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 ...
Jean2 wrote:
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I personally am leery of online banking because I feel it is too easy to hacked; but, that is just me.
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I agree; I don’t use online banking. I do have auto pay and auto deposit though.
I get paper statements, and use paper checks for church and occasional doctor bills.
And I use a small credit union and bank.
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.
My wife spends money for which she gets checks for reimbursement. I have learned to easily make these infrequent deposits with my iPhone.
Checks in their classic form are paper representations of funds in electronic ledgers.
The only reason to have local banks is they are involved in local business loans. I am a investor in a local startup bank.
Their primary business is loans to local small businesses. Dentists, doctors, builders, electricians, plumbers, etc. Small business loans that the larger banks really do not have an interest in doing.
In addition, they opened up a second branch in the wealthiest suburb around. There was another bank in that town that shut down their branch. It again has been a huge success because of the new deposits. Checking and savings accounts that pay .1% interest or less. Its a license to print money.
Dude, the phone thing is the greatest! Depositing checks was my main bank activity, now, no driving, no waiting, it’s heaven. If that had been around for more of my landlord days I would have saved many $thousands and many hours.
“I personally am leery of online banking because I feel it is too easy to hacked; but, that is just me.”
I get that and felt the same. Being around the banking business for a while I was able to get past it and I’ve used online banks for Money Market Accts and CDs for years, and I am ahead moneywise for doing so, they pay higher interest. Just driving to a bank over time is much more life and treasure threatening than electronic banking.
Chase built 2 new branches in my town recently.
my bank I have had for 25 years started in Orange County, fullerton to be exact. its been bought several times. but i now live or 2 hrs to the north now, do most of my banking online, if someone gives me a check i use the mobile deposit. if i get a money order from my son, i run to a USBank branch to deposit into my checking account. no need to drive 2 hrs.
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