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Old 02-04-2020, 12:53 PM
 
5,240 posts, read 1,387,752 times
Reputation: 6151

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I sure hope not. Otherwise, what option would we have to get a cashier's check same-day? Fidelity Investments (the brick and mortar locations they DO have don't print checks) takes 5-6 days just to cut the check, then add on mailing time.

My wife banks with First Citizens, and I was able to get a cashier's check on a SATURDAY while we were on vacation and overnight it to my mother who had just been informed the closing date of her home had been moved up. This would NOT have happened with Fidelity.

Fortunately, I do see some bank branches being built. To be fair, some are going out of business and being replaced with credit unions. Credit unions really shine when it comes to financing a used car. You might find a great deal on models just 1-2 years old, but not qualify for promotional financing on new cars. Fear not, enter: the credit union.
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Old 02-04-2020, 07:19 PM
 
12,556 posts, read 15,753,958 times
Reputation: 8501
I hope they stay, but there will probably be fewer. Among other things, rolls of quarters to do laundry, and help when the online functions dont work.
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Old 02-04-2020, 09:31 PM
Status: "I am only here for the Schadenfreude" (set 14 days ago)
 
Location: The Berk in Denver, CO USA
14,617 posts, read 21,533,721 times
Reputation: 24586
Quote:
Originally Posted by Lucy_C View Post
I'm at the bank weekly. I'm self-employed and get 10 or checks a week to deposit....I refuse to bank on my phone
I am self employed.
I have deposited all my customers’ checks via an iPhone app for the last 7 years with zero problems.
You are just wasting time visiting the branch.
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Old 02-05-2020, 01:10 AM
 
22,432 posts, read 15,191,367 times
Reputation: 15975
There likely will be less of them, and what exist rather understaffed compared to days of old, but bank branches will never totally go away.

For one thing certain things/transactions need to be done while physically at branch. Getting certified, cashiers or bank checks. Opening certain accounts such as trusts etc....

Closing a deceased person's accounts and opening an "estate of" or otherwise distributing funds also requires physically going to a bank branch.

Even in these days of internet banking for business and commercial accounts, there are times you must go into a branch. Sometimes there are issues with the application/opening account process and bank wants you to bring necessary documents to a branch.

Business accounts need a branch to handle cash flow/deposits. If you own a retail store that accepts cash, those daily deposits have to go into bank. Next day you need to withdraw said deposits so you can make change/conduct transactions.
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Old 02-05-2020, 01:29 AM
 
5,240 posts, read 1,387,752 times
Reputation: 6151
Quote:
Originally Posted by BugsyPal View Post
There likely will be less of them, and what exist rather understaffed compared to days of old, but bank branches will never totally go away.

For one thing certain things/transactions need to be done while physically at branch. Getting certified, cashiers or bank checks. Opening certain accounts such as trusts etc....

Closing a deceased person's accounts and opening an "estate of" or otherwise distributing funds also requires physically going to a bank branch.

Even in these days of internet banking for business and commercial accounts, there are times you must go into a branch. Sometimes there are issues with the application/opening account process and bank wants you to bring necessary documents to a branch.

Business accounts need a branch to handle cash flow/deposits. If you own a retail store that accepts cash, those daily deposits have to go into bank. Next day you need to withdraw said deposits so you can make change/conduct transactions.
Branches closing = breathing new life into FAX MACHINES
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Old 02-05-2020, 02:18 AM
 
76,455 posts, read 75,826,197 times
Reputation: 53701
Quote:
Originally Posted by ddm2k View Post
I sure hope not. Otherwise, what option would we have to get a cashier's check same-day? Fidelity Investments (the brick and mortar locations they DO have don't print checks) takes 5-6 days just to cut the check, then add on mailing time.

My wife banks with First Citizens, and I was able to get a cashier's check on a SATURDAY while we were on vacation and overnight it to my mother who had just been informed the closing date of her home had been moved up. This would NOT have happened with Fidelity.

Fortunately, I do see some bank branches being built. To be fair, some are going out of business and being replaced with credit unions. Credit unions really shine when it comes to financing a used car. You might find a great deal on models just 1-2 years old, but not qualify for promotional financing on new cars. Fear not, enter: the credit union.
credit unions can open up a who new can of worms with their loans that many are not familiar with...

the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.

When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.

When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union. That includes credit cards and personal loans.

you buy a car by taking out a loan from your credit union. The loan agreement for your car loan contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations. After three years, you pay off your car loan, but you still have a balance due on your credit card.
you lose your job and stop making your credit card payments. The credit union can repossess your car and sell it to pay the credit card debt.
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Old 02-05-2020, 04:20 AM
 
76,455 posts, read 75,826,197 times
Reputation: 53701
one interesting difference we saw yesterday between banks is we sold off the holdings in our LLC so both us and my son got checks for 100k .

we deposited it our check at our branch of chase yesterday and today the check cleared and all funds are available ...

we deposited the same size check in to capital one next door where my son and wife have a joint account ..

they said a few days on the first 50k and 2/11 on the remaining 50k as a clearing time --that sucks!.
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Old 02-05-2020, 06:56 AM
 
508 posts, read 168,380 times
Reputation: 1833
I have noticed a trend of mega-banks leaving my area, and abandoning branches. Some of these get filled by regional banks, which is a positive. The best trend in my opinion is when they end up getting filled by our local, fairly new hometown bank, or one of our really top notch, regional credit unions. Nothing more heartwarming than seeing WF or BOA pull their sign down and head out of town.
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Old 02-05-2020, 07:51 AM
 
Location: WA
5,460 posts, read 21,836,359 times
Reputation: 6131
As a executor I settled an estate with half a dozen beneficiares in four states so I chose to use a national bank. Even though I don't personally bank with them I went to a Chase branch in my town and received fabulous service opening, using, and settling an estate account.

I was very happy to have access to a very competent branch with favorable policies.
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Old 02-05-2020, 10:59 AM
 
Location: Raleigh
9,193 posts, read 6,863,835 times
Reputation: 12961
They're here to stay.

I like my Wells Fargo branch for a handful of reasons.

When I make a biggish transaction ($1000 or more), I prefer cash or a cashiers check, so I like having somewhere to deposit it, and honestly a cash deposit in a machine makes me anxious.

I like being able to walk in if I've lost my debit card and get a temporary replacement.

I like being able to withdraw larger amounts of cash if I'm making a purchase like a cheaper used car.

When I bought my home I liked being able to get a cashiers check.
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