Posted on 04/04/2023 4:50:27 AM PDT by EBH
PNC closed dozens of locations in March.
According to the Cincinnati Business Corner, so far this year, PNC has announced 173 branch closures—up from 105 announced by the same point last year. The company has yet to confirm how many banks in total it plans to shutter in 2023.
In December, PNC Bank announced plans to close approximately 32 locations—and just last month, that company closed roughly 28 branches, according to March 18 regulatory filings.
This timing coincides with OCC regulations, which require banks to provide at least 90 days' notice ahead of closures. Virginia will be hit the hardest, losing a total of 11 locations, followed by Texas, which is losing seven locations. New Jersey and Alabama are close behind, losing five branches and four branches, respectively. Maryland and Florida are saying goodbye to three locations each, while Kentucky, Pennsylvania, Arizona, and Ohio bid adieu to two PNC locations. California, Colorado, Illinois, Michigan, and North Carolina will lose just one location each.
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They’ve been skeleton staffed since covid
Other banks are using video tellers that are miles away in another town
At this point, I only have enough money in a bank to pay monthly bills. I expect many local and regional banks to fail. There will be no fed bailout for red state depositors.
I wonder what’s going on here. PNC has plenty of money to buy the naming rights for Pittsburgh’s baseball stadium. But they don’t seem to have the money to help the little guy, and keep neighborhood branches open.
I went to see my banker to plan retirement and he offered me a job as a teller. $22 an hour and you can sit if needed.
They closed the closest branch and they removed teller services from another that was convenient to get to. Its now a financial services center. They want to be your investment advisor, not your bank.
My local branch of PNC is closing in June. It’s located inside a large gothic building, and the heating and cooling bills alone must be astronomical.
Deposits are insured up to $250K, I wouldn't worry about it.
They hold our mortgage. Should we be worried?
This has been happening for several years (pre-covid).
Very few people need a teller.
ATMs handle most banking needs supported by online banking.
Interestingly, bank executives have told me that they keep many of these branches open only because local customers are reluctant to do business with a bank that has no local presence -- even if they do 100% of their banking online.
Also our mortgage.
A residual $15k...so am thinking of paying it off.
“They hold our mortgage. Should we be worried?”
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Why would you be worried? Do you think that if PNC went under they would take your home with it?
Ok not to sound harsh, we do our banking at PNC. There is a branch near where I work and there were 2 branches (both closed) near our home which is 45 miles from my workplace. By sheer luck PNC bought the service rights on our mortgage, as they are sold from time to time, so it was simple, we made our payments on-line, account to account.
When it came time to make the last payment (we paid of our 15 year fixed 3 years early), on-line wouldn’t accept our final payment. We then had to get PNC to issue us a payoff quote, then had PNC issue a cashiers check from money in our PNC checking account, we then handed that check over to the same PNC teller who applied it to our mortgage.
We have direct deposit and bill auto pay and there is a branch near my workplace but PNC is getting on my nerves. We ae small potato’s for sure but we do have deposits in the $30k range. I spoke to a PNC banker last Dec regarding a short term CD she asked me a few (non-relevant) question regardng our personal finances and told me a personal planner would contact me to discuss the purchase of the CDs, gave a time and date but no one ever contacted me so I moved on.
I don’t think so. From the articles I’m reading, it has more to do with people switching to mobile banking. I rarely go into my local branch. Mostly I use the ATM.
With the ability to deposit checks via phone, and paying through venmo, ACH, etc. the only time you need to go into a bank is to get cash amounts that ATM can’t handle.
I think THEY should be worried more than you.
I agree to a point. But, I am not sure why, I cannot pay my HELOC online. I still have to write a check and walk into the branch to pay it.
I do the checks on line. You a deposit right on your phone. It’s actually pretty cool.
Your comment also points out another problem: Moral Hazard, common to the insurance industry. Orthopedic surgeons often set up business near ski resorts. Their patients tend to be well insured. Would people be as willing to ski if skiing accidents were excluded from health insurance coverage, or required a separate and expensive rider? (The same argument could be made for motorcycling.) "Free" bank insurance relieves depositors from prudential caution about the solvency of banks, and leads depositors to look for the best insured returns.
They advertise their wokeness which killed any chance of attracting my business.
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