Are They Remodeling/Building Banks In Your Area?

[Recyclersteve]

Recently I noticed that a BofA branch in our area is doing a substantial remodeling of the branch. Also, a Chase Bank branch in a strip mall closed the existing location and opened a new standalone branch in the parking lot of the same strip mall. I thought that perhaps both branches would have bulletproof glass and armed guards, but that wasn't the case.

Wells Fargo in our area didn't do a remodel and there is no Citibank location within 5-10 miles or so and I don't want to go out of my way to visit them.

For privacy reasons, I'd rather not say what city I live in.

This construction/renovation activity seems a bit odd as some would think banks are in a long-term decline. When I say that, I think of many bank locations where they used to have 5-10 tellers open at the same time. Now they often times have two, and maybe three on a Friday. Also, many millennials do so much online and use services like Venmo, so they really don't have much need for banks. Also, many of us who've been around the block a time or two aren't trusting of banks and don't want to keep too much money there. So why all the activity? Has anyone else noticed activity like this?

[68Camaro]

Haven't, but doesn't mean it isn't happening.

Capital One, which bought and is buying up smaller banks to create a new retail banking network, is focusing on opening coffee shops - yep. They are building coffee shops thst have banking included.

With de-emphasis on cash you don't need armed guards or bullet proof glass, and fewer tellers.

What are they doing? Just a guess but I would say it includes: 1) Maintaining real estate equity. 2) Providing an outlet for loan inquiries. 3) keeping their name out their while trying to stay connected to the area they are in - but at a minimum cost (no safe deposit boxes, no giant vaults).

[fasteddy]

Building banks on nearly every corner here, CU's also...with one or two tellers...Heck the closest B of A closed down its drive through lanes. That is odd. Looks like they are doing a lot of loans. Poor people will never know what its like to have money.

I keep about 300$ in my pocket....after Hurricane Harvey many shops/stores could only take cash due to the servers/computers being down. Learned that lesson during Rita.

[JadeDragon]

HSBC is renovating and shedding 2500 sq ft of office space. They reduced the number of wickets and moved staff into cubicles behind the counter. A few years ago they relocated from a two story building to the current space. I assume this is just HSBC downsizing again as a cost cutting measure.

Most banks and credit unions around me are in hold or expand mode. One of the credit unions opened a branch a couple years ago in a new shopping center in an area with many new homes. The Fraser Valley continues to grow and the banks are keeping pace, but not building that many branches. Credit Unions are a big part of the business in BC.

[coppernickel]

The main bank in our town just got a remodel. They have also got a lot of new tellers who have little understanding of cash.

[Recyclersteve]

The main bank in our town just got a remodel. They have also got a lot of new tellers who have little understanding of cash.

I am always amazed when I run into a teller who doesn't even know what a half dollar is- and it does happen from time to time!

[agmoose]

A couple of the banks here have done so, and when they were done, they actually reduced the number of teller windows by 2 at each location. (Wells Fargo & B of A).

[everything]

And building new branches, and moving towards teller less kiosk based, just like grocery stores are getting rid of humans in check out lines.
They've done tons of loans, even though the interest rate is low many new loans and the money is I"m sure coming in fast as they make most of it on the front end of loans. I know my branch gets $170 from me a month on a 70,000 dollar loan that I'm running 15 years at 2.625, yeah it's a good loan, but it cost me $500 a month. Lately I'm putting more into savings, things are getting a little to expensive for my taste and I want to have some change in case au/ag ever takes anymore of these fancy dips.

I think we have over a trillion out in car/truck loans right now.