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Post by Deleted on Mar 13, 2011 13:01:31 GMT -5
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? You know, that's an interesting thought for a separate business. Not the current self-storage, but something with tighter security. We keep all our valuablles in a fire-proof safe in the house, bolted to a closet shelf with fany bolts that can't be unscrewed. Not 100% secure, but we're happy with it. I had to get some jewelry out of it today- 8 AM on a Sunday. That would be hard with a bank box!
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DVM gone riding
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Post by DVM gone riding on Mar 13, 2011 13:08:45 GMT -5
I think that branches will continue to be around, but that banks will charge customers for using tellers. BOA tried something like this when I was in highschool, it failed miserable and they don't do it any more, it was just on certain accts. I had a lot of coins so I would go to the teller exchange it all for dollars (which they didn't charge for) go outside make my deposit. It was a waste for them.
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schildi
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Post by schildi on Mar 13, 2011 13:26:32 GMT -5
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. We have things like passports, and originals of birth certificates, and the will stored in a lock box. You'd have problems using a copy o those. And a HDD with the information (the copies) sits there also. In case of a fire or theft at home, a laptop with the data on it or a thumb drive will not do it. And I don't trust online storage with that kind of data. Some important data, like home videos and pictures can not really be stored online because of their size. We have a HDD with ~60GB of pictures and > 150GB of hi-def home videos stored at the lock box. It is not practical at this time to transfer files of that size through the internet. At least at the moment, I do not see a good alternative. Maybe some people have an option to lock things at work, or with relatives?
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cubefarmer
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Post by cubefarmer on Mar 13, 2011 13:35:33 GMT -5
I think the banks will bring more services into the branches - mortgages, investments, retirement planning, loans - to make them more useful.
Attorneys aren't notaries in my state either.
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wvugurl26
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Post by wvugurl26 on Mar 13, 2011 14:11:04 GMT -5
Pammy the 3% checking is with a WV bank. I sent you a PM with the name and their locations.
I've never kept anything in a safe deposit box. I don't even keep my birth certificates locked up. I have multiple certified copies now. I had none and then both my parents got me new ones (divorced parents) and so I have multiples.
My parents are divorced and somehow in the shuffle, the kids birth certificates and social security cards were lost. It was he had them no she had them deal. So when I went to get my learners permit at 15 I had to get new ones. I don't recall it being a big deal.
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Tiny
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Post by Tiny on Mar 13, 2011 16:28:13 GMT -5
Banks "sell" alot of stuff - CDs, Loans, safe deposit boxes, money wires, some one is usually a notary, they sometimes also sell "investments" (think IRA/ROTH).
I pretty much did an entire realestate transaction without actually meeting the realtor, my loan person, nor did I attend the closing... I did need to use the notary at my local bank AND I needed a human being at the bank to perform the wire transfer of my DP for the transaction. I could have use a notary at work... but I felt funny doing that (from a mixing personal life with work perspective). I don't think banks will employee people who are strictly tellers... they will still do some of the work that a teller traditionally did but they will also have other duties/responsibilities.
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gooddecisions
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Post by gooddecisions on Mar 13, 2011 17:36:29 GMT -5
"I think the banks will bring more services into the branches - mortgages, investments, retirement planning, loans - to make them more useful."
All the banks I've banked with have always offered these products and services in the branches along with a large suite of treasury management and small business products. Granted, I've only banked at the big ones so I don't know if that's the case with most.
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TD2K
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Post by TD2K on Mar 13, 2011 18:30:55 GMT -5
There will always be some people who are just more comfortable doing business face-to-face
I think that's true but I think it's also truer of older people. I think younger people are more used to logging into the Internet for whatever they need/want. I do everything I can online, I go into my bank only when I have to because I can do what I need to do on my schedule. Granted, it took me a while, I didn't go online immediately but I loved it once I did. ATMs were an immediate hit for me, drove me nuts trying to catch my bank (Credit union actually) when they were open as a student.
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TD2K
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Post by TD2K on Mar 13, 2011 18:32:03 GMT -5
Some Coinstar machines offer gift cards with no fee deducted for what you run through them but others don't, get the machine before you just assume you can get a gift card without being hit for their service fee.
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Post by Deleted on Mar 13, 2011 20:14:10 GMT -5
ATMs were an immediate hit for me, drove me nuts trying to catch my bank (Credit union actually) when they were open as a student. Yeah, ATMs started in Ohio in the late 1970s. I got used to the convenience immediately. My first "real" job, in 1975, was with a conglomerate that owned a bank and they were ahead of their time- your paycheck was direct deposited in their bank. (If you bounced checks a lot, they kept the account open but permitted you to write only one check per pay period- presumably to get your pay out.) I moved to NJ in 1978 and was frustrated to find that they didn't have ATMs there for a few years. I do agree that he group that wants in-person service tends to be older, but I'm 58 and I love the convenience of on-line service as long as it's combined with responsive humans with answers when things go wrong.
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TD2K
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Post by TD2K on Mar 13, 2011 21:55:29 GMT -5
I love the convenience of on-line service as long as it's combined with responsive humans with answers when things go wrong.Exactly. One pet peeve of mine are these telephone inquiry ladder systems from hell that do just about anything to get you to NOT talk to someone. I know people cost money but I usually try checking online before I pick up the phone and constant suggestions that my answer may be on-line is not helpful
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wvugurl26
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Post by wvugurl26 on Mar 13, 2011 22:59:41 GMT -5
Ditto what TD said. Believe me if I could do it online I would. I hate having to call people. I can look it up online from my desk. If I need to call someone I have to step away from my desk bc I don't want everyone sitting around me knowing all of my business.
Lesson from the weekend, pressing 00 will get you to a real person at UPS. I did have to do it a couple times but it worked.
My insurance company's line if you try to get around it by saying representative it will say yes, I know you'd like to talk to a person and then you have to try and go through the stuff again. It gives you a person after the second time. If I could figure out exactly where to go for tests based on the information you provide me I sure as hell wouldn't be calling you bc I think your service sucks.
I get that people cost money but you know we are paying money for a service and we deserve answers to our questions and/or problems. Obviously they can't all be handled online/through automation or all those people working in call centers would be out of a job.
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Anne_in_VA
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Post by Anne_in_VA on Mar 14, 2011 9:23:29 GMT -5
When I worked for an attorney I was a notary and would notarize documents for our clients for free and we charged a couple of $ for non-clients. I seldom use my credit union tellers any more and only went into the branch when I had a problem with my password and they couldn't fix it over the phone.
I hate those telephone tree systems that never get you to a real person. I went through He## trying to get my account straightented out when I was with Wachovia and they messed up my account. Trying to get to talk to a person was ridiculous - they kept saying to go on-line.
I'm 63 and love banking on-line, but I know several people my age and younger who refuse to do their banking that way. They like having face time with real tellers.
I remember one of our local banks charging you to use a teller at one time but I closed my account when they started that. I will not pay a fee to use their services if I can avoid it. I don't know if they still do that and don't care!
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Post by Deleted on Mar 14, 2011 9:41:00 GMT -5
I know people cost money but I usually try checking online before I pick up the phone and constant suggestions that my answer may be on-line is not helpful Yeah, I REALLY hate it when I'm calling because I've been all over the Web site and can't find/do what I need- and I;m very good at navigating Web sites. Don't tell me over and over while I'm on Hold about all the great things you can do on-line! I also hate it when companies charge you to talk to a representative over the phone, when you're calling to do something that just cannot be done on-line. Airlines are famous for that.
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alabamagal
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Post by alabamagal on Mar 14, 2011 10:06:12 GMT -5
Pammy - I love USAA. On the point on FDIC insurance, they are fully insured, just like any other "brick and mortar" bank. Not sure how that issue was brought up.
For those who don't like to wait on the phone, would you rather drive to the bank and sit in the lobby until someone will help you? A bank with good customer service will have minimum wait times either on phone or in lobby, in fact most do better on the phone than if you show up. Personally I would rather wait on hold on the phone rather than in person. At least I can surf the message boards then. (With a smart phone I guess I could do that while sitting at the bank also...)
Some things will always be needed at bank branches, but I think most of that will eventually go away.
DH has a retail business, so he is always "going to the bank", mainly now to deposit cash and get change. Most of his transactions are via credit cards, and he has automatic check deposit.
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The J
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Post by The J on Mar 14, 2011 12:32:39 GMT -5
There will always be some people who are just more comfortable doing business face-to-faceI think that's true but I think it's also truer of older people. I think younger people are more used to logging into the Internet for whatever they need/want. I do everything I can online, I go into my bank only when I have to because I can do what I need to do on my schedule. Granted, it took me a while, I didn't go online immediately but I loved it once I did. ATMs were an immediate hit for me, drove me nuts trying to catch my bank (Credit union actually) when they were open as a student. I agree. I wish HSBC had a "deposit from your phone" app so I didn't have to go in when I get checks (like from my roommate). That, and every 4-6 months when I deposit rolled change, are the only times I really set foot into the bank. On the notary issue, it all depends on the state. In NY, for example, I'm automatically qualified to be a notary, but I'd have to pay a fee for the registration. Since my job doesn't want to pay for it, I haven't bothered getting it.
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achelois
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Post by achelois on Mar 14, 2011 12:58:38 GMT -5
I won't mind the increased automation. I do everything I can online and by machine as it is.
When I bought my current car, I did everything online with the exception of actually signing the papers; I was in and out of the dealership in less than fifteen minutes.
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Post by bobbysgirl on Mar 14, 2011 17:43:20 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. Your post reveals, at the very least, what a narcissistic personality you have. So it should not surprise me that you have just offended an entire generation. I am neither too scared nor too uneducated to write checks, use my debit card, or balance an account. Just like I'm not too scared to let you know what a pompous ass you are. I wish I could be a fly on the wall when life starts hitting you in the face with karma. And. believe me it will!
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