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Banks’ Retail Footprints Getting Smaller
Posted on 2/9/24 at 11:48 pm
Posted on 2/9/24 at 11:48 pm
I just noticed that Chase closed another branch in Houma (Southland Mall branch) and Capital One is closing the one on MLK near Rouses.
It seems like the larger banks are going down to one or 2 branches in each parish or region, while the smaller banks are keeping or expanding their local and regional footprints into other markets.
I know not much traffic is done at branches now with the proliferation of direct deposits and mobile banking. To me having a nearby branch is reassuring that I can speak with someone about an issue and not play automated CSR roulette speaking with a foreign call center.
It seems like the larger banks are going down to one or 2 branches in each parish or region, while the smaller banks are keeping or expanding their local and regional footprints into other markets.
I know not much traffic is done at branches now with the proliferation of direct deposits and mobile banking. To me having a nearby branch is reassuring that I can speak with someone about an issue and not play automated CSR roulette speaking with a foreign call center.
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Posted on 2/10/24 at 1:09 am to Tarps99
I’m on the other extreme…can get rid of all the physical locations. I find “meeting with a banker” to have no value.
Posted on 2/10/24 at 6:14 am to Tarps99
My personal bank has been Schwab for about a decade. Have never stepped foot inside a Schwab Bank.
Posted on 2/10/24 at 7:07 am to lynxcat
quote:
I find “meeting with a banker” to have no value.
I mean if you need to work on financing for some non primary residence investment it seems to be standard course.
Posted on 2/10/24 at 8:14 am to Tarps99
Unless you are 80+ years old, what are these issues you’re having that would require going into a bank?
Only thing I can think of in the last 25+ years has been to withdraw a large amount of cash money.
Only thing I can think of in the last 25+ years has been to withdraw a large amount of cash money.
Posted on 2/10/24 at 8:51 am to rocksteady
The only time I've gone into a bank branch in the past 7 years or so was to withdraw a large sum of cash, deposit cash or a large check. Otherwise, no real need for them to exist for me.
Posted on 2/10/24 at 9:12 am to rocksteady
Same here. What are your options to get a large sum of cash without a local branch? I guess pay the atm fees and spread out the withdrawals over several days to deal with atm withdrawal limits. This is the only thing that aggravated me. They’re charging you 10 ways for spending your own money.
Posted on 2/10/24 at 11:21 am to lynxcat
quote:
I find “meeting with a banker” to have no value.
That’s because the major branches with officers aren’t for your every day depositors. They’re for people running real, complex businesses with large amounts of borrowed capital usage who need to have at least some access to meet and discuss options.
I think we’re going to see banks consolidate area branches while leaving ATMs with the ability to deposit checks and mobile banking apps for the smaller communities and individuals.
TLDR; depositors and their money aren’t the customer of the large branches. They’re just the product. Branches are for businesses.
This post was edited on 2/10/24 at 11:26 am
Posted on 2/10/24 at 12:22 pm to Tarps99
I’ve gone into a bank to open an account, to withdraw cash without atm fees, and to get a cashiers check or deposit a check too large for mobile deposit. Those are pretty infrequent activities
Posted on 2/10/24 at 1:04 pm to Upperdecker
quote:
Those are pretty infrequent activities
I think we still need bank branches, but it makes a lot of sense for them to shrink their footprint.
Posted on 2/10/24 at 2:06 pm to lynxcat
quote:
I find “meeting with a banker” to have no value.
In managing my personal finances, yes.
I have found having a great relationship with our banker to be invaluable for our small business.
One of the best bits of advice I’ve received (concerning our business) was to have a great relationship with your banker and your CPA.
Posted on 2/10/24 at 2:09 pm to Decisions
I’ll say this, when I go into a bank it seems to me like the people who are in line doing in person activities don’t give off the appearance of likely being the highest of earners (not that appearances are everything).
Posted on 2/10/24 at 2:30 pm to Tarps99
It's a telling sign because real estate is one of the few things that banks can "invest" in, and regulators rarely look twice at real estate that banks buy to literally operate from.
It is less about the actual footprint and more about operating cost, though.
It is less about the actual footprint and more about operating cost, though.
Posted on 2/10/24 at 2:48 pm to lynxcat
quote:
I’m on the other extreme…can get rid of all the physical locations. I
If I didn't deal so much in cash, I would agree with you.
I pretty much only go to the bank to make deposits.
Posted on 2/10/24 at 2:55 pm to rocksteady
quote:
Only thing I can think of in the last 25+ years has been to withdraw a large amount of cash money
That and to get foreign currency are the only times I’ve been inside.
Posted on 2/10/24 at 4:55 pm to TigerintheNO
quote:
That and to get foreign currency are the only times I’ve been inside.
No reason to need foreign currency before traveling. Get it in an ATM once you arrive to the destination airport. Minimal to no spread issues to deal with and transaction fees are reimbursed by many banks.
Posted on 2/10/24 at 5:52 pm to Ace Midnight
quote:
It is less about the actual footprint and more about operating cost, though.
One point that I did fail to mention is with the smaller footprints, there are fewer and fewer ATM’s available and if I do need to use my Bank’s ATM it is further away.
Also, with fewer locations, there are fewer and fewer jobs in that sector locally.
Posted on 2/10/24 at 6:46 pm to Decisions
I am a commercial banker in Louisiana and our branches are almost always just commercial customers. My office is in branch and we have maybe like 2 retail transactions. We have ITMs outside that people use and talk to a live person in a call center.
I also bank with Capital One personally and I can pull money with no fees from CVS/Walgreens and I can make a $1,000 cash deposits monthly at those locations.
I also bank with Capital One personally and I can pull money with no fees from CVS/Walgreens and I can make a $1,000 cash deposits monthly at those locations.
This post was edited on 2/10/24 at 6:55 pm
Posted on 2/10/24 at 9:42 pm to soupboy10
quote:
I also bank with Capital One personally and I can pull money with no fees from CVS/Walgreens and I can make a $1,000 cash deposits monthly at those locations.
I saw that too as a Capital One Customer.
The CVS/Walgreens deposit just seems a little sketchy, it has the vibes of putting money on a reloadable gift card.
Next thing you know Capital One will be launching their version of the Chime card for the unbanked using the network of CVS and Walgreens locations to purchase the card or a starter kit. Eventually, you will be able to pay your Quicksilver World Mastercard at a drug store near you.
Posted on 2/11/24 at 1:54 pm to Tarps99
For every bank that closes around the world a new one is built in Monroe, La.
I think there are more banks in Monroe than in Manhattan
I think there are more banks in Monroe than in Manhattan
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