Bank of America " closed" (Seattle, Marysville: real estate, 2015, leases)

[87112]

What is going on with so many branches closed.

Mine down the street at Georgetown is closed, when I went to Marysville by the Big Casino another one closed. Is it due to covid fears or is that just an excuse to push everyone to go bank online and cut staff.

[Hemlock140]

I don't think banks are encouraging people to go online, I think they are just adjusting to the fact that people are going online. My wife and I haven't set foot in a bank since about 2009, except once in 2015 to sign papers for a home improvement loan, and that was at a credit union. Taking up valuable real estate, paying for utilities, and paying staff to sit idle is not cost effective. I remember back when I used our B of A and you might have to park a bit away and walk, with several cars at each of the two drive-ups, and inside there were lines outside with 3-4 tellers open. Now when we go by any time of day the lot is pretty much empty, and no one at the drive ups. The transition for some banks was the small space rented at Safeway or Fred Meyer.

[jdhpa]

I got an email from BofA saying they're temporarily closing several nearby branches because they can't hire enough people to staff them.

[Hemlock140]

Originally Posted by jdhpa

I got an email from BofA saying they're temporarily closing several nearby branches because they can't hire enough people to staff them.

I hadn't thought about the "great resignation" but now looking at the bank teller job openings it looks like they are definitely in that low pay range, $15-17/hour that so many people are quitting.

[primaltech]

These days they should only really need a few physical locations per city, I would think?

It's been 2 years since I've walked inside a bank, and I only ever even use an ATM when I'm going to the dispensary (cash only) or the video arcade.

[usernametaken]

I have seen new bank branches open in a number of new local developments and/or renovations of existing buildings in recent years. Could never figure out how these Brick & Mortar businesses remain so popular. Especially in a technologically advanced region such as King County.

I do not even use ATMs for cash withdrawls and tend to just get $100 (infrequently) via cashback from my debit card at grocery stores. Most of my financial transactions are either online or via credit card. I use Paypal, Zelle, Google Pay, online Billpay, App balance reloads etc. I have not made out a physical check for at least a decade. On rare occasions, I get money orders from the post office when needed. Car leases and many other types of "loans" never require any bank visit either.

Even my bank deposits are with rare exceptions done online or via direct deposit.

I wonder if banks just open more branches than normal for advertising purposes? In-branch visitation rates must have surely dropped drastically over the past two decades?

Or maybe a new branch easily makes up its expenses by getting just a small number of new large loan customers and depositors each month?

FYI to OP -- a number of Starbucks locations near me have temporarily closed frequently in recent months due to a lack of staff. Ferry schedules, public bus schedules, school bus routes and much more also being curtailed. Time to raise minimum wage to $30 per hour!

[homesinseattle]

I also don’t go in often but went into a B of A branch the other day to deal with some intricacies of an international wire. I noticed as well that quite a few branches were closed, there seem to be plenty that are open though. Their online appointment scheduler is pretty easy to use. Some branches seem to be closed just a couple days a week.

[mojo101]

our Chase branch in the shopping center has been closed for years,the only thing left is the ATM machine.
They are not getting much traffic ,only when someone wants to apply for a mortgage or open new account,so Chase closed it.
It is a nice building with nice parking lot,may be someone will open a restaurant !!

[rjshae]

It sounds like the same issue a lot of businesses are having right now, thanks to the pandemic. Hopefully it'll get better next year.

[509]

Hmmm, when I read the topic line I thought it was Bank of America closing their branches to rebuild with ”RIOT” safe buildings.

Living in Berkeley, during the late 60's will do that for you.

I know folks in the Seattle area are CORPORATE.

BUT really, banks are basically a criminal enterprise.

Go find a credit union!!!