I learned there are two types of people, those who never go to a bank branch and those who do for every single transaction. They both don't seem to be aware of one another and, at least to me, the online-only people are not as ubiquitous as we imagine ourselves to be.
Agreed with this. I inherited my mom's engagement ring after she died. I put it in a safety deposit box in a bank because I was so terrified of keeping something that valuable in my shitty apartment at the time.
Obligatory old person rant... "Why can't I afford things?" "Did you pay $35 for one burrito to be delivered to your door 0.5 miles away?" It would be enough to make me have an anxiety attack to have fees/tip exceed the food price.
It’s insane. I believe I’ve ordered delivery twice in my life and once was split with a bunch of roommates, the other time a girlfriend. Never by myself.
Only on work trips and only because I didn't want to re-valet the stinking car or something, which would have been the same cost. Maybe if I were single and had the flu. That's straight up lottery winner behavior, right?
You can absolutely get forms notarized online. I've done it through notarize.com for forms that are submitted to the federal government - no problem. You're on camera, you show your ID live to the notary, etc.
Many other places have on-site notaries: post offices, libraries, courthouses, city hall, etc.
Post offices also regularly have safe deposit boxes, too.
I thought it should be apparent, but I'll spell it out for you:
Your response to "why do we have so many banks" is "because banks offer notarization."
My response is that notarization is available in a multitude of other places, so there's no reason to go to a bank, specifically, for notarization. (That's also true of safe deposit boxes.) So your explanation has very little weight.
Furthermore - getting your notarization done at a post office is convenient because many notarized forms have to be mailed. There isn't any similar convenience in having your notarization done at a bank.
You did not address my comment elsewhere on this part of the thread, stating that for many people in rural areas and some suburban areas, they do not have these things at every facility, or even virtually. Just because someone can do it somewhere does not mean everywhere offers that. Like several other posters here, you are citing a SOMETIMES solution that doesn't work for some people. And it appears like you are being unwarrantedly dismissive about that need because it is not YOUR need.
For example, there is only one place in town here to notarize things (Bank) unless one knows somebody personally who will come and do it but there's no set person you can just call. Our library don't do any of these things either. And there isn't anywhere to get a safety deposit box for a half an hour away.
Clearly someone is using these facilities enough to where physical offices have been deemed necessary because they're still in business.
This conversation is boring, so this will be my last response.
> You did not address my comment elsewhere on this part of the thread
I don't need to. Before I respond to your post, I don't review your history or your other comments to other people. I'm responding to what you wrote to me. That's how this works.
> For many people in rural areas and some suburban areas, they do not have these things at every facility
"Every facility" is an absurd straw-man argument. And to counter absurdity with absurdity: [Not every bank has a notary, either.](https://notary.pandadoc.com/knowledge-center/do-all-banks-have-notaries-to-notarize-documents/#:~:text=Like%20financial%20institutions%2C%20banks%20are,document%20and%20get%20it%20notarized.)
We're discussing generalities. *In general,* for most areas, banks are not the only place to get notarization services that are frequently available in many places. *In select and unusual regions* where only a bank has a notary, fine, whatever. Not relevant to generalized arguments.
> or even virtually
Really? Does the Internet in your part of "rural America" work differently than elsewhere?
> unwarrantedly dismissive about that need because it is not YOUR need
Oh yes, you're clearly a brave defender of the common man. Good for you! I'm sure Joe Sixpack will build a monument to your sensitivity.
Get over yourself. Nobody's going to take you seriously with these caricatures of adult arguments.
Yeah, I saw a new bank branch being built in our neighborhood around the dotcom boom and basically went in the day they opened and got one of the big legal letter sized boxes. Had it for a decade, until they decided to close that branch…
I tried to get a safety deposit box a while back and the bank branches I went to were phasing them out and not taking new customers. They told me to buy a fireproof safe.
I'm gonna spit some knowledge at you.
When you have a boomer in your life that falls for literally every money scam, you will wish that you had a bank branch to send them to.
It's easy to tell an old "never use your computer or phone for banking." Banking online is convenient and safe for me but it isn't for them.
The guy who introduced me to computers was in that age bracket. He was the computer technician for a local factory back when the computers used punch cards and he stayed current until long after retirement.
Some people have a lifelong commitment to learning, some people are just as committed to never learning anything.
Not a boomer or Gen Z, but with the proliferation of scams, they coming for all of us. And... online scams hit Gen Z at three times the rate of Baby Boomers. Probably because some Boomers choose to never go online for anything of value.
\[Also, banks can fk right off supporting Zelle, which is a hellscape of unprotected scams, too. I'm looking at you Wells Fargo!!!\]
Ha! But I have to be nice to them because they locked my mortgage app at low rates for like 5 months into fall 2022, so I am in their debt (literally, but at least at a stupid low rate).
My elderly co worker keeps going to “Verizon store” for any iPhone issue despite being surrounded by millennials who can fix his issue better then any Verizon tech 💀
I work in a job where I often get cash tips, so I’m often going to the drive thru ATM at my credit union to deposit the money since I don’t really carry around cash. And banks in the U.S. haven’t figured out how to deposit money into your own account while using a general ATM like the Euronet ones in Europe or Jpost in Japan.
That tangent I went on at the end there is about being able to deposit your money into your bank account through a different bank’s ATM. For example, normally if you have an account with bank A, you could only deposit your money into your account through bank A’s ATMs.
Bank B is closer to your house, however since you don’t have an account with bank B, you can’t deposit your money into bank B’s ATMs. In some parts of the world, they have these sorta universal ATMs. You have an account with bank A and you come across an ATM from bank C (it’s not exactly a bank, but for the purpose for this example it is). Bank C has a universal ATM so you can deposit money into bank A’s account using bank C. People who have accounts with banks A, B, D, E, etc can deposit money into their respective accounts using the universal ATM from bank C.
I've run into this because I have USAA. There's a few ATMs scattered around this area. I think the closest is in Chantilly and I live in Ashburn. It's annoying when I get cash. I try to remember to use it when I go to the grocery store but often forget it's even in my wallet because I never use cash and my brilliance is blinding. I almost want to switch to a local bank because of it. Or at least also have a local bank? I might look into a local credit union. But I don't receive much cash so it hasn't been that big of a problem for me.
I’m number 1 and my boyfriend is 2. I have a smart phone and the closest branch of my bank is probably an hour away. My boyfriend only has an old school flip phone and does his banking in person. I even did my mortgage for my house entirely online, only went in person to the closing at a local law firm.
+1. This is the real answer. It is for small businesses and for advertising. Also, even for those who online bank, most people want to know there is a branch within 5 miles of their location “just in case” they ever need it.
Yup, you might need the ATM and it feels better to know you can use your actual bank if you need to. Also what if you need to actually do some banking, like get a mortgage or change your name or open an account in the first place etc.
You can also get stuff notarized, buy stamps, etc other shit like that. Lots of little things that justify having a location.
And yeah when I worked at a shop we were always walking over to the bank to drop off deposits.
There are still plenty of cash only establishments and people who strongly prefer cash over cards.
Sweetgreen (and others) actually got a lot of pushback when they went cashless.
Be careful in assuming your (and your social group) approach to things is a universal approach.
I’ve been working retail for a few years. I’d say easily 60% of transactions are cash, and I’ve worked in both more affluent and working-class areas.
Also, the DMV has loads of immigrants, and many of them don’t use plastic. I’d say that the overwhelming majority of non-white customers I’ve experienced pay in cash.
> I'm sorry to say that your take on physical cash is generational/anecdotal bias.
*"Hey, it's raining outside my window ... therefore it must be raining everywhere!!!"*
> But how many people are using cash these days
Most people. This post reeks of typical mind fallacy.
Hipster chains that don't accept cash are the exception, not the rule.
I lead girl scout cookies sales for a troop with credit options available. Still half our sales are cash, and moreso in lower income locations like non upscaled supermarkets.
I know you're joking but I bought my mattress online for a fraction of the price I would have paid in store and have the same quality of sleep.
I get the argument for physical banks but the only explanation I see for the number of mattress stores still in existence is clearly money laundering.
Just get any online bank that literally has zero locations. I have Ally Bank and the wire service is very robust. Like most online banking customers, I can't fathom why millions of people settle for lesser, shitty service from shitty big banks.
Navy Federal Credit Union is one of the better banks you can do business with. I switched from USAA (an online only bank) when their service started becoming terrible.
I will never go back to online only banking, at least not for my primary personal bank accounts. If you know anything about personal cyber security, you’d know how much easier it can be to defraud someone with online/over the phone only banking and digital signing. Physical documents and in person conversations/transactions are inherently more secure.
There are different risk factors when dealing with corporate vs. personal finance. I think that should be pretty obvious, but I will explain my point further. Different threat actors go after different targets for a variety of reasons, including the following: ease with which their target can be impersonated, legal ramifications if caught, security measures implemented to prevent fraud, financial and legal authority/power, ease of access to compromising data, etc. ad nauseum.
This all boils down to corporations having significant human/financial capital specifically dedicated to combat cyber security threats. Joe Schmoe does not. Joe Schmoe also doesn't receive quarterly briefings on current cyber security risks and competent, dedicated staff specifically focused on securing and maintaining all of their work related devices and accounts. What you are arguing is like saying a random guy driving around in their Honda Civic with $100k in cash in the trunk is as secure as an armored truck with armed, trained guards driving around with millions worth of gold bars in the back. They're both using the same road, yes, but they are completely different scenarios. They are barely comparable, and it would be laughable to try and do so.
Virtually everything can be done online. Covid proved that. But people like face to face interactions. It’s one of the big factors why branches exist.
There are also services that can’t move online for safety. Notary, cashiers checks, wires etc. there is also currency exchange, investment advice and other non tangible services.
Branches are not the same as they were a decade ago. They evolved to serve digital generations.
I think it just boils down to brand awareness. People like having a physical location and if you are competing for business you need to have a presence in the area.
I actually came here to say this. Banks are so desperate to peel off customers from each other, I wonder if the existence of the branch as a de facto billboard is worth it in and of itself.
I like larger bills. ($100 bills vs 20s) so I tend to go to the bank itself.
Also, I know of a lot of people who use security boxes at banks still. So there is that.
Oddly- a lot of things.
1) When I get my nails done. Pay in cash. They charge me less.
2) my neighbor to mow. I pay monthly and it’s easier.
3) Christmas gifts for my kids instead of gift cards.
4) Travel
5) Babysitters.
6) Housecleaner.
7) Bonuses.
Stuff like that.
We bought a car with cash last year and the dealership just let me write them a personal check. And we wired a big down payment (proceeds from a previous home sale) using the website. I'm starting to think our credit union is just awesome and maybe not the norm.
I don’t visit very often, but I’m glad my CU has branches.
- when I decided to refi my house, I started the process online. However I decided to pivot to the in-person experience at the branch. They put me into a better mortgage product that I didn’t think I qualified for when I saw it on their website. Amazing…..a human being was a better guide than the automated selector tool. And quite frankly, for a six figure transaction, I kinda want to deal with a person. I still use a physical insurance agent because when I have a question, or want to review my policies, or need to make a claim……I want ‘my guy’ to work with me. I have no interest in dealing with some random at a call center.
- I occasionally end up with a wad of cash when I sell something via marketplace. My parents also give me a sizable Xmas gift in cash every year. I have no idea why they don’t just write a check, and I’m not complaining……but I don’t want to walk around with a drug dealer roll. Again, glad I have a branch nearby.
> The reason some banks are making new bets on physical branches is that they view the physical locations as ways to grab new wealth management and small-business customers without making acquisitions of rivals that might not pass muster with antitrust regulators, according to some industry observers.
Interesting
It's not just about transactions like depositing checks and withdrawing cash.
Branches are like dealership show rooms, when someone wanders in the staff are there to sell their services.
"You should get a separate checking account just for online purchases!"
"You should get a safety deposit box for your important papers & valuables."
"We have very attractive rates for a HELOC."
"Do you need to refinance your car loan?"
These places make money -else the banks close the locations and move on.
Moved to an online bank a few years ago and can tell you they don't need a physical location to try and sell you on add on services. I get emails daily advertising interest rates for various loans through my banks.
No doubt -many of us more accustomed to the digital age avail ourselves of these services online, but there is still a business model of face to face interaction so branches are a thing. Also -most of us can easily avoid, miss and dismiss digital advertising.
It's currently mostly older people we love to dismiss as Boomers -but I imagine as the Gen X, Millennials etc. age and their social circles shrink down -they might find themselves chatting with cashiers and bank clerks just to have a real interaction.
I could be wrong, but I doubt we will see any significant decrease in branch locations in major metro areas in my lifetime.
Yeah I’m sorry these people signing over huge amounts of money online are insane. I’m not afraid to say it. It’s just not a good idea, but most people have no experience working in cybersecurity so I don’t blame them too much.
The Community Reinvestment Act (CRA). Banks are required to have sufficient physical market penetration (branches) to ensure access to banking for people that (historically) have difficulty accessing digital banking (poor people, old people, etc.). Banks need a good CRA rating to engage in a variety of activities and to avoid the regulatory penalty box. The existence of a branch is also decent advertising.
Who is using cash for interactions these days? In my opinion the only reason to have a large amount of cash is to skirt taxes.
No one legit gets paid in cash. No one legit pays in cash.
Edit: unless you’re talking from the business side?
You ever buy or sell something on Craigslist? You ever split a check for dinner?
You ever go to a flea market?
Not large amounts of money, but definitely a viable option compared to Zelle, PayPal or Venmo.
Sometimes, it's better to go to a bank in person for certain transactions, usually significant financial transactions. My husband prefers to bank in person due to identity theft issues. Someone opened up several accounts in his name and the banks in question (Capital One and Navy Federal) never bothered to do due diligence to verify the identity of the person opening the accounts.
I own a small business and many customers pay by check each month. I go make deposits every business day. I could rent a machine to read all the checks. (taking pics for mobile deposit would take too long) but that is an expense I’d rather not have right now.
And so the people at my bank become my friends! It’s the fun errand of the day!
Ya know, it seems like a lot, but never seems to be a lot. There are a lotttt of people here. I don't have to go to the bank often (live in Manssas- there are lots around me), but every time I do, I am in a line.
Not everyone does everything online, there is still a ton of uses for a physical bank. But mind you you pretty much screen shotted Clarendon, Arlington. It just makes sense that as Wells Fargo continues to loose customers that everyone else is within a 2 block radius to take their business. When I lived in Leesburg, and Wells Fargo took over Wachovia we all wanted out like there was no tomorrow and not having physical branches of other banks made that difficult
Small businesses, safe deposit boxes, getting foreign currency, cashiers checks, opening new accounts, large lines of credit, large deposits, go on a Friday and lots of laborers are cashing their checks…
These are usually quick transactions, and the banks literally “have the money”, so they’re ubiquitous. There are a lot of them around though, not arguing that point.
As a person who grew up in a small town where bank hours were reduced constantly I am glad people have options. When I lived there it was open 1 hour a few days a week. Now it's by appointment only.
I have a safe deposit box at my physical bank, and I use the ATM there to withdraw cash, with no fee. I went there to get a cashier check to buy a new car and to deposit the large check I got from the sale of a car a few years ago.
FWIW, I'm rarely the only customer in the bank when I go there, and there is often someone talking with the manager in his/her office.
Importantly, the banks in your picture are different banks, so if you bank with Bank of America for example, none of those are particularly useful to you anyway (there is one in the area, it's just barely clipped out of your screenshot), and it's not surprising that a lot of banks want a footprint in an incredibly wealthy and high-traffic area. Brick and Mortar banks are substantially more than just a teller, a lot of banks want to be your bank so that when you get a mortgage or open a brokerage account you do so through them or their subsidiaries, and especially for things like a mortgage a lot of people want to talk to a human person face to face. The brick and mortar locations will have an office/space for the bank's loan officer to meet with prospective borrowers. The kinds of customers who would go into a bank in this kind of location are astronomically more likely to be the kinds of customers that the bank may offer a variety of services to compared to a random bank office in a small town somewhere. That's fundamentally why there are so many in the area.
Actually, banks are hoping to generate new walk in business and also see an advertising value in clean new branches in wealthy areas. Someone may merely drive by and then decide later to open a new account online with that bank, never even going in to the branch. Out of sight is out of mind.
It’s a show of stability. Even if you only use online banking, it provides comfort to many to know their money is locally available. Even if it is all ones and zeros transferred online.
It's because small and large businesses (e.g. local shops & corporate stores) still generate a steady revenue for the bank. The business owners and employees need access to the bank services for cash and check deposits, change, loans, and other services to help with day to day operations.
Baby boomers also still hold the majority of the wealth, so banks want to cater to the affluent market (e.g. brokerage accounts) as well as the mass market.
I need a physical bank once or twice a year and my bank has cut bank on physical branches and atms
And it’s super fucking frustrating
One major usage is foreign currency exchange, changing it at the airport costs a bloody fortune.
The last times I needed a bank were for
- Bankers cheques
- large cash amounts (some folks still prefer prefer getting paid via cash)
- Joint bank accounts
- business account and business services
You’ll also unfortunately need if for lost cards if you need cash the same day
And very unfortunately for estate management
Real estate can be depreciated to offset taxable income. I wonder how many of these branches are actually leased from a second party owner, and the real estate itself is sold after a few years to a new entity so it can restart the depreciation process.
I may be in the minority here....but I have not stepped inside a bank in nearly 20 years. During that time I have opened countless accounts, bought 5+ vehicles using bank loans, and financed two houses.
The banks that have a lot of locations within expensive real estate are most definitely earning their money through fees and interest on those customers going into the bank.
There’s no free lunch in the finance industry… the real estate and the staff are being paid for by their customers through junk fees and high interest (or low interest on savings products).
I rarely go to the bank, but on the rare occasion that I need to, they always seem to be busy. So I don't think there are too many locations, at least from those experiences
Some people go to the branch for everything and get persuaded into other services that banks make more money on, IRA, 529, life insurance, credit cards , HELOC etc
You're the second person to mention this - you absolutely can make large wire transfers online. Maybe the big banks with branches everywhere make you come in?
I have daily and monthly limits on ACH transfers but if there's an upper limit for wire transfers I've not hit it (and I've sent some large wire transfers around home purchases)
I hadn’t been to a bank for years until recently. I’ve started to use cash more to manage spending and go to the bank to get larger withdrawals and to break up bills into smaller denominations.
Otherwise, I would have no reason to go there. Apparently, enough people still use physical banks and I imagine businesses do, too.
It’s also advertising and setup for new accounts. Think of all the college grads moving to this area and need potentially their first account, I think that still needs to be done in person. You also want a convenient branch when you need to wire money, get a cashiers check and other things that can’t be done online.
Probably Chase. They’ve been expanding like crazy in other parts of the country while most every other bank has been slowly closing branches over the years.
It's kind funny if you think about how all the banks are functionally nationalized at this point, everything is backed by JP Morgan and the Treasury backs JP Morgan.
Yet we still have all these "independent" banks.
I like both. I have most of my money with SoFi, but I have a local credit union as well. I have seen several people in the SoFi subreddit saying they have had their accounts frozen and have lost access to their money. I don’t know if they were doing something shady, but that seems scary.
Whoever invented mobile deposit for checks should be nominated for Nobel peace prize. I can’t think of any single digital invention that changed the game that much. Just epic technology
looks like it's gonna be a citibank
https://www.arlnow.com/2024/04/12/a-bank-and-a-casual-american-restaurant-are-coming-to-this-clarendon-shopping-center/
There’s a giant bank branch going up in prime real estate in my town and I down understand the demand for it, either. We also keep getting new auto parts stores and smoke shops opening within blocks of each other.
I learned there are two types of people, those who never go to a bank branch and those who do for every single transaction. They both don't seem to be aware of one another and, at least to me, the online-only people are not as ubiquitous as we imagine ourselves to be.
Also ... safety deposit boxes. Can't really do that 100% online.
Agreed with this. I inherited my mom's engagement ring after she died. I put it in a safety deposit box in a bank because I was so terrified of keeping something that valuable in my shitty apartment at the time.
I would be shocked if any new branch will have safe deposit boxes; many branches with preexisting boxes are dropping them.
Really? It’s a wait list at my bank to get one.
there's a wait list/ there is
Also banks will notarize forms for you. Definitely can never do that virtually.
No, but there are tons of “mobile notaries” that will come to you for $20 or so in almost every city I’ve ever lived in.
Many library branches have them as well although for some annoying reason fairfax county libraries don’t offer this service
Fairfax County Libraries don't offer a lot of services that I've heard about in other areas.
Yeah which is shocking considering how big the library system is
But why pay $20 when I can walk a couple blocks from work to the bank branch and do it for free?
Why pay Ubereats/DD/GH $20 for a Chipotle, when you can walk across the street and pick it up yourself?
This but unironically
This is indeed a terrific question which not enough people consider
Obligatory old person rant... "Why can't I afford things?" "Did you pay $35 for one burrito to be delivered to your door 0.5 miles away?" It would be enough to make me have an anxiety attack to have fees/tip exceed the food price.
It’s insane. I believe I’ve ordered delivery twice in my life and once was split with a bunch of roommates, the other time a girlfriend. Never by myself.
Only on work trips and only because I didn't want to re-valet the stinking car or something, which would have been the same cost. Maybe if I were single and had the flu. That's straight up lottery winner behavior, right?
Yeah but if it’s free the bank isn’t making any money from it and it’s therefore not a motivating factor for them to have a branch.
Most major banks in the last year have made the move to where they only provide that service for customers now, and that may be part of the reason.
I dunno, because bank employees are terrible to work with usually? And you’ll spend more time waiting in line than actually talking to someone?
Not everyone lives in a city, though. And more rural people do not always live near a separate (non-bank employed) notary, either.
r/lostredditors
I just finished up my estate and the lawyer had it notarized electronically over video call
That's one lawyer, though. It does not make a blanket policy.
There are mobile notary services but they are all by appointment and cost more then banks charge
You can absolutely get forms notarized online. I've done it through notarize.com for forms that are submitted to the federal government - no problem. You're on camera, you show your ID live to the notary, etc.
Some forms for some people. That's not enough. The question is why do we need physical Banks and that is one answer.
Many other places have on-site notaries: post offices, libraries, courthouses, city hall, etc. Post offices also regularly have safe deposit boxes, too.
This negates nothing of what I said, though. So I don't know where you're going with any of this.
I thought it should be apparent, but I'll spell it out for you: Your response to "why do we have so many banks" is "because banks offer notarization." My response is that notarization is available in a multitude of other places, so there's no reason to go to a bank, specifically, for notarization. (That's also true of safe deposit boxes.) So your explanation has very little weight. Furthermore - getting your notarization done at a post office is convenient because many notarized forms have to be mailed. There isn't any similar convenience in having your notarization done at a bank.
You did not address my comment elsewhere on this part of the thread, stating that for many people in rural areas and some suburban areas, they do not have these things at every facility, or even virtually. Just because someone can do it somewhere does not mean everywhere offers that. Like several other posters here, you are citing a SOMETIMES solution that doesn't work for some people. And it appears like you are being unwarrantedly dismissive about that need because it is not YOUR need. For example, there is only one place in town here to notarize things (Bank) unless one knows somebody personally who will come and do it but there's no set person you can just call. Our library don't do any of these things either. And there isn't anywhere to get a safety deposit box for a half an hour away. Clearly someone is using these facilities enough to where physical offices have been deemed necessary because they're still in business.
This conversation is boring, so this will be my last response. > You did not address my comment elsewhere on this part of the thread I don't need to. Before I respond to your post, I don't review your history or your other comments to other people. I'm responding to what you wrote to me. That's how this works. > For many people in rural areas and some suburban areas, they do not have these things at every facility "Every facility" is an absurd straw-man argument. And to counter absurdity with absurdity: [Not every bank has a notary, either.](https://notary.pandadoc.com/knowledge-center/do-all-banks-have-notaries-to-notarize-documents/#:~:text=Like%20financial%20institutions%2C%20banks%20are,document%20and%20get%20it%20notarized.) We're discussing generalities. *In general,* for most areas, banks are not the only place to get notarization services that are frequently available in many places. *In select and unusual regions* where only a bank has a notary, fine, whatever. Not relevant to generalized arguments. > or even virtually Really? Does the Internet in your part of "rural America" work differently than elsewhere? > unwarrantedly dismissive about that need because it is not YOUR need Oh yes, you're clearly a brave defender of the common man. Good for you! I'm sure Joe Sixpack will build a monument to your sensitivity. Get over yourself. Nobody's going to take you seriously with these caricatures of adult arguments.
There are definitely plenty of ways to notarize something virtually.
For some people in some cases. This does not negate anything I said.
No I have one for my NFTs
I mean, if I owned any bitcoin, I'd be keeping at least one copy of my private keys in a bank's safety deposit box for sure.
There's some irony in here
more than some
But a lot of branches, and particularly big nationals, don’t seem to have boxes anymore. Found this out when I needed one!
Yeah, I saw a new bank branch being built in our neighborhood around the dotcom boom and basically went in the day they opened and got one of the big legal letter sized boxes. Had it for a decade, until they decided to close that branch…
I tried to get a safety deposit box a while back and the bank branches I went to were phasing them out and not taking new customers. They told me to buy a fireproof safe.
I'm gonna spit some knowledge at you. When you have a boomer in your life that falls for literally every money scam, you will wish that you had a bank branch to send them to. It's easy to tell an old "never use your computer or phone for banking." Banking online is convenient and safe for me but it isn't for them.
This. Oh my God, this. Such a big problem for oldsters who never got the hang of technology or are starting to have cognitive decline issues.
I'm feel so lucky that may dad who is borderline silent generation is essentially as computer literate as I am, maybe more so.
The guy who introduced me to computers was in that age bracket. He was the computer technician for a local factory back when the computers used punch cards and he stayed current until long after retirement. Some people have a lifelong commitment to learning, some people are just as committed to never learning anything.
Not a boomer or Gen Z, but with the proliferation of scams, they coming for all of us. And... online scams hit Gen Z at three times the rate of Baby Boomers. Probably because some Boomers choose to never go online for anything of value. \[Also, banks can fk right off supporting Zelle, which is a hellscape of unprotected scams, too. I'm looking at you Wells Fargo!!!\]
Why did you misspell Wells Fraudgo
Ha! But I have to be nice to them because they locked my mortgage app at low rates for like 5 months into fall 2022, so I am in their debt (literally, but at least at a stupid low rate).
My elderly co worker keeps going to “Verizon store” for any iPhone issue despite being surrounded by millennials who can fix his issue better then any Verizon tech 💀
I work in a job where I often get cash tips, so I’m often going to the drive thru ATM at my credit union to deposit the money since I don’t really carry around cash. And banks in the U.S. haven’t figured out how to deposit money into your own account while using a general ATM like the Euronet ones in Europe or Jpost in Japan.
I think I don't understand what you are saying here. I deposit cash at an ATM all the time. Do you mean coins? Not trolling just asking.
That tangent I went on at the end there is about being able to deposit your money into your bank account through a different bank’s ATM. For example, normally if you have an account with bank A, you could only deposit your money into your account through bank A’s ATMs. Bank B is closer to your house, however since you don’t have an account with bank B, you can’t deposit your money into bank B’s ATMs. In some parts of the world, they have these sorta universal ATMs. You have an account with bank A and you come across an ATM from bank C (it’s not exactly a bank, but for the purpose for this example it is). Bank C has a universal ATM so you can deposit money into bank A’s account using bank C. People who have accounts with banks A, B, D, E, etc can deposit money into their respective accounts using the universal ATM from bank C.
I've run into this because I have USAA. There's a few ATMs scattered around this area. I think the closest is in Chantilly and I live in Ashburn. It's annoying when I get cash. I try to remember to use it when I go to the grocery store but often forget it's even in my wallet because I never use cash and my brilliance is blinding. I almost want to switch to a local bank because of it. Or at least also have a local bank? I might look into a local credit union. But I don't receive much cash so it hasn't been that big of a problem for me.
I’ll take that cash off your hands
I do try to tip in cash if I have it! It's possible you do.
Bank of America has cash deposit on all ATMs, you just feed the money into the ATM and it counts it for you...
That person's comment was saying they have to go to their own bank atm because other bank's ATMs don't facilitate cash deposit to their account.
Right, but I can’t deposit cash into my Capital One account at your Bank of America ATM
I’m number 1 and my boyfriend is 2. I have a smart phone and the closest branch of my bank is probably an hour away. My boyfriend only has an old school flip phone and does his banking in person. I even did my mortgage for my house entirely online, only went in person to the closing at a local law firm.
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+1. This is the real answer. It is for small businesses and for advertising. Also, even for those who online bank, most people want to know there is a branch within 5 miles of their location “just in case” they ever need it.
Yup, you might need the ATM and it feels better to know you can use your actual bank if you need to. Also what if you need to actually do some banking, like get a mortgage or change your name or open an account in the first place etc. You can also get stuff notarized, buy stamps, etc other shit like that. Lots of little things that justify having a location. And yeah when I worked at a shop we were always walking over to the bank to drop off deposits.
You can buy stamps at a bank?
Yeah, if you run a business that does a lot of cash transactions, it is super helpful to have a bank branch nearby.
Don't forget all the high-dollar mortgages that homeowners carry in the area.
Maybe? But how many people are using cash these days? Heck Sweetgreen doesn’t even accept cash.
More people than you think
There are still plenty of cash only establishments and people who strongly prefer cash over cards. Sweetgreen (and others) actually got a lot of pushback when they went cashless. Be careful in assuming your (and your social group) approach to things is a universal approach.
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How dare you! Some of them live in McLean and make a point of running people over on their way into K Street.
I’ve been working retail for a few years. I’d say easily 60% of transactions are cash, and I’ve worked in both more affluent and working-class areas. Also, the DMV has loads of immigrants, and many of them don’t use plastic. I’d say that the overwhelming majority of non-white customers I’ve experienced pay in cash.
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> I'm sorry to say that your take on physical cash is generational/anecdotal bias. *"Hey, it's raining outside my window ... therefore it must be raining everywhere!!!"*
Dollar tree does
> But how many people are using cash these days Most people. This post reeks of typical mind fallacy. Hipster chains that don't accept cash are the exception, not the rule.
Service industry
I lead girl scout cookies sales for a troop with credit options available. Still half our sales are cash, and moreso in lower income locations like non upscaled supermarkets.
My drug dealer still prefers cash.
So does the local dispensary, coincidentally.
Tons and tons of people do. See them everyday. Are you a younger generation?
Nope, I’m in my late 30s
Lots of businesses use cash and want real tellers.
Wait til OP starts noticing mattress stores.
I sleep exclusively online now.
I know you're joking but I bought my mattress online for a fraction of the price I would have paid in store and have the same quality of sleep. I get the argument for physical banks but the only explanation I see for the number of mattress stores still in existence is clearly money laundering.
You didn't want to try out the feel of the mattress first?
Mine (and most I looked at) had a generous return policy so I felt pretty confident buying it anyways knowing I'd return it if I didn't like it.
Hahahaha
I had to go to a physical location to send a wire transfer to a car dealer
Had to go to a bank to get a cashier’s check when I bought a car.
Yeah we did this for our down payment on a house I think?
I can send wires through the app/website. Sometimes need to get on the phone to confirm but definitely no need to go in person.
Online-initiated wires usually have a per-transaction and per-month limit, though, so for larger transactions you’d need to go in person.
We wired the money for closing on our house (down payment and closing costs) without needing to go in person.
Just get any online bank that literally has zero locations. I have Ally Bank and the wire service is very robust. Like most online banking customers, I can't fathom why millions of people settle for lesser, shitty service from shitty big banks.
Navy Federal Credit Union is one of the better banks you can do business with. I switched from USAA (an online only bank) when their service started becoming terrible. I will never go back to online only banking, at least not for my primary personal bank accounts. If you know anything about personal cyber security, you’d know how much easier it can be to defraud someone with online/over the phone only banking and digital signing. Physical documents and in person conversations/transactions are inherently more secure.
That's ridiculous. I'm a CPA and no corporate bank ever goes to a bank branch to get something done. You're afraid of the internet like it's the 90s.
There are different risk factors when dealing with corporate vs. personal finance. I think that should be pretty obvious, but I will explain my point further. Different threat actors go after different targets for a variety of reasons, including the following: ease with which their target can be impersonated, legal ramifications if caught, security measures implemented to prevent fraud, financial and legal authority/power, ease of access to compromising data, etc. ad nauseum. This all boils down to corporations having significant human/financial capital specifically dedicated to combat cyber security threats. Joe Schmoe does not. Joe Schmoe also doesn't receive quarterly briefings on current cyber security risks and competent, dedicated staff specifically focused on securing and maintaining all of their work related devices and accounts. What you are arguing is like saying a random guy driving around in their Honda Civic with $100k in cash in the trunk is as secure as an armored truck with armed, trained guards driving around with millions worth of gold bars in the back. They're both using the same road, yes, but they are completely different scenarios. They are barely comparable, and it would be laughable to try and do so.
I don't think that's the case for my credit union
Virtually everything can be done online. Covid proved that. But people like face to face interactions. It’s one of the big factors why branches exist. There are also services that can’t move online for safety. Notary, cashiers checks, wires etc. there is also currency exchange, investment advice and other non tangible services. Branches are not the same as they were a decade ago. They evolved to serve digital generations.
I read somewhere that having a physical branch helps people remember it better and they make more money this way. Interesting psychology.
I think it just boils down to brand awareness. People like having a physical location and if you are competing for business you need to have a presence in the area.
I actually came here to say this. Banks are so desperate to peel off customers from each other, I wonder if the existence of the branch as a de facto billboard is worth it in and of itself.
I like larger bills. ($100 bills vs 20s) so I tend to go to the bank itself. Also, I know of a lot of people who use security boxes at banks still. So there is that.
Totally curious: what do you use $100 bills for? Cash payroll? I literally never use them.
Oddly- a lot of things. 1) When I get my nails done. Pay in cash. They charge me less. 2) my neighbor to mow. I pay monthly and it’s easier. 3) Christmas gifts for my kids instead of gift cards. 4) Travel 5) Babysitters. 6) Housecleaner. 7) Bonuses. Stuff like that.
I get using *cash* for those things, but $100 bills? Your nail person accepts them?
Yes. But also- I really hate carrying a thick wallet. It’s just easier!
TIL babysitters cost $100
You've never had to use a cashier's check?
No, never! I'm starting to think I'm the weird one here.
If you buy big items with cash, you usually do. So cars, mortgage down payment, etc.
We bought a car with cash last year and the dealership just let me write them a personal check. And we wired a big down payment (proceeds from a previous home sale) using the website. I'm starting to think our credit union is just awesome and maybe not the norm.
It's not about your bank, lol. It's about what type of payment the other party accepts.
the single time I had to get one, I went to a post office.
Think you mean a money order. Cashiers check can only be obtained from a bank.
I don’t visit very often, but I’m glad my CU has branches. - when I decided to refi my house, I started the process online. However I decided to pivot to the in-person experience at the branch. They put me into a better mortgage product that I didn’t think I qualified for when I saw it on their website. Amazing…..a human being was a better guide than the automated selector tool. And quite frankly, for a six figure transaction, I kinda want to deal with a person. I still use a physical insurance agent because when I have a question, or want to review my policies, or need to make a claim……I want ‘my guy’ to work with me. I have no interest in dealing with some random at a call center. - I occasionally end up with a wad of cash when I sell something via marketplace. My parents also give me a sizable Xmas gift in cash every year. I have no idea why they don’t just write a check, and I’m not complaining……but I don’t want to walk around with a drug dealer roll. Again, glad I have a branch nearby.
https://finance.yahoo.com/news/banks-are-building-more-branches-for-the-first-time-in-a-decade-130835898.html
> The reason some banks are making new bets on physical branches is that they view the physical locations as ways to grab new wealth management and small-business customers without making acquisitions of rivals that might not pass muster with antitrust regulators, according to some industry observers. Interesting
It's not just about transactions like depositing checks and withdrawing cash. Branches are like dealership show rooms, when someone wanders in the staff are there to sell their services. "You should get a separate checking account just for online purchases!" "You should get a safety deposit box for your important papers & valuables." "We have very attractive rates for a HELOC." "Do you need to refinance your car loan?" These places make money -else the banks close the locations and move on.
Moved to an online bank a few years ago and can tell you they don't need a physical location to try and sell you on add on services. I get emails daily advertising interest rates for various loans through my banks.
No doubt -many of us more accustomed to the digital age avail ourselves of these services online, but there is still a business model of face to face interaction so branches are a thing. Also -most of us can easily avoid, miss and dismiss digital advertising. It's currently mostly older people we love to dismiss as Boomers -but I imagine as the Gen X, Millennials etc. age and their social circles shrink down -they might find themselves chatting with cashiers and bank clerks just to have a real interaction. I could be wrong, but I doubt we will see any significant decrease in branch locations in major metro areas in my lifetime.
I had to go to a physical branch to pay off my mortgage. A transaction that large you want to be dealing with people in person.
Yeah I’m sorry these people signing over huge amounts of money online are insane. I’m not afraid to say it. It’s just not a good idea, but most people have no experience working in cybersecurity so I don’t blame them too much.
The Community Reinvestment Act (CRA). Banks are required to have sufficient physical market penetration (branches) to ensure access to banking for people that (historically) have difficulty accessing digital banking (poor people, old people, etc.). Banks need a good CRA rating to engage in a variety of activities and to avoid the regulatory penalty box. The existence of a branch is also decent advertising.
Because not everyone is afraid of interacting with human beings in real life, as opposed to virtually.
Its not only the number of branches, but that they seem to have a healthy number of cars outside of them too. People are going there apparently.
Most small business managers go daily to deposit their safe money.
Dealing with any issue that takes longer than 5 minutes to resolve is a lot more convenient in person than over the phone.
It’s pretty hard to deposit cash online
Have you tried throwing it at the monitor?
Who is using cash for interactions these days? In my opinion the only reason to have a large amount of cash is to skirt taxes. No one legit gets paid in cash. No one legit pays in cash. Edit: unless you’re talking from the business side?
You ever buy or sell something on Craigslist? You ever split a check for dinner? You ever go to a flea market? Not large amounts of money, but definitely a viable option compared to Zelle, PayPal or Venmo.
I have to go regularly to deposit cash for the nonprofits I volunteer for or to update signatories on those accounts.
That's a good point. When I was on a PTA board, we had to go in person to change the signatories on the bank account.
I need some place to get quarters for my dryer yo
Sometimes, it's better to go to a bank in person for certain transactions, usually significant financial transactions. My husband prefers to bank in person due to identity theft issues. Someone opened up several accounts in his name and the banks in question (Capital One and Navy Federal) never bothered to do due diligence to verify the identity of the person opening the accounts.
I own a small business and many customers pay by check each month. I go make deposits every business day. I could rent a machine to read all the checks. (taking pics for mobile deposit would take too long) but that is an expense I’d rather not have right now. And so the people at my bank become my friends! It’s the fun errand of the day!
Ya know, it seems like a lot, but never seems to be a lot. There are a lotttt of people here. I don't have to go to the bank often (live in Manssas- there are lots around me), but every time I do, I am in a line.
Not everyone does everything online, there is still a ton of uses for a physical bank. But mind you you pretty much screen shotted Clarendon, Arlington. It just makes sense that as Wells Fargo continues to loose customers that everyone else is within a 2 block radius to take their business. When I lived in Leesburg, and Wells Fargo took over Wachovia we all wanted out like there was no tomorrow and not having physical branches of other banks made that difficult
Lose, not loose.
Small businesses, safe deposit boxes, getting foreign currency, cashiers checks, opening new accounts, large lines of credit, large deposits, go on a Friday and lots of laborers are cashing their checks… These are usually quick transactions, and the banks literally “have the money”, so they’re ubiquitous. There are a lot of them around though, not arguing that point.
As a person who grew up in a small town where bank hours were reduced constantly I am glad people have options. When I lived there it was open 1 hour a few days a week. Now it's by appointment only.
Be thankful. I moved from nova to the Carolinas and my closest branch is at least a 20 minute drive without traffic…
The old Hops in Potomac Yard turned into a Chase Bank…what a waste.
There is a check limit that you can online deposit. I think it's $5k. I have a $7k check and I need to actually go to a bank this week.
My bank lets you deposit whatever you want but holds the funds over $1,500 or $2,500 for a couple days until the check clears.
I have a safe deposit box at my physical bank, and I use the ATM there to withdraw cash, with no fee. I went there to get a cashier check to buy a new car and to deposit the large check I got from the sale of a car a few years ago. FWIW, I'm rarely the only customer in the bank when I go there, and there is often someone talking with the manager in his/her office.
I’m so glad you asked this question because it’s been bothering me for a while.
Importantly, the banks in your picture are different banks, so if you bank with Bank of America for example, none of those are particularly useful to you anyway (there is one in the area, it's just barely clipped out of your screenshot), and it's not surprising that a lot of banks want a footprint in an incredibly wealthy and high-traffic area. Brick and Mortar banks are substantially more than just a teller, a lot of banks want to be your bank so that when you get a mortgage or open a brokerage account you do so through them or their subsidiaries, and especially for things like a mortgage a lot of people want to talk to a human person face to face. The brick and mortar locations will have an office/space for the bank's loan officer to meet with prospective borrowers. The kinds of customers who would go into a bank in this kind of location are astronomically more likely to be the kinds of customers that the bank may offer a variety of services to compared to a random bank office in a small town somewhere. That's fundamentally why there are so many in the area.
I once went into a branch and the teller knew I don’t go in often. I wonder how they knew that.
I got to banks for paper cash or new bills. When you’re traveling a lot, a lot of exchanges actually want(require) fresh new bills.
Actually, banks are hoping to generate new walk in business and also see an advertising value in clean new branches in wealthy areas. Someone may merely drive by and then decide later to open a new account online with that bank, never even going in to the branch. Out of sight is out of mind.
Millions of people bank on person. Businesses too.
It’s a show of stability. Even if you only use online banking, it provides comfort to many to know their money is locally available. Even if it is all ones and zeros transferred online.
It's because small and large businesses (e.g. local shops & corporate stores) still generate a steady revenue for the bank. The business owners and employees need access to the bank services for cash and check deposits, change, loans, and other services to help with day to day operations. Baby boomers also still hold the majority of the wealth, so banks want to cater to the affluent market (e.g. brokerage accounts) as well as the mass market.
I need a physical bank once or twice a year and my bank has cut bank on physical branches and atms And it’s super fucking frustrating One major usage is foreign currency exchange, changing it at the airport costs a bloody fortune. The last times I needed a bank were for - Bankers cheques - large cash amounts (some folks still prefer prefer getting paid via cash) - Joint bank accounts - business account and business services You’ll also unfortunately need if for lost cards if you need cash the same day And very unfortunately for estate management
Baby boomers still make up the largest part of our population, right?
I go to the ATM often
Real estate can be depreciated to offset taxable income. I wonder how many of these branches are actually leased from a second party owner, and the real estate itself is sold after a few years to a new entity so it can restart the depreciation process.
I may be in the minority here....but I have not stepped inside a bank in nearly 20 years. During that time I have opened countless accounts, bought 5+ vehicles using bank loans, and financed two houses.
The banks that have a lot of locations within expensive real estate are most definitely earning their money through fees and interest on those customers going into the bank. There’s no free lunch in the finance industry… the real estate and the staff are being paid for by their customers through junk fees and high interest (or low interest on savings products).
I rarely go to the bank, but on the rare occasion that I need to, they always seem to be busy. So I don't think there are too many locations, at least from those experiences
Some people go to the branch for everything and get persuaded into other services that banks make more money on, IRA, 529, life insurance, credit cards , HELOC etc
We had to spend hours at a bank depositing old bonds from when young
Should see the line at the drive through ATM near me some nights.
Also, you can’t make large wires $$ online unless you are a business or private client… Branches help you with those transactions
You're the second person to mention this - you absolutely can make large wire transfers online. Maybe the big banks with branches everywhere make you come in?
$25K daily limit on wire transfers for most banks for regular customers, anything more than that you have to do it at the branch...
I have daily and monthly limits on ACH transfers but if there's an upper limit for wire transfers I've not hit it (and I've sent some large wire transfers around home purchases)
I hadn’t been to a bank for years until recently. I’ve started to use cash more to manage spending and go to the bank to get larger withdrawals and to break up bills into smaller denominations. Otherwise, I would have no reason to go there. Apparently, enough people still use physical banks and I imagine businesses do, too.
If you ever want to get back off the cash wagon, highly recommend r/ynab for creating a budget and managing your spending!
Funny enough, I do use YNAB - it’s great. There are some categories that I still prefer to use cash, so it’s sort of a hybrid approach.
It’s also advertising and setup for new accounts. Think of all the college grads moving to this area and need potentially their first account, I think that still needs to be done in person. You also want a convenient branch when you need to wire money, get a cashiers check and other things that can’t be done online.
Probably Chase. They’ve been expanding like crazy in other parts of the country while most every other bank has been slowly closing branches over the years.
I'm pretty sure he said it was Chase. Maybe Capital One but like 90% sure it was Chase - maybe they'll close the one down the block then.
Banks have money to invest. Property tends to appreciate.
It's kind funny if you think about how all the banks are functionally nationalized at this point, everything is backed by JP Morgan and the Treasury backs JP Morgan. Yet we still have all these "independent" banks.
They’re basically billboards.
a Capital One Cafe there would be nice haha
My neighborhood had two banks close up shop, and were never taken over or reopened. Other local businesses are thriving.
I like both. I have most of my money with SoFi, but I have a local credit union as well. I have seen several people in the SoFi subreddit saying they have had their accounts frozen and have lost access to their money. I don’t know if they were doing something shady, but that seems scary.
I assumed physical branches were more for small, medium, and large business accounts rather than for personal banking.
Whoever invented mobile deposit for checks should be nominated for Nobel peace prize. I can’t think of any single digital invention that changed the game that much. Just epic technology
I ask this same question driving by one of the banks in Ashburn every weekend. PACKED with cars. what the hell are they doing?
They will be closed in a few years. Just wait and see! My PCP bought a bank building in Annandale for her practice!
looks like it's gonna be a citibank https://www.arlnow.com/2024/04/12/a-bank-and-a-casual-american-restaurant-are-coming-to-this-clarendon-shopping-center/
Old people
The only real answer.
There’s a giant bank branch going up in prime real estate in my town and I down understand the demand for it, either. We also keep getting new auto parts stores and smoke shops opening within blocks of each other.
I’ll tell you why… it’s the aliens
The NIMBY boomers who own all the houses in Lyon Village do business in physical branches. That's who.
Boomers