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Wait, banks OPEN branches in Manhattan?! Isn't internet banking a thing in NYC? Like, what would you even DO in a bank these days. They don't even carry money a

by Feniks 9y ago

Wait, banks OPEN branches in Manhattan?! Isn't internet banking a thing in NYC? Like, what would you even DO in a bank these days. They don't even carry money anymore.

rbcgerard 9y ago
When banks are convenient - people (and small businesses that take cash) go to them...
jdavis703 9y ago
I still don't know where to get rolls of quarters from. But that's literally the only reason I go to the bank.
- colejohnson66 9y ago
  You could try a grocery store’s customer service desk/center. They may have rolls of coins that they’d use for change.
  - SeanBoocock 9y ago
    Yeah this has been the answer for me. Although my online only credit union has partnerships with local credit unions that have physical branches I can visit, it is much more convenient for me to visit a grocery store. I get charged a nominal fee - ~20 cents per roll - but in the end the convenience wins out.
purple-again 9y ago
It’s also a prestige thing. Our NYC office is a blackhole of money our other locations subsidize. Then again the partners hold game changing meetings in those offices so maybe that wouldn’t be true if i had access to the whole picture.
chrisseaton 9y ago
I had to go in to a physical branch to show ID to open an account, to get a mortgage, and for a yearly service review with the manager. These days a branch is also just a large secure space for machines to get money out and put it in.
- consz 9y ago
  What is a "yearly service review"? I've had a bank account for years without ever having to talk to anyone inside or from the bank.
  - chrisseaton 9y ago
    Asking if we’re happy with the service, suggesting how we could structure our accounts differently. I think it’s usual in the UK.
walshemj 9y ago
I seem to remember there is some US weirdness with banks that makes having a lot of branches a reasonable stratergy
vonmoltke 9y ago
> They don't even carry money anymore. I have yet to go to a branch that does not "carry money". In fact, I occasionally use human tellers when I want specific denominations of bills for some reason. > Like, what would you even DO in a bank these days. * Loan origination paperwork * Cashier's checks * Notarization (I get it free for being a customer) * Needing more than $400 cash * Depositing coins These are not things I need to do often, but each has come up at least once in the past couple years. I have also noticed that in Manhattan it is common for banks to have ATM lobbies in place of full branches. I hit one of those at least once ever couple weeks.
- greenyoda 9y ago
  And that's just consumer banking. There's also commercial banking. Most businesses still take in lots of cash, and need to send an employee to their bank to deposit it on a daily basis, since having lots of cash in the store encourages robberies. (If you're a large store, you'll use an armored truck service to move cash, but a pizza shop probably doesn't.) This requires teller services, since depositing thousands of dollars in cash via an ATM would be cumbersome. Thus, neighborhoods with lots of retail businesses also need enough bank branches to support these businesses.

by Feniks 9y ago

Wait, banks OPEN branches in Manhattan?! Isn't internet banking a thing in NYC? Like, what would you even DO in a bank these days. They don't even carry money anymore.

rbcgerard 9y ago

When banks are convenient - people (and small businesses that take cash) go to them...

jdavis703 9y ago

I still don't know where to get rolls of quarters from. But that's literally the only reason I go to the bank.

colejohnson66 9y ago
You could try a grocery store’s customer service desk/center. They may have rolls of coins that they’d use for change.
- SeanBoocock 9y ago
  Yeah this has been the answer for me. Although my online only credit union has partnerships with local credit unions that have physical branches I can visit, it is much more convenient for me to visit a grocery store. I get charged a nominal fee - ~20 cents per roll - but in the end the convenience wins out.

purple-again 9y ago

It’s also a prestige thing. Our NYC office is a blackhole of money our other locations subsidize. Then again the partners hold game changing meetings in those offices so maybe that wouldn’t be true if i had access to the whole picture.

chrisseaton 9y ago

I had to go in to a physical branch to show ID to open an account, to get a mortgage, and for a yearly service review with the manager. These days a branch is also just a large secure space for machines to get money out and put it in.

consz 9y ago
What is a "yearly service review"? I've had a bank account for years without ever having to talk to anyone inside or from the bank.
- chrisseaton 9y ago
  Asking if we’re happy with the service, suggesting how we could structure our accounts differently. I think it’s usual in the UK.

walshemj 9y ago

I seem to remember there is some US weirdness with banks that makes having a lot of branches a reasonable stratergy

vonmoltke 9y ago

> They don't even carry money anymore. I have yet to go to a branch that does not "carry money". In fact, I occasionally use human tellers when I want specific denominations of bills for some reason. > Like, what would you even DO in a bank these days. * Loan origination paperwork * Cashier's checks * Notarization (I get it free for being a customer) * Needing more than $400 cash * Depositing coins These are not things I need to do often, but each has come up at least once in the past couple years. I have also noticed that in Manhattan it is common for banks to have ATM lobbies in place of full branches. I hit one of those at least once ever couple weeks.

greenyoda 9y ago
And that's just consumer banking. There's also commercial banking. Most businesses still take in lots of cash, and need to send an employee to their bank to deposit it on a daily basis, since having lots of cash in the store encourages robberies. (If you're a large store, you'll use an armored truck service to move cash, but a pizza shop probably doesn't.) This requires teller services, since depositing thousands of dollars in cash via an ATM would be cumbersome. Thus, neighborhoods with lots of retail businesses also need enough bank branches to support these businesses.