Apps are killing B of A's drive-through teller lanes
The banking giant is closing car-friendly windows throughout the country, as more Americans bank via smartphones.
Technology is taking its toll on the drive-through teller lanes.
Bank of America (BAC) said it's closing some of the car-friendly lanes, although it declined to specify how many will be shuttered, reports NPR. The reason? Mobile banking and online services are reducing the need for the drive-through lanes.
While millions already bank via mobile phone, that number is expected to keep booming. Last year, 33 million Americans used mobile banking, which projected to almost triple to 96 million by 2016, according to Aite Group.
One in six smartphone owners use their device to transfer money, pay bills and check balances, Aite Group found. And with more employers using direct deposit, some bank customers have reduced the need to visit a teller or use a drive-through window.
Indeed, Bank of America's decision to shut down some drive-through teller lanes raises the question of whether this marks the beginning of the end for an 80-year-old tradition. One of the first drive-through teller lanes was highlighted in a 1930 issue of Popular Mechanics, which noted the "thief-proof" slot in the teller's window.
But not everyone is thrilled with the idea.
David Molter, 83, told the Charlotte Observer that he's leaving Bank of America after learning about the teller-lane closures. "I’m distressed," he said. "I think it’s a bad decision."
On the other hand, some banks are implementing drive-up ATMs with more services, Mercator Advisory Group director Ed O'Brien told the newspaper. Those include ATMs with real-time video feeds to tellers.
For Molter, who described himself as having a bad knee and a non-ATM user, even a $50 gift card from Bank of America to Darden Restaurants' (DRI) Oliver Garden couldn't convince him to stick around. He has switched to a rival with drive-through service.
Bank of America said none of the tellers are losing their jobs and that customers will have access to ATMs.
Still, the strategy could backfire, given Americans' reliance on driving. As NAB Research analyst Nancy Bush told the Observer: "People are used to doing business from their cars."
Follow Aimee Picchi on Twitter at @aimeepicchi.
I truly believe if there were no other banks or credit unions I would simply bury my money in a can out back.
Forget drive through.................Bank of America should just close it's doors forever.
This has to be the worst corporation that the human race will ever have to deal with. It is garbage from the basement all the way up to the top floor. Comparing garbage to bank of America is giving garbage a bad name.
I left Bank of America one year ago, and I could not be more happy, especially in the last week or so it being in the news, sued with security fraud, an intern death in London and now the closing of teller windows. But I bet that behind all that there will be another increase in their fees.
All above are the reasons why it is the most disliked (hated) Bank IN America.
GUESS WE SHOULD STOP USING DRIVE THRU FAST FOOD TOO....
MORE JOBS LOST AND MORE ON WELFARE AND AID FROM THE STATE
TO COVER THEIR LOSS AND MORE OUT OF MY POCKETBOOK CAN'T RETIRE
NOT MONEY LEFT TO RETIRE ON DUE TO TAXES UP AND FOOD UP AND GAS UP
AND I AM GOING DOWN DOWN DOWN::::::::::::::
They all are blood sucker..one way or the other , they will rip you off...
I was client for Wells fargo for the last almost 20 years ...with other banks..Wells fargo take over..
This year they started annual fee $ 25.00 for over draft protecxtion... that was fine.
Now they want $ 12.50 each time money is used... with their mistake $ 3.10 was taken from over draft protection..line of credit....and they want $ 12.50 charges...
Interest for the whole year this time has .09 ..nine pennijes..
Bank of America worst than others but they all are big to rip off consumers...that is only in America and it would never happened in China...
Close down the whole sorry company for all I care... they suck AND blow!!!!
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A basic income policy can actually ensure a decent standard of living for everyone.
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