For those people who still run to their bank on a daily or weekly basis, there’s bad news on the horizon. A recent news story stated that the number of bank branches in the country will shrink this year. The culprit? Online banking.
I could count on one hand the number of times I actually used a bank teller last year. Once in a while I’ll whip over to the bank to get some parking change for the week, although I usually get some extra money when I’m getting groceries and get that money in loonies and toonies. I really don’t need the bank for that.
The one time in the year that I actually need to see a teller is when I need foreign currency for our winter vacation. As a matter of fact, I’ll be doing that next week. Other than that, that’ll do it for bank trips this year.
My wife and I do all of our banking online. Everything is done at the computer, from paying credit card bills to paying our power and energy bills to paying our property taxes. It’s all done at the tips of our fingers. I remember when I used to pay most of my bills on the phone. I thought that was the cats meow.
I can’t imagine spending an afternoon running around the city paying bills. It’s hard to believe that’s how it was done not that long ago.
Between 2014 and 2015, Canada’s banks closed 45 locations and dozens more are expected this year alone. If you’ve never done online banking, you’d better get up to speed.