I’m thinking about banks today because the local branch of our bank is closing and my wife and I are trying to decide what to do about it. We’re shopping for banks.
There seem to be an awful lot of banks to choose from.
There are at least 85 banks in my town. There are somewhere around 58,000 adults living here, so that’s what-about 700 people per bank? Is that really all the customers a bank can handle?
There are probably too many banks.
Like most Americans, my wife and I aren’t doing anything all that complicated with our bank. Our investing and retirement is done separately and like a lot of folks we have loans from places we don’t bank at. So our bank is mainly a place to keep our money and draw checks from.
Every bank does that fine- so what else should we look for?
Don’t tell me interest rates because the interest rates at most banks today are hardly worth the bother. And besides, a lot of banks give about the same interest? Interest rates alone aren’t going to do it.
Well having an ATM nearby used to be a plus, but not so much now. To be honest, I hardly carry cash at all anymore. I use my bank card to pay for most things, and if I need cash I’ll ask for cash back at the store.
I rarely do.
Having a branch nearby is nice, but my check is direct deposited and my current bank has an app that lets us deposit other checks with our phone. We can see our transactions and set up payments online. If we have questions we can call. There doesn’t seem to be much reason to go to the bank anymore.
Still, we’re looking for something nearby, just in case.
There’s a 5th, 3rd bank around the corner from us.
I’m sure it’s a wonderful bank, but the name bothers me.
5th 3rd? How did this happen?
This is the 5th 3rd bank?
So let’s see, there was a bank called the 3rd bank, and now there are 5 of them? Can’t be- there are more than 5 3rd banks. Makes no sense.
Their logo is 5/3 as a fraction.
Well, fractions were never my strong suit, but I know an improper one when I see it. Technically this is the 1 and 2/3rds bank, which sounds just as silly- but at least it’s mathematically correct. Again, they may be a fine bank, but I’d feel better if they learned fractions before handling my money.
We haven’t decided what to do about our bank yet, but like most people I suspect we will go with what’s convenient.
You can bank on that.