Posted on 06/03/2023 3:21:59 AM PDT by Libloather
PNC Bank is set to shut almost 30 branches, further accelerating America's transition to automated banking.
The financial giant follows in the footsteps of JPMorgan which yesterday announced it was closing a quarter of First Republic locations after it took over the failed firm earlier this year.
It comes as America faces an access to cash crisis as firms axe branches and ATMs at lightning speed. The number of cash machines fell from 470,000 in 2019 to 451,500 at the end of 2022, according to figures from research body Euromonitor International.
The 29 closures are targeted in Maryland and the Northern part of Virginia, with 26 located in grocery stores such as Giant Food and Stop & Shop.
A spokesman told the US Sun: 'After a careful review of our business model, PNC's strategic goals and the potential impact to our customers, the decision was made to close approximately 127 of our Giant Foods and Stop & Shop in-store branches.'
PNC previously unveiled plans to automate 60 percent of its branches - more than 1,000 - by 2026.
On top of the latest round of closures, it is also axing 47 locations across 15 states on June 23.
On Thursday, JPMorgan said it was axing some 21 First Republic branches - around 25 percent of locations nationwide. It did not specify which areas would be affected.
In a statement to CNN news, the banking giant said: 'These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office.
'Clients should expect to continue to receive the same level of service with seamless access to their money.'
JPMorgan agreed to buy First Republic's assets last month following the regional bank's seizure by the Government.
(Excerpt) Read more at dailymail.co.uk ...
Oh, they can.
YOU just can’t get to it.
Remember, special deals for direct deposit.
Rather than call it a crisis....if one looks at the whole story told....a number of those to be closed are in the Maryland/Virginia area (mostly centered around DC, and most were connected in some way to the grocery chain ‘Giant’ or ‘Stop-and-Shop’.
When I lived in the Arlington area (years back), the new Giant went up and there was a small (ultra small by my standards) bank shop set up just outside of the structure. In terms of people customers, I doubt that they had more than twenty-five customers a day, and a internet connection/ATM situation could have provided the same service without the four people they had working there.
Same thing is going on in the UK, banks closing local branches.
What a coinkydink.
PNC has been fairly aggressive in removing teller services from local branches. They are now “financial centers” with ATMs and staff to handle other types of transactions that don’t involve cash.
They are also eliminating safety deposit boxes.
This is hilarious. I haven’t been in a bank in decades because USAA doesn’t have one. I think this is a brilliant move on PNC’s part.
Note the timing.
Heading for a cashless society.
Most people don’t need to go into banks anymore. I rarely go into a branch and when I do there’s no line like there was years ago.
Consolidating employees and services into less locations sounds like good business sense to me. I don’t see what this has to do with cash.
I might go in my local credit union a few times a year.
The regional banks went on a buying binge gobbling up local banks and smaller institutions. Those had their branches in in neighborhood business districts. It’s the “George Baileys” that are gone replaced by the big banks. It seems anytime a larger Company runs up debt to buy a smaller profitable company, whether it be Retail, Banking or Broadcasting they cut services, localization and automate to cuts cost. Many eventually declare bankruptcy and are sold off in pieces or reorganize and cut services further. They’re not immune or nimble enough to weather an economic downturn.
Oooo. 30 whole branches out of more than 2500 total branches.
Chicken little much?
A nearby bank branch has been closed for years.
This week it reopened as a health insurance company office.
Given ATM’s, direct deposit and deposit by I phone, the need for branches is very much reduced
I didn’t see any from the towns I used to frequent when I was stationed there for three years (1973-1976): Norwich, Bury St Edmunds, and Cambridge primarily. I don’t know if the villages of Lakenheath and Mildenhall (Suffolk) even had banks in those days.
All the checks and cash I've dealt with have been through an ATM or recently photo check deposits with my phone.
You can tell how expensive branches are by comparing savings rates of online banks vs. your local branch. My bank advertised a 4% rate, but only in parts of the country without their branches. It's still a fraction of a percent for local customers.
My local Giant has had one of these in-store branches for years. I rarely see a customer inside.
I always figured they were for branding more than anything else, or, perhaps, they had some ongoing operation w/ the store.
The main difference between real banks (NA) and Savings Banks (FSB) like USAA deals with restrictions on lending. There used to be different deposit insurnace funds but they were combined a decade or two ago.
By the way - it appears that USAA does have at least one brick and mortar location with safe deposit boxes by appointment only (but no tellers - do your financial transactions at an ATM there)
10750 McDermott Fwy, San Antonio, TX 78288
uh, PNC closing 30 of their 2,600 branch banks is hardly “death of the branch bank” ... typical daily mail click bait BS ...
30 branches?? I would guess it’s getting out of inner cities over any dooms day theories...
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