Do We Have Too Many Banks?
I think that the last time I met a bank manager was when I moved my account to Nationwide about ten years ago. And that was more on her account, as she wanted to try and sell me insurances and other things I didn’t need. I now do all of my banking on-line and the only time I go into a branch is to draw money out of a cashpoint. I often go in and have a sit down, so that I can put the twenty pound notes I don’t like somewhere secure in my bag. Years ago, before cashpoints, going to a bank was a much more common occurence, as you had to pay in cheques and get money out.
So do we actually need bank branches these days?
Apart from my sit downs after getting money out, I don’t! It wouldn’t matter to me, if Nationwide scrapped most of their branches, so long as they kept some major ones. In fact, I probably only use no more than four cashpoints locally. Two are the Nationwide branches at Upper Street and Moorgate, and I use a Sainsburys and a Tesco in the Essex Road. None of course charge me anything. Incidentally, why would anybody use a machine that did charge?
The ICB has now reported that the major banks should be reduced in size and that investment banking should be separated from retail. The Telegraph reckons it’s a good British compromise. Share prices in the banks have risen.
But I can’t help feeling that traditional retail banking is dead anyway, as who really wants it? Not me! So long as I have a good on-line money transfer system and access to free cash points, I’ll be happy! I hopefully won’t need another mortgage and I’ll always use Zopa and other professional companies for my savings and insurance.
The Anonymous Widower 
There are occasional reasons to go into the bank, we had to go in to bank to open POA accounts and Executor Accounts, which couldnt be done online, probably due to the amount of legal paperwork involved.
But my town has now got 3 branches of Santander, which is who we are with now A&L got taken over. We would like to move to Co-operative because it is ethical, but really cant be bothered with the hassle of changing banks!
Comment by liz | April 11, 2011 |
I am sure that we do have too many retail bank branches, but on the few occasions I use one, I am surprised how many people are in there queuing. What are they doing? My mother insists on using her bank branch, but she is 91 and unlikley to change at here age. She still write a lot of cheques. I used to use several cheque books a month, but now don’t even carry one.
There now some retail-only banks without branches, and I am sure that in future most banks will have only a few branches dealing mainly with non-retail activities.
My father was a bank manager of the old-fashioned variety. If you had ten pounds he would lend you five. He told a story of a wealthy old lady tunring up at the branch and demanding to withdraw all her money. She was shown into a small office and could not be disuaded. The branch did not have enough cash and so called other local banks to collect sufficient together. When all the cash was delivered to the office the old lady was asked if she would like the bank to call her a taxi so that she did not have to walk through the streets with so much money in her possesion. “No” she said, “I don’t want to take the money away. I just wanted to mmake sure you still had it all. I want to pay it back in now”.
Comment by John | April 11, 2011 |
I wrote a cheque last month for the first time in about a year. Normally, if someone comes, like the glazier did last week, I set it all up and pay him on-line whilst he’s here. Then if the payment gets lost, I know it’s the bank’s fault.
I do like that story though!
Comment by AnonW | April 11, 2011 |
We seem to write a lot of them related to the estates we are executors for. But apart from that we dont, I cant remember when we last wrote a personal cheque. Even if our adult daughters ask for money instead of a gift at Christmas or birthdays, we transfer it into their account electronically!
Comment by liz | April 11, 2011 |