Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Thats why the used to like banks....But now even those are closing and some of the ones staying open have shorten their hours.
Noticed B of A branch at Lexington and 79th is gone, and others on UES seem to be vanishing as well.
Banks want people to use ATM machines and or those scanning apps where you take pictures of checks and send them in for deposit. I'm not buying that nonsense.
NYC has lost alot of its character and uniqueness... and im not sure what can be done about it. I don't think it's greedy LL's anymore, might have been the case before, but NYC in general is just too expensive. Store owners can't live here anymore. And now we're getting to the point where even much of banking can be done online too. It seems banks aren't going to come in and save the LL's anymore.
The plethora of bank branches that have opened are not about facilitating regular banking transactions. There for selling high dollar services (loans , retirement planning, etc.)
Quote:
Originally Posted by BugsyPal
Noticed B of A branch at Lexington and 79th is gone, and others on UES seem to be vanishing as well.
Banks want people to use ATM machines and or those scanning apps where you take pictures of checks and send them in for deposit. I'm not buying that nonsense.
The plethora of bank branches that have opened are not about facilitating regular banking transactions. There for selling high dollar services (loans , retirement planning, etc.)
That is so true! Everytime i go to the bank they are hawking life insurance, refinance etc. They don't ever mention anything about bank accounts or even credit cards.
That is so true! Everytime i go to the bank they are hawking life insurance, refinance etc. They don't ever mention anything about bank accounts or even credit cards.
Reason for this is simple to understand; there isn't much money to be made any longer on checking/savings or some other retail bank accounts.
Feds and or state ganged up on banks to take accounts from suspect, low income and others who basically treat them like a glorified check cashing place. Their money goes in on a Friday and is largely gone by next Thursday. This or however much they deposit their balance by end of month is not that great.
Meanwhile changes in federal laws allowed credit card companies into "banking". Thus the other source of bread and butter for banks (personal or business loans) can be had from everyone from American Express to places like Goldman Sacks, Prosper, etc....
None of this touches growth of "Internet Banks", that don't have a physical presence at all.
Meanwhile back at the ranch many banks are stuck with those big retail spaces where you barely ever see much activity. Cannot recall anytime have seen more than two or three tellers on duty, this when there are easily five or more windows. Ditto for customer service. You may have four, five or more desks, but usually only a handful of reps. Even then at least one only works with "high net worth" individuals/accounts, and or sells services like brokerage, life insurance, etc...
Woes with retail aren't just "greedy" landlords or whatever; but a large part of it is online sales.
To put it frankly people are voting with their feet, or rather fingers and there just isn't anything anyone can do to put that genie back into bottle.
For heaven sakes Lord and Taylor, Henri Bendel and other large stores are closing, and no it wasn't because of rents either.
Other issue some of you conveniently forget is that commercial RE pays the highest share of property taxes in this city. But don't hear any of you moaning about that, and or screaming for the city to lower those rates. Nor will you because it is what keeps the bread stuck to the butter for many of yourselves. All that cash rolling in from property taxes (of which single-four family pay the least) is what finances all the liberal/left/democratic wet dream giveaways including "low income" affordable housing lotteries.
Much so called retail is "dying" because nearly everything they sold or sell can be had online for not only cheaper, but once places began offering free shipping/returns, that was end of game.
I might be the only person in the country saying so. Trump's tax plan and tariff talk is masking it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It's a Mix!
