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Rural America Turning to Grocers, High-Fee ATMs as Banks Leave

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Rural America Turning to Grocers, High-Fee ATMs as Banks Leave

 

 

 

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The Federal Reserve’s November report notes that roughly 800 rural counties lost 1,533 bank branches in the five years ended 2017, or 14% of their total. Urban counties lost a more modest 9% of their branches as people migrate to online banking, because of industry consolidation and other reasons.

 

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The Bank of America branch near my home has been closed for several years. Employees' wages and salaries may have been allocated for credit line growth, so good customers have gained significant credit increases, whether from mediocre or special profiles. everybody has benefited from BofA generous credit policy. (Hehe, only my speculation.)  :)

 

All in all, these useless branches have been dormant since the birth of the iPhone, so banks shut down due to misery and saved billions of dollars in operating budget costs. To tell you the truth, I have not entered any bank for many years and it is not necessary.

 

I can only speculate that massage parlors and brothels will never be abandoned or eliminated. Instead, it is everywhere. Don't believe that there are more than 250 massage shops registered on a small peninsula in San Francisco. Of course, these are a whorehouse that crawls out of the woodwork.  :D

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At least anecdotally it seems like credit unions are adding branch offices to fill this void, often even moving into abandoned bank branches. NFCU recently moved into a bank branch abandoned by Wells Fargo in my community. I do most of my banking online through my credit union accounts, but I still enjoy going into my primary credit union's branch offices whenever I can, once a month or so.  They have nice coffee and fresh cookies.

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Losing an extra 5% of branches means you have no options? Sounds like you still have 86% of branches open. 

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Down here in Texas, Randolph Brooks FCU has been rapidly expanding along the I 35 corridor. There are several other credit unions in the area and they are building new branches as well. Our local Capital One Bank is shutting down their branch, even though they are in a busy, affluent area. I would really like to understand the demographics and numbers behind these two types of institutions taking divergent paths. I like having a local credit union with a real branch because you never know when you'll need it.

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In recent years, with the closure of many BofA branches, more and more ATMs have surfaced,  which is not to say that Bank of America is a Darwinist, as is Chase, why not? Hiring a mechanic to do the job is cheap and convenient. Like the guy in the photo, I saw him working on this ATM before, and the backpack was his toolbox.

 

HrNEpv4.jpg

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On 12/22/2019 at 4:48 PM, MP80 said:

In recent years, with the closure of many BofA branches, more and more ATMs have surfaced,  which is not to say that Bank of America is a Darwinist, as is Chase, why not? Hiring a mechanic to do the job is cheap and convenient. Like the guy in the photo, I saw him working on this ATM before, and the backpack was his toolbox.

 

HrNEpv4.jpg

I read that these stand alone ATM's are a target for credit card skimming.

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On 2/13/2020 at 12:59 PM, creditmaze said:

I read that these stand alone ATM's are a target for credit card skimming.


Skimming may be the least of your worries.

 

There is a trend developing in rural and sometimes even not-so-rural locations to kidnap ATMs or to use power equipment to just smash them.  
 

But even that is nothing.  Sooner or later the latest South American trend of simply blowing ATMs up will catch on here.  There was a time in Peru, for example, that ATMs in major cities got blown up every day.  It got to the point that if you were walking down a city street and discovered a bank in your path, you crossed the street long before reaching it.  
 

I'm not sure why, but people who happened to be in front of the ATM when it exploded usually got maimed or killed, but across the street was pretty safe.  I've seen these things explode and people running around grabbing floating money out of the air and money off the ground.  Were I still there, I'd be carrying a plastic shopping bag in my pocket all the time just in case.  
 

If that trend ever hits the US, we are doomed.  

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2 hours ago, creditmaze said:

I looked up Allendale, SC and of course they have plenty of payday loan places, Jeesh.:-(

I travel a lot in SC. The whole state has more Payday loan, title loan, and pawn shops, than cockroaches.

 

From time to time on this board, I've suggested that lowering ones self to being a farm implement would be a better choice when it comes to getting out of debt, or simply getting the rent / mortgage caught up. Most times, I'm simply joking. But in matters of payday loans, title loans, and most personal loans, I'm serious about the alternative to those.

 

Anyways back to the subject at hand. Even most Podunk banks have mobile banking apps that eliminate the daily need for a branch for most people. 

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