an Alabama-based consulting firm that advises banks on branch planning and strategies.
That confidence can lead to significant savings since the average freestanding bank branch costs around $2.6 million a year. In just two months, Bank of America's 41 closures might have saved it almost $100 million.
.....And now, credit unions are playing a more significant role than ever before - offering very similar services to traditional banks and eating up a share of the market.
Unlike banks, their footprint is expanding and they now account for around 18,000 branches across the US.
'Credit unions have been in a growth phase for the past 10 years and of course, banks have been in a reduction phase,' said Reider.
'They are branching aggressively and moving into markets community or national banks vacated,' he said.
'I think in terms of just general consumer share they're going to continue to be a significant and meaningful competitive force.'
(Excerpt) Read more at dailymail.co.uk ...
I figure these are the steps being taken for when all goes on line... and the Globalist agenda continus it’s march for control.
Most of our income is via checks, and I like cash, so visit the bank often. Locations of banks, in general, are thick as weeds around here.
How has it changed?
The bricks and mortar banks have increasing competition from the growing “virtual” banking sector. I have had, besides my local bricks and mortar bank, one virtual bank account for over a decade.
-PJ
This actually doesn’t have much to do with that as it does the march of globlism and their control of your affairs.
I’m pretty sure I could pick other than 20s...it’s been a while
Physical bank buildings give a feeling of stability. And that’s what people with money want. So some of it is illusion - but that matters. One or two banks for large cities would be enough to pull that off.
I think it has been nearly a year since I walked inside.
Try and withdraw cash beyond $800 for purchases - that’s the limit at my banks ATM.
I see that some are now giving out $1, $5 and coins. But all the Chase ATM’s are located at branch sites.
Tellers at my bank know me and I will sustain that until I have no choice.
I can’t imagine why anyone would do business with a bank. I’ve been with the same credit union for almost 45 years. Never had a single issue with them and much better service. They are part of the Allpoint ATM network, so no-fee withdrawals all over the country. And they do shared banking all over too, so I can get certified checks and do anything else that I can do at my local office. And I’ve never paid a monthly fee for anything over all those years.
Same here...can’t tell you how may banks opened here of late and a Credit Union just opened too. But we are a growing community with lots going on so they all want a piece of the pie.
I like to keep things simple as well.... One account is enough for me...an one charge card.
I love Credit Unions as well....service is outstanding.
Last time I was in a bank was 2 years ago. It was the only place to change Euros from a trip to dollars. The clerk noticed I had a large sum in my checking account that was passing through to another bank for a CD. She said, “Oh my, don’t use your debit card until that is gone, someone could steal that! “I said, that’s why I don’t have a debit card.”
I’ve never used an ATM.
I refuse to get a Pin number.
I’ve never had a debit card.
I rarely write a check.
I keep about $1,500 in cash at home.
Well I keep a close eye on my Bank checking account....primarily used for paying bills so I don’t let it get much beyond those totals.
Credit unions aren’t competing with the mega banks. They are stepping into the niche that used to be filled by community banks.
And community banks were largely put out of business by government policy over the last 30 or so years. From the mid-70s to the mid-80s there were over 14,000 banks. Mid 90s, under 10,000 banks. Mid 00’s around 8500 banks. Mid teens, around 5300 banks. 2022 - 4136. And the bank liquidators are hiring back up.
You’ve obviously never been 20th in line at the local BofA branch. And if you ever need to talk to someone other than a teller, the’ll be happy to make you an appointment for next week.
I was standing in line one day, and an Asian lady wheeled in a cart loaded with plastic bags of quarters. Doubt she wanted to take the 20% haircut feeding them into the machine at the grocery store - or maybe she owned one of the machines.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.