Major Metro Areas Are Losing Bank Branches

[OfTheCross]

America’s major metro areas are losing bank branches. Some are losing branches faster than others, and many are losing branches despite increases in population. With FDIC data, DepositAccounts was able to find the metro areas that lost the most (and fewest) bank branches. However, not all hope is lost for those who still value visiting a branch in person. Several cities managed to see an increase in their number of bank branches.

Below, we’ll explore which cities have been hit the hardest by bank branch closures, which cities are still safe and some reasons why banks may be closing their branches.

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After reaching a peak of almost 100,000 in 2009, the number of bank branches operated by FDIC-insured institutions began to decline in 2010 and continues to do so today, according to the FDIC. By 2017, the total had fallen to 89,847. Interestingly, banks that reported a decline in the number of branches were more likely to be larger, non-community banks.

According to the FDIC, banks report a number of reasons for closing their branches.

depositaccounts

Automation is coming fast and quick from the major banks...I'm old fashioned, though. I like to see my banker

[Applewood]

I'm old fashioned too.  I use the ATM, but for anything else, I want to do face to face.

My little town lost its branch of my favorite bank, but there is an in-store branch in the supermarket where I shop.  So I guess I don't miss the standalone branch that used to be in my neighborhood. 

But no matter what bank you go to these days, it's not easy finding a real person to help you.  Used to be banks had four or five tellers  -- maybe more if you go to the main bank.  Now at any one time, there might be one or two tellers.  And it's always my luck that the customers in front of me are engaged in some complicated transactions that hold up the line for 20 minutes or more. 

So I try to avoid going to the bank unless it's absolutely necessary.  These days, about the only time I need to deal with a real person is to get change or to order more checks. 

[Wingnut]

Banks can't afford to pay tellers 15. Bucks an hour when they are mostly standing around waiting for customers.  The one exception is on the 1st pay period of the month when the WE and Wefare checks hit. People don't go to  banks anymore. 

[Applewood]

Banks can't afford to pay tellers 15. Bucks an hour when they are mostly standing around waiting for customers.  The one exception is on the 1st pay period of the month when the WE and Wefare checks hit. People don't go to  banks anymore.

And when seniors get their pension checks and SS.  I thought they were all direct deposit, but I guess not.  Seems like those people in front of me at the bank are all old folks.

I think there might come a time when there won't be a physical bank building at all.  Maybe some place to house safe deposit boxes, but other than that....

The mall where I go walking has an enclosed kiosk for Bank of America.  You walk in, sit down and you interact with a bank employee via video conferencing.  I haven't tried it since I don't have an account with Bank of America, but it appears you can do just about everything you would normally do with a real person at a bank.   Bank of America is not a major presence in these parts, but to compete with the banks here, I guess it opted for virtual banking rather than open actual branches.  Very smart from the bank's bottom line point of view.

[Wingnut]

Applewood.  You are correct.  Mostly older americans.  The welfare folks to go the check cashing places next to the liquor palace.

[berdie]

When I moved my account out here where I live I actually made the decision of where to go because the one I picked actually answered the phone with a human, lol. I am very scientific as you can tell. They have a couple of branches out here in the rural netherlands. I don't care if they know my name but I do like seeing the same faces that have been there for about 15-20 years.

When I moved from what was a more convenient location (when I worked) it had become automated with very few actual tellers.

[roamer_1]

When I moved my account out here where I live I actually made the decision of where to go because the one I picked actually answered the phone with a human, lol. I am very scientific as you can tell. They have a couple of branches out here in the rural netherlands. I don't care if they know my name but I do like seeing the same faces that have been there for about 15-20 years.

When I moved from what was a more convenient location (when I worked) it had become automated with very few actual tellers.

I get that. I have a local bank, with a local branch. I know everyone in that bank, and they all know me. Same goes with the hardware store, the parts store, the building center, the grocery, and etc. I avoid the mega-marts like the plague.

Funny thing too - the only time I have to produce an ID is when the LEOs pull me over... which never happens.

Ever since that episode where my driver's license was messed up, I have moved all the more to where I never need to show the dang thing, and I haven't taken it out in months. Suits me fine. I like knowing folks better anyhow.

[Wingnut]

Banks are so 1950's.   I don't see them as Brick and Mortar operations much longer. 

[Applewood]

Banks are so 1950's.   I don't see them as Brick and Mortar operations much longer.

Banks are a retail operation and, like stores, they are falling victim to automation.  Banks have always had a problem with crime, just as stores in ghetto neighborhoods or in shopping malls have now.  Going to put thieves and gangstas out of business..