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.
How do those little branches — a nearby intersection has 4 of them — make money? There’s no money in small deposits and withdrawals.
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.
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.
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).
I can’t remember the last time I went in a bank branch. Wait, I do. I had Euros from a past trip to Europe and wanted to turn them into dollars. That was about a year and half ago.
They are closing because they aren’t needed.
I can’t remember the last time I stepped into a bank other than when I got a “Homeowner insurance” check.
We bank at “Old Glory” and it’s 100% online or via ATM. We also have a small account with PNC for the “just in case” scenario that we need to cash a large check.
Either way, in the past 5 years, I have been in a bank twice.
Chase just opened two new branches in my area, about 2 miles apart.
Waaaay back, we started out with a LNB (a local bank), they got bought out by Hibernia Bank (a regional bank), they got bought out by CapitalOne.
CapitalOne, over the past year, has closed every single branch and ATM within 35 miles of us.
We recently dropped em like a hot potato and went with another local bank.
I’ve only had to actually go in a bank branch 3 times this century. Twice was to close accounts of dead people. And once for certified check for the down payment on my house. And technically I could have done that one online. Branch banks are simple post dated.
The world of banking has changed. There was a time when people took their paychecks to the bank to the deposit and then withdrew cash , at a time before Electronic Banking and before ATM existed.
Nowadays there are few transactions that cannot be conducted online or through the ATM.
Offhand it’s hard to think of what transactions that you must go visit the bank and talk to a human being. Perhaps if you are getting a loan and need to go inside the bank and sign paperwork with an actual pen and not online with an e-signature?
I moved all of my banking to Credit Union of Texas: they routinely add new branches. Service is excellent.
The bricks & mortar branches are an expensive luxury anymore. My primary local bank was advertising a good savings rate of over 4%. The problem was they only offered it in states where they don’t have branches. My savings rate with them would be under 0.1%, so I move my money out quickly if I don’t need it in a month.