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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.
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.
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.
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
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.
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.
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.
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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