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In 2011-12, I was a full time RV traveler and did as much banking as possible electronically. At that time I thought the need for bricks and mortar banks would come to an end. I have reversed my position. For one thing I am no longer able to do my banking on a cellphone. Chase bank "updated" their app and it no longer works on my cellphone. So I started to use my small, backup account at Wells Fargo. Then WF did the same thing and my cellphone banking app no longer works.
Because my mobile banking no longer works, I was forced to go into the local Chase branch bank. Was I surprised. The branch has lines of customers even mid day. I found there are lots of issues with trying to do mobile banking. The process often does not work as in my case. Next, in my current location there is a large underground cash economy. I say underground because the use of cash avoids taxes for small businesses such as landscaping, corner stores, plumbers, electricians, maid service, day care, etc. Finally, there are lots of people who do not trust the security of mobile banking. Now that the FBI has made a big point about cracking cellphone security, I suspect that confidence will further erode.
I would have thought that the Feds would have just quietly broken into the Bernadino cellphone. I always forget how ineffective and incompetent the Feds are. They had to try to force Apple until they merely used a third party software company to crack the code. Anyway with the renewed emphasis on the security of cellphones I suspect even fewer of us will want to use them for banking.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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It took me a long time to remember the last time I set foot in a bank - it was 7 years ago when I closed my B of A business account (after closing my business). Since then all of my banking is done with two credit unions, with deposits made by cell phone camera, and payments for every bill I have done online. Both have local cash machines if needed. I suppose there will be banks that survive, but I have seen several close up and remain vacant. As for security, the only time we have been victims of a hack, it was a bank that we didn't use for mobile banking, but was from someone that got into retailer systems where we had used a debit card in the stores.
It took me a long time to remember the last time I set foot in a bank - it was 7 years ago when I closed my B of A business account (after closing my business). Since then all of my banking is done with two credit unions, with deposits made by cell phone camera, and payments for every bill I have done online. Both have local cash machines if needed. I suppose there will be banks that survive, but I have seen several close up and remain vacant. As for security, the only time we have been victims of a hack, it was a bank that we didn't use for mobile banking, but was from someone that got into retailer systems where we had used a debit card in the stores.
Me too. I rarely need to go into a "shared branch" for my credit union. I can do everything online.
If banks would get down off their high horse and begin to provide personalized service from human beings that don't sound like robots, they would be surprised at how valuable these brick and mortar/human to human relationships can be. Not to mention profitable. Not everything is based on that additional .0001% of interest which the bank "pays" me; and what do I get for all those fees if there is no human to guide me through the banking process?
Recognize me when I walk in; treat me as a valued customer; stop with all the "Patriot Act" nonsense--if the banks knew who their customers were by making an effort, they wouldn't have to constantly be saying "we can't do that because of the Patriot Act". Adopt a "can do" instead of a "can't/won't do" attitude.
As a service business that provides a commodity service it is no wonder that people don't use the humans in the branch: they don't provide a value added service for the customer, nor the bank.
That, to my way of thinking, is a lost opportunity to grow and prosper.
My landlord doesn't do online rent payments...or checks.
Quote:
Originally Posted by Vision67
My daughter's landlord also accepts only cash.
Gee, I wonder why?
Doesn't sound like a great place.
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