Edgeville Buzz

Andersonville Chase Bank Set To Close, Company ATMs Become More Scarce

chase-2The banking game is changing drastically as companies latch onto the internet and mobile apps to do business. With more and more people using these electronic devices, the need for brick and mortar branches are less necessary.

JPMorgan Chase Bank has announced that their branch at 5531 N. Clark will become the next location to close. It will be the most recent to shutter in recent years, including the bank that was located at 5200 N. Sheridan. The 5531 N. Clark store is set to close May 4.

According to a CBSnews source, only 42% of all deposits last year were handled at a branch, compared to 90% in 2007. In addition, teller transactions are the costliest for banks to process. It costs Chase roughly 65 cents each time a deposit is made through a teller, which is eight times the cost to process an ATM deposit. Smartphone deposits cost the bank three cents, more than 20 times the cost of a traditional deposit.

In February, 2015, Chase announced it would close 300 banks over the following two years. The plan was expected to cut $1.4 billion in costs.

Chase ATM machines are also becoming more scarce. Last October, Chase pulled 442 cash dispensers out of Chicago Walgreens stores, leaving the area with almost 25% less ATM options. The Chase ATM that was at the 5440 N. Clark Walgreens, is now Citibank.

Employees of the soon-to-close 5531 N. Clark Chase bank are expected to be transferred to the 5134 N. Clark branch.

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