Bank Branch Visits Way Down
Online banking has revolutionized the way people do business with their banks, and one result is that fewer and fewer folks are actually stopping in to branches to do things like deposit checks, make withdrawals, and transfer money.
A new survey showed that almost four out of 10 people haven’t set foot in their bank or credit union in six months or more. In March 2014, the same survey showed that 34% of respondents hadn’t darkened their financial institution’s door—now it’s up to 39%.
The remaining holdouts who do like to visit their actual bank branch seem to go pretty frequently. Out of 45% who reported visiting their bank or credit union in the last month, 26% had been there in the last week.
Age difference doesn’t make a difference
While you might think that younger folks—Millennials, Generation Y, or whatever you like to call them—would be the ones least likely to go to their brick-and-mortar bank, the survey doesn’t bear that out. The financial institution frequenters were about the same across age groups. Forty-one percent of Millennials had visited a branch in the last month while 48% of people ages 50 through 64 had dropped in for an actual visit.
There wasn’t a significant different between genders, either. Men and women were equally likely to be seen in a bank branch. Perhaps surprisingly, the difference was seen between income brackets. Higher income folks were more likely to have visited a bank branch, and as income levels declined, so did the likelihood of the respondent having visited a branch of their financial institution.
The reason behind the visit
An analyst with the survey said that people tended to go to the bank to consult with bank staff, not to make everyday transactions. That makes sense, since most transactions can be done these days without visiting a teller window.
People can make deposits using an app on their phone, get cash from an ATM, and transfer funds online or via smartphone. There is very little that can’t be done remotely, in terms of common bank transactions.
Prepaid cards are a wild card
Another factor may be that many people are using prepaid cards instead of having a traditional checking account. These cards often do not have the fees associated with bank accounts, and they allow folks to get paychecks direct deposited, transfer money, and make purchases. As their popularity increases, bank branch visits may continue to plummet.
Latest Other Card News
2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]
Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]
This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]
A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.
The results of the 2019 Debit Issuer Study, commissioned by PULSE®, a debit/ATM network, and conducted by Oliver Wyman, a global management consulting firm, show that consumer debit use has skyrocketed in the last year and will keep soaring. In 2018, the number of debit transactions increased by 6.7% reaching more than 68 billion. According […]