It wasn’t that long ago when where you banked reflected your social and financial position. The bank’s name or crest on your check conferred a certain status. White collar workers banked with institutions with the word private or trust in their name; those banks had grand pillars outside and vast marble lobbies inside. Blue collar workers gravitated to credit unions or small local banks in more modest digs.
Now banking is less about status and edifice and more about convenience and value.
Regional banks, credit unions and virtual banks have all caught up with the service offerings of big banks, according to a recent Consumer Reports article. So if big banks don’t have a technological edge, and we’re using online and mobile services more and more, what’s the point of a huge number of branch locations, or a snooty brand that harkens back to the 19th century?
I’m curious: How many of you are still with your old banks for the old reasons? How many of you have changed and why? Let me know.