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Bank Branch Building Binge
Topic Started: Sep 8 2006, 08:16 AM (233 Views)
Qaanaaq-Liaaq
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Senior Carp
Has anyone else here noticed the recent proliferation of bank branches? Like weeds on a lawn, they seem to be popping up everywhere. In the downtown area of Chicago, there are five Fifth Third bank branches all within a couple of blocks of each other. I can’t imagine why Fifth Third would need so many that are so closely spaced together. And it’s not just the nationwide banks such as Chase, Charter One, and Fifth Third rapidly replicating themselves because local banks are doing it as well. There’s one residential intersection near where I live that now has four different banks on it, one on each corner. It’s oversaturation if you ask me.

So what’s precipitating this building boom of bank branches? It can’t be that the population has increased significantly. It can’t be that people are saving more of their earnings. The last I heard was that the average savings rate was at all time low, around 5% or so. It can’t be internet banking because I would think that less, not more banks are necessary.
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ivorythumper
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I am so adjective that I verb nouns!
Interesting. Major banks such as BofA are trying to get their customers online and away from bricks and mortar. However, there is a thriving and incredibly profitable business in setting up small community banks and then selling out to the majors for big bucks.
The dogma lives loudly within me.
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ny1911
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Senior Carp
"The last I heard was that the average savings rate was at all time low, around 5% or so."

Where have you been the past 5 years? In the US, savings account interest rates have been in the 0.5-2% range. 5% is a windfall.
So live your life and live it well.
There's not much left of me to tell.
I just got back up each time I fell.
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ivorythumper
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I am so adjective that I verb nouns!
ny1911
Sep 8 2006, 10:18 AM
"The last I heard was that the average savings rate was at all time low, around 5% or so."

Where have you been the past 5 years? In the US, savings account interest rates have been in the 0.5-2% range. 5% is a windfall.

I think QL is speaking of the savings rate per household, not the interest rates. We stash our cash in ING Direct which is now at 4.4%
The dogma lives loudly within me.
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ny1911
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ivorythumper
Sep 8 2006, 09:21 AM
ny1911
Sep 8 2006, 10:18 AM
"The last I heard was that the average savings rate was at all time low, around 5% or so."

Where have you been the past 5 years? In the US, savings account interest rates have been in the 0.5-2% range. 5% is a windfall.

I think QL is speaking of the savings rate per household, not the interest rates. We stash our cash in ING Direct which is now at 4.4%

:doh:

If that's what was meant...didn't we actually have a negative savings rate recently?
So live your life and live it well.
There's not much left of me to tell.
I just got back up each time I fell.
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kenny
HOLY CARP!!!
Here in Southern California many large suprmarkets have small bank branches in them.

I Don't get it.
I never go to my bank.
I have direct deposit and a checking acct.
Why stand in line?

BTW, I hear WalMart wants to get into banking.
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ny1911
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Senior Carp
I think banks must make a ton of money on the float that occurs when you do electronic bill pay. I go the bank only to make deposits (DW is a private music teacher...stacks of $25 checks every week)
So live your life and live it well.
There's not much left of me to tell.
I just got back up each time I fell.
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Jane D'Oh
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Fulla-Carp
ivorythumper
Sep 8 2006, 01:21 PM
ny1911
Sep 8 2006, 10:18 AM
"The last I heard was that the average savings rate was at all time low, around 5% or so."

Where have you been the past 5 years? In the US, savings account interest rates have been in the 0.5-2% range. 5% is a windfall.

I think QL is speaking of the savings rate per household, not the interest rates. We stash our cash in ING Direct which is now at 4.4%

Are you pleased with ING overall?
Pfft.
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Jolly
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Geaux Tigers!
Qaanaaq-Liaaq
Sep 8 2006, 10:16 AM
Has anyone else here noticed the recent proliferation of bank branches? Like weeds on a lawn, they seem to be popping up everywhere. In the downtown area of Chicago, there are five Fifth Third bank branches all within a couple of blocks of each other. I can’t imagine why Fifth Third would need so many that are so closely spaced. And it’s not just the nationwide banks such as Chase, Charter One, and Fifth Third rapidly replicating themselves because local banks are doing it as well. There’s one residential intersection near where I live that now has four different banks on it, one on each corner. It’s oversaturation if you ask me.

So what’s precipitating this building boom of bank branches? It can’t be that the population has increased significantly. It can’t be that people are saving more of their earnings. The last I heard was that the average savings rate was at all time low, around 5% or so. It can’t be internet banking because I would think that less, not more banks are necessary.

I've noticed.

They're building 'em like mad down here.
The main obstacle to a stable and just world order is the United States.- George Soros
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BeeLady
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Middle Aged Carp
Here too. Some have even replaced fast food locations.

In some older downtown locations, there is not real reason to stroll and shop as many of the storefronts are now banks! :confused:

Mrs. D, I use ING as well and love it. Convenient, fast and I don't have to leave the house. The local bank insisted I come to the bank in person to arrange for a CD redemption. ING just has me just click.

We now put the kids little savings accounts there as well. They get the 4+% as well. The local place gave kids .5% :veryangry:
"My wheel shall sing responsive to my tread,
And I will spin so fine, so strong a thread
Fate shall not cut it, nor Time's forces break"
"Distaff and Spindle: Sonnets by Mary Ashley Townsend" 1895
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ivorythumper
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I am so adjective that I verb nouns!
Jane D'Oh
Sep 8 2006, 11:08 AM
ivorythumper
Sep 8 2006, 01:21 PM
ny1911
Sep 8 2006, 10:18 AM
"The last I heard was that the average savings rate was at all time low, around 5% or so."

Where have you been the past 5 years? In the US, savings account interest rates have been in the 0.5-2% range. 5% is a windfall.

I think QL is speaking of the savings rate per household, not the interest rates. We stash our cash in ING Direct which is now at 4.4%

Are you pleased with ING overall?

Very -- we tie it into our other accounts (BofA, Wells Fargo) and shift money when we need to. It's not much, but its nicer than getting the .25% that some banks give.
The dogma lives loudly within me.
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Jane D'Oh
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Fulla-Carp
Thanks!
Pfft.
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