Who can see my account information?

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SQRT
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Re: Who can see my account information?

Post by SQRT »

Koogie wrote: 15 Jun 2017 13:54
AltaRed wrote: 15 Jun 2017 13:30 The challenge for the big banks is how to eliminate (or reduce the number and size) of brick and mortar branches and provide limited physical and paper services where needed.
I have often idly speculated that I think this is going to be a big problem for TDCT going forward. They have really built/overbuilt their branch network in Ontario (at least. Probably elsewhere as well). What becomes of all that pricey real estate in 5 to 10 years when the demand for face to face banking dries up and how does it affect return ? Especially if it coincides with a decline in retail in Canada because there would be less demand from other strip mall tenants to take over that space, as much of it is purpose built.
Most of the branch locations are leased for terms that might range from 5-10 years at onset. Not that costly to close or downsize. Clearly banks understand the issue of transitioning to a smaller physical footprint while still using the branch network as their primary sales channel. I have confidence they will manage this transition.
twa2w
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Re: Who can see my account information?

Post by twa2w »

In terms of access to accounts by bank staff, they do not need the client to be present. Most branch bank enployees can do a name search on any client and bring up a profile. Every bank is a little different but the first page of a profile would have name, contact info and some coding. This allows the branch to look up and call a client if there is a problem or deposit. There would be links to clients preferences, secondary addresses etc
The employee would have to go further into profile to get account info and balances and further yet to get specifics on individual accounts.
Yes this is all tracked but some employees can and do go into client profiles when they should not.
Some banks have a way to block employee access to executive employees and certain clients.

If a client puts forth a complaint, with specific information, the bank will investigate and pull up all access by employees. In other words if a client says i.e. 'I heard someone say he was talking to someone at the bank and the employee mentioned, must be nice to have that much money' would be enough to trigger an investigation. But a general 'i think so and so is looking at my accounts' would not be enough. We often ran into issues when some client was going through a divorce and the spouse was friends with someone at the bank.
Employees know the penalty so most are pretty careful about divulging info but since the major banks employ 150,000+ people there are bound to be a few bad apples.

In regards to branch networks, the banks do aggressively open new branches in new subdivisions and areas of growth. Most people still go to a bank to open new accounts and a branch presence ensures market share. When people move, retire, change jobs is when they are most likely to change banks so a branch presence is a major factor. Lots of studies have gone into this.

Once the subdivision has matured and the branch growth has stagnated, the banks usually will consolidate those smaller branches into a larger flagship branch. This branch would be at a consolidation point for shopping or transportation etc. With easy access. (Rarely in a mall though)
As sqrt says, most of these new branches are initially on 5 or 10 year leases with options to extend 5 years.
The banks got rid of bank owned branches, manager houses 20-25 years ago.
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kcowan
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Re: Who can see my account information?

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AltaRed wrote: 15 Jun 2017 11:16I know of a good number of folks in their '80s even that have picked up the basics, if only because of the need to stay connected, i.e. online communications (email, skype, facebook), if not yet brave enough to fly solo on online banking yet.
I sent an Interac eTransfer to my ex and it sat for 2 weeks until one of the kids showed her how to do it. Last time, it was done within the hour! They will learn if the motivation is high enough. :thumbsup:
For the fun of it...Keith
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kcowan
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Re: Who can see my account information?

Post by kcowan »

SQRT wrote: 15 Jun 2017 16:23Clearly banks understand the issue of transitioning to a smaller physical footprint while still using the branch network as their primary sales channel. I have confidence they will manage this transition.
Our TD branch was booted out of its space in Park Royal north to make way for a major overhaul. So they operate from a trailer in the south mall now for 2 years. Couple of ATMs and a couple of people manning desks. Seems to serve the need. Although they are building a new branch in North Van but that is a hotbed for new highrises. I can walk 2 km and encounter every one of the majors, TD and RBC twice.0
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Koogie
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Re: Who can see my account information?

Post by Koogie »

twa2w wrote: 15 Jun 2017 17:17 In regards to branch networks, the banks do aggressively open new branches in new subdivisions and areas of growth. Most people still go to a bank to open new accounts and a branch presence ensures market share. When people move, retire, change jobs is when they are most likely to change banks so a branch presence is a major factor. Lots of studies have gone into this.
Once the subdivision has matured and the branch growth has stagnated, the banks usually will consolidate those smaller branches into a larger flagship branch. This branch would be at a consolidation point for shopping or transportation etc. With easy access. (Rarely in a mall though)
As sqrt says, most of these new branches are initially on 5 or 10 year leases with options to extend 5 years.
The banks got rid of bank owned branches, manager houses 20-25 years ago.
Hmm.. if you guys say so. But, colour me a little skeptical. I just thought about the 8 TDCT branches I have used in the last 5 years. 6 of them were housed in strip malls. 3 of those were in purpose built stand alone buildings set off separately in the parking lot. Who is paying for those buildings to be built ? If the landlord, are they really going to let TDCT walkaway after 5 or 10 years ? If TDCT pays for them, who could they possibly sell them to except another bank ?
twa2w
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Re: Who can see my account information?

Post by twa2w »

To be fair, the build out, growth and consolidation of branches is more like a 20-30 year cycle.
When you open a new branch it takes 3-5 years to profitability, this continues to grow as subdivision is built out ( another 5-8 years) then continued growth as demographics change in area.
Some branches will be more profitable than others and may remain open. If economy stays strong the branches may stay open longer.
Senior management changes their focus etcetc
But usually at some point some new snr exec will take over and the economy hits a rough patch and expenses have to be looked at. So we have an area with 5 branches, 2 are doing well, the other three will be looked at close and move clients.
Sometimes the cycle is faster. In Northwest calgary there was a power Centre opened with a Costco, home Depot and CanTire. There was an RBC, TDCT, and a Alberta Treasury branch. This was 5 or 6 years ago. The ATB has closed already.
Cheers.
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