Bank branches will decrease in number and size7 of 8With the rise in online banking and direct deposits, banks are working to meet the decreasing demand for branches."These days, very rarely does any employer pay people in checks. So there's less of a reason to go to your local bank branch," Hunt says.In addition to fewer branches, some banks are putting their footprint in retail locations.Hunt points to the agreement that the bank USAA made with UPS stores in San Antonio, allowing customers to do their banking at UPS locations. The same way you would buy stamps from a cashier at a grocery store, customers can make deposits and withdrawals through UPS reps in lieu of bank tellers. Related Articles:Avoid bank feesCommunity vs. big banksBanking by smartphone OK?Checking account tipsRelated Links:Free checking? Not likelyFees, fees and more feesMobile banking for you?Debit card rewards survey advertisement
With the rise in online banking and direct deposits, banks are working to meet the decreasing demand for branches.
"These days, very rarely does any employer pay people in checks. So there's less of a reason to go to your local bank branch," Hunt says.
In addition to fewer branches, some banks are putting their footprint in retail locations.
Hunt points to the agreement that the bank USAA made with UPS stores in San Antonio, allowing customers to do their banking at UPS locations. The same way you would buy stamps from a cashier at a grocery store, customers can make deposits and withdrawals through UPS reps in lieu of bank tellers.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.