Bank branches are so last century

Stuff reports:

Regional Economic Development Minister Shane Jones has met with the Reserve Bank and asked it to consider rules that would compel this country’s big banks to keep branches in the regions.

Jones raised his concerns about big profits and retreating regional service with Reserve Bank Governor Adrian Orr in a meeting on Wednesday.

“He’s taken on board my concerns, he has undertaken to go away and do some further work and establish what, if anything, he might be able to within his statutory responsibilities,” Jones said.

“He didn’t boost my hopes but, I have to say, that he gave me a very fair hearing.”

Thank goodness the Governor is independent as he will of course do nothing to implement this.

Bank branches are going the way of post offices. They are closing down because no one uses them. To insist that a bank branch must be kept open for the 1% of New Zealanders who are luddites is ridiculous.

You can do 99% of your banking online now. And for big stuff like mortgages, the banks have their staff come out to your home.

I avoid bank branches like the plague. Only when a client insists on paying by cheque (around once every two years) will I go into a bank branch.