Banks closing up shop

[Nomad Farrier]

I travel up and down the west coast working. Over the last month or so Ive noticed at least a dozen Banks that have shut their doors. Ive asked some friends and they have confirmed that they've been noticing the same thing. Anyone else seeing this? What do you think is up with this. Kinda alarming. Is this the slow burn Greece????

 

[NoDopes]

I've seen this over the last few years with chase. Seems most interaction is electric so less needs for branches. They in fact added a fee for more than 2 physical visits per month.

 

[_Windrider_]

It’s a good thing. We don’t need a branch every 5 blocks. Convert em to gunstotes

 

[Gee Kay]

planned digital fake money

 

[Jscb1b]

Instead of paper fake money.

 

[chevy_man]

planned digital fake money

Last 2 years I've been playing tourist with the wife. Most places can't even take cash anymore.

 

[_Windrider_]

Last 2 years I've been playing tourist with the wife. Most places can't even take cash anymore.

You mean won’t. Which is bullshit because that’s illegal.

 

[lonegunman762x51]

I stick with credit unions and try and do business with people who accept cash. I do not allow anyone or anything permission to automatically debit my bank accounts, that is just fucking stupid.

Probably the best reason to not use autopay for shit? This poor fucker died and it took three years for anyone to notice he was fucking dead. His retirements automatically deposited into his accounts and his bills automatically paid out and his secret mission went on until someone checked water usage on his apartment.

Man found in Dallas apartment 'died three years ago'

The US Navy veteran lived alone in Dallas, but his family say they had reported him missing.

www.bbc.com

Yeah, people like to debit instead of taking cash. That is because debit makes you fucking stupid and you fail to see inflation for what it is or to understand the real price of goods and services. One day, just like Greece, they stop allowing you to buy or sell, deposit or withdrawal money because it suits them. For three years you could only get $65 bucks a day in Greece because the government decided that was all you needed.

 

[D̷e̷v̷i̷l̷D̷o̷c̷A̷Z̷]

Buddy who works at WF explains to me how they were required to close some locations after a merger and having competing banks in the same area.

I know that doesn’t explain all the closings. But a few I’m sure.

 

[alamo5000]

I travel up and down the west coast working. Over the last month or so Ive noticed at least a dozen Banks that have shut their doors. Ive asked some friends and they have confirmed that they've been noticing the same thing. Anyone else seeing this? What do you think is up with this. Kinda alarming. Is this the slow burn Greece????

I think more than anything the biggest (by far) is the trend for online transactions.

Need to deposit a check? No longer do you need to go to a branch and drive thru or wait in line. You can take a picture of the check and deposit it from anywhere using your phone.

Need to do a loan? You can do absolutely everything for one using the internet, including shopping around/comparing rates.

There is very little that an average person would need to go into a bank for these days. It's pretty much that simple.

I would say at least 85% or more of the branch closures are because of this trend. It's been that way for years. At least 20 years it's been a thing.

Historically the biggest move was the updating of banking laws/deregulation that happened around 2000-2001. Prior to that all banks had to operate separately in the state they were in, kind of like how insurance works. For example if you had a Bank of America account in Texas, if you went to Louisiana and tried to go into a Bank of America they couldn't even pull up your account much less do almost any cross state lines transactions.

After said deregulation it gave birth to pretty much nation wide banking. Then you have the rollout of the internet that greatly facilitated this...and eventually 90% or more of day to day transactions are done online.

 

[LawnMM]

We're like 29T in debt, they just let 30k people in without any vetting at all, and we now have an open immigration policy with a country we've been at war with for the last 20 years...

Do the math.

 

[chevy_man]

You mean won’t. Which is bullshit because that’s illegal.

Try and hand someone a bill, when they don't have a register. They make you use a card or you can exchange cash for their magic whatever at the main cashier.

 

[eflyguy]

My closest BoA has been "closed" for over a year. They keep stocking the ATM, though..

Literally dozens of former (and often, great) restaurants have been converted to banks here in Metro ATL over the past decade or so. I haven't stepped foot inside a "bank" in that time - why the heck do people need a physical location?

 

[pmclaine]

Im hearing Biden has tried to nominate someone with a 1970s-80s era Moscow CCP University economics degree to oversee banking.

Even Janet Yellen thinks she is extreme.

Her idea is for the Fed to become the only bank....

Biden nominee to regulate big banks thinks Fed should 'end banking'

Cornell University Law Professor Saule Omarova's nomination to lead an agency overseeing big banks has been opposed by GOP lawmakers and banking lobbyists.

www.dailymail.co.uk

Biden’s pick to regulate national banks received ‘Lenin’ award, praised USSR for gender equality

President Biden’s pick to oversee the regulation of national banks once praised the Soviet Union for gender equality and received a “Lenin” award while in college.

www.foxnews.com

Maybe seeing the writing on the wall.

Banking has sucked since 1990s merging eliminated banks with local connections.

 

[1moaoff]

Small banks get bought by larger banks. Only so many banks of the same ownership can be in a certain area without competition ( i belive)

Far less actual in person banking

Cheaper for the bank to have larger facilities that you have to drive to and wait in line than having multiple locations only partly busy. Less currency tracking and delivery also.

It's a business model.

 

[DarnYankeeUSMC]

Manpower, rent, insurance, building maintenance and utilities are all expensive and an easy way to trim the budget.

 

[johnnyvw]

We've had 2 major banks close up branches in our little town, and a local bank get swallowed up by a larger one. I think it's like brick and mortar stores, going the way of the dodo...

 

[308pirate]

I travel up and down the west coast working. Over the last month or so Ive noticed at least a dozen Banks that have shut their doors. Ive asked some friends and they have confirmed that they've been noticing the same thing. Anyone else seeing this? What do you think is up with this. Kinda alarming. Is this the slow burn Greece????

 

[rady]

Im hearing Biden has tried to nominate someone with a 1970s-80s era Moscow CCP University economics degree to oversee banking.

Even Janet Yellen thinks she is extreme.

Her idea is for the Fed to become the only bank....

Biden nominee to regulate big banks thinks Fed should 'end banking'

Cornell University Law Professor Saule Omarova's nomination to lead an agency overseeing big banks has been opposed by GOP lawmakers and banking lobbyists.

www.dailymail.co.uk

Biden’s pick to regulate national banks received ‘Lenin’ award, praised USSR for gender equality

President Biden’s pick to oversee the regulation of national banks once praised the Soviet Union for gender equality and received a “Lenin” award while in college.

www.foxnews.com

Maybe seeing the writing on the wall.

Banking has sucked since 1990s merging eliminated banks with local connections.

Yes, I saw that report on the news. Chilling to say the least as it doesn't take much to imagine what will happen to your savings once there is only one bank...............the fed reserve. So another piece of the puzzle falls into place.

Digital currency is the next move, with elimination of paper currency.............crypto fed. I just wonder what will happen to the credit unions?

Let's see now: They are getting a strangle hold on health care, financial institutions (let's not forget the $600 proposal revealed this week), so what is next.....Oh that's right, FOOD! Reports on BLM nominee. You draw your own conclusions as I don't want any of you to think I'm a conspiracy kinda guy.

 

[pmclaine]

Yes, I saw that report on the news. Chilling to say the least as it doesn't take much to imagine what will happen to your savings once there is only one bank...............the fed reserve. So another piece of the puzzle falls into place.

Digital currency is the next move, with elimination of paper currency.............crypto fed. I just wonder what will happen to the credit unions?

Let's see now: They are getting a strangle hold on health care, financial institutions (let's not forget the $600 proposal revealed this week), so what is next.....Oh that's right, FOOD! Reports on BLM nominee. You draw your own conclusions as I don't want any of you to think I'm a conspiracy kinda guy.

People see but being scared by reality its more convenient to disbelieve truth.

 

[rady]

People see but being scared by reality its more convenient to disbelieve truth.

Very true. I think they call that normalcy bias. Lot of that going around these days.

 

[Maggot]

FJB

 

[Major Wader]

My closest BoA has been "closed" for over a year. They keep stocking the ATM, though..

Literally dozens of former (and often, great) restaurants have been converted to banks here in Metro ATL over the past decade or so. I haven't stepped foot inside a "bank" in that time - why the heck do people need a physical location?

How do you withdraw more than a few hundred dollars cash (ATM limit) if you can't go to a physical bank location? I have never had anyone refuse cash as payment. Most prefer it. Several stores I shop at actually discount if you pay cash for a large purchase.

 

[eflyguy]

How do you withdraw more than a few hundred dollars cash (ATM limit) if you can't go to a physical bank location? I have never had anyone refuse cash as payment. Most prefer it. Several stores I shop at actually discount if you pay cash for a large purchase.

Simple. I don't use or carry cash. Haven't in many years. Never encountered a store that discounts like you say, but accept that different folks mights shop in different kinds of places. WalMart, Costco, Home Depot and Kroger pretty much cover it for me. Even ate out last night - yup, they take credit cards.

I do need, however, an ATM to get a little to pay the walk-up monthly match fees, or the foreign help to remove a fallen tree, for example - so I'm happy that's still there.

 

[Rthur]

Simple. I don't use or carry cash. Haven't in many years. Never encountered a store that discounts like you say, but accept that different folks mights shop in different kinds of places. WalMart, Costco, Home Depot and Kroger pretty much cover it for me. Even ate out last night - yup, they take credit cards.

I do need, however, an ATM to get a little to pay the walk-up monthly match fees, or the foreign help to remove a fallen tree, for example - so I'm happy that's still there.

Check China's new digital currency and see if you can figure out the pitfalls of its implementation.

R

 

[atepointer]

Small banks get bought by larger banks. Only so many banks of the same ownership can be in a certain area without competition ( i belive)

Far less actual in person banking

Cheaper for the bank to have larger facilities that you have to drive to and wait in line than having multiple locations only partly busy. Less currency tracking and delivery also.

It's a business model.

I live in a not small medium-ish sized city Tampa, FL. Been waiting to see this for years.....heck more than 5 years ago I'd step into the big BOA branch down near the airport and think where the hell is everyone a ghost town? Walk past 15 cubicles with employees sitting there staring at a monitor on my way to teller. And I was one of the last people to adopt online banking.....just makes sense to not pump a/c into an empty building when customers are staying home to conduct business on their computer. A lot of these banks are sitting on prime real estate too and Tampa has had quite a few locations close the last several years from BoA to smaller community banks. Our Sams Club down near MacDill shut a few years ago and is now condos/apartments...can only imagine what that dirt went for just crazy expensive, but those condos were sold out b/f they even finished landscaping.

 

[Maggot]

Simple. I don't use or carry cash. Haven't in many years. Never encountered a store that discounts like you say, but accept that different folks mights shop in different kinds of places. WalMart, Costco, Home Depot and Kroger pretty much cover it for me. Even ate out last night - yup, they take credit cards.

I do need, however, an ATM to get a little to pay the walk-up monthly match fees, or the foreign help to remove a fallen tree, for example - so I'm happy that's still there.

I carry both, but use my Hilton Honors Amex card where ever and whenever possible because of the great points I get. 660,000 at this point which will allow me to stay for weeks at Hilton properties. Waiting for a great opportunity for a vacation.

But cash is still needed for some things.

 

[atepointer]

I carry both, but use my Hilton Honors Amex card where ever and whenever possible because of the great points I get. 660,000 at this point which will allow me to stay for weeks at Hilton properties. Waiting for a great opportunity for a vacation.

But cash is still needed for some things.

my capital one card is so nice for airline points no blackout dates any airline just been great, but i always scan for better. does hilton do airline points? cap one is flying dad and i out to montana this weekend up front loves me some double miles!

 

[Maggot]

my capital one card is so nice for airline points no blackout dates any airline just been great, but i always scan for better. does hilton do airline points? cap one is flying dad and i out to montana this weekend up front loves me some double miles!

I dont fly anymore so cant comment on airline points but I believe they do. I use the 'American Express Hilton Honors Surpass' card. There might be a better Amex for airline points, you cna check easily on line. What I like about Amex is thaey really take care of their customers in a dispute. Over the years Ive had half a dozen or so and they alway end up in my favor. The only drawbacl os sp,e [;aces dont take Amex because they charge an extra point...but that rare anymore.

Try this:

www.americanexpress.com › us › credit-cardsAirline Miles Credit Cards | American Express​

Rewards Points Cards. Airline Cards. Delta SkyMiles® Gold American Express Card. Delta SkyMiles® Gold American Express Card Earn Miles On Everyday Purchases. Limited Time Offer.

 

[Aftermath]

Simple. I don't use or carry cash. Haven't in many years. Never encountered a store that discounts like you say, but accept that different folks mights shop in different kinds of places. WalMart, Costco, Home Depot and Kroger pretty much cover it for me. Even ate out last night - yup, they take credit cards.

I do need, however, an ATM to get a little to pay the walk-up monthly match fees, or the foreign help to remove a fallen tree, for example - so I'm happy that's still there.

It won't be long that every such withdrawal, along with the deposits, will be traced. Your foreign lawn care will have to start paying income tax on that and you will be liable for the payroll portion.

 

[eflyguy]

Check China's new digital currency and see if you can figure out the pitfalls of its implementation.

I don't have much positive to say about that country, but their adoption of a mostly cashless economy is one I admire.

There are still people writing "cheques" in this country. WTF..

 

[kenny1773]

These guys are putting all those banks out of business





They do one thing and do it BETTER than everyone else!

 

[deersniper]

. I don't use or carry cash. Haven't in many years. N

Your masters appreciate that

 

[Rthur]

I don't have much positive to say about that country, but their adoption of a mostly cashless economy is one I admire.

There are still people writing "cheques" in this country. WTF..

Foolish.
Is it harder to remove your Legal tender from your pocket or from an imaginary bunch of bites?
We hear stories about banks being hacked and losing account info all the time.
Imagine a social credit score added to your regular credit score.
It's happening in China right now.
You know, the folks that brought you a current genocide and Tiananmen Square.

R

 

[eflyguy]

I hear the piece of eight is making a comeback.

 

[eastexsteve]

I stick with credit unions and try and do business with people who accept cash. I do not allow anyone or anything permission to automatically debit my bank accounts, that is just fucking stupid.

No, it's fucking convenient. It turns my monthly bookkeeping into a 10 minute operation instead of lasting all morning.

But, the real reason for the crackdown on cash is because the government has a hard time keeping track of it. That's why the Biden administration wants entities to start reporting all transactions over 600 dollars. The reporting trigger is currently 5,000 dollars.

 

[pmclaine]

No, it's fucking convenient. It turns my monthly bookkeeping into a 10 minute operation instead of lasting all morning.

But, the real reason for the crackdown on cash is because the government has a hard time keeping track of it. That's why the Biden administration wants entities to start reporting all transactions over 600 dollars. The reporting trigger is currently 5,000 dollars.

It started at $10,000 didn't it?

Next it will be permission slips first.

Asking the govt first will ensure they get all the info they need....what harm is there? We are not criminals.....it will make us safer.

 

[DarnYankeeUSMC]

Govern me harder!!!

I hear the piece of eight is making a comeback. Govern me harder!!

 

[deersniper]

It started at $10,000 didn't it?

Next it will be permission slips first.

Asking the govt first will ensure they get all the info they need....what harm is there? We are not criminals.....it will make us safer.

What year was the $10,000. ? What would it be today adjusted for inflation ?

 

[pmclaine]

What year was the $10,000. ? What would it be today adjusted for inflation ?

I thought the Patriot Act ushered in the $10K notification trigger.

 

[deersniper]

I thought the Patriot Act ushered in the $10K notification trigger.

 

[Rthur]

Govern me harder!!!

Chilrens, can't figure out why the cheese is free on the trap.

R

 

[7.62willdo]

“All debt public or private”

 

[chevy_man]

How do you withdraw more than a few hundred dollars cash (ATM limit) if you can't go to a physical bank location? I have never had anyone refuse cash as payment. Most prefer it. Several stores I shop at actually discount if you pay cash for a large purchase.

Only place I've known to offer a discount is the local gun store. He'll cut the 3% transaction fee off the price.

Most places don't know or care and can't be bothered. Hell, a lot of places would rather their employees don't have access to a deposit bag full of cash. Digital does keep the employee theft down.

 

[lonegunman762x51]

No, it's fucking convenient. It turns my monthly bookkeeping into a 10 minute operation instead of lasting all morning.

But, the real reason for the crackdown on cash is because the government has a hard time keeping track of it. That's why the Biden administration wants entities to start reporting all transactions over 600 dollars. The reporting trigger is currently 5,000 dollars.

Giving up freedom and privacy for something convenient, great plan. I like it when the pigs celebrate how efficient the slaughterhouse has become.

 

[Schroedernd]

I'm on the west coast and can't count how many I've seen close up the past few years. Just got back from ND though and they are building more banks! Guess the old folks love them

 

[Ric O'shay]

Us older guys are never going to give up cash. I am on a first name basis with my banks tellers, and it often makes life easy when cashing a check from a client.
I assume the cashless goal is to get a new generation hooked on credit cards or overdraft float and reap the high interest when they are unable to pay in full each month. Credit cards have been the downfall of many.

 

[norcalAF]

I've been with USAA for well over a decade.... What's a physical location?

 

[Schroedernd]

I've been with USAA for well over a decade.... What's a physical location?

Same here. Been with them about 16 years now and no complaints. Literally have everything with them...

 

[308pirate]

I don't have much positive to say about that country, but their adoption of a mostly cashless economy is one I admire.

There are still people writing "cheques" in this country. WTF..

So you love shackles and chains