GOBankingRates

5 Banking Services That Will Be Obsolete in 10 Years

banking

To the average person, there is nothing especially interesting about a bank. Like the post office or DMV, banks are often considered important institutions we rely on, but not exactly our favorite places to visit. Despite its mundane veneer, however, the banking industry is quietly undergoing a radical transformation, and how you interact with your bank or credit union will be dramatically impacted.

John Cooke of BankFive in Fall River, Mass., told GOBankingRates that in the next 10 years, “most delivery channels will be moving into the digital realm, especially paper-based account services such as paper checks, paper statements, passbook accounts, etc.”

Additionally, as more transactions are completed via debit, mobile and person-to-person (P2P) payment apps, Cooke said these technologies will replace many services commonly performed in-branch.

“These trends won’t just be adopted for urbanites,” he added. “As branches consolidate in the U.S., more rural areas may be located further from local branches. Their reliance on such technology will be crucial for everyday banking.”

So what does this mean for the future of banking? The emergence of cost-effective, convenient digital services combined with shrinking branch numbers will contribute to the extinction of several common banking services over the next several years.

Related: 4 Banking Trends to Expect in the Next Decade

5 Banking Services About to Disappear

1. In-Branch Services

Banks and branches have always gone hand-in-hand, but the traditional, brick-and-mortar bank branch is beginning to die off.

Ken LaRoe, CEO of First Green Bank, explained, “With the ability of bank customers to deposit checks with the click of a button on their smartphone, transfer money between accounts and monitor all of their account activity online less and less, fewer customers are actually stepping foot in traditional bank branches every year.”

bank branches

According to the The Wall Street Journal, the number of U.S. bank branches has steadily declined since 2009, with banks cutting a net 1,487 branch locations in 2013 alone.

“While online banking still seems foreign to the older demographic today, in 10 years this will not be the case. The younger demographic already appreciates the convenience of online banking, and the transition of not physically being able to go to a bank building will not be a problem. As it is today, our smartphones allow us to virtually walk around with a bank in our pocket,” LaRoe concluded.

2. Check Writing and Cashing

A February 2014 poll conducted by GOBankingRates found that 38 percent of respondents never write a check, while just over 16 percent reported they only write a personal check once a month (see the full poll results here>>).

Greg Meyer, community relations manager for Meriwest Credit Union, explained, “With the proliferation of online banking and chipped debit cards, there will be a further reduction of printed checks being used to pay for items.”

Meyer projected that online banking bill pay, mobile wallets such as Amex Isis and Google Wallet, as well as P2P systems will eventually replace checks, noting that less than 7 percent of banking transactions today involve a paper personal check. “Many credit unions are already offering a type of P2P payment system for their members,” Meyer noted.

3. Paper of Any Kind

Paper is not only less convenient than digital options, it’s wasteful and costly for both financial institutions and customers. From deposit slips to paper statements, to any type of “snail mail” correspondence, banks and credit unions are looking for ways to cut any and every paper-based service in favor of online and mobile options.

In fact, Meyer predicted even paper loan applications will likely be gone in 10 years as well. “All borrowing will be applied for online,” he said. “When getting a home loan, for instance, the realtor or mortgage rep will play the role of the project manager, ensuring that property appraisals, inspections, applications and documentation gets to the right online place at the right time in order to facilitate the closing of the deal.”

The move from paper to online communication, transactions and applications helps eliminate the costs associated with printing and postage, as well as streamlines day-to-day banking operations. Soon enough, bank customers won’t see a single sheet.

4. Traditional Bank Tellers

Today’s tellers facilitate in-branch services like deposits, withdrawals and other basic needs of customers. They’re by no means financial experts, existing to help customers with basic banking activities. However, as the number of physical bank branches declines and simple transactions move online, the role of the teller in financial institutions will shift.

bank tellers

“Overall, tellers will see their job description drastically change, as the number of customers actually stepping foot in the bank continues to decline,” LaRoe said. “Over the course of the next 10 years, the role of the teller will dramatically change and ultimately morph into an all-encompassing hub of information and knowledge for bank customers.”

Related: 5 Secrets Your Bank Doesn’t Want You to Know

5. Face-to-Face Asset Management

Most banks and credit unions offer asset management services in addition to basic accounts and loans. Traditionally, asset management clients meet with a financial planner to discuss their financial situations in depth and plan a road map for the future. This in-person service is likely to disappear along with most other face-to-face communications.

Simon Moore, CFA and chief investment officer for FutureAdvisor, said “One change we see coming for banking is the rise of digital asset management. Whereas previously you may have spoken to a private banker to manage your portfolio, you can now have it done and implemented online.”

Although this shift might be unsettling to many bank customers, the benefits are clear. “This saves you both time and money … with costs being a third to a quarter of traditional asset management,” Moore said. He added that the service asset management clients receive is often actually better, “as the portfolio can be constantly monitored by algorithms for opportunities for things like tax-loss harvesting.”

Additionally, Moore pointed out that banks will be able to take on clients with smaller portfolios thanks to the greater savings and efficiency of moving online, opening up the opportunity to receive affordable financial planning from a professional.

As Mary Shelley famously wrote, “Nothing is so painful to the human mind as a great and sudden change.” Indeed, these coming shifts in how we interact with financial institutions will likely be met with resistance by many. But those who accept change in the banking industry and adopt new technologies will be the first to reap their benefits.

Photo: Randy Von Liski

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  • Ted G.

    Will physical bank buildings really disappear? That sounds so impersonal…I like walking into a branch.

    • Angelo_Frank

      Perhaps the biggest and oldest ones will be museums.

      • 18235

        one bank in my hick town is now a restaurant….another became a bar, with the bar having the big outside stone columns you’d expect to see for an old bank.

        • Mitchell

          LOL! The restaurant undoubtedly dishes up lots of concoctions with the likes of kale and quinoa, and the bar, of course, serves artisanal cocktails.

      • RaterZed

        A few years ago, I walked into an antique store here in Indianapolis and found out it had been a bank years ago. The vault was still in there and was dispalying the old stuff. I haven’t been backj since the recession started so don’t know if it is still selling antiques or something else now.

    • http://andrewsullivan.thedailybeast.com/2012/01/the-chinese-century-is-a-myth.html AmericanMillennium

      Well since ownership of precious metals has sky rocketed those small town banks with vaults with 1 ton doors and safety deposit boxes might come in useful.

      • http://thewatchmansbiblestudy.blogspot.com/ SGT Chas

        UNTIL the Feds use the powers they recently claimed in letters to Bank Branches all over the nation to inspect and cease the contents of savings deposit boxes.

        • PammieSue

          Did you mean “seize”? Cease the contents . . . . that’s funny right there!

          • http://thewatchmansbiblestudy.blogspot.com/ SGT Chas

            Being dyslexic and angry are not conducive to proper spelling… Thanks for the correction.

    • Ed Budman

      There will always be a competitive bank that sticks with brick and mortar buildings. In the future, they will be the bank that gets my business.

      • tlan91

        Thank you. I hope alot of people feel this way. I’d like to have a job in the future instead of being replaced by a computer.

    • Karen Belter

      for complicated business, there should always be some advisors on site.

      • Peter Field

        Even for “basic problems such as “bank errors” it is best to talk face to face!

    • John Hillman

      The smaller locations inside other buildings and businesses are the future. Almost every grocery store near me has a bank “branch” in it. The grocery store I to to has a staff of 5 or 6 most of the time.

      • David Christie

        One of our state’s largest banks has announced that they are closing the majority of the their grocery store locations due to the trend of everyone going digital. Supposed to start closing and moving employees to other spots after the first of the year.

    • Alouisis1

      Banks tried this several years ago attempting to rely on in store banking and ATMs. The result was a loss of business to security brokerages, credit unions, and other alternatives – leading to the reintroduction of stand alone branches.

    • rodolf

      No, but they will stop being used as bank branches and be re-purposed for some other use.

    • tlan91

      Thank you! I appreciate you. I work for a small community and our tellers greet our customers by name.

  • Another commenter

    Online banking services are the hardest on lower income people. The confusing array of rules regarding deposits, withdrawals, automatic bill paying and such make it more difficult for the poor or the naive to keep track of the money they have and causes them to incur increasing fees that further push them back into poverty. The luckiest people to embrace online banking features are those who are not forced to wait for a check to clear before they can pay bills. The alternate banking services for the poor consist mainly of storefront paycheck loan businesses that prey on the naive and undereducated. Meanwhile the more you do yourself as a customer, the less the bank does and the higher their fees.

    • http://andrewsullivan.thedailybeast.com/2012/01/the-chinese-century-is-a-myth.html AmericanMillennium

      Walmart cashes checks under 1K for .50 cents to a couple bucks. They have the load your own VISA cards you can recharge for 4$ a pop. They are in every state and city greater than 15K.

      I bank with the largest bank in the world and with their online banking app it takes 2-3 days for bonus checks to clear.

      Don’t think people with money don’t have the same issues.

      I go use Walmart money center because it’s cheap and convenient.

      Walmart money order .70 cents!

      So I use the big banking services but I also utilize Walmart. It’s always good to have back up plans with your cash.

      • Another commenter

        So out of your $1000 besides paying bills, you have to pay something like .5 to a couple of bucks. Then you load a Visa card for four bucks? That $4.50 is a lot of money to be giving away when you only make $1000.

        • 18235

          I’m poor—and I have a reloadable American express card from walmart, that doesn’t charge for re-loads, or a monthly fee…I’m still wondering how American express does it.

          • http://andrewsullivan.thedailybeast.com/2012/01/the-chinese-century-is-a-myth.html AmericanMillennium

            Really? I’ll check that out thank you.

          • 18235

            you’re welcome.
            days ago, I reloaded a whole 10 dollars onto my American express/walmart card—-with no fees to do so.

          • bilgeez

            fees they charge to credit customers and Forex trading

          • 18235

            so, the well-off pay for the poor’s “free lunch”?

        • Peter

          I have a net spend card, META BANK – reloadable, they charge me $1 whenever i pay something with card and charge me $2.50 whenever I use ATM (not counting the ATM fee, since officially META BANK does not have any ATM (they rent them to gasoline stations, liquer stores etc) So if I just get want to get my salary for every $300 (which is maximum I can withdraw) so I pay $ 5.50 + what comes to about $50/month. I cannot use regular bank or savings union because Wells Fargo and BofA ripped me off whith fees I did not want to pay… Now they are telling us that this is progress. Do not make me laugh !

          • Dennis

            Sounds like you made some poor decisions and have either bad credit or a record with Chexx service that the banks uses. It’s pretty easy to clear those up, FYI. I had issues with it when I was younger but have since cleared them up and use regular local credit unions.

        • Eleanor LeTourneau

          You got that right, my son was on SSI received $688 a month then had to start a checking account to have check put into it, had to go to 4 different banks before found one that did not make him keep $100 in it for free checking. It wasn’t like regular banks but a savings one. Oh an yah he had a vehicle it was a 1988 truck, TV given to him, people had helped him or given things. Every penny counts when you don’t have it. He had to watch his beloved cat die before him because no vet would check him out or take monthly payments so he could bring him in. Think banks do for themselves not the general public.

      • Sharon

        In some Walmarts, the money order fee is 55 cents.

    • Belial Issimo

      1. Why do you believe that the poor are stupid? A person may be poor but he has no less capacity to keep track of his money than a rich man – and far more incentive. And there are plenty of rich people who have no capability – and in many cases no interest – in keeping track of their bank balance. Many of them exclusively use debit cards, one of the most insidious and dangerous means of money transfer there is.

      2. Storefront payday loan businesses don’t “prey” on anyone; they offer a service that is useful and needed to many people. Numerous studies have shown that payday loan usage is a rational economic decision for some people, and that the overregulation or lack of such services causes greater economic distress to them than they are already subject to. Here are a couple of links on that point:

      http://mercatus.org/publication/case-against-new-restrictions-payday-lending

      http://www.law.gmu.edu/assets/files/publications/working_papers/1366.pdf

    • Peter Georgevic

      Maybe the naive should start making an effort to get educated, I am so sick of hearing how people are being taken advantage of well basically because they claim to be stupid, no other word for it.

      • Peter

        my dear friend… the education is in shambles, state is in biggest crisis since 1792, schools are not teaching creative thinking but blind obedience. 30 years ago it was enough to have high school not to be poor through life. Now the value of work went so much low that you must have at least bachelor’s degree to make semi decent life.
        Immigrants have made gains across the labor market, including
        lower-skilled jobs such as maintenance, construction, and food service;
        middle-skilled jobs like office support and health care support; and
        high­er-skilled jobs, including management, computers, and health care
        practitioners.The supply of potential workers is enormous: 8.7 million native college
        graduates are not working, as are 17 million with some college, and 25.3
        million with no more than a high school education.
        So please GET REAL we are going down as sure as TITANIC did.

    • 18235

      low income people don’t have the couple hundred dollars minimum that must be kept in the typical bank—or otherwise be charged ten dollars a month for the under the minimum amount they do have in the bank.

      even in my hick town, there are now two check cashing businesses.

      • bilgeez

        i have cap one checking acct and I have NO minimum, I pay no fees, I even get paid interest! I only had to have $25 initial deposit, who cant afford that? even welfare bums can scrape up 25 bucks unless they are a huge crackhead!

        • 18235

          yes, too many welfare bums are also crackheads.

          I’m glad my bank went from “bank of America” to a local bank, when I had 7 dollars in my savings at one point….bank of America used to charge 3 dollars just to use THEIR OWN atm, after 3 free uses per month, despite having a savings account with them.

          • Dennis

            Not saying it is right but most banks charge you fees unless you have a CHECKING account with them.

      • RadicalCenter

        They find the money for cable / satellite TV, though, don’t they? And cigarettes, alcohol, marijuana, smartphones, lottery, etc.

        Give me a f—– break claiming that “the poor” don’t have enough money to open a bank account. Most people even with low incomes have enough to open a bank account if they don’t waste it on vices and luxuries like those listed above.

        Try and tell me that low-income people don’t, in fact, spend vast sums on everything I listed above, proportionally much more than higher-income earners.

        • rodolf

          A lot of Puerto Ricans are usually seen loitering around check cashing places… makes me nervous!

    • bilgeez

      Wait for what? my checks I deposit remotely, online w Capital One clear in two days, the funds are in my account. If someone cant wait 2 days to pay a bill, they need some serious money management counseling! there is no excuse for educating oneself. Schools need to teach more life skills and less sex skills or empathy for homos!

      • Taz_man

        When I went to school we were tought how to write a check and how to balance a check book. I would almost bet that there are only a few high school grad that can make change for a dollar?
        In ten years I will bet that there won’t be a hand full of kids who can spell period. All you see is them texing U R for” are you” There is now used for there and their.

        • Donald Scott

          Taz-man
          Please don’t throw rocks when you live in a glass house.
          Reread your rant, then try spellcheck.
          Their are 3 Theres. I just can’t think of the third one this early.
          I agree with the New Shorthand English Problem. Mainly
          for Texting, or to avoid the car in front of them.
          Don

          • Taz_man

            donald I did read my rant and I did misspell texting and reversed R U but all the theres I used were corrrect. I did leave off they’re.
            But who died and made you the Grammer Queen? If this is all you can say or contribute to this please STFU.

          • Donald Scott

            Sorry Taz_man
            I had English Beat into me, and it Hurt my Brain to see true Mess-ups.
            It’s hart to be good at 4:00 AM.
            No Foul. I am cool with Your reply.
            Don

          • Taz_man

            I to had english drilled into me. At 65+ years old I sometimes get things wrong too.
            The english lang. is hard to learn like To,Too,and Two or red and read or even see and sea. The list goes on and on.
            I learned a long time ago not to live paycheck to paycheck.I have given up trying to teach the me gen. how to live what we think is the right way but they only want to spend it NOW
            We are cool.
            Tazman.

          • Mitchell

            The third one is “they’re,” Donald — but BtW, Taz, you misspelled “grammar.”

          • Taz_man

            So I now deem you the new grammAr Queen.It is such a hard life but someone has to do it. KOA

      • we speak english

        *high 5*

      • rodolf

        They need to start teaching math and history again instead of fisting and analingus

      • PammieSue

        And there went any hope of an intelligent conversation.

      • Mitchell

        Get over it, Bilge! Homos tend to be quick learners when it comes life skills. Necessity is the mother of invention. Come to think of it, with all the empathy we’re ostensibly getting, we risk becoming as mediocre as breeders — but for now, I’m not too worried.

    • Peter Field

      Bank make a significant number of errors for the “auto-bill pay.” I stopped using those services because of that. There were constant double payments and even triple payments that caused account problems. I will keep track of my own bills – thank you!

  • http://andrewsullivan.thedailybeast.com/2012/01/the-chinese-century-is-a-myth.html AmericanMillennium

    The baby boomers and their parents aren’t largely familiar with online banking and they are the millionaires of our society. Life expectancy is around 76 and people with money it’s closer to 80.

    We will have banks for the next several decades. Rich people live long and money talks.

    There will ALWAYS be some sort of brick and mortar facility in towns over 8K.

    The brick and mortar will reinvent itself.

    First financial just bought out Bank of America in the Midwest and they are currently renovating and building new banks in hundreds of locations.

    I think they know something we might not. Why would they go all in on a dying business?

    • tanstagcopc

      The writer of this article forgets that Asset Management is a relationship-driven service. And most relationships are better managed with face-time, not computer time.

      Lack of personal interaction turns out to be one of the biggest complaints about the banks that have tried to do away with it.

    • Kyle Greer

      I think baking may be the only business that wins when you win and wins when you lose. They recive money to lend – for free – then lend it for 16-24% interest.

      The least amount of profit a bank can make on a mortgage loan is you you to pay your bills on time. If you pay your mortgage even 1 day late you incur a minimum of $30 additional late charge.

      The highest profit a bank can make on a mortgage is for you to default on your home loan. There are the late fees, then there is the selling of your home to the bank’s house-flipping buddies. The buddies get a heck of a deal and the former home owner gets to pay the difference of the home’s selling value and the loan amount. the home owner nearly always looses his interests in the deal. Even bankruptcy will not save the homeowner.

      then the homeowner racks up bad credit. Even though the bank has made more off the poor joe than they would if he had paid off the 30 year loan on time.

      I believe the word is croneyism.

      The banks will never die. They have a huge unfair business advantage over any other industry on planet earth. Doing business electronically instead of a brick and mortar store only adds to their bottom line.

      I bank with USAA. They are located in San Antonio TX. I live in Washington State. I have absolutely no need to visit a brick and mortar bank. Do all of my loans on-line. Pay my bills on-line. Direct deposit. Bank statements via e-mail.

  • J2

    If physical bank branches are going to disappear, then why are new bank branches being built in my area at a furious pace? Most notably Wells Fargo and Chase bank (Bank of America, of course, just merged with all the existing bank branches).

    • bisquitbrain

      To get new customers. You must be living in a high growth area.

      • 18235

        two banks in my rural slum closed, with new banks opening on the highway outside of my hick town, and one bank now located in the grocery store of the strip mall outside my hick town.

        • bisquitbrain

          Ha, I am looking for a nice rural slum to retire to. All this nonsense makes me want to live like a hermit in a small town with a few nice neighbors. All if need is a bigger fridge, and the necessary security equipment.

          • 18235

            nice neighbors in my town is debatable, along with neighbors with teeth…though, yeah to necessary security;)

          • nearoffutt

            My village of 800 is nice and I like I do not even know all my neighbors. We have no city cops, a good bank, good grocery store, a bar, gas station and a pizza joint. The volunteer fire department is very active. I do almost all my banking on-line and plan to switch to a credit union next spring after my automatic payments into my current bank end.

  • Susie Adamson

    Question !: what makes you think everyone has or WANTS a computer?
    Question2: with computer- hacking increasing by the day, why would anyone in their right mind want all of their financial information on the internet?
    Nice way for the government to snoop into everything you do, isn’t it? Not me. My computer is going bye-bye. Give me what has worked for years, not more intrusion.

    • John Hillman

      Bet you said you would never have a credit card too. They do not care what YOU, as an individual, want. I am 71. I have not written a check in over 20 years. I do not even HAVE any checks.

      • Peter Field

        I had several credit cards, now I am 71 almost 72 and I got rid of them all and do only cash transactions! I am much better off and I do not miss them in the least!

        • John Hillman

          We are about the same age and have the same thoughts.

          • robert hammers

            I had a coworker who used only cash. He was one of the only ones around to do that frequently. Now his wife is a widow because a thug with a gun wanted that cash. Cash isn’t always a good thing and can make you a target in some areas depending on where you live -even if you don’t let anyone know you’ve got it. Ever gone traveling? If cash is stolen its gone, But stolen credit cards can be blocked and quickly replaced. Cash also makes criminals hard to trace. No matter how you look at it its a tradeoff: Security vs convenience. You decide.

          • John Hillman

            I carry a DEBIT card. Even those have been breached. Fortunately the companies I deal with question transactions not in the normal pattern of my life.

            I prefer to have cash on hand. I do not carry a lot on my person. I learned a harsh lesson 60+ years ago. We came home to find our house had been burglarized. The guy that did it would hang out at the local grocery store. He would watch for people that cashed their paychecks, follow them home, then burglarize their homes at a convenient time. He did NOT get the money from the paycheck but he did strip the house of our meager possessions.

          • BIGEAGLE

            MANY SHOULD “ONLY” USE DEBIT CARDS” ONLY,
            ( BUT ) ASK YOUR BANK TO ( POST “YOUR PICTURE”)
            ON THE FRONT OF THESE CARDS)
            THIS WILL STOP MANY DEAD IN THEIR TRACKS…
            THEY ALSO REQUIRE “PIN ” #’S ******************
            CARRYING CASH IS A BAD IDEA AND THE TREND WILL MAKE MANY MORE ROBBERIES !!!
            ” DRUGGIES” LEARN HOW TO GET IN ON THE LATEST FADS,- QUICKLY !!!

          • rodolf

            Stop screaming you drug addict

          • CARMEN LUCZAK

            Maybe you people think typing in all caps is SCREAMING. Maybe it’s easier for some to type in all caps or all smalls. What does any one care? They are just typing comments. Mountains out of molehills.

          • ginger

            I also don’t know why it upsets anyone because someone types in all caps. There are some people who have problems with their sight and can only see the larger print in caps. May the inconsiderate ones never have to experience this problem,,, but if they do, may they remember the rude comments they are guilty of making

          • Steve

            It’s easy enough to increase the size of the text on your browser by holding the “Ctrl” button and using the scroll wheel on the mouse or hitting the “+” button.

          • Margaret Honore

            All caps is bad form online friend.

          • Richiy

            I had a coworker that only used cash also, his wife left him and took all the cash she could find, now he’s in deep do do, 70 years old and nothing but his SS to live on.

          • Richiy

            Sorry, I couldn’t delete that post, it doesn’t make any sense… She would have taken what ever he had!

          • ONE HAPPY GUY

            Sorry to hear about your friend. Show what a low life his wife was. I’m single and plan on staying that way. To many screwed up marriages and does he/ she really love you?

          • elector

            Traveler’s checks solve the cash problems for travelers. I am also nearing 72, election day. I am working to a cash based existence. It is hard to track cash transactions and I.D. is not needed to use cash. The only use I would possible use I would need a bank for would to hold the cash, unless I can come up with a safe alternative to keeping the cash safe.

          • Eiffelman

            Unfortunately, fewer and fewer banks offer traveler’s cheques these days, too.

          • DDofAL

            NOBODY NEEDS TO CARRY ALL THEIR CASH–YOUR POINT IS CRAP AS IF ALL WOULD BE ROBBED CARRYING CASH AND NO OTHERS DIE FROM ROBBERIES.

          • Stephen Martin

            What makes you think the thug would have spared him if he only had plastic?

          • robert hammers

            Most of the thugs in the area in question (san diego -logan hieghts/northpark) are only interested in quick cash for drugs and like all criminal druggie types they don’t much care where it comes from or what they have to do to get it. P.s. to DDofAL : I think you missed the point while you where yelling your response.

          • pbrower2a

            Fraudulent use of credit cards leaves an electronic trail — and as a rule, someone who uses a stolen credit card pays up or goes to prison.

            I was in the habit of using one card for nickel-and-dime purchases and made a big one… and the credit card company called me to verify that the purchase was valid. I affirmed that the charge was valid and thanked the credit card company for checking up on me. People using stolen credit cards are likely to make big purchases in unlikely places.

            So call the issuer of the credit card, and the bank will as a rule stop further charges on it.

          • Mitchell

            What’s that old Bob Seger song where she leaves with his credit cards and suddenly there are charges in Vegas and Negril? ;-)

          • ONE HAPPY GUY

            If i do not have the cash I do not take the trip. Your credit cards get stolen and if you do not catch it in time, most banks today say sorry.

          • Ben Tucker

            I have several times had problems trying to check into a reserved hotel room without a credit card, no matter how much cash I carried and how willing I was to pay in advance or put a security deposit down. This was over a period of many years. Also, try to rent a car without one, etc. I finally broke down and got one again, but just don’t use it for anything else but such things. Sometimes they are required as a form of ID as well.

          • chrisleehey

            one reason to have a dog…..a big one

          • pbrower2a

            Even a small one. Small dogs have big, sharp teeth. A Yorkshire tiger — I mean terrier — can hurt someone badly.

          • chrisleehey

            any dog is good….I just watched 9 seasons of Criminal Minds……not ONE of the victims had a dog

          • Laura Ice

            Yorkshire tiger… Thanks for the laugh!

          • Donald Scott

            Travelers checks would work. Think smart.
            I am sorry for you coworkers Family
            Don

          • Donald Scott

            BTW, I just bought a New Glock. It only took One threat. I live near Detroit.
            D

        • ONE HAPPY GUY

          Im 51 and have no credit cards and do everything cash also.

          • spider56

            What if you are in a store and a item you want is more than what you have in your pocket What do you do, go with out?

          • ONE HAPPY GUY

            yes it is called living within your means.

          • Carmie

            Come and see my place. It looks like a flea market.

          • pbrower2a

            If you are on an all-cash basis you are probably living within your means. What may trip you up is taking $70 instead of $80 to the store.

          • Stupid_Human

            yes

          • Donald Scott

            You do without until You can Pay Cash.
            Don

          • namora

            Why yes that is exactly what I do.

        • Flip flopper

          You old folks grew up in a different era. The young people today don’t have near the luxuries of yesteryear. Trust me, you may not have or need credit cards and checks today but if you were just starting in life you would find things a bit different. And believe me when I say am too am 71.

      • I’mGoofey2

        I think I felt that way when I was your age. They canceled my CC
        because I wouldn’t use it…. or because I didn’t have any money.
        I haven’t worked in over 30 years. I don’t think it was bushes fault.
        You have to learn to live without money, leadership.or a spouse.

        • PammieSue

          I”m sorry, but that’s funny.

        • everett allison

          Goofey… I read your post… then looked at the name…. expecting to see “me” there…. because that is my story.

      • Lee Rosenzweig

        I put everything that i can on my credit card and then i pay it the day i get my statement (all on line). at the end of the year i get a check for several hundred dollars from credit card co..

        • John Hillman

          You have self-discipline that most do not have. It IS best to only charge what you COULD pay cash for.

          • Sam300

            Agreed!

          • ONE HAPPY GUY

            Agreed, but most do not see it that way. Oh I will buy it now and worry about paying it off later mentality. It is called instant gratification purchase. Then when they cant pay it turns into bankruptcy and then we foot the bill by higher prices. Story. When in 2008 we crashed and I had a credit card at 12 percent, which was good for that time, and then for no reason the credit card company raised my rate to 30 % interest and I was current with my bill. I asked them why and their reps answer was because we can. I asked them to lower it back to where it was and was told they couldn’t do that. I told them they had no issue raising it. A friend, who works at a bank, told me that the banks and CC did that to people who were paying to make up for all the defaulted credit cards and bankruptcy of people. I did not want to be part of the problem anymore so paid them off and never looked back. Debt free except for house.

        • Sam300

          I put everything on my credit card also and pay in full on-line every month also.

          My water bill, gas, groceries, every single purchase I make make – except my electric bill. My electric company charges me to use my credit card so pay them with my financial institution bill pay. My credit card credits my card 1.25% on every purchase “immediately” and it adds up to hundreds of dollars a year. I only use the cash back to pay down the credit card balance – period. People just need to be disciplined and spend only what they can pay back.

          • Curious

            So, you like paying and extra .5 to 1.5% for everything? You do realize there are real,costs associated with using credit cards, even if you personally don’t acknowledge those costs? Credit card transaction fees cause the price of,everything to be 2% higher on average. Some credit cards cost more for,the retailer to accept. Point being, while you get 1.5% back! you paid at least 2% more than you should,have for the privilege. That’s like buying something that costs a dollar for $1.02, then the cashier giving you $.015 back as you reward for being stupid! Cashless society will be worse, then they have all of,us by the balls and we have no,choice except to pay the vig to use their electronic payment methods. Great deal for bankers and cc companies. We, unfortunately, are just the cows to be milked. So, thinking it all the way through, is it still a good deal? Using your math, if you got $500 cash back each year, that means you overpaid for your good by at least $750 for the year. Man, I wouldn’t be bragging that I lost $250 a year in order to use credit cards. I’m guessing folks like you also like to get a big refund at the end of the year, and somehow think Uncle Sam gave you a lot of money for “free”? Grow up people.

          • Sam300

            Good point. I added the fact that I call companies (not big box companies like Wal-Mart) and ask if I pay cash or mail them a check or pay cash “on line” to their companies (some have their on-line pay area set up with that option)…99.9% agree and I will pay cash as long as I get at least 2% or more cash back. I take a risk of the business taking my money and not sending the goods but it never happened so far.

            I see your point and wish ALL states would let businesses charge anyone using a credit card the 1-3% cost of that card and not charge that extra amount to to cash payers.

          • RaterZed

            I am from the generation where we had to buy $10 worth of stuff before being able to use a credit card. Now, at age 69, I am working 24-32 hours a week in a convenience store and I see the kids buying the small 74 cent cigarillos with a credit card. It’s irritating to me because I know the store is having to pay a fee to the credit card companies. I understand the six dollar a pack cigarettes since i used to smoke (but stopped at a time when they were still thirty cents a pack). Still, it’s easy to overspend using credit cards for everything and I wonder how soon it will be wihen some of these kids (and many are late teens in age) will be overextended on credit cards and needing to file bankruptcy.

          • Michael

            Curious,
            Your concept is tremendously flawed. I’ll cite a couple of examples, when I go into the grocery and pay for my items the cost is identical regardless of what form of payment I use. The vast majority of gas stations, as well as retail charge the identical fee for service.

            For someone so arrogant, angry and have such a strong command of the English language you would think you’d be better informed.

          • PammieSue

            HAHAHAHAHA

          • ONE HAPPY GUY

            Curious is not wrong. For every time you use your credit card, the bank (debit card) or Credit card charges the business 25 cents or more, depending on the item, as a fee to the store which in turn the stores have to up the prices of things to make up the difference. I know I owed a store once and people I know now that have businesses still get charged that fee. So in the long run Credit cards are hurting everyone and the bottom line. So that apple, you used to buy for a dime, is now costing you 15 cents to pay the credit card fee to the bank. Why do you think that at gas stations now again they have cash price and credit price or a minimum purchase amount if you use credit card or debit card

          • Flyagain Angel

            the interesting thing is if it is a debit card, the company can NOT charge a minimum price or add any type of fee to cover the cost of the transactions. They can with a credit card, but not with a debit card. until a couple of years ago, they could not legally charge ANYTHING even if you used a credit card, nor could they charge a minimum purchase. Courts used to say that it was discrimination if they did. However, now you can charge a convenience fee, flat rate or percentage for credit card users, but NOT with debit card users.

            Don’t believe me? Ask your bank ;-)

          • ONE HAPPY GUY

            if your debit card has a Visa or MC logo on they can. The bank pays MC or VISA a fee to have the logo on the card so it can be used as a credit card also. I asked my bank already.

          • Flyagain Angel

            Sorry but no. it is not based on the logo, it is based on the type of card, credit versus debit. A credit card can be charged surcharges, minimum purchase requirements, etc. ostensibly because it is not coming as a direct payment from your personal account. However, your debit card can not be denied, or mandated any of the afore mentioned fees, because it is considered the same thing as cash; and unlike when they first started becoming popular, it is almost impossible to use more than you have in your account, unless you have some kind of overdraw protection plan in place.

          • libssuck

            I didn’t realize that every retailer gave a discount for using cash.

          • Laura Ice

            They don’t!

          • PammieSue

            But we all pay them whether we choose to use a card or not. Kind of like health care. So what is your point?

          • Literati

            Accepting credit cards is an advertising budget item for the convenience of the customer. My checks are direct deposit, and although I always carry some cash, I prefer to use my debit card and even a credit card for major purchases, because of the incorporated guarantees. I suppose sellers could offer discounts for cash, but cards guarantee funds where checks do not.

          • Credit Card Ronnie

            You’re misinformed Curious. Yes, there is a charge associated with credit card processing, typically up to 3%. But no, the credit card user isn’t paying it by himself as you suggest. It’s a fee that the merchant pays, and funnels down to All of their customers in the form of higher prices. Unless all merchants go back to the days where gas stations charged different prices based on cash or credit…you’re paying for credit cards whether you use them or not. And believe me, merchants would do away with accepting credit cards if they could, but the loss of potential business outweighs the cost.

          • jim smith

            i never use plastic. i do not want to be tracked.

          • Sam300

            Keep several hundred dollars hidden in the house. When you want to buy something you don’t want tracked..use cash.

            Sam’s Club swipes your Sam’s Card before you buy your items. I am quite sure that is to track what you are purchasing. Even the military commissary self-check requires people scan their military ID cards and that their purchases are tracked also. I don’t like it but it won’t stop me from using my credit card because I like getting cash back on my credit card.

          • Carmie

            Sam’s Club does keep a record of what you purchase. At the end of the year they send you a letter telling you how much you saved.

          • Sam300

            I know Sam’s Club keeps a record of purchases….otherwise they wouldn’t ask you for your card to swipe before ringing up.

          • Eiffelman

            Actually, they swipe your card first because your card is also your membership. You can’t buy there if you’re not a member. It doesn’t matter whether they swipe at the beginning or end of the transaction as far as tracking purchases. They can track them either way.

          • Sam300

            I know Sams and now the military commissary track what you buy…because you are forced to swipe your card before purchase. I was not talking about paying cash at a grocery store.

          • Eiffelman

            As I said, it wouldn’t matter if they swiped the card before or after as far as tracking purchases goes. I’ve worked in retail and in banking; I know how those things work. I wasn’t talking about paying cash or not paying cash anywhere.

          • Sam300

            Agreed. When the commissary started forcing people to swipe their cards…that was wrong. People should be given the option of showing their ID like before or swiping their cards. The one good thing about it is it takes the guess out of what people are buying.

          • stevec12

            Jim, you are being tracked when you visited this site. Your computer or mobile device’s IP address told this site where you live, what other sites that you may have visited and if you’ve visited this site before.

            Unless you are using somebody’s else’s computer or a computer in a public place or you are extremely technical and can mimic IP address data, it is inevitable that you are being tracked.

      • Hopsaregood

        I am 68 and wrote four checks today.

        • Paul Nielsen’s Landnews

          I am almost 67 and wouldn’t have written four cks all year if not for church collection plate to have something to give. However I can observe how that is going too. Online like most everything else. BTW, those observed taking large amts of cash can be followed, accosted, their homes invaded etc even by not having much cash on them at any particular time. The get on the list. Which bring us to gated communities and talk to the guard to get in. Nice situation, and then we all have sophisticated alarm systems and neighborhood watch etc too. Not to mention… really powerful guns. This is TX.

        • Carmie

          I am 67 and have probably written four checks in the past 11 months.

      • DDofAL

        THATS YOUR CHOICE–WELCOME TO IT AS THOSE OF US THAT WANT LITTLE TO DO WITH THE GOVERNMENT INTRUSION INTO DAY TO DAY LIFE. WHAT THIS GUT SAID MAY WELL BE TRUE BUT THERE MUST BE LIMITS TO WHAT THE GOVERNMENT HAS ACCESS TO AS A FOR INSTANCE THE THING ABOUT HAVING TO REPORT TRANSACTIONS OVER $9999–THEY SHOULD HAVE TO GET A WARRANT FOR THIS–

      • Vickie Casey

        ditto, i write checks so rarely (usually to a plumber or tradesman who prefer a certified or cashier check for a large sum) that oftentimes i can’t FIND my checkbook, and i have only one account on which to write a check; online ordering conveniently offers paypall . . . genius teenage bank fraudster turned bank helper william abagnale (“catch me if you can” with leonardo dicaprio) recommends using credit cards, while he gives his reasons to downgrade personal checks AND debit cards (google him if you are interested) . . .

    • MiMiLL

      The government wants to know EVERYTHING about EVERYONE*****this is one way to do it.

    • Diogenes65

      All your financial information is already in the internet. That’s how financial institutions communicate with each other.

      • RA

        To amplify this answer I can, if I know your name and the community (maybe just the state) you live in, tell you what your exact address is, how many people live in your house, who are your relatives and possibly some of your associates, your phone numbers, how much you paid for your house, where you got your mortgage, your arrest records (this might cost $1) etc. I’m semi skilled but no hacker expert. Paying cash doesn’t shield you from much, it just makes you vulnerable to petty criminals.

        • Diogenes65

          Kids…this guy knows what he is talking about. Just sayin’.

    • RA

      Are you, also, going to throw away your phone? Your smartphone is a computer with the power of a desktop computer from 5-6 years ago.

    • YNWA

      What’s your address? I will mail you a complimentary tin foil hat!

    • luke7478

      I agree with you 100%. I am a computer science graduate myself and yet do very limited transacting online (when it involves my FINANCES). Computers are NOT FULLY SECURE, no matter what anyone tells you.

      And the people on here claiming to be “doing everything online” are the biggest fools that exist. I only go online to check and monitor my bank accounts and credit cards.

      I do not do any sort of deposit, withdrawal or transfer. And btw I’m only 36 years old (so this article is pretty nutty if they think the younger generation (at least the intelligent ones) buys into this BS they are trying to sell us.

    • jshortsleeves

      guess what Susie….when you write a check or make a deposit all of that information instantly goes into a computer base whether you like it or not and as such all of your financial information is already out there for the taking by hackers. How much protection do you think you really have with hackers cracking into Target and Home Depot and probably plenty of other companies that haven’t yet discovered it. If Snowden was able to capture for his own use so much info from the U.S. government just imagine how much he could have captured of your information – whether ot not you choose to use a comoputer

    • pbrower2a

      Even if one does not have a computer, one can at least have an e-reader because it gives access to books, music, and news — much of it FREE. Much news is not free, and books not in the public domain will cost something. You might prefer carrying an e-reader to a book. It’s much lighter.

      The way to keep the government from snooping on you is to do nothing that excites the government — so avoid porn, extremism, or illegal activities.

    • Grand1

      They don’t care what you want. They tell you what you have to have! Besides, a smart phone IS a computer now.

    • boboadobo

      problem …. the bank computers can be hacked. so even if you do not use a computer yourself it does not matter. it is like worrying thief will go into your garbage to look for credit card receipts (of yesteryear I know) but now they can steal 40,000,000 accounts at one time…so things change.

  • thelantern

    With luck at my age I’l be dead before then. I pay extra now for paying by check, but I will continue to do so. I remember when we bought our Buick and paid cash for it (less the tradein on our old car) and we got “free” ON Star for a year. Never used it, but we called to enquire about keeping it. Gotta pay by credit card only. No way. We don’t own a credit card. Cash, or check. That’s it. Besides, I will not have any tracking device on my car, ever.

    • bilgeez

      do you wear tin badges all over your clothes so they cant brainwash you with radiation, too?

    • RadicalCenter

      You could have paid by debit card.

      Our PayPal debit card can be run as a debit card or as a “credit card”, so it is accepted everywhere. No annual fee, no minimum balance in the underlying bank account, and we get one percent cash back on all purchases all the time.

      We pay for just about everything by debit card, no need for credit cards ever and no need for cash most of the time.

      • I’mGoofey2

        I like the sound of that. I’ll have to check into it. Thanks.

  • Shosh 7154

    WHY are so many CEO’s in major banks worldwide dying by suicide or other questionable means…there have been 20 deaths of Bank CEO’s since December last year.

  • Roger Doger

    Bank CEO/CFO’s will do anything they need to to increase their profits so that they can keep their bonuses.

    I say resist any and all attempts to move to electronic mail and bill paying.

    Besides, with all the data breaches, it’s in your best interest.

    Do everything you can to keep other employed.

  • orca

    the guy is wrong on every count
    Many like paper because of the trial it leads
    Ban of America lost my deposit twice the electronic record did not show the deposits but i had the receipt for the transaction they made it right what would have happened if I had no proof
    Yes electronic banking is great but not the end all of banking this seems to claim
    Reminds me of when E-books first came out they predicted paper books and newspapers would disappear well here we are long after and paper books and news papers are still here

    • bilgeez

      I trade in books, CDs and DVDs, and my business is way down over the past 5 yrs. Many are going to ebooks, esp classics, because they are free, and downloading digital music and videos. It may not completely disappear, but it will be a very small number of those who have hard copy anything in the not too distant future. I havent written a check in over 3 yrs.

  • Gringo Bandit

    Will just find a local community bank with morals.

  • peter

    lets talk to operator in india or pakistan, if we have a problem… and as usual if we do not pay something on time we will get monetary penalty, and when something go wrong with a system they will as usually “sorry for inconvinience”which actually means F you! Wait when they say that printing of money cost much and is not good for us and everything gets electronicly processed…we will depend on them, and if we do not listen… imagine absolute control of the bankers (state) !!!!

  • mandycat

    Oh, swell. Yet another opportunity to sit with a phone glued to your ear as you trudge through options, only to be put on hold when you finally get to your destination. (Unless, of course, the thing hangs up on you halfway through.) Every time I hear some company announce that a change will mean “greater efficiency” I know that it doesn’t mean more efficient service for me, just lowered costs for them.

    Apparently cable companies have set the bar for crappy service and U.S. companies won’t be satisfied until they’ve ALL reached the goal.

  • BobBobb

    None of these will come to pass in the next 10 years. Paper will still exist and be used. So will paper checks. And there will still be tellers in physical bank branch buildings. Banks may want all this stuff to go away, but the public won’t go along with it.

    • http://makingfunofliberals.blogspot.com/ W.A.S.P.

      I wish you were right. Electing a community organizer twice speaks volumes about peoples intelligence.

    • RadicalCenter

      A large and increasing proportion of the public is quite fine with it. Get out and talk to people under sixty years old once in a while.

      Bank branches will continue to decline, and the use of paper checks will be almost non-existent within ten years.

  • Karen Belter

    there are times when i prefer to write out a check, usually to keep certain products and services from ;automatic renewal. sometimes – but not always – this can be handled by authorizing only single debits, but not with certain would-like-to-be permanent creditors.

  • bilgeez

    with banks saving so much by doing things electronically how come their interest rates are so abysmal? GREED!

  • leslie green

    We are being herded into a cashless society. If everyone is forced to use debit/or credit cards that will allow the government to monitor and control every expenditure you make. They will have a tally on every thing you buy and they will be able to allow you access to your money or not. It’s all part of the authoritarian complete control that they aim for.

  • MacDaddyWatch

    Electronic money is on its way. The Feds know that “cash only” businesses are costing them multi-billions. Many states like CA are also being hammered. Big Government is conducting a “cash grab” that is only just getting started. The only way to defeat a “cashless economy” is to make the entire economy cashless and to replace it with easily traceable and recordable electronic money. No transaction could escape this system. The technology to do just this exists today; its just a matter of time.

    • William Gary Brand

      Look up the mark of the beast in revelations. Just try to live in a cashless society if the government cancels your bank account. No one can buy or sell or beg without permission. Vagrancy laws will even prohibit dumpster diving. God will send you to hell if he finds you with a implanted chip and the Devil will make you starve if without one. Get saved and rapture out while still possible.

  • Sharon Kramer

    My bank has just started this. Today the offices were gutted and I was told all my favorite tellers, the ones who were always so helpful, will be gone by the end of the month. In their teller spots will be machines.
    How sad for us and them.

  • http://makingfunofliberals.blogspot.com/ W.A.S.P.

    Why do people still use standard banks? Credit Unions are a much better deal. Fire your bank!

    • I’mGoofey2

      Ask your local “credit union” WHERE they bank. You may be surprised at the answer. They are a “financial cooperative” and (at least the smaller ones) deposit their excess cash with a standard bank. Mine does.

      • http://makingfunofliberals.blogspot.com/ W.A.S.P.

        Challenge accepted. I’ll follow you and report when I hear more.

  • augie

    i have been with citibank for 18 years, having opened my account in a large city years ago. i retired to a small town of about 23,000 people where there had been, until recently, a citibank branch. they closed this branch and hundreds of others in small towns in june. if i want to walk into a branch, i have to drive to the nearest city which is 30 miles away. citibank didn’t even leave an ATM location. however, first national bank has four locations in our town. i think compass bank has three locations. plus there are several other banks and a credit union open to membership to the general public. so go figure with citibank.

    • RadicalCenter

      Why do you have any need to go to a physical bank branch with any regularity?

  • smjhunt

    Those former bank employees will certainly “reap the benefits” of being unemployed.

    • RadicalCenter

      Should we also scrap automobiles so that people who shoe horses and make carriages don’t lose their jobs?

      Should we scrap the efficiency of farm equipment so that farms can hire people to do that work less productively and at much greater cost, because after all that will “reduce unemployment”?

      • Jim Foles

        should we let a million illegals in the country to pick a bushel of beans.. we do.

  • Third_stone

    The technology is not ready. Our connections are over priced, ill secured, and easily robbed. Often in dealing with internet commerce we find providers simply not answering our inquiries, and the person to person problem solving is far more time consuming since we saw the last of ringing telephones that people picked up and said hello into. We have no recourse, since we have no idea where they are, most likely spread around the world, and if you could find them and go there to ask for your overpayment to be returned, the only human you would see is the security at the door who will tell you nobody will see you now.

  • Sbell

    It’s funny. I heard about the demise of “brick and mortar” more than a decade ago, yet I see new branch buildings going up all over the place, even now. I have to disagree with that one. I use few paper checks, but they are very important for small business, especially, and one-time payments in general.

    • RadicalCenter

      You may personally “see new branch buildings going up all over the place”, but the actual FACT is that banks nationwide, taken all together, have substantially REDUCED the number of bank branches in 2013 and many other recent years.

      I also disagree that paper checks will remain “very important” for small business. I’m in my 40s and already rarely use paper checks even at small businesses. Ask people younger than I am and see how many consider paper checks to be useful or important, and ask how often they pay by paper check for anything.

      I am a very small businessman myself, as owner of one condo unit as a rental property. Even there we do not need paper checks anymore. My new tenants, both young ladies in their late 20s, informed me that their banks will let them pay rent by simply directly transferring money from their checking accounts to mine, with no fee at all. It’s quicker and easier for them and for me.

      I pay the monthly condo fee online from my checking account, with no fee charged to me to do so.

      My wife and I have paid all of the following bills online each month, no need for paper checks, for several years now without a problem: utilities, home internet, cellular data for tablets, newspaper delivery, water delivery, car insurance, renters insurance, and homeowners insurance.

  • Banker Fella

    “Experts” have been telling us since 1969 that we are mere months away from a completely paperless society and that banks will no longer have branches. Nonsense. There willl be fewer, but they will not disappear. It’s not just consumers that use branches, businesses do as well and they will alsways need a place to make deposits. Many people prefer dealing with a live person, in person, as well. So I’d take alll this with several grains of salt.

    • Gnowark

      The US Postal Service has been going ‘paperless’ find 20 years! I wonder if they ever knew they were cutting their own throats? Soon I’ll be wondering if Banks knew.

      • Jim Foles

        they lose 8 billion a year.. do you think they really have a clue?

  • thetnrebel

    none for the better

  • Enzyte Bob

    They’ve been saying this for 25 years, yet I still see bank branches getting built. Second of all, there is so much financial fraud I’m not exactly comfortable with electrons. I want to see a physical presence.

  • leon

    piss on a bank

  • Peter Field

    What controls or oversight will the government have to or be able to, put in place to keep banks like Chase from fraudulent actions against customers? “Where will the complaint department be?”

  • Ken

    I think my small town community bank will still be around as it has for the last 125 years. I deposited a large check last year and the new teller asked the branch manager if she should put a hold on it until it cleared. The branch manager looked over, saw me and said “No, we know where he lives”. Can’t beat small town personal service. Most of the people in the area where I live banks with them when the big name banks placed big city rules on us. Parking is easy to find near Wells Fargo.

  • amongoose

    Sounds more like dependence than convenience.

  • renest

    All of this has been predicted, think One World Order, with everyone chipped, total control. All transactions and all invasion of privacy completely done through computer control. Anytime you do something the government or the Oligarchs do not like, they can completely cut you off from Health Services, the Purchasing of Food, Mortgage Transactions, and the list goes on. Is this what people want?

    • Jim Foles

      Coming Soon..

  • renest

    What is happening now is the big banks are taking over the small banks, and changing policies, making their customers feel like the banks are doing them a favor. They are crooks, who own the government and therefore get anything they want, while making huge profits off of Taxpayer Debt.

  • BoomerJAZZ78

    Just the elimination of checks will eliminate hundreds of millions of dollars in cost for banks. Most of it has already come to pass.

  • sister_petra

    SO – just how can we get change to smaller bills than $20s when we need to pay people in cash. I still have to go to drive-through to get an envelope full of 20s, 10s, 5s and 1s so I can handle cash payouts for hourly workers. We will always need some kinds of banking service and that will most likely involve tellers. My bank’s ATMs do not offer bills smaller than 20.

  • warren447

    Well now wait the landlord always wants a check for rent or money order, so that should keep it all going

  • BalsterFudd357

    Now that there is funny!
    I mean I know where “that” bank in the photo is!
    LOL!

  • sp90902002

    I’m going to opt out of the Government financial cartel and FED, and teach my kid show to barter and trade precious metals.

  • usdollars76

    Recently Retired ATM Tech. The author chose Banking. The sweeping changes that are coming on stream will fundamentally change the way business is done. Cognitive Computing is here – Google this. This change will be similar to the way the speed of computer processors increased at 100% per year as technology advanced. Applebees now uses Tablets to place orders, where did the waitresses go.
    Hang on to your partner cause here we go.

  • JPReturns

    FACT: The computerization of bank records is threatened by hackers. Most recently, the Russian government was accused of hacking America’s banks. With the kind of resources that hostile governments have, one nutcase could bring down the global economy by tampering with the computers that run the US banking system. Your car loan, your mortgage, your small business loan and your bank account are all vulnerable. I’m not selling anything. There is nothing that can be done to stop this EXCEPT back up everything on paper every day.

    • Seriously

      I’d be happy if they hacked in and wiped out my loans… doesn’t mean I lose what the loan is taken out on. Think about it. They house loan records are gone, just stop paying! They have to prove ownership!

      • JPReturns

        Yep. That’s it exactly. They could recreate the paper trail for one person or a few, but not for all their records. Read up on the “Business Records Exemption” rule of the law of evidence.

  • Sam300

    You can bet the banks will not share those savings by not mailing out statements or processing paper checks or having human bank tellers…with their customers.

    There is a local credit union in own that charges $7 a month if you want a paper statement. Everything via email or access your account on their on-line website. My friend belongs to a credit union that still charges around $10 a month if you don’t use bill pay at least 3-4 times a month. At least credit unions don’t put cash limits per day on transfers. USAA Bank refuses to transfer more than $1000-$2000 out a day so it would take a person 5 days to transfer out $10,000 in their savings or checking account. Shocking that a bank can stop a person from accessing their own money. If someone needed their money for an emergency….they are screwed.

  • nickpik

    To Susie Adamson everything that has anything to do with banking or government or financial matters will be done electronically by computer , telecommunication you wont have any choice in the matter, when the time comes if you don’t do it somebody will do it for you ,Its not a question ,,do you want to ? so get with or get out of it cause its coming wither you like it or not

  • Hopsaregood

    Computers are hacked all of the time. Cell phones are even more vulnerable. Cash and face to face make sense to me. And yes I do some on line banking.

  • California70

    Forgive me, but banks can’t get their hands on your money fast enough now.

    They pay you no interest to speak of, and they want your money instantly so they can make big dollars on it.

    So now in the next ten years they don’t even want to be bothered with you at all.

    Screw you, just give me your money as fast as you can.

    Yep! That’s a banker for you.

    People you are stupid if you put up with this in the name of technology.

    Smart men take care of their money and their wives themselves befor someone else gets their hands on both!

    • Gnowark

      Smart men? The ‘Common Core’ educated ones? Ahh, The pieces are all starting to coalesce. Soon there’ll be a muslim in the white house,.. what, 6 years you say? Coalescing faster than I could have dreamed..

  • ngorgh

    I have never had or owned a cell phone or banking app. I do NO transactions over the computer at all and pay all my bills in cash. I only have this old desk top for talking and checking the weather.
    Banks can say whatever they like and try to make it see like law…..it isn’t. If they stop doing check cashing and the payment of bills from their branch offices someone else will and make money on it.

    • Gnowark

      Let’s see, NGORGH …yup, thought so, right there on the ‘terrorist uses cash, doesn’t have cell phone or apps’ list. I wonder if he/she knows how easy it is for us to track cash? And how next-to-impossible to fake/tamper/steal credit cards, cell phone/GPS tracks, or computer TCP/IP tracking data?
      [It certainly DOES sound like he knows it....Curses, foiled again].

  • wjr123

    Good plan to go out of business, I suppose.

  • FinbarOS

    Five years from now we’ll all be saying “Why didn’t I get into electronic fraud when I had the chance?”.

  • Kyle Greer

    What about making/exchanging coins? Quarters for the car wash vacuum cleaner, etc… maybe all the coin conveniences will take a swipe of a debit card too? Wouldn’t it be cool to go to a laundry mat and merely swipe your debit card to wash your clothes and dry them.

    I don’t really care who sees what I have bought. Post it on my Facebook page if you want. Trust me, its a boring list. The first comment would be “My Gawd, this guy eats/drinks alot of caffeine.”

    I do worry about having my things stolen electronically. My gut tells me that if I keep cash then atleast someone has to have the courage to break into my house, steal my stuff. Right now… my stuff is stolen from China. It seems too easy to take my stuff electronically. There seems to be a perceived amount of security in an online transaction but I read, nearly daily, where my information has been hacked.

    Maybe there is some middle ground?

    ~Kyle

    • RaterZed

      the convenience store near where I live has a credit card slot on the machine people use to air up the tires on their car.

  • cleo48

    I haven’t used paper or coins for purchase in five years. It’s pointless to go to the bank every few days to get pocket money. Anything that cant be purchased with a card slide is bypassed. The only time I go to a bank is to deposit one check per month. All other income goes to the account electronically. Any time standing before a teller is a waste of personal time and gasoline.

  • winrob

    If everything goes electronic, what’s to stop some evil entity (enter you own) from obliterating a complete set of records? If you are told you haven’t made your last six mortgage payments, how do you prove you have without paper? Any path to proof against a big entity sounds expensive. Lawyers will love it.

  • Tim Gray

    Where will the bank robbers go?

  • Llew Keller

    I recently refinanced my house with Quicken. All the “paperwork” was done via internet, including the signing of papers, using electronic signatures. Ironically, they did print it all out (about an inch-thickness worth of dead trees) and deliver it to me via snail mail, which I assume was a legal requirement they had to abide by. I would have been more than happy to store it on my computer as a PDF, rather than having to stuff the giant wad of paper into a file drawer, where it will likely never be needed again.
    In my opinion, people who worry about hacking are being a pit paranoid. Yes – it can and does happen, but the odds are highly against it. I remember that there was pre-internet fraud, too – when crooks would steal your checkbook, or alter the numbers on a check to change the amount. And if the government decides to snoop into what you do, it’s most likely to be a tax audit, and if that is the case, you’d better come up with receipts, whether they’re in your computer, or on paper.
    Finally, as pointed out by another poster below, carrying around signficant amounts of cash is a much bigger risk than a credit card. If a credit card is stolen, you call the credit card company, and they will stop payment of all fraudulent charges and issue you a new card. If you lose the cash, it’s gone forever.

  • 1uncle

    An oil leasing company put some money in my account. Chase bank charged me $25.00. I tend to blame career politicians who did away with the anti-trust laws that prohibited bank mergers. Campaign contributions? That eliminated much competition. I look for banks to start charging for keeping your money for you. USSA.

  • Thomas Fournier

    Not only will this continue to add to unemployment (while increasing bank profits of course) but wait till a solar flare or a war with nukes takes out the grid you will have freaking chaos never seen before. Time to put your money back under your mattress.

  • Mr. W. H. Braden

    If the world trend continues toward war, coins and goat trading with be the norm.

  • langenc

    Cashless society continues to arrive at an increasing speed.

    Around here banks seem to have very new/expensive branches. I guess they will be closed and sold to someone else.

    Susan-the govt will be snooping more and more. Wont have to file income taxes they will just access your acct and take what they like. That is in Obamacare. Read 1984 for more info. 1984 dont mention anything like Obamacare, as I recall. No one thought Congress was that stupid, even in the 60s when 1984 was written.

  • Diogenes65

    As long as they keep the Christmas Club I’ll be OK.

  • John Gosselin

    If this does, indeed, come about “in 10 years”, that will be a very sad time in our country’s history . . .

  • clifford mckercher

    Everyone will be forced into use of cards or internet, When the gov, & banks do away with money, the dollar will, someday crash, the dollar will only be good for wall paper, look at what is going on in the world, China,russia, they are getting out of the dollar. Gold & silver could become worthless if no one will take it. not that it will, but it can happen.

  • William Gary Brand

    A man was arrested in traffic offense with $3000 cash he was going use to buy a car. Cops confiscated cash. No trial! Law assumes that all large cash amounts are intended for illegal purposes. Even depositing large cash amounts in a bank endangers your bank account to confiscation. Legal fees to get money back, if innocents proved, at least $1000. Cash to be eliminated to remove underground economy. Government will know every economic act. When and where and with whom. People arrested because they were nearby someone else when that person used his card. Big data catches traitors. Next comes implanted chip credit card. It appears that mark of the beast is approaching. Implanted chips now used at dog pound.Christians will starve or be dammed. God sends anyone to hell if implanted. Christians will not be able to buy or sell or even beg for anything. Another sign of end times listed in revelations.

  • Lori Rondyke

    We use our Atm card to get money and our card is also a debit card to pay our other bills.No credit cards here.

  • ShortPatty36@yahoo.com

    Everyone is not blessed with money to keep in the bank to prevents checking account charges. Some work as many hours as possible and have two or three jobs to save their home, feed their families, pay their obligations but the jobs are part time and mostly are minimum wage jobs. Try to understand everyone may not be as blessed as you are sir.

  • ShortPatty36@yahoo.com

    Oh Sussie is correct that everyone does not have a computer or computer capabilities. Alot of people were not born yesterday.

  • RalphSpyer

    Did you ever see the cartoon of a larger fish eating a smaller fish. Then the bank becomes to big to fail ,there is something to be said about the good old days, a neighbor candy store, a neighbor food store, a neighbor , now we have Walmart

    • ONE HAPPY GUY

      Never shop at WALFART or any big box except for groceries big shopping (shoprite). I still support small business mom and pop stores. Have enough clothes in my closet. Still have clothes from high school. A shirt is a shirt and pants are pants. I do not need 150 dollar shoes or jeans. I am the 10 dollar jean guy and 9 dollar sneakers. Most people are so pretentious they have to buy the newest thing out there no matter what it cost. I know people who have over 15 cell phones in their drawers at home because they just bought the $500 new one. Whats the point? We live, grow old and die. Then someone else gets to clean up the mess of your house. DOLLAR STORE POWER or SECOND HAND SHOP. If you think I am cheap so be it. I do not have any debt and I get the best clothes at GOODWILL or Salvation Army and it keeps people employed and helps the community. What has WALFART done for any community?

  • John John

    There are and will be shifts. I suppose the world will survive on government assistance in the future because the suggestion is that all of us will all be replaced by algorithms, computer programs, etc. Isn’t it being suggested that medical diagnostics, economic forecasting, various types of analysis, monetary policy etc. can all be done better with programs using algorithms. So who will have a job and why will we need banks or money management. Oh, lest I forget, how did the algorithms work out in 2008 – Oooopppps! O sh………….

  • Suburban Guy

    I’ve used cash in place of credit for years but of course leave my excess cash in a checking account. So I still consider myself a Cash Only person as I only buy what I can pay for but use the safety of the bank to hold my excess. It is a terrible idea to go online only because of hacking. Then when we have a problem we’ll be calling “Ted” in India to try to get our money problem straightened out.

  • Flip flopper

    All these changes will probably take place until a “new” bank arrives on the scene and takes hold by offering to give customers “persona attention” and they will then be a big hit. What’s old is new, what’s new is old.

  • terri

    I have been using credit cards for over 30 years and won’t ever give them up. I’ve never had a problem with security. And, even if you had a charge on your card that you didn’t make, the credit card companies dismiss it. You don’t get charged for anything you didn’t purchase! Having credit cards has enabled me lots of free gas, free cash-back, and free airline miles. All for NOTHING because I pay my balances off each month. I will never give up my credit cards. I rarely have cash in my wallet….maybe $5 here and there.

  • ONE HAPPY GUY

    http://www.federalreserve.gov/publications/other-reports/files/ccprofit2013.pdf

    Credit Card Industry Profits

    Since the Great Recession of 2008 and passage of the CARD Act in 2009, credit card industry profits have declined a little, but not that much. In fact, profits in 2012 are beginning to rise as Americans return to using their credit cards in much the same way they did before the recession began in 2008. And credit card issuers are beginning to issue more credit cards and loosen standards for acceptance.

    Total earnings for the year 2011 for the entire credit card industry were $18.5 billion, which was up slightly from the 13.6 billion earned in 2010.

    How did the credit card industry become so profitable? With Americans charging more than a trillion dollars each year on their credit cards, one can understand why the industry is so profitable. Each time a credit card is used, a merchant pays a small fee. In addition, about half of all Americans habitually carry a balance on their high interest rate credit cards which is a nice cash cow for the credit card banks.

    The credit card industry really started to become profitable as a result of deregulation. The former governor of South Dakota, Bill Janklow, worked hard to deregulage the credit card industry in order to allow them to cheat the public. (Now you know why many credit card companies are based in South Dakota). In addition, the Supreme Court decision in the Smiley v. Citibank case. Their decision lifted fees on what credit card banks could charge. As a result, fees began to climb from a modest $5 to $10 to today’s $29 to $39 fee for paying late or going over your credit limit. It is predicted that these fees will climb to $49 to $59 in the near future. This is not surprising, as these fees are the number one source of revenue for credit card banks, surpassing what they rake in each year in interest income.

    Credit card banks also use specific marketing tactics to increase their profits. The most widely used marketing tool is the zero percent introductory interest rate offer. The credit card industry knows that many people will accumulate quite amount of debt on the card while the rate is at zero percent. Then, when the introductory period ends and the interest rate increases to 17 or 19%, the credit card bank earns significantly more profit than it would if it had never offered the zero percent rate on the card in the first place.

    A second tactic used to increase profits is to require a minimum monthly payment of only 2 or 3% to encourage cardholders to continuously carry a balance so they can rake in more interest income.
    Credit > Credit Cards > Credit Card Industry Profits
    credit report

    Has passage of the CARD Act negatively impacted the credit card industries’ profits? A little bit, but not by much. The credit card industry will always find loopholes to get around the Card Act. The biggest loophole all of them have already jumped through is getting rid of fixed interest rate credit cards that prevented the credit card issuers from raising the interest rate at a moment’s notice under the Card Act. Now they are issuing only variable rate interest credit cards which are tied to the prime rate. If a credit card has a variable rate, they can raise the interest rate much easier.

    A second loophole they have found is to just raise interest rates on everyone across the board, which they have already done. The low interest rate credit card is fast becoming history for many Americans.

  • ONE HAPPY GUY

    If banks really wanted to save money they wouldn’t build a bank with 15 teller windows and then only have 3 tellers on

  • AP

    “Banks and branches have always gone hand-in-hand, but the traditional, brick-and-mortar bank branch is beginning to die off.”
    I see new bank buildings springing up everywhere, so number one is incorrect.

  • Rachel

    I agrre with susie Adamson. I had someone steal my info, I still have no idea how. My ” bank” did nothing to help me when I wanted to close my account they would not let me do that because, ‘ there was more transactions pending’ , not mine. When I wanted to recover my money I had to fill out a form for each transaction that was not mine which cost me 50 $ for each one. They helped those crooks steal my money. I am a single mom with two children no family to help me rebound, guess thats my bad luck for trusting these institutions. The only reason I have an account and debit card now is because my employer forces us employees to have one if we want to be paid, no paper checks. Nice, I have no choice. And before too long neither will you.

  • Vickie Casey

    jimho the trends noted in the article also portend a transfer of all voting online; really, if we can do all our banking online, well, then . . .

  • Terry Le Dactyl

    Paper money is dirty. Especially the one dollar bills. Smell one…just imagine all the nasty places they have been. In the banking industry, they teach us to never lick your finger when you count out your bills.

    In the far future, humans are going to look back at us with both fascination and disgust. “Yuk, how did they carry around and trade such disgusting pieces of paper? Go figure….”

  • Terry Le Dactyl

    Paper money is dirty. Especially the one dollar bills. Smell one…just imagine all the nasty places they have been. In the far future, humans are going to look back at us with both fascination and disgust. “Yuk, how did they carry around and trade such disgusting pieces of paper? Go figure….”

  • Boondoggler

    I heard that same prediction 10 years ago. There will be fewer of these types of services, true, but not all people are or will be comfortable with total technology banking. There will always be those that want, maybe even need, to go to the bank and have things explained and worked out for them. For some it is even a social experience that they will be willing to pay for.

  • MeMe

    P2P is not “people to people” it’s “per to peer”

  • Wayne Willard

    They are trying to put good honest bank robbers out of business

  • David McElroy

    I use paper checks for major bills like rent and utilities because I want a record of my payment that is tangible. Digital transactions may be “convenient”, but your finances are totally at the mercy of banking computers which can suffer minor glitches and major hacking of your data. The “cashless society” tempts us with convenience to completely surrender our control of personal finances.

  • Wayne Varner

    paperless means no trail…..

  • RockinRon

    you are full of baloney. I have asked cyber security experts how they pay their own bills, and they all say paper checks using the post office as the only un-hackable way to get the bill payment to where it belongs.

  • Larry

    Credit cards only make sense if one has the discipline to pay bill in full each month.

  • Ben Tucker

    I have a friend who lives in a mountainous area in a low population state. Due to weather and terrain cell phones don’t work, telephone service can be iffy, there’s no internet coverage; she can’t even get TV. This is not distant rural Utah or something; it’s in Vermont! At any rate, she uses checks and she mails orders and payments just like the olden days. She’s already lost analog phone service, which she once used for wireless phone, and most P.O. services due to USPS closures. Just for a change let’s make sure the glittery new e-facilities are universally available before eliminating the old ones!

  • Lauren Hahn

    I used my debit card most of the time until Jewel had two data issues. Now I’m back to writing checks. I’m a little more careful with my credit card too, after charging something at Neiman Marcus a year ago and then discovering that their customer data base was hacked. I’d love to use plastic all the time, but it wouldn’t be safe, would it?

  • frontgate

    What a bunch of luddites! Computers are here to stay for a long while. Plastic , i.e. credit/debit cards may not be around long, smart phones will replace them, and cash will also be obsolete in the near future. So, luddites, how’s the buggy whip business going for ya’ll?

  • Gary Ewer

    All Banks are evil empires! Cash only always! Keep as little as possible in them.. When you keep $1000 in your bank, they manipulate it into $100,000 loaned to others at intrest driving us all further in debt and slaves under their control.. Pull your money and take away that control.. If every Ameriacan did this we could have our country back in a week

  • Joseph Dear

    I really see more of a decrease in these things than actual obsolecence. Consider branch services. It is true that more and more things can be done online. In fact, many things can be done entirely remotely thanks to, phones, the internet, and the ability to send scanned documents. That doesn’t mean there isn’t going to be a perpetual demand of in-person service. Many people simply prefer doing things with the banker in the same room, especially the more complicated transactions.

    Paper things (#3) allow for additional security and accountability. Having documents both stored electronically and in print insures that the information is safe both from fires and from computer failures.

    Traditional tellers (#4) more or less pair with #1. So long as there is a demand for some degree of in-person branch service, there will be a demand for traditional tellers

    #2, checks, i could see going either way Their use has plummetted in recent years. At the same time, they have become such a mainstay to both personal and business finance that I can’t imagine some use for them (even if only for things like government entities that refuse to bother updating their systems to accept online payment).

    And #5 is like branches. I predict a decrease, but there will always be a place for in-person service, even if people have to search harder to find it.

  • namora

    They are going to have to get the security for PCs a whole lots better before I trust it with my banking. Oh well the mattress will have to do.

  • disqus_ubzDC4XSN5

    So if a bank has virtually no overhead and needs almost no employees, WTF ARE ALL THOSE FEES FOR?

  • Trae

    Geez. What does Jews have to do with ANYTHING this article is talking about?
    Please tell me WHAT?!

  • Wolfman

    buy now If you don’t know I can’t help you