Posted on 02/01/2024 6:36:48 AM PST by Red Badger
Banks are shutting hundreds of branches a year - this month some 41 closures were announced in a single week and among those affected were nine US Bank locations.
Bank of America, Chase, PNC, Citizen, Capital One, First National Bank of Pennsylvania and Huntington also said they were axing branches.
Such closures deal a huge blow to customers looking to visit in person to submit a document, make a withdrawal or deposit, cash in a check or simply run through their finances with a trusted bank manager.
Others, particularly the elderly, may struggle with accessing banking services online due to a lack of fluency with the internet or smartphone apps.
Customers can visit the next town or city but it can mean driving an hour or even across state lines, as one DailyMail.com reader told us. So what can you do if your bank has closed your local branch and you don't want to travel?
Unfortunately, the options are limited to either switching your bank or exploring what sort of services can be accessed using a nearby ATM.
The number of bank branches in the US peaked at over 85,000 in around 2011. Over the last 10 years, it has shrunk by approximately 13,000, according to a combination of data from the FDIC and the OCC.
The Covid pandemic catalyzed the already-rapid uptake of online banking and although 2020 saw the sharpest decline in the number of branches, closures have continued.
Online banks While traditional banks have increased the breadth of services they offer via an internet browser or smartphone app, online-only banks are optimized to provide a full range of services remotely.
Some of the most popular online banks include Ally and SoFi, which have slick mobile apps with convenient and intuitive user interfaces.
(Excerpt) Read more at dailymail.co.uk ...
You could always phone the business and talk to a person.
Ha, ha, ha, ha, ha, ha….if you are extremely lucky, you might get Rajiv in Hyderabad. Most likely you’ll get the chirpy and totally useless AI robot that keeps saying “I can do that” but it can’t do anything remotely useful.
Statistics like this are unreliable. For example, Bank of America went through a buying spree, gobbling up other banks. In my example, one of these was just across the street from an existing Bank of America facility. So they closed the one they just recently purchased.
Look to a local or regional bank. They have actually grown as the large international banks are closing branches and going to the online model.
I just noticed yesterday that the closest branch of my bank has closed. It has been pretty empty in the parking lot since the pandemic, but there are still two other branches within another 10 miles (opposite directions) if I ever need to go into one. It’s rare, but does happen.
We use a Credit Union........................
How do those little branches — a nearby intersection has 4 of them — make money? There’s no money in small deposits and withdrawals.
I just noticed yesterday that our town’s PNC Bank branch was closed.............
All credit unions for me as well.
One is in walking distance.
They don’t, that’s why they are closing.
We had a spate of bank building here back in the 80’s and 90’s. New banks were going up practically on every street corner.
They are all closing now....................
So is ours...............
The biggest bank in my neck of the woods is closing branches left and right. It’s to cut costs, they say. Meanwhile they’re sponsoring all sorts of professional sports teams. That costs big bucks.
It’s their money. They can do as they wish. But I’m starting to get the feeling they don’t care about average folks like me.
I suppose I’ll have to download and start using their app. I could be wrong, but I don’t think the app dispenses $20 bills. 🙁
I don’t see any significant changes. Some banks close an office here or there and others are building new branches here or there.
Statistically, they (the ultra banks) think as they close branches...you will accept the fact that some branch within a 30-minute drive still exists, and you won’t exit.
If it bothers you, then exit and select a medium or smaller operation. You can also go the credit union route (Navy Federal is a pretty decent choice at present, for on-line services).
Take into consideration that all of the big-boy banks have crappy commercial and home mortgage problems existing...which will get worse over 2024/2025. This cutting business is an effort to lessen costs and manpower.
The 2023 episodes with SVB, First Republic, and Signature Bank...will be repeated in 2024. A lot of banks connected to new car sales (currently stalled), and closing hotels/malls in SF/LA...will admit a collapse is underway by the end of 2024.
Added comment, this gov’t regulation to have 20-percent of your money-on-the-books within your grasp...is going to court by the big banks...saying it’s unfair say this size of capital must be sitting there. It’s a pretty strong indicator that they need virtually of your cash in play...to pay for salary/costs.
Cashless society.
That is the goal.
Everything on computers.
Your little plastic cards with the chip in it will be your cash.
Soft drink machines use cards now.
Even Laundromats use cards on the washers and dryers now............
I was at Union Bank for 30+ years and they just got gobbled up by US Bank. They suck compared to my old Union Bank.
Find a local Credit Union. That is the best deal there is..............
Will all the “woke” bank tellers lose their jobs?
ATM only locations are going away too.
I signed on with one of the first Internet-only banks, ING Direct, because it looked like a neat idea and I wanted to test-drive it. ING Direct has since been acquired by Capital One. I've been with that for at least 20 years, and have had zero issues where I would need to visit a branch, or even speak with someone on the phone. ATMs, website, and phone app handles all transactions.
On those rare occasions where I have more cash on hand than I would normally have, it gets taken care of by a trip to the grocery store for a few items, and change goes in the self-checkout register (doesn't cost anything like CoinStar does).
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