Is there another stimulus check on the way?

[sweeps]

Not just stores, but banks. They're starting to close now, but it was not unusual to see a bank or two (or three!) at every major street corner.

[momof1in150]

I was at a REALTOR's breakfast this morning and there was a tax accountant there talking about taxes and she told us that if you didn't qualify for the 2008 stimulus due to income limits and your 2008 income is within the limits you get the credit on your taxes when you file for 2008. Just a thought for those who might not have received it in 2008 based on 2007 income.

[disneysteve]

Not just stores, but banks. They're starting to close now, but it was not unusual to see a bank or two (or three!) at every major street corner.

Same here. When more and more financial business is conducted electronically and folks are doing more online banking, it seems such a waste to keep building branches. What do they need them for? I've spoken to folks who work in banking and they don't understand it either. One woman told me that her bank may do no more than a couple dozen transactions in a day. Surely, they can't be making enough on those 20 or 30 transactions to support all of the overhead from having the branch there.

[minnie1928]

Same here. When more and more financial business is conducted electronically and folks are doing more online banking, it seems such a waste to keep building branches. What do they need them for? I've spoken to folks who work in banking and they don't understand it either. One woman told me that her bank may do no more than a couple dozen transactions in a day. Surely, they can't be making enough on those 20 or 30 transactions to support all of the overhead from having the branch there.

Banks are sales offices that do some banking transactions on the side. Tellers are trained to sell products, managers are trained to manage the salesmen (tellers). The hope is that by placing a brick & mortar branch in a new location that they will gain new customers/new accounts. They don't make money on transactions, transactions cost money. They want you to walk into the branch not to make a teller transaction but instead to sell you a new product, that's where the money lies.

I was in banking 20 years, in the accounting department. I've seen the numbers...hell, I produced a good many of the reports!

[disneysteve]

Interesting post, minnie1928. It just doesn't seem like there is enough business to go around to support all of the new branches that keep popping up. When Commerce Bank moved into the area, they sprung up every mile or so. In no time at all, we went from none to a dozen or more in my area. Is there really that much business to be had. At the same time, 6 other banks were also building new branches in the same georgraphic area. They must be making a ton of money to be able to afford to build and staff all of these branches. It can't be cheap.

[GREENBACK]

Banks are sales offices that do some banking transactions on the side. Tellers are trained to sell products, managers are trained to manage the salesmen (tellers). The hope is that by placing a brick & mortar branch in a new location that they will gain new customers/new accounts. They don't make money on transactions, transactions cost money. They want you to walk into the branch not to make a teller transaction but instead to sell you a new product, that's where the money lies.

I was in banking 20 years, in the accounting department. I've seen the numbers...hell, I produced a good many of the reports!

That's interesting minnie. I've noticed a lot of advertising posted for various types of loans and other products at my bank but have never had a teller try to verbally sell me anything like the typical salesmen might.
I believe what you're saying but never thought of things that way.

[disneysteve]

I've noticed a lot of advertising posted for various types of loans and other products at my bank but have never had a teller try to verbally sell me anything like the typical salesmen might.

Same here. My local branch has various posters but I just ignore them. To be more accurate, I don't ignore them. I disregard them because any that I've ever seen were for inferior offers. Last time I was in the branch, they were advertising their "high yield CD" which was paying a whopping 2.5%. Wow.

I've never had a teller or a customer service rep try to sell me anything.

[minnie1928]

Interesting post, minnie1928. It just doesn't seem like there is enough business to go around to support all of the new branches that keep popping up. When Commerce Bank moved into the area, they sprung up every mile or so. In no time at all, we went from none to a dozen or more in my area. Is there really that much business to be had. At the same time, 6 other banks were also building new branches in the same georgraphic area. They must be making a ton of money to be able to afford to build and staff all of these branches. It can't be cheap.

Commerce was a bank waiting to be bought. The expense of those branches and the convenience cost was HUGE. Not to mention all the shady business the CEO was doing...

[mom-from-missouri]

yes, it was not a big deal at all to me either, and it won't do much will it? lol

I know of at least 4 families that found it to be a very big deal and it did a lot for them.
One was a family in our homeschool group. The mom had cancer and copays were adding up.
The other 3 were families who had been laid off work and it paid the rent, car payment and bought some food.