Do you still go to the local bank branch? Here’s what you told us, Charlotte.
Charlotte’s biggest branches are shrinking their branch networks — but it might not have much of an impact on customers, according to a recent, informal Observer survey.
Bank of America is closing a few Charlotte-area locations, part of a pre-pandemic strategy to optimize its branch and ATM network.
Truist is shuttering 10 local SunTrust and BB&T branches early next year, consolidating its branch network as it moves to complete its merger. Wells Fargo is also closing hundreds of bank branches across the country in an effort to cut costs, though those closures have yet to heavily impact Charlotte.
But in an age when you can deposit checks, make transfers or even chat with a virtual banking assistant from your smartphone, how often do customers really need to visit their local bank branch?
That’s the question the Observer asked readers in a survey last week.
They told us they’re stopping by their local branch less frequently these days: When asked how often they go to the bank, 34% of 161 respondents said “Not very often.” 30% said they only visit about once a month.
And another 17% said they never visit. In fact, only about 20% said they’re at their local branch every week.
It’s easier to take care of transactions at an ATM or through a mobile app, one respondent told us. Even withdrawing cash doesn’t require a visit to the bank when you can get cash back at the grocery store.
Still, transactions are still the primary reason survey respondents visit a branch: 65% said they go to the bank to complete a withdrawal, deposit or similar transaction. Another 10% said they go to discuss their finances or seek financial advice, and 25% said they go for other reasons.
Similarly, most respondents said they wouldn’t be affected by upcoming closures of Bank of America and Truist branches: Only 29% said they would be affected.
“Even if I were a customer of (Bank of America) or Truist, the impact would be negligible,” one respondent commented “It’s so much easier to do business with the banks outside the branch system.”
Building their branches
But bank branch devotees need not despair.
Even as Charlotte’s biggest banks close some branches, new players are expanding their retail presence in the city. JP Morgan Chase recently opened a new branch on Beatties Ford Road — its 13th in Charlotte in just a couple of years.
The new branch is designed so that customers “feel comfortable coming to us,” CEO of Chase Consumer Banking Jennifer Roberts said. There’s fewer teller booths and more places to sit and chat: conference rooms, restaurant-style booths and a couch and television setup that she called “the living room.”
JP Morgan’s branches still get thousands of visitors a day, Roberts said.
This story was originally published November 16, 2021 at 6:30 AM.
