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Branch banks are a big expense. Much less cash is changing hands today than 10 years ago (well, aside from illicit transactions). Most business is now conducted electronically... PayPal, Zelle, the old automated clearinghouse system for direct deposit and direct debit, etc. Depositing checks via smartphone apps took a big load off of the branches. Many people who had been using branches out of habit had to find other methods of banking when the pandemic hit.
Respectfully, this is more conjecture than fact (I work in the industry). The shuttering of either Suntrust or BB&T branches is entirely due to post-merger consolidation. Logically you don't need two physical branches within a mile or less from each other, plus as part of the merger they're relying on foot traffic metrics to identify which branches don't justify keeping open (not something new, this has been happening for at least the past twenty years).
While it's true that Millennials and Zoomers are less likely to rely on physical banking, and that we're rapidly moving away from reliance on paper currency, we're still not as far along as you might think (lower income homes are still largely cash-based).
I’d like to know who approved building of a new Suntrust so close to a merger?
Eh, a lot of times the left hand doesn't know what the right is doing in those situations. It's a "need to know" thing and building a branch is likely pennies in the grand scheme of things at the size of Truist.
We're not talking about temporary, COVID-driven closures. We're talking about permanent closures by banks that have not been recently involved in M&A with overlapping markets. WF and BofA have permanently closed branches all over the Triangle.
Does your ATM give out dollar bills? I could go to a gas station to get cash but I no longer need the vending machine.
Yes, many ATMs for the large banks can disperse in multiple denominations. I got $100 all in $1 bills at an ATM drive thru in a strip mall two weeks ago to have tip money while on vacation.
Yes, many ATMs for the large banks can disperse in multiple denominations. I got $100 all in $1 bills at an ATM drive thru in a strip mall two weeks ago to have tip money while on vacation.
Is there any way to know / any way to find an atm that gives out different amounts? $1, $10 etc
How often do people visit bank branches? I haven't had to go in one for 7 years. I can do everything online now or at an ATM.
I'm all for having physical banks for people who need / want to go in person to do their business and cash their checks. That said this comment got me thinking. Honestly I don't think I have stepped foot in my bank since I needed a certified check to make the downpayment on my house 16 years ago!
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[A lot fewer people go into work these days....]
