Have you ever found yourself heading to the bank on a weekend only to realize that it's not open? Well, if you're a customer of Huntington Bank, you don't have to deal with that problem any longer. ideastream®'s Ida Lieszkovszky has this report.
Starting this week, Greater Cleveland Huntington Banks will be open 7 days a week, and even their weekday hours are getting extended. But in the age of ATM's and 24-7online banking, what's the point? Rob Soroka is Senior VP of Retail Banking at Huntington.
Soroka: What our best customers told us is that when they need good financial advice it's too hard for them to make it in between 9 to 5. They need more convenient hours more days a week.
Bill Mahnic thinks there's more to this story. He's a Banking and Finance professor at Case Western Reserve University, and he says this goes back to PNC's takeover of National City Bank more than a year ago. While that is water under the bridge, the changes for the customers are just now rolling out.
Mahnic: PNC has already notified National City Customers, I'm one of them, that I'm going to get a new ATM card, that my checking account number's going to change, I may have to change my pin code to access my ATM so when you have changes in operating platforms it impacts consumers. Now most consumers don't like change.
Mahnic says former customers of Amtrust Bank, soon to be New York Community Bank, will probably be getting similar notifications near the end of this summer. Some of those customers might also be attracted by Huntington’s expanded hours, though Huntington says changes at other banks had nothing to do with its decision. This is a big move for the bank - it meant hiring 150 new employees and investing millions of dollars. Analysts say other banks probably won't follow suit any time soon - at least not until it's clear the risk paid off for Huntington.