[HN Gopher] The Branch Banking Model ___________________________________________________________________ The Branch Banking Model Author : smitop Score : 35 points Date : 2022-09-01 16:51 UTC (1 days ago) (HTM) web link (bam.kalzumeus.com) (TXT) w3m dump (bam.kalzumeus.com) | Cupertino95014 wrote: | No one goes to a physical bank anymore, right? | | Wrong. If you happen to get to a branch at 8:55 am to use the ATM | (assuming they open at 9:00), you'll see a line of people waiting | to get in. Are they all just old people who don't know any | better? A quick inspection will show that they're not. | | One reason I've gone to one was to get a bunch of $100 bills to | pay for my puppy at a breeder. For some reason, breeders tend to | insist on cash. I suppose there are less legal reasons to want | $100's, but I wouldn't know about those :) | | Continuing with "choice of denomination": if you operated a | retail business, or you were having a garage sale and you wanted | a whole lot of variously sized bills to make change, you might go | to the bank. | | Turning in coins? Lots of stores have coin machines, but they | take a commission out if you want cash and not store credit. | neilv wrote: | Modern US $100 notes have more anti-counterfeiting features | than the other ones. | | Wanting cash can be to lower costs and risks and admin | headaches, especially if it's just a small side business. Cash | can also be for tax avoidance. | Aspos wrote: | Perfectly valid arguments for installing a modern, 4-cassete | Diebold atm with a cash recycler and, optionally, a coin | hopper. Such a device costs about $40K and is much cheaper to | operate than a branch. | jjtheblunt wrote: | Are breeders illegal around cupertino? I thought everyone was | adopting rescue dogs and putting breeders out of business, | adopt don't shop and all. | | i know LOTS of pet families and the impression is based on | them...but a few do have breeder bred dogs. | Cupertino95014 wrote: | They're not illegal anywhere, AFAIK, and you can just go to a | dog park, see all the pedigreed dogs, and talk to the owners | to know that breeders are doing just fine. | | There might be licensing rules, and a lot of the owners | you'll talk to got their dogs from somewhere in the sticks, | maybe for that reason. | ghaff wrote: | I like to have a few $100s for traveling internationally-- | although in general it's hard to predict if they'll be accepted | in the US. At some point, the US got incredibly conservative | about changing currency denominations. It's also been my | experience that the average bank branch doesn't keep a bunch of | hundreds laying around--though I imagine a downtown branch is | probably better. | Cupertino95014 wrote: | You just reminded me that I was in London, I think, and for | some reason I was really glad I had an emergency $100 in my | wallet. Debit card didn't work, or something. It's been a | while now. | | > the average bank branch doesn't keep a bunch of hundreds | laying around | | Is that what you've found? I think asking for 10 or 20 would | usually work. If you wanted $200,000 worth, you might get | asked a few questions :) | rufus_foreman wrote: | The ATM I use lets you set the mix of denominations it returns. | Which is good since it recently started giving out all $100s by | default. | rr888 wrote: | Yeah I value a few branches around. I'd hate to rely my finances | on some startup with an app that could stop working any time. A | branch gives some idea of permanence. Maybe its an illusion but I | just dont trust virtual only banks. | metadat wrote: | Definitely an illusion, banks are about making a buck, or lots | of bucks, full-stop. | | Bankers are the greediest of the greedy of humanity. Don't | trust them to look out for your best interests any further than | you can throw 'em. | | Some individual ones might be nice enough people, but the | system at large encourages and rewards certain very self- | interested behaviors. | hn_throwaway_99 wrote: | I totally understand not wanting to use a "fintech", which is | usually not a chartered bank. | | But Chase, BoA, etc. etc. all have very good mobile apps. I | still don't see why you would hardly ever have to go to a | branch if you used one of these apps. | | The right answer, as pointed out clearly in the article, is | generational. Older generations normally have much more wealth | than younger generations, and that's on top of the fact that | millennials have a lot less wealth at this stage of their life | than baby boomers did. | | So the vast majority of wealth held by retail banks is for | people who got most of their wealth, and certainly most of | their banking experience, before online banking existed. I have | a strong sense that once that generation passes that bank | branches _will_ go the way of the dodo, or else completely | transform into something else (e.g. like what some banks are | trying to do with "coffee shop" branches). | dragontamer wrote: | The most surprising thing for me was... well... this tweet | discussed. | | https://twitter.com/patio11/status/1181062074316681216 | | There's more bank tellers today than ever before, despite the | proliferation of ATMs. Strange. | lantry wrote: | I'm curious if this also applies to credit unions. I understand | they are structured and regulated slightly differently but it | seems like they're subject to a lot of the same pressures. | | I use credit unions pretty much exclusively and have never done | much business with a bank, but it seems like they are mostly the | same from an end-user perspective. Is the anecdote about "being | ambushed [by a salesperson] upon walking in" a common occurrence? | This has luckily never happened for me at any credit union. | kactus wrote: | I'm curious about this too, as I've only used credit unions and | branchless banks. Credit union branches are plastered with loan | and mortgage advertising, and the people who handle the loans | are salespeople, but I've never been "ambushed" upon walking | in. | revskill wrote: | If not for the purpose of getting the salary, no need to open a | bank account for me. | ghaff wrote: | A lot of people who own houses, pay service people of various | kinds, etc. still write checks pretty regularly. There's more | acceptance of credit cards and things like Venmo--which I | believe have a premium to put on a credit card--but I still | write checks for a lot of things in the US. ___________________________________________________________________ (page generated 2022-09-02 23:00 UTC)