pammy831
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Post by pammy831 on Mar 12, 2011 21:24:44 GMT -5
My previous thread about my work at the bank has me thinking about banking and my future/the future in general. Honestly, if I were to stay in banking, I worry that there'd come a point in my lifetime where tellers may not be non-existent, but they may not be anything like what we have today.
For example, DH and I bank with USAA. Even if we wanted to go to a bank branch, we couldn't. And I'm totally fine with that. We both have direct deposit. I have mobile deposit on my iPhone where I can deposit a check into my checking account and USAA makes it available immediately, which is useful when I get checks that can't be direct deposited, like a check for a birthday gift or something like that. I know that not everyone is comfortable with all of these ideas, but I'm 25 and I feel that most people in my generation are generally ok with things becoming more automated. I love when things are simpler and require less hassle, even though that may be a detriment to jobs and the economy in general sometimes.
So I'm just wondering how others feel/think about the future of banking. Do you think there will be a point when bank branches as we know them will be gone? Or do you think that bank branches will always be essential and worth the costs for the banking industry?
P.S. It's been a while since I read the article, but I think it was like May or June of this year that the government chose as a deadline for all people receiving Social Security paper checks to set up some form of direct deposit because the government is no longer going to mail them a check. In my opinion, this is great. Less costs for the taxpayer in postage, paper, printing, etc. I haven't decided whether this will reduce the 1st of the month traffic at the bank or not. I feel that many people will just come to the bank on the 1st and pull out the cash that was direct deposited. They are too scared/uneducated about bank accounts to know how to balance them, write checks, use a debit card, etc.
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Gardening Grandma
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Post by Gardening Grandma on Mar 12, 2011 21:41:00 GMT -5
Pammy A lot of the people that you think are too ignorant to use banks are old enough to remember their parents' losing their savings when the banks closed. FDIC ins was created AFTER that happened. So please don't confuse their mistrust for ignorance.
I think that branches will continue to be around, but that banks will charge customers for using tellers.
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dividend
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Post by dividend on Mar 12, 2011 21:48:27 GMT -5
How do you deposit a check using your phone?
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schildi
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Post by schildi on Mar 12, 2011 21:51:16 GMT -5
The number of times I actually walk into a branch have significantly dropped in the last decade. Almost every time when it happens is because I need access to the lock box. I think you are right, banking (as many other things) is shifting, most of it is done online. And I think that trend will even get stronger. As sad as it is, but I can see more bank branches close in the future.
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schildi
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Post by schildi on Mar 12, 2011 21:52:13 GMT -5
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azphx1972
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Post by azphx1972 on Mar 12, 2011 22:06:52 GMT -5
I think that while more and more banking functions will become automated, I don't think physical bank branches are going anywhere soon (whether they remain standalone or are integrated into the supermarket is a different question). There will always be some people who are just more comfortable doing business face-to-face, especially when it comes to more complex tasks like opening accounts or funding their IRAs. And then there's the segment of the population that's unable to open checking accounts for various reasons, and have to go into the bank to cash their checks (and I don't see check cashing places or companies like Walmart taking that business away completely).
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Deleted
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Post by Deleted on Mar 12, 2011 22:10:27 GMT -5
A check is basically just numbers... routing number, account number, amount... it would be easy enough to key in... i'd think.
I don't mind the branch, brick and mortar, but its local and i like it for its local ammenities... i went in today and sent a fax, no charge, monday had something notorized, no charge... now i do pay a fee to the bank for that account... but its minimal...
On the other hand, most stuff i funnel through ING because bill pay and electronic ammenities are better there...
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schildi
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Post by schildi on Mar 12, 2011 22:12:22 GMT -5
I think that while more and more banking functions will become automated, I don't think physical bank branches are going anywhere soon (whether they remain standalone or are integrated into the supermarket is a different question). There will always be some people who are just more comfortable doing business face-to-face, especially when it comes to more complex tasks like opening accounts or funding their IRAs. And then there's the segment of the population that's unable to open checking accounts for various reasons, and have to go into the bank to cash their checks (and I don't see check cashing places or companies like Walmart taking that business away completely). I think all you said is correct, but the number of those people (who need B&M banks) will continue to decrease. As a result, I would think fewer branches are needed. If the number of people needing this kind of banking becomes too low to operate branches, these people may have to adjust, and branches could go away. But I don't see that happen anytime soon either.
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wvugurl26
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Post by wvugurl26 on Mar 12, 2011 22:15:20 GMT -5
I'm getting my boss to sign my experience form for my cpa license. It has to be notarized so we'll go downstairs to the credit union and get it notarized. If I was a member it'd be free. I'm not so it will cost me $3. Not sure if he's a member and since he's the one signing it maybe it won't cost me $3. In the grand scheme of things I'm paying $120 for the license fee so what's another $3? I did get the application stuff but unless their checking pays a comparable interest rate to my current checking, I'm in no hurry to switch. The only reason I go to a bank is to deposit checks and transfer money between my accounts because there are with different banks.
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schildi
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Post by schildi on Mar 12, 2011 22:18:39 GMT -5
Check deposits can easily be done by mail as well. I get to mail them for free with my bank, they return the receipt with a postage paid envelope for the next check. I do all transfers online.
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Deleted
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Post by Deleted on Mar 12, 2011 22:24:07 GMT -5
I do all transfers online.
I don't know where i'd go to nororize in my small town if not the bank? ... and i mean its small town... when i go in, i don't even give them my account number, they coddle me too much, i just hand my transaction over, usually to a girl i went to school with... i never put slips in the night deposit... just the checks... they know me... I think the fee is 15$ a year? ... but we do funnel a fair amount through... for a small town ....
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pammy831
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Post by pammy831 on Mar 12, 2011 22:24:26 GMT -5
gardeninggrandma: I honestly didn't factor that into my post at all. I guess the idea of no FDIC insurance never crossed my mind because I can't remember a time when there wasn't any. I didn't mean to offend. While this may be the case for some people who are hesitant to adopt the new policy, I think a lot of people are just dead set against any kind of change or anything that they don't feel is necessary. But, I think you could definitely be right about charging people to use tellers. I used to have a car payment with Chase, I believe it was, where we got charged $10 to pay over the phone. I'm assuming they did this because they were trying to persuade people to pay online and/or didn't want to pay as many people to answer the phones.
dividend: As schildi said, it's an app that allows you to take a picture of the phone. You have to take a picture of the front and the back of the check and on the endorsement line you have to write, "For deposit only to USAA FSB account #XXXXX" and sign your name. Once the check goes into your account, you are supposed to either destroy it or mark it void. I'm assuming the check would just come back bad if you then took it and tried to deposit it somewhere else and get the money twice or something like that. There are a few requirements that you have to meet with USAA in order to get this feature with them, but if you can't get it, you just have to mail in your checks and wait for them to be posted to your account.
schildi: I'm thinking that only about half of the lock boxes at my bank are even being used. Aside from stashing cash, I'd think that most any documents you need to save could be saved electronically nowadays. You can save them to your computer, put them on a flash drive, or even put it on one of those online databases. I agree that the trend of doing things online will only get stronger.
azphx1972: I think your prediction of banks being even more integrated into supermarkets is spot on. First of all, bank hours are getting longer and longer. My branch is open from 7:50 AM to 6:10 PM M-F and then 8:50 AM to 12:10 PM on Saturdays. I think that branches are keeping hours more like these to be more convenient to people, much like supermarkets. My Dad brought up an awesome point to me the other day. He said it's funny how people used to joke around about people only working "banker's hours". There really is no such thing anymore since branches are staying open later and opening on weekends. My boss referred to a branch as being a "retail" type of business the other day. That classification really made me think. I don't mean to sound stuck up at all and I hesitate to even say this, but I didn't go to college and spend all that money and do all that work for 4 years just to work in retail. I know there is opportunity for advancement in a bank, but unless you move to some kind of Operations position, you still have to work the same hours even if you become teller supervisor/assistant manager/customer service associate.
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Post by The Walk of the Penguin Mich on Mar 12, 2011 22:28:21 GMT -5
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pammy831
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Post by pammy831 on Mar 12, 2011 22:30:08 GMT -5
Well, I just HATE (lol) to talk badly about my bank even more, but we won't even notarize things for customers. The only way my assistant manager will do it is if it's a bank document. She's the one who's the notary, so if she didn't get a kick out of being unaccomodating, she would notarize stuff for our customers to build up better customer relationships, if you ask me. The look on people's faces when I tell them that they can't get something notarized even though they have an account with us is usually shock and disappointment. And I really can't blame them because it seems like it's something that should be a given from what you all have posted so far.
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pammy831
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Post by pammy831 on Mar 12, 2011 22:32:55 GMT -5
mich1: I didn't even know that they had a real branch that you could walk into honestly LOL. Your post got cut off so I'm not sure if you were going to reference Coin Star or not, but that's the only other good way I can think of to get rid of it, unless you just spend it slowly over time here and there lol. I've never had that problem because I never use cash so I don't have change either lol.
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Deleted
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Post by Deleted on Mar 12, 2011 22:38:10 GMT -5
Coin star gives gift cards for free though... no fee...
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azphx1972
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Post by azphx1972 on Mar 12, 2011 22:55:01 GMT -5
Another thought, where can people open safe deposit boxes other than at a standalone bank branch? While younger people probably don't use them as much these days, I think a lot of folks still keep important documents in them (I know my parents do). Are there any grocery store branches that have safe deposit boxes yet? I haven't seen any.
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MN-Investor
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Post by MN-Investor on Mar 12, 2011 22:56:10 GMT -5
Where I live (a Minneapolis suburb) it seems like you can't throw a rock without hitting a bank. Even though so much banking is done on-line, I don't see the number of branches decreasing. Has anyone seen banks closing? Any decrease in the past 10 years?
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wvugurl26
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Post by wvugurl26 on Mar 12, 2011 22:58:48 GMT -5
Ok the notary thing is very odd. I thought all banks did that for their customers. The credit union in my work building will do it for a small fee that I consider reasonable even though I'm not a member. Free for members. I'm really not jazzed about having four accounts so I haven't opened one yet. I should close my ING, its got $20 and they are paying crappy rates. My checking with no minimum balance requirement gets me 3%.
When my grandpa died we had to get all the stock switched into my grandma's name. Some was jointly held, some was grandpa only. One of the companies required a medallion stamp guarantee thing. Bank did it for free. Of course we've also done business there forever and that guy wants to manage my grandma's money so bad he can't stand it. That ain't happening though.
My bank that pays interest on checking has some craptastic hours. They aren't even open until 6pm on Friday which I thought was standard in the banking world.
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wvugurl26
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Post by wvugurl26 on Mar 12, 2011 23:01:11 GMT -5
In the area I live now one of the banks was sold to another bank. From what I gleaned from the news I think it was a FDIC arranged deal as in Bank A had pretty much failed so Bank B bought them out. The branch of Bank A that I pass on my route to work has closed. I would have expected with all the big bank mergers/buyouts during the recent crisis that some branches would have been closed.
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Post by The Walk of the Penguin Mich on Mar 13, 2011 2:00:42 GMT -5
mich1: I didn't even know that they had a real branch that you could walk into honestly LOL. Your post got cut off so I'm not sure if you were going to reference Coin Star or not, but that's the only other good way I can think of to get rid of it, unless you just spend it slowly over time here and there lol. I've never had that problem because I never use cash so I don't have change either lol.
Yeah, my post got cut off and I didn't have time to go back and modify it, so just deleted it until I could get back.
Yes, USAA has a brick and mortar building in San Antonio, TX. I've banked there since 1986, when I moved there and when I left in 2000, left my account there and have been doing everything by computer and mail since then.
I did use a Coinstar machine for the first time a couple months ago, when I needed to make an Amazon purchase and discovered that I could get a g/c there and they wouldn't take their cut out of it. However, I still have another $600 that I need to deal with (this is after already putting about $300 through the machine) and I don't need to make that much of a purchase there.
I still wish I could just take all the coin to USAA, have them run it through their machine and it into my account, but that just isn't going to happen.
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cronewitch
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Post by cronewitch on Mar 13, 2011 3:20:18 GMT -5
Notaries are many places. I was one in a CPA firm because my boss wanted me to be for the clients. My boss is in a shipyard in case the company needs something or an employee. I had mortgage papers notorized at a mail box store and once used a real estate sales office.
My bank wouldn't notarized mortgage papers unless it is with them but I got a mortgage by fedex and needed to sign and return and the place that takes fedex and UPS and has mail boxes would for a small fee.
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Nazgul Girl
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Post by Nazgul Girl on Mar 13, 2011 6:24:01 GMT -5
We have two safe deposit boxes ( they call them safe deposit box, not safety deposit boxes at our bank ), and use them to hold documents, bullion when we are stockpiling it, cash and jewelry. We don't keep stuff like that at home. I was recently amazed that Flagstar wanted $ 6 for a certified check when we were closing on a recent r.e. sale. Evidently if the certified check is made out to the depositor, it is free. We have six figures of savings there, and they are nickel and diming us over a cashier's check ? I asked the branch manager to waive the fee. ( I murmered to my husband, " Would they waive the fee if we had a million dollars in deposit here ? " ). She got kind of snotty, made a big deal about looking up our money on deposit with them, and then consented to waive the fee, for a one-time only favor. She also informed us that their fees were low compared to Chase, which charges $8 for a certified check. I told her that is why more and more people are moving to credit unions. She didn't say much after that. Heavens !
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Nazgul Girl
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Post by Nazgul Girl on Mar 13, 2011 6:24:35 GMT -5
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Post by Deleted on Mar 13, 2011 8:18:34 GMT -5
We seem to have bank branches on every block here, too. I don't know why. I did want to point out that all attorneys are notaries, automatically. I work in an insurance company that's got a bunch of them so on the few occasions when I need a notary, I can use them and they don't charge anything.
As I've mentioned in earlier posts, I'm changing to an online bank to an account that provides AA miles. My payroll will be direct-deposited. They provide me with postage-paid envelopes for other check deposits. I get a refund of up to $2.50 per transaction on ATM fees. There's a limit on the number per month but I use ATMs so rarely that's not a problem. They have 24/7 customer service by phone and they're very responsive and helpful. Same with e-mail. I think it will work just fine.
DH will still have his account with B of A so we can use them for depositing rolled coins, which we do every once in awhile. Otherwise I'd take the Coinstar route and use one of the gift card options. If I needed a certified chack, I'd go through my broker at Smith Barney. He'd find a way.
So, to answer the OP's question, I think eventually banks are going to have to face reality and cut back the number of branches and tellers, and force people into using more automation or charge them for interactibg with humans. Otherwise the credit unions and on-line banks will get the efficient, "self-serve" crowd with bank apps on their smartphones and the brick-and-mortar banks will get the people who cash out their government payments as soon as they hit the account, and who tie up tellers' time with lots of questions about how to balance their checking account and why they're overdrawn.
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pammy831
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Post by pammy831 on Mar 13, 2011 10:32:44 GMT -5
I'm not sure of any other places to use a safety deposit box. I don't need one and I don't see where I ever will. Documents can be backed up in other ways. I guess the only way I'd ever need it is for jewelry or something but I don't see that happening lol.
But here is an interesting trend that I've found. At my branch, I'd say we have less than 5 people who are under 40 come in each day. And we have a lot of customers in a day. That trend single handedly makes me believe that banks will not always be able to carry all the branches like they do today.
Nazgul: My bank charges $10 for a certified check and $3 for a money order. If people come in to get a money order, I usually tell them to go next door to Shop N Save and get it for $0.79 lol. We will only drop the fee on the certified check if someone is paying back their debt to the bank or they royally bitch about it.
wvugurl26: 3% on checking is like great! Where did you find that??
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Post by piratesparrot on Mar 13, 2011 10:41:10 GMT -5
I have worked in banks since 1986 (with a little break in the middle) and have witnessed a lot of changes. ATM cards were very new when I started as a teller and tellers worked thier behinds off from start to end of day. I went through the S & L crisis and was at a bank that was closed by the govt. Things are pretty slow at the bank I work for now but business is still o.k. just not as much in person business. We have a lot of elderly clients and they will never give up on in person banking.
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gooddecisions
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Post by gooddecisions on Mar 13, 2011 10:53:58 GMT -5
"My boss referred to a branch as being a "retail" type of business the other day".
Your boss is correct. Bank branches are absolutely retail stores that also offer check cashing, deposit, withdrawal, and bill pay services. No different than a cell phone store selling phones as well as allowing you to pay a bill or upgrade your service.
As long as banks can generate sales by having stores, they will continue to be available. The bulk of walk-in customers in my area are merchant customer's depositing their cash and people looking to open accounts. I don't know what merchants would do without a least a drop-box or night box.
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Gardening Grandma
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Post by Gardening Grandma on Mar 13, 2011 11:06:08 GMT -5
We keep documents in our safe deposit box. Passports can't be stored on a computer. Neither can original, certificated birth certificates. (Sure, you can scan and save a copy, but for some purposes you have to present the original.) The credit union I'm moving our accounts to has safe deposit boxes for less than our old bank.
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midjd
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Post by midjd on Mar 13, 2011 12:18:29 GMT -5
Attorneys aren't notaries in my state, either. I work with 30-40 attorneys and we all have the receptionist notarize our stuff. Before that, I used my mom. I guess I've been lucky in that I've never had to pay to have anything notarized! I don't know that B&M banks will disappear entirely, but it does seem like more and more functions are becoming automated. My oldest bank account was opened in another state, and the nearest branch is probably 300+ miles away - in almost 2 years, not having an actual branch around hasn't inconvenienced me. I got my mortgage from a bank in another state - the entire process was done via phone/fax/email. I pay all my bills online and all our income is direct-deposited. I probably haven't been inside a bank for 6 months. In another 10-15 years, most banks will probably be serving only as safety deposit locations. Or will safe deposit boxes slowly be phased out, too?
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