Are Bank Branches Going the Way of the Dinosaurs?

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.

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About Cambridge Credit Counseling Corp.

Cambridge Credit Counseling Corp. offers its financial education to consumers throughout the United States. Our experienced staff is dedicated to helping people understand and manage their debts by providing personalized attention and a free, comprehensive review of each consumer’s financial situation. It is our objective that, as consumers become more educated about debt and the impact it can have on their lives, they can apply this knowledge to successfully manage their finances in the future.

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