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Old 02-02-2020, 12:12 AM
 
7,548 posts, read 7,062,039 times
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Will bank branches (brick and mortar locations) ever go away, or are they here to stay?

I guess as long as their is still cash, then there has to be bank branches. I found some articles two to three years old stating they are here to stay.

https://www.business.att.com/learn/t...oing-away.html

https://bankingblog.accenture.com/ba...way?lang=en_US

https://www.reuters.com/article/us-u...-idUSKCN10X0D6

If they are here to stay, but just dwindling in total number, how they determine which branch is staying put? Is it total deposits at the branch? Why not just combine total deposits at another location?

If bank branches are here to stay, then what else are here to stay? It must be clothing stores. You have to try on the clothes, and shoes. Each shoe brand is different.

Amazon is opening up HQs, and warehouses everywhere. At some point, they may as well let customers come to warehouse pick up their items. It will save them gas. Which effectively turns them into a brick and mortar store.
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Old 02-02-2020, 08:13 AM
 
Location: NJ
12,216 posts, read 22,297,869 times
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The Bank of America near me recently redid their drive thru to have 2 ATM's, no more drive up window service. It didn't look like they got rid of any tellers, you could still go inside if you needed to. They also have 3 or 4 people with desk jobs.

I used another BOA in the next town over, they still had drive up window service and only 1 ATM.

Haven't seen any other banks close here in South Jersey.
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Old 02-02-2020, 08:59 AM
 
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They will reduce in numbers but I don’t see a path where they all go away
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Old 02-02-2020, 02:23 PM
 
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I saw an interesting variation in the backwoods of MO. It looked like an ATM but was bigger and had a video screen so you could talk with a teller based who-knows-where.

I haven't had an account at a brick-and-mortar branch in years. Was not impressed with Bank of America- their tellers didn't seem to be empowered to do much except push paper when I was closing down my late husband's checking account- just told me what forms to fill in so they could move them on, with no details or timeline. They had ONE notary. If she was on vacation, too bad. The Bank of America branch in my small downtown (city population about 30,000) closed down in favor of an existing branch in a nasty-to-navigate triangle between a couple of divided highways and close to Wal-Mart. They told me that the building in town had been a bank branch for over 50 years.
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Old 02-02-2020, 04:08 PM
 
27,587 posts, read 34,429,566 times
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Quote:
Originally Posted by NJ Brazen_3133 View Post
Will bank branches (brick and mortar locations) ever go away, or are they here to stay?

I guess as long as their is still cash, then there has to be bank branches. I found some articles two to three years old stating they are here to stay.

https://www.business.att.com/learn/t...oing-away.html

https://bankingblog.accenture.com/ba...way?lang=en_US

https://www.reuters.com/article/us-u...-idUSKCN10X0D6

If they are here to stay, but just dwindling in total number, how they determine which branch is staying put? Is it total deposits at the branch? Why not just combine total deposits at another location?

If bank branches are here to stay, then what else are here to stay? It must be clothing stores. You have to try on the clothes, and shoes. Each shoe brand is different.

Amazon is opening up HQs, and warehouses everywhere. At some point, they may as well let customers come to warehouse pick up their items. It will save them gas. Which effectively turns them into a brick and mortar store.
You say “ here to stay” as if they are something new.

Banks, and their local offices, have been around forever (practically). They aren’t going away.
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Old 02-02-2020, 06:05 PM
 
3,072 posts, read 2,017,154 times
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Forever is a long time.

Personally, I’ve been to a chase branch 3 times in 8 years. To open my accounts, to get a for a money order for rent deposit, and to get a money order for a hold on a house.

In other words, if everyone started to act like I do, they would cease to exist, especially if future generations are more even more internet based. I don’t see why even the things I did go in for couldn’t be done online.

But at today’s rates of use, I’m sure they’re not going anywhere.
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Old 02-02-2020, 07:14 PM
 
27,587 posts, read 34,429,566 times
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Quote:
Originally Posted by Thatsright19 View Post
Forever is a long time.

Personally, I’ve been to a chase branch 3 times in 8 years. To open my accounts, to get a for a money order for rent deposit, and to get a money order for a hold on a house.

In other words, if everyone started to act like I do, they would cease to exist, especially if future generations are more even more internet based. I don’t see why even the things I did go in for couldn’t be done online.

But at today’s rates of use, I’m sure they’re not going anywhere.
I've been to a branch much more than that. I have a safe deposit box that I use, maybe 3 or 4 times a year. I have to do some banking for my parents that requires a teller. And I have had to straighten out two completely screwed up deposits, inside the branch of one of my credit unions. I actually had to visit 2 branches before I got it all straight. And sometimes I have some things that I simply prefer to do at the branch - frankly it's just easier for me - I have a ton of local branches.

I did open a HELOC a couple of years ago and I was their very first loan that was done completely online - I only had to come in to sign some papers and pick up some things.
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Old 02-02-2020, 10:08 PM
 
7,548 posts, read 7,062,039 times
Reputation: 3501
Quote:
Originally Posted by Thatsright19 View Post
Forever is a long time.

Personally, I’ve been to a chase branch 3 times in 8 years. To open my accounts, to get a for a money order for rent deposit, and to get a money order for a hold on a house.

In other words, if everyone started to act like I do, they would cease to exist, especially if future generations are more even more internet based. I don’t see why even the things I did go in for couldn’t be done online.

But at today’s rates of use, I’m sure they’re not going anywhere.
The articles I posted actually state that the younger generations are more likely to go into bank branches. they want a face to face discussion on finances, and banking services. I guess because they are new, they want to feel safe, and a person is best way to ensure.
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Old 02-02-2020, 10:13 PM
 
Location: Tyler, TX, born + raised SF Bay
1,538 posts, read 849,324 times
Reputation: 1219
I hope they stay. Online stuff is convenient for light transactions but not great for big ones. Plus, ATM fees when you’re away. Bleagh. Imagine that all the time, and also never having a bank branch.

Not unlike how I feel about retail sales. There’s little I’d rather buy online vs at a real store.
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Old 02-02-2020, 11:07 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
6,391 posts, read 4,583,733 times
Reputation: 8766
I keep seeing new branches opening up all the time.
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