Growing up, I remember bank branches on just about every major corner in our town. They were welcoming (and brimming with lollipops.) As a result, I enjoyed accompanying my grandfather there on payday. A lot has changed since then. Nowadays, you can do most of your banking from your Smartphone and over the internet (no lollipops). With the shift to electronic banking, many large banks have begun shuttering branches across the country. It stands to reason. Banks are businesses, and when there’s a way to save money… well, profits drive decisions. Institutions are citing the high cost of regulation and the low-interest environment as factors in the closures; however, we’re a long way off from a ‘Branch Free’ America. Although larger institutions are re-strategizing their footprint, local banks rely on community exposure. To learn more about branch closures, please visit ‘Say goodbye to more bank branches.’ Also, let us know your thoughts on closures and electronic banking in our comment section.
Until next time, I’m Thomas Fox for Cambridge Credit Counseling Corp.