| reply to nixen
Re: And their never ending excuses I guess i'm old school. I still go to the counter at the credit union and deposit my checks there.
Yes, I said credit union. Banks pay millions to CEOs. Credit unions pay dividends to members.
My pay is direct deposit though. |
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 nixenRockin' the BoxenPremium
join:2002-10-04
Alexandria, VA | said by fifty nine:I guess i'm old school. I still go to the counter at the credit union and deposit my checks there. Yes, I said credit union. Banks pay millions to CEOs. Credit unions pay dividends to members. USAA: get dividends every year.
said by fifty nine:My pay is direct deposit though. The closest I've been to a physical bank in the last several years is ATMs. Even those, I frequently skip in favor of more convenient locations (e.g. 7Eleven), as my bank refunds me my ATM fees (and convenient ATMs don't seem to be any more expensive to use than bank ones).
Most likely sometime in my lifetime, the only places physical banks will exist will be in places not adequately served by HSI. Physical banks have made themselves so inconvenient and expensive. There's little point in using many of them.
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The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. -- Bertrand Russell |
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1 edit | Well, you have to admit that the USAA is unlike any other bank. I actually like the fact that they don't make subprime loans. 
I disagree about physical bank branches though. They seem to be popping up like mushrooms here and there are always lines for the tellers.
Certain things you do need to go to the counter for, such as cashier's checks. There are businesses such as medical practices that only take cashier's checks for large amounts of money. |
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nixenRockin' the BoxenPremium
join:2002-10-04
Alexandria, VA | said by fifty nine:Well, you have to admit that the USAA is unlike any other bank. I actually like the fact that they don't make subprime loans. Maybe they didn't make loans to sub-prime candidates, but they did make fairly highly leveraged loans (e.g., my first mortgage through them was a 100% loan) - which was part of the overall sub-prime lending practices.
said by fifty nine:I disagree about physical bank branches though. They seem to be popping up like mushrooms here and there are always lines for the tellers. Around here, I'm seeing big-bank branches thinning out. The only ones I'm seeing pop up are small banks. It seems to be less than one-for-one, though.
said by fifty nine:Certain things you do need to go to the counter for, such as cashier's checks. There are businesses such as medical practices that only take cashier's checks for large amounts of money. Not that I've ever encountered that (always been lucky enough to have insurance), but going further afield... Such would be eliminated by a universal healthcare program. Given the recent push, seems that we can expect that at some point in the not too distant future.
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The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. -- Bertrand Russell |
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 RR ConductorHappy 40th AmtrakPremium
join:2002-04-02
Redwood Valley, CA
kudos:1 | reply to nixen
said by nixen:said by fifty nine:I guess i'm old school. I still go to the counter at the credit union and deposit my checks there. Yes, I said credit union. Banks pay millions to CEOs. Credit unions pay dividends to members. USAA: get dividends every year. said by fifty nine:My pay is direct deposit though. The closest I've been to a physical bank in the last several years is ATMs. Even those, I frequently skip in favor of more convenient locations (e.g. 7Eleven), as my bank refunds me my ATM fees (and convenient ATMs don't seem to be any more expensive to use than bank ones). Most likely sometime in my lifetime, the only places physical banks will exist will be in places not adequately served by HSI. Physical banks have made themselves so inconvenient and expensive. There's little point in using many of them. I take it you don't live in a rural area, the physical bank is still VERY much an important part of the rural landscape, like my area.
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You've got to stand for something, or you'll fall for anything. |
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nixenRockin' the BoxenPremium
join:2002-10-04
Alexandria, VA | said by RR Conductor:said by nixen:Most likely sometime in my lifetime, the only places physical banks will exist will be in places not adequately served by HSI. Physical banks have made themselves so inconvenient and expensive. There's little point in using many of them. I take it you don't live in a rural area, the physical bank is still VERY much an important part of the rural landscape, like my area. That's kind of what I meant when I referred to areas not well served by high speed internet.
Even still, there's not much money to be made in consumer banking. Even less is there to be made when you're paying for things like leasing space, paying HVAC, employing tellers, paying for money shipments (armored vehicle services aren't free), etc. It's quite a bit cheaper to close your physical locations and move everything online. As it becomes ever more practical for banks to move fully online, they will.
As a consumer, being able to bank 24/7/365 is a heck of a lot better of a proposition than trying to get to a physical location during typically short bankers' hours. Dunno about you, but I work during the hours that most banks are actually open. Factor in my commute back home to where my physical bank locations are likely to be close to, and there's almost zero time to go there on anything other than *maybe* the weekend. That was a big part of why I went as fully online as I could.
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The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. -- Bertrand Russell |
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patcat88
join:2002-04-05
Jamaica, NY
kudos:1 | reply to nixen
said by nixen:Most likely sometime in my lifetime, the only places physical banks will exist will be in places not adequately served by HSI. Physical banks have made themselves so inconvenient and expensive. There's little point in using many of them. Do ATMs give you $1 bills, or $100s, or rolls of coins? Do ATMs do mortgages for you/can you do a total mortgage without ever stepping outside of your house? |
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| reply to nixen
Actually I live in a rural area and work in NYC. Bank branches are popping up in both places. Capital One Bank and TD Bank in particular here have done lots of expansion (even when they were Commerce Bank).
In both places (NYC and northwest NJ) we have access to high speed internet. NYC of course has myriads of choices, out here we have Cable, DSL and fixed wireless. |
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 davoice
join:2000-08-12
Saxapahaw, NC
 ·Comporium
| reply to patcat88
Yes, some atms can give $1 bills. It's up to the bank itself to determine what its ATMs will stock. Most banks stock as few different bills as possible to limit the labor involved with balancing and restocking the ATM. Remember those self-checkout stations in stores are just glorified ATMs and they can give out any combination of change - even coins. And if you've ever been to a casino, you've seen ATMs that dole out $100 bills like water.
And yes, you can do a total mortgage w/o ever stepping outside of your house. My parents did their last one from the comfort of their den. Everything was sent back and forth via fax (they have a fax at home) and email. The final paperwork packet was sent to them via FedEx and picked up the next day via FedEx for return to the bank.
That said, yes I do still occasionally step into a branch. But since I can now deposit checks using a scanner at home (and soon using most any major brand of cameraphone), to deposit/cash checks, there's no need for a branch visit to handle those anymore.
I bank with a credit union and there are still things at the branch I take advantage of though. Like free coin counting machines (ala coinstar), free notary services, free money orders, and cross-account balance transfers.
}Davoice |
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patcat88
join:2002-04-05
Jamaica, NY
kudos:1 | said by davoice:Yes, some atms can give $1 bills. It's up to the bank itself to determine what its ATMs will stock. Most banks stock as few different bills as possible to limit the labor involved with balancing and restocking the ATM. Remember those self-checkout stations in stores are just glorified ATMs and they can give out any combination of change - even coins. And if you've ever been to a casino, you've seen ATMs that dole out $100 bills like water. And what ATM will give me these? Only the teller can. |
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