Bank One will shut shut four branches & Automatic teller machines will become more common
Bank One Indianapolis plans to close four area branches later
this year, but will beef up its electronic banking services.
In December, the bank plans to close three Indianapolis
branches: Carson Square, Park Fletcher, and West 10th Street and
County Line Road. It also will close the Methodist Home branch in
Franklin. The branches, some acquired when the Ohio bank bought
other lenders, significantly overlap other Bank One outlets, said
Mike Newbold, manager of consumer banking.
Employees working at the four branches will be given positions
at other branches, he said.
Though it is closing some branches, Bank One is building a
full-service branch at Stafford Pointe in Plainfield. The bank has
plans for several other branches next year, although is not yet
revealing the sites.
While some people feel more comfortable banking at a branch, a
growing number of customers like to bank electronically, Newbold
said. Many of the electronic banking customers are younger
consumers who have grown up with computers.
Banks like electronic banking, too, because it's cheaper to
operate a machine than a full-service branch.
For those who prefer banking by machine, Bank One is boosting
its electronic options.
By the end of 1997, Bank One expects to add more than 20
automatic teller machines in the metropolitan area.
It also will set up a dozen automated loan machines in the
Indianapolis area. With these, consumers can punch in their
financial data and, within minutes, the machine can spit out a
check for $ 1,500 to $ 10,000, Newbold said. The exact locations of
the loan machines haven't been settled yet, but they will be set up
in high-traffic areas, such as malls, Newbold said.
Some consumer groups have expressed concern that automated loan
machines make it too easy for people to get into deep debt.
It doesn't help banks either if customers take on more debt
than they can handle, Newbold said. To guard against that
happening, the machines used an automated credit scoring system,
which gauges how much, if any, debt a consumer can handle, he said.
Bank One has tested automated loan machines in West Virginia
for more than a year, and the tests show that usage has been
increasing, Newbold said. Many consumers take out loans for medical
or home improvement needs, he said.
Bank One customers will soon be able to bank on line, too. The
bank has teamed up with 14 other lenders and IBM to form a new
company that will offer on-line services to customers.
Source: THE INDIANAPOLIS NEWS, October 2, 1996, Wednesday
Copyright 1996 The Indianapolis Newspapers, Inc.
THE INDIANAPOLIS STAR
October 2, 1996 Wednesday CITY FINAL EDITION |
