Capital One announces US branch closures
Capital One is closing 37 branches across the US as it shifts towards a new digital strategy.
Capital One says its customers are increasingly going digital
The bank holding company filed an application with the Office of the Comptroller of the Currency (OCC) this week outlining its plan.
Capital One’s five-year revenues have seen a compound annual growth rate (CAGR) of 6.4% while its income experienced an 8.2% growth over the same period.
“Our customers are increasingly engaging with us digitally,” says Capital One spokesperson Derek Conrad, according to a report on Yahoo! News.
“We continue to see steady growth in mobile banking, online banking, enhanced ATMs, remote deposit capture, etc.”
The news comes amid a slew of similar announcements from other major banking brands. Lloyds Banking Group posted plans to close 31 branches in the UK last month, while Italian lender UniCredit revealed it would be slashing 6,000 roles and 450 branches in a major cost-cutting plan.
Capital One has seen some comings and going among its senior staff, too. It appointed Eileen Serra to its board of directors and saw chief technology officer for enterprise products Gill Haus leave for JP Morgan.
Related: Capital One reveals huge data breach
I am very disappointed in my Capital One Branch in Massapequa closing. I would like to know why you would close that office and leave a very small branch open on Sunrise Hwy in Massapequa. I have built up relationships with the staff over the last 20 or so years and I can’t begin to tell you how upset I am that this branch is closing. It is situated in a shopping center with all the essentials- supermarket, post office, another bank (Chase), dry cleaners, restaurants, plenty of parking and always has many customers.
Yeah,
Crapital One bought Chevy Chase Savings, then quickly destroyed Chevy Chase’s awesome branch network and great customer service.
All that they do now is close more branches and waste money on fancy TV advertising.
I don’t need a leather couch and a barista in my bank!
I need a friggin’ teller who knows how to handle a bank transaction.
“Our customers are increasingly engaging with us digitally,” says Capital One spokesperson Derek…..
That’s because you closed all the brick & mortar bank branches!!!
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The closure of my bank “brick and mortar” is very upsetting. Capital One has lowly reduced my old Chevy Chase bank to basically a place to cash and spend your paycheck. Gone are interpersonal relations with anyone.
I am disgusted with Capital One closing all its branches and going 100% digital. When I want to do my banking I want a bank. They tell me that if I convert my accounts online to 360 accounts I can raise my withdrawal amount to $3,000. Yeah, people want to stand at an ATM and withdraw large amounts of money. They don’t want to be in a bank where it is counted out and put in an envelop. They don’t want a security guard to watch them exit. Oh right, I want to wait for a bank check if there is an emergency. They will “overnight” it to me. Helpful to be waiting for mail during an emergency. And DO NOT get me started about all the wonderful and kind tellers that are now out of jobs. Capital One-lets make seniors even more isolated from society. Capital One-lets make entry level workers be unemployed by the thousands. Capital One-the bank without the human touch or concern. How much money is enough for these pigs at the trough? If Capital One planned to go 100% digital they should have let their customers know a long time ago so that people would have sufficient time to transfer their business to other institutions. I got my letter about my branch’s April closing on 2/6/21. As my brother says, “the new and UNimproved” Capital One. After more than 20 years, I will be closing all of my accounts at Capital One and moving to a nice, efficient, friendly and wonderfully real branch of a terrific credit union. Hey, I just found out they have higher interest rates. Thanks Capital One. Maybe once I am over the anger I will realize you did me a favor. I still feel bad about all the great branch employees. They were the frontline people who made your customers loyal to Capital One. Everyone at the North Babylon branch on Long Island is/was wonderful and talented. They made everyone feel welcome and appreciated. Hard to find work during a pandemic, not very thoughtful of you Capital One. Someday you will realize that the human touch is vital to society. That the elderly, disabled and really all of us benefit greatly when they have human assistance when banking. You might be leading in the race to go digital, but I think within 5 years you may realize you were racing to lose big. Penny wise and pound foolish. Ugh!
Every few months I receive a letter addressed to persons I do not know: yet, mailed to my home address. The letters reference a delay in the availability of funds, in an account I do not have, and other discrepancies. I gave up calling customer service and/or your IT department. No one seems to care about the sloppy record keeping and questionable privacy. This bank does not inspire confidence.