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 ...
It doesn't work that way. Your SS gets deposited into your bank company, not a specific bank branch. If you take advantage of the bank's online services, you would always have access to your accounts. The entire bank company would have to go under for you to not have access.
Most people I know just say physical banks.
It was interesting. I had seen the 75,000 point offer in December. I called them in January about it and they said they had a 10,000 point offer with a $200 credit. I took that. Then my wife said "That's not right - they've been offering the 75,000 point bonus." So I called them up and they immediately switched me to the 75,000 point bonus.
The "Upgraded Points" web site says the offer has expired: "Currently, all 3 cards boast an elevated 75,000-point welcome offer, which can be worth upwards of $1,000 toward Southwest flights, but now these welcome bonus offers are set to end on December 11, 2023, at 9 a.m. EST."
It might be worth a call to see if you can talk them into still giving it to you. I called after that expiration date and got the 75k points.
Correction. I got the 10,000 points + $200 credit immediately. When I called, they told me to call back after I spent the $3,000 and they would give me 65,000 more points and take back the $200 credit. I need to phone them for that right now.
“ATM’s have limits and only give out $20 bills.”
Nope on the only $20s...
“Nope on the only $20s...”
Yep on most.
Does it depend on where you live or does it depend on how old you are or how computer savvy?
Nope on most of the ones I go to.
I’m w/ chase
Not much to loose just a small (very) checking account. Thanks for thread!
‘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.
Fani Willis will have a tough time getting cash.
I think there are people who prefer control of their finances as long as possible...who know the risks of computer banking. I’ve already had a breach at my bank which required I obtain a new bank card. It happens.
What about safety deposit boxes at a bank?
I’ve been with my credit union for 30 years. Great service and rates. They have all the bells and whistles, too.
bfl
Fair point but a brick and mortar bank can hold your money as easily as online banks. It has happened in Europe - the banks just lock the doors and shut down.
Point is, if you’re really worried about your money in that way, you should have significant sum of cash on hand.
What? ATM machines give out $50 and $100 bills.
I don’t have a debit card either. Makes no sense.
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