Council Members Upset About SunTrust Pullout Should Teach The Value Of Online Banking - And Response (2)

  • Wednesday, March 18, 2015

I sense exaggerated empathy from Council Members Freeman, Hakeem, Anderson and Gilbert with their comments about the 3rd Street SunTrust closing.  Perhaps pulling your mindsets out of the 80’s would be beneficial to those senior citizens you espouse such compassion for and cease the political posturing. 

In this century, the vast majority of banking is done electronically: via computer, tablet, smart phone, etc. Unless it is the act of withdrawing cash, it is the only advantage a brick-and-mortar bank has over online transactions. And this is probably why SunTrust is closing that location. 

I performed a search for advantages of online banking for seniors and one of the very first returns was from Marlborough Saving Bank. And their website reiterates almost every other bank, thrift, credit union, et al. Allow me to cut-n-paste: 

"Convenience and fewer limitations.  With online banking, most of your financial life is in one neat 'virtual' place. Access all of your checking and savings accounts 24/7 from the comfort of your home. This is especially helpful if you can’t drive, don’t have a car or have a disability. 

"Pay bills on your schedule. Pay your bills day or night with just a few clicks of a mouse with automatic bill payment. You can even review your account statements, see which checks have cleared and always remain apprised of account balances, anytime you like. 

"No more wondering what your account balance is on any given day or worrying if you have enough money in your account to pay a bill. 

"Transfers are easy. With a click of your mouse, transferring money between accounts is a breeze. You can also set up automatic transfers to help you easily manage your money. 

"Reduce clutter and confusion. 

"Transitioning to online banking can help keep you more organized and less confused by the continual parade of bills into your home. You can sign up for e-bills with certain companies, which means less clutter and fewer stacks of paperwork. 

"A side benefit for seniors suffering from arthritis is the relief from not having to write out a stack of physical checks. Imagine feeling good after paying your bills! 

"It’s safer. Some seniors, especially women, may feel vulnerable going to an ATM in the evening to complete bank transactions such as balance transfers. Banking online can solve this issue too. 

"Bank on vacation. If you have a laptop or smartphone, you can bank from the beach or cruise ship. In fact, you can schedule bills to be paid before you leave for your trip. Then you can enjoy your vacation knowing that your bills will get paid on time." 

Pick a bank. Any bank. Go with the one that gives you the best rates and services. But do it online in the safety of your own home. If you need cash it can be done from almost anyone’s ATM. Yes, in this instance it may be a minor inconvenience. But, truly, how often is this a necessity? 

Council Members, if your sympathies are truly for our citizens instead of just your voting constituency, organize computer literacy programs. Urge Social Security Direct Deposit. Advocate the collection older but useable computers and distribute to seniors who need one. I don’t have a dog in this fight but why not save the crocodile tears and stop interfering with private business. They just aren’t in your purview, especially when a better alternative is available. Or could this be a premise for another PILOT program for that property? 

David Fihn
Hixson 

* * * 

While I agree that online banking is a great benefit and achievement in American history, you must also note that senior citizens and many other people do not have internet access, many may not have a computer let alone know how to use one.  Saying that people need to step into a new century is kind of sad for you to say.  

That is the only bank in the area. There are no grocery stores in the area and not a local library for residents to go to with out having to go all the way downtown.  

There are enough problems in everyday life without including the bank closing. The Suntrust bank has been in the community for years and many people have grown up with that bank. I am sad to see the bank go and I am grateful that the City Council actually cares what happens to it residents. 

Lynesha Lake 

* * * 

Yes, it is easy for someone to say do your banking online. Internet access is becoming a necessity, but it is expensive, for one not earning anymore.  I can see the day when with increasing property taxes and health-care premiums that I might have to choose between internet and food.  

Not only do many people not have internet access or not have a computer, but there is a lot of banking that needs to be done face to face.  Depositing of third-party checks is one such transaction. 

American National was a community bank. Suntrust has been gradually reducing services and increasing fees, they are no longer service-oriented. 

I hope a real, local, service-oriented community bank will step into the east Chattanooga/Third Street location. 

John L. Odom
Ooltewah

Latest Headlines
Opinion
Democratic View On Top State Senate Issues - March 18, 2024
  • 3/18/2024

Campbell bill seeks to save lives by studying suicide trends in Tennessee 3 p.m. Senate Regular Calendar — SB 1787 , by Sen. Heidi Campbell, would require state health officials to produce ... more

The Odor Of Mendacity - And Response (2)
  • 3/16/2024

The Fulton County judge, Scott McAfee, overseeing the Fani Willis prosecution of Donald Trump and eighteen other defendants has spoken. In response to a motion by defendants to remove Willis ... more

Capitol Report From State Rep. Greg Vital For March 15
  • 3/15/2024

General Assembly confirms new Tennessee State Supreme Justice Members of the General Assembly confirmed the appointment of Mary L. Wagner to the Tennessee Supreme Court in a joint session ... more