Posted on 03/09/2024 9:18:18 AM PST by caww
Banks are growing increasingly confident in the capabilities of online banking, according to Steven Reider, the founder and president of Bancography, an Alabama-based consulting firm that advises banks on branch planning and strategies.
That confidence can lead to significant savings since the average freestanding bank branch costs around $2.6 million a year. In just two months, Bank of America's 41 closures might have saved it almost $100 million.
.....And now, credit unions are playing a more significant role than ever before - offering very similar services to traditional banks and eating up a share of the market.
Unlike banks, their footprint is expanding and they now account for around 18,000 branches across the US.
'Credit unions have been in a growth phase for the past 10 years and of course, banks have been in a reduction phase,' said Reider.
'They are branching aggressively and moving into markets community or national banks vacated,' he said.
'I think in terms of just general consumer share they're going to continue to be a significant and meaningful competitive force.'
(Excerpt) Read more at dailymail.co.uk ...
Part of the War on Ca$h
I hear NY Community Bank will be “closing” soon as well...
Fed loan program over as of this coming Monday.
https://www.federalreserve.gov/newsevents/pressreleases/monetary20240124a.htm
With online banking and ATM’s, there is no need for a physical bank building.
Everyone ask yourselves, how often do you go to the bank nowadays, versus how often you visited the bank years ago?
How many of you have your paycheck direct deposited into a bank account?
How many of you visited the bank regularly to deposit an actual paycheck into the bank decades ago, compared to how often you do such a task nowadays?
How many of you go to the bank to withdraw cash just to have spending money , when virtually all retailers accept credit cards and debit cards nowadays?
The world of money and banking has changed quite a bit in recent decades.
“With online banking and ATM’s, there is no need for a physical bank building.”
ATM’s have limits and only give out $20 bills.
My bank (a large one) has been closing branches all over the place. Yet they are spending millions on things like sponsoring professional sports teams. Who cares if they’re a “proud sponsor” of some millionaire’s team?
What’s my bank’s strategy? Save money in one place, then foolishly spend it in another?
I think they just don’t care about the little guy anymore. We’re not worth their time. So no local bank for me. And I guess that’s my fault for not owning an NFL franchise.
IF YOUR SOC SEC gets paid to your CURRENT BANK location-—Where does it get deposited IF that branch closes???
Seems to me customers could get caught in a MASSIVE bind.
Casinos here in Nevada dispense $100 bills.
These days, I can easily go a year or more without ever setting foot in a Wells Fargo branch. Even paper checks written to me I can deposit with my iPhone.
The only time I set foot in a bank is if for whatever reason I need a money order.
USAA doesn’t have any branches. We survive all the banking needs. I think having bank buildings are a waste of money. Hopefully they all close down in the next few years.
I always wondered how a brick and mortar bank branch, at least so many of them, made profitability sense for a bank. The additional revenue a small branch generates seems small in terms of the cost required to build, staff, and maintain it.
“Casinos here in Nevada dispense $100 bills.”
You have your paycheck direct-deposit into your casino account?
I hardly ever use cash for anything. I hit the ATM about three times a year now for $300 each time. I use my phone and ApplePay for 95% of my transactions. Occasionally a merchant requires a physical credit card.
Our credit card rebates are very nice. I also just got a new Southwest Visa card to snag the 75,000 points on the Southwest Rapid Rewards frequent flier program. That’s good for about four tickets worth $800 to $1,000. All I had to do was charge $3,000 on the new card which was easy to do.
I can’t remember the last time I stepped into a physical branch.
I’ve been watching a lot of “B” Western movies from the late 1930s to the 1950s. I love watching the old Western town bank stick-ups. Banking was SO different then with everybody using cash and checks.
Grim? Why grim?
No one goes into banks much anymore.
As I noted in my post #8, my bank has been closing branches all over the place. But what really bothers me is that they have not made this up by installing convenient ATMs.
I used to be able to walk to one of their branch banks. Now I’ve got to drive about 30 minutes to get to one of their ATMs. As I noted earlier, they just don’t care about the little guy anymore. It’s all about corporate business. (Which is their right, of course.)
I think that has changed...at least at my BOA
That does depend on where you live.
ATM here allows choices of $1, $5, and $20. For example: Withdraw $300 as 15 ones, 9 fivers, and 12 twenties - nice for a cash based shopping/economy...
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