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.
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.
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
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.
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...
During the so called Covid crisis our bank closed 2 branches.
One was a full sized one with every thing and was 2 blocks away from the main local branch. So no big loss for us.
The other was a small branch in a local national brand super market. It had everything but safety deposit boxes and was close to our health care POP. We used it often.
After a few complaints, they put an ATM inside the super market and kept the downtown branch open.
What’s worse according to one respected economist—Barbara Corcoran is the name, iirc—is the astronomical downtown office vacancy rate. Local banks hold the loans on those offices and tenants are starting to default.
The realtor goes under along with the local banks. If work-at-home continues, downtowns die along with many downtown establishments.
Big time disaster.
Doesn’t concern me yet but I have a safe deposit box at my local PNC, the only place I could find one available 10 years ago.
Doesn’t concern me yet but I have a safe deposit box at my local PNC, the only place I could find one available 10 years ago.