There used to be a bank on every corner.
But over the last decade, thousands of bank branches have closed across the United States. The big names are still there, Chase, Bank of America, Wells Fargo, but they’re operating with fewer physical locations than they were 10 years ago, and the pace of closures hasn’t slowed.
This is a business decision. And understanding why banks are making it tells you something useful about where to keep your money.
The math stopped working for branches
Running a physical bank branch is expensive. Rent, utilities, staffing, security, equipment. A single location can cost a bank millions a year to operate. When those branches were processing most of a bank’s transactions, that cost made sense.…For more, Read Full Original Post; Read Complete Original.
Comments are closed.