A major financial institution announced this week that it was rolling out a new smartphone app that could control all functions of their ATMs. For several years now banks have accepted check deposits through their smartphone apps when the consumer takes a photo of the check. This announcement, however, eliminates the need for a physical ATM card altogether. You don’t need a weatherman to see which way the wind blows. The writing appears to be on the wall as we inevitably move toward a future where all monetary transactions are handled through some personal electronic device.
That dots the “i’s” and crosses the “t’s” for placing the boomer generation as the last to be required to visit a bank teller in person to do routine banking functions such as deposit checks and withdraw funds. Banks have been discouraging the traditional face-to-face bank teller visit — the one boomers recall — for nearly 40 years now. They have trained us to use the ATM instead. Now they want to come one step closer to eliminating the need for an ATM at all.
What triggered this latest nostalgia bomb in the mind of Mister Boomer was that recently he and his spouse opened an account at a neighborhood bank for the sake of convenience. This particular bank is a little unlike others in that there are no bullet-proof partitions separating customer from teller, so there is no need to shout through a hole to relay one’s reason for today’s banking. This was much more like the banks of yore.
Mister Boomer was probably around six or seven years old when his mother brought him and his brother, with his sister in tow in the kids’ wagon, to the neighborhood bank. This visit was to open an account for Mister Boomer. The nice lady behind a desk got the pertinent info, Mister B’s mom handed over a couple of dollars — more than likely the contents of a birthday card from his grandmother — and then went behind the teller counter to finish the transaction. When she returned, she handed Mister B the book — which he was now informed was a “passbook” — and was greeted with a “Welcome to the Bank, Master Boomer.” That was the way it was — men and women would be addressed as “Mister” or “Missus,” girls as “Miss” and boys under the age of twelve as “Master.”
For the next twenty years Mister B banked at that branch. Each time he produced his passbook, where tellers dutifully recorded deposits and withdrawals by stamping the date and amount. When the pages of one book were filled, another was given to take its place. The tellers knew your name when you walked through the door, and they were always happy to see you. It was like Cheers — a place where troubles were all the same, and everybody knew your name.
Of course, boomers did not have a choice but to visit a bank weekly, at the very least. We had to stand in line with all the other people who just got their paychecks in order to deposit part and take back the cash we would need for the week. There was no such thing as “direct deposit.” This might result in lines of 45-minute waits or longer, despite a full complement of tellers for every window. It meant a race to the bank after work if you wanted to cash your paycheck, or using a lunch hour to do so instead. Some banks began to open one day a week a little beyond their usual 10 a.m. to 3 p.m. hours (known as “bankers hours” to boomers) to accommodate the weekly crush. Others established drive-through windows to increase the number of tellers and lessen the lines, only to have long lines at the drive-throughs.
Mister Boomer’s neighborhood bank wasn’t much bigger than the size of a gas station. It was dwarfed by the size of its parking lot, which was easily double its size. Drive-through windows first appeared in the late 1920s, when people began owning more cars than horses, but it wasn’t until the late 1960s when Mister B’s bank installed drive-throughs. The bank’s main branch had them probably since the building was built, which looked to be the 1950s. But Mister B’s branch was old-fashioned. Following suit, Mister Boomer didn’t use the bank’s drive-throughs until the bank established Saturday morning drive-through hours in the early 1970s. If you couldn’t make it to the bank on Friday payday, the Saturday drive-through window was going to be a life-saver.
Like most boomers at this time in history, Mister Boomer has moved along to embrace whatever ways the banks have laid out for us to give them our money. Forty years ago, would any boomer have envisioned a day when we could make bank transactions and bill payments by computer, let alone a smartphone? Mister Boomer, though, wouldn’t mind banking at a place where everybody knew his name.
Do you remember banking in our boomer days fondly, or as a necessary evil?