The Death of Common Sense!

[RockyMountainMan]

Big shout out to all you Villagers out there!

Was cruising on 466A today and I noticed the construction at Pinellas Plaza next to the Marathon gas station. I wondered for months what it could possibly be...a new restaurant that is open passed 9PM...maybe one that serves breakfast?

Maybe a gift store or a bike shop or a beach wear store????

Then, as I read the sign for the new building I was elated!!! A BANK!

What a surprise!! Then my elation turned to dismay as I saw it was a Chase Bank. I was hoping for a U.S. Bank or a Sun Trust or PNC Bank or maybe all three. After all that shopping plaza was in need of more banks.

The only banks there now are Wells Fargo, Citizens First, First Community, Bank of America, Community First and now Chase.

I'm optimistic though. I noticed plenty of land around that area. With any luck they might consider building the three banks I mentioned above and still have room for a Fifth Third Bank, a Heritage Bank and maybe even throw in two or three credit unions to boot!

Keep your fingers crossed...I know I am!

[tomjbud]

Why does anyone need to go to a bank building anymore? With ATMs, automatic deposit and online banking it is very rare for me to go into a physical bank building. However, sometimes I do feel the need to go to Citizen's First for the popcorn!

[Halibut]

Why does anyone need to go to a bank building anymore? With ATMs, automatic deposit and online banking it is very rare for me to go into a physical bank building. However, sometimes I do feel the need to go to Citizen's First for the popcorn!

I got nothing against more banks being here and am wholly unfamiliar with the banking industry, but would think they'd be reducing branches as a cost-saving measure, not adding more. Perhaps a former banker could enlighten us? It has to be profitable for them in some way or they wouldn't be doing it. I suppose mortgages and other financial services could account for the need.

Remember all those former Friday afternoons spent scrambling to leave work in time before the bank closed, then waiting in long lines to deposit your danged check? Glad those days are gone.

Pew Research (http://www.pewinternet.org/2013/08/07/51-of-u-s-adults-bank-online/) says 51% of adults in the U.S. bank online. 35% of cell phone owners bank using their phones. It doesn't say they're exclusively online, though.

[Kirsten Lee]

As a current banker, I can tell you that more and more banking is done online or now on phone by younger consumers. The reason branches are still being built near TV is the demographics. There are still many older customers who do not like or trust technology with their money. Also, sad to say we see many older customers who are lonely and will spend a lot of time at the new accounts representatives' desk just to renew a certificate of deposit. They come into the bank for social interaction and we serve coffee and cookies.

[dbussone]

As a current banker, I can tell you that more and more banking is done online or now on phone by younger consumers. The reason branches are still being built near TV is the demographics. There are still many older customers who do not like or trust technology with their money. Also, sad to say we see many older customers who are lonely and will spend a lot of time at the new accounts representatives' desk just to renew a certificate of deposit. They come into the bank for social interaction and we serve coffee and cookies.

And thank you so much for being so nice to all of us. Over the last 5 years I've gone from doing all banking on-line to about 50% on-line. It's nice to see a real person with a smile.

[alanmcdonald]

Once Chase opens in Pinellas all of my banks will be there.

I have enough complicated transactions that I can't handle online so having them all in one place is great.

I do agree we need a fast food place open early and late in Pinellas Place. There are still some lots, so we can keep hoping.

[villagetinker]

It gets better, Wells Fargo shut down the Wildwood office with a note that the Pinellas branch was open, not even close, and to add insult to injury, the office on 466 was closed today also!!!! So much for banking in person.

[wazoga]

Why does anyone need to go to a bank building anymore? With ATMs, automatic deposit and online banking it is very rare for me to go into a physical bank building. However, sometimes I do feel the need to go to Citizen's First for the popcorn!
why do we need another chase bank branch? There is only one chase branch in the villages up on 466, for people in the southern part of the villages, i.e. Brownwood area, it is quite a hike to 466 just to make a deposit. I get an insurance check each month and the insurance company will not do direct deposit, there are chase ATM machines at Wallgreens but they only dispense cash and do not accept deposits. also there is a limit on how big a photo deposit they allow.

So people please stop complaing that the some people want more the one chase branch in a 20 mile area.

[wazoga]

Why does anyone need to go to a bank building anymore? With ATMs, automatic deposit and online banking it is very rare for me to go into a physical bank building. However, sometimes I do feel the need to go to Citizen's First for the popcorn!
why do we need another chase bank branch? There is only one chase branch in the villages up on 466, for people in the southern part of the villages, i.e. Brownwood area, it is quite a hike to 466 just to make a deposit. I get an insurance check each month and the insurance company will not do direct deposit, there are chase ATM machines at Wallgreens but they only dispense cash and do not accept deposits. also there is a limit on how big a photo deposit they allow.

So people please stop complaing that the some people want more the one chase branch in a 20 mile area.

[RockyMountainMan]

As a current banker, I can tell you that more and more banking is done online or now on phone by younger consumers. The reason branches are still being built near TV is the demographics. There are still many older customers who do not like or trust technology with their money. Also, sad to say we see many older customers who are lonely and will spend a lot of time at the new accounts representatives' desk just to renew a certificate of deposit. They come into the bank for social interaction and we serve coffee and cookies.
Thanks for the insight, but it is impossible for me to wrap my mind around the fact that there are 6, count them, 6 major banks on one corner!!

Help me to understand why lonely, older people have to go to a bank to have social interaction...coffee and cookies?...in The Villages?

Let's see... there are over 2000 clubs, countless rec. centers and so many activities I can't even think of them all and some people have to go to a bank for social interaction?

And not one bank, but six...on one corner? That's a lot of coffee and cookies!

I guess that's why I titled this thread: "The death of common sense."

I think I may be losing it!!! What's next? Do I go to a bakery for a loan?

[RockyMountainMan]

Once Chase opens in Pinellas all of my banks will be there.

I have enough complicated transactions that I can't handle online so having them all in one place is great.

I do agree we need a fast food place open early and late in Pinellas Place. There are still some lots, so we can keep hoping.
God Bless you Sir! I don't know what complicated transactions you need 6 banks for, but, you sir, ARE truly blessed!

[Packer Fan]

I am happy about it. I use Chase Bank - and now it will be easier for my property Manager to deposit Rent Checks! :) I will also be able to get cash when I am there without an ATM fee. Seriously, I even deposit checks with my phone, not sure why we need so many buildings either.

[MikeV]

I also welcome the new Chase location.

[tomjbud]

Why are all the bank branches being built? It is not to make it more convenient for the property manager, or to offer coffee, cookies, or social interaction with bank employees. In reality, there is only one reason they are being built. The Villages has a large retired population, many of whom are sitting on a lot of cash. These banks would love to lure you in so they can give you 1% return on a CD or entice you to purchase an investment account with large fees attached. They wouldn't be built if they didn't think they could make a profit.

[RockyMountainMan]

I absolutely agree with you. They are certainly betting on the come line, so to speak, in gambling terms.

What I can't understand is the population of retirees in the baby boom age group are very computer savvy and well aware of lousy CD rates for retirement income. I think they are making a big mistake.

I only hope they built those buildings with kitchens in the back. When they all go out of business, just think of the great restaurants we could have... maybe one that serves breakfast and maybe one that stays open after 9PM.

[Buffalo Jim]

Banks employ some of the best cost accountants in the USA . Every major decision with respect to their sales network [ what consumers refer to as branches ] is analyzed to the Nth degree .

Households with at least one person over the age of 55 control over 66% of the savings balances in the US . The Sales Network IE Branch System exists in any bank primarily to gather deposits and not primarily to generate loans .

Today banks use more direct channels to acquire loans such as marketing directly to Realty Firms , auto dealers , home improvement firms and the like .

Yes , the number of new branch offices in this community is unlike anything you will see anywhere else . However the experts used or employed by these banks know pretty much exactly how many dollars of deposit balances are held by households in the Villages . And they know exactly what % of those dollars they need to attract to financially justify the build-out and operation of a new branch office .

New projects such as a new banking office are subject to intense analysis back at Head Quarters [ HQ] using sophisticated tried and true mathamatical computer modeling . Each bank tests the expected 5 year cumulative return of a new Branch against what is referred to as the " internal hurdle rate of return " . Usually the " Hurdle Rate " is a cumulative Return on Capital of at least 15% per annum over the first 5 years of operation .
Some institutions set much higher " Hurdle Rates " such as 20% or even as high as 25% . Nothing today is as simple as it may seem on the surface . Over the past 30+ years the major decision makers employed by even Mid-sized Banks are highly educated MBA`s with prior career experience .

Within the HQs of financial institutions there is no such thing as so called " Bankers' Hours. These people work at least 60 hour weeks and the internal competition among this highly educated and career focused work force is " dog eat dog ". One saying often proudly employed by the Managers of these MBAs that the public never sees or hears about is : " WE EAT OUR YOUNG " .

Meaning only the smartest and hardest working survive the internal culture . For these MBAs it`s " move up or move out ".
Usually the folks the public meets and deals with at the local Bank Office level are not even aware of the decision process methodology or the unique internal culture in which these usually young braniacs compete .
The same corporation but completely different cultures .:024:

[gerryh1943]

It could have been a Dr. Office

[Kirsten Lee]

I am sorry I was not more detailed. I am a current banker in a small community bank located in the suburbs of Milwaukee, Wisconsin.

[Topspinmo]

They offer personal service cause they want your money in their bank. Remember it's your money that they make money on? When they loose your money they expect someone (the Feds or you to bail them out). I like the small town personal banking instead of texting at stop light holding up others at the light. When the old money dead and gone then bitcon's can take over.

[tomjbud]

Within the HQs of financial institutions there is no such thing as so called " Bankers' Hours. These people work at least 60 hour weeks and the internal competition among this highly educated and career focused work force is " dog eat dog ". One saying often proudly employed by the Managers of these MBAs that the public never sees or hears about is : " WE EAT OUR YOUNG " .

Meaning only the smartest and hardest working survive the internal culture . For these MBAs it`s " move up or move out ".
Usually the folks the public meets and deals with at the local Bank Office level are not even aware of the decision process methodology or the unique internal culture in which these usually young braniacs compete .
The same corporation but completely different cultures .:024:

This just reinforces my opinion that the ethics of most investment bankers are only slightly above loan sharks and con artists.

[Buffalo Jim]

This just reinforces my opinion that the ethics of most investment bankers are only slightly above loan sharks and con artists.

I agree . However there is a huge difference between " Commercial Banks / Commercial Bankers " and Investment Banks / Investment Bankers " .

NONE of the banks you will find doing business with the general public are Investment Banks .

Investment Banks do not have large networks of local branch services . They operate in an entirely different realm .

Investment Banks offer very unique services to large corporations , State , City and National Governments and the Mega-Wealthy .

They were originally created to take corporations public by marketing their shares . Commercial Banks are not allowed to perform those types of activities .
Investment Banks were in effect the " Realtors " of Corporations .
Don`t confuse the two . Investment Bankers primarily are found only in NY City , Boston , London , Paris et al and are paid 10 to 20 times more than even a senior manager at a Commercial Bank .
As I stated previously . The subject is much more complex than the average person might be inclined to believe .:wave::024:

[e-flyer]

I don't mind all the "Bank" options in The Villages, but I do wish they would not have lumped them all together in one strip mall area, which I think is the OP's point.

[RockyMountainMan]

I agree . However there is a huge difference between " Commercial Banks / Commercial Bankers " and Investment Banks / Investment Bankers " .

NONE of the banks you will find doing business with the general public are Investment Banks .

Investment Banks do not have large networks of local branch services . They operate in an entirely different realm .

Investment Banks offer very unique services to large corporations , State , City and National Governments and the Mega-Wealthy .

They were originally created to take corporations public by marketing their shares . Commercial Banks are not allowed to perform those types of activities .
Investment Banks were in effect the " Realtors " of Corporations .
Don`t confuse the two . Investment Bankers primarily are found only in NY City , Boston , London , Paris et al and are paid 10 to 20 times more than even a senior manager at a Commercial Bank .
As I stated previously . The subject is much more complex than the average person might be inclined to believe .:wave::024:
Wow Buffalo, you sure are a wealth of information and thanks for clearing that all up for me.

I'm sticking with my understanding of it though...it's "The death of common sense!"

[CFrance]

Why does anyone need to go to a bank building anymore? With ATMs, automatic deposit and online banking it is very rare for me to go into a physical bank building. However, sometimes I do feel the need to go to Citizen's First for the popcorn!
I need to go to a bank building to do personal banking for our out-of-the-country son. I need to go to a safety deposit box. International wire transfers are done in person. I'm sure there are other reasons, but those are mine.

[graciegirl]

Wow Buffalo, you sure are a wealth of information and thanks for clearing that all up for me.

I'm sticking with my understanding of it though...it's "The death of common sense!"


Why are they renting space to all those banks? Well because they have commercial property to rent and they are builders and when they rent property they get money.. Those banks employ people and make Sumter County the lowest in unemployment in the state of Florida at just five percent.

The Morses are pretty smart and pretty darn concerned with us Villagers too, even though they have made a lot of money on us. I think we get a lot of good stuff from the fairly good planning around here, sometimes perfect planning around here.

Banks are a needed part of the framework, please note they don't rent to adult bookstores.

I am defending the Morses again because I love free enterprise and I love how they do it.

It is NOT the death of common sense. It is just not what you wanted.

ANOTHER title for your thread could have been. "I long for a good bakery."

[alanmcdonald]

God Bless you Sir! I don't know what complicated transactions you need 6 banks for, but, you sir, ARE truly blessed!

I don't need all six but I do use four:

Chase: From when we lived in Ohio handles all of our retirement accounts

Bank Of America: From when we lived (still do until September 2015) in Georgia handles our mortgage and local checking

Wells Fargo: Was my mother's bank in New Jersey handles the final transactions for her estate

Citizens First: Handles our local TV checking and TV closing

[RockyMountainMan]

Why are they renting space to all those banks? Well because they have commercial property to rent and they are builders and when they rent property they get money.. Those banks employ people and make Sumter County the lowest in unemployment in the state of Florida at just five percent.

The Morses are pretty smart and pretty darn concerned with us Villagers too, even though they have made a lot of money on us. I think we get a lot of good stuff from the fairly good planning around here, sometimes perfect planning around here.

Banks are a needed part of the framework, please note they don't rent to adult bookstores.

I am defending the Morses again because I love free enterprise and I love how they do it.

It is NOT the death of common sense. It is just not what you wanted.

ANOTHER title for your thread could have been. "I long for a good bakery."
Well, I sure stirred up the hornet's nest on this one. First, I didn't say I disliked banks, the Morses or The Villages! I love it here!

All I said was that it just doesn't seem very logical to put 6 banks on one corner.

Another responder said that she was glad to see all the banks so some of the older folks could get some social interaction and some cookies and now it makes sense to build them to improve the unemployment situation in Sumter County? This is where this "logic" goes off the rails?

As far as "perfect planning" and "free enterprise" is concerned in the Villages...well I'm not so sure about that.

Why does every town square have the same shops and restaurants (with a few exceptions) and every plaza the same?

I think the Morses have done a great job here, but THEY control everything, THEY decide what commercial entities will be here and THEY decide what THEY think is good for you and me!

That's about as far from "free enterprise" as you can get. Most of which I like which is why I live here, but some of it lacks logic, like 6 banks on one corner!

You're right. I do long for a good bakery. But when I take off my rose colored glasses, my title is correct...it still is: "the death of common sense!"

[janmcn]

Well, I sure stirred up the hornet's nest on this one. First, I didn't say I disliked banks, the Morses or The Villages! I love it here!

All I said was that it just doesn't seem very logical to put 6 banks on one corner.

Another responder said that she was glad to see all the banks so some of the older folks could get some social interaction and some cookies and now it makes sense to build them to improve the unemployment situation in Sumter County? This is where this "logic" goes off the rails?

As far as "perfect planning" and "free enterprise" is concerned in the Villages...well I'm not so sure about that.

Why does every town square have the same shops and restaurants (with a few exceptions) and every plaza the same?

I think the Morses have done a great job here, but THEY control everything, THEY decide what commercial entities will be here and THEY decide what THEY think is good for you and me!

That's about as far from "free enterprise" as you can get. Most of which I like which is why I live here, but some of it lacks logic, like 6 banks on one corner!

You're right. I do long for a good bakery. But when I take off my rose colored glasses, my title is correct...it still is: "the death of common sense!"



The Morses can keep businesses out by not renting space to them, but they cannot force businesses to move to The Villages. A better question would be; why are so many businesses, restaurants, and stores reluctant to move to The Villages.

[graciegirl]

Well, I sure stirred up the hornet's nest on this one. First, I didn't say I disliked banks, the Morses or The Villages! I love it here!

All I said was that it just doesn't seem very logical to put 6 banks on one corner.

Another responder said that she was glad to see all the banks so some of the older folks could get some social interaction and some cookies and now it makes sense to build them to improve the unemployment situation in Sumter County? This is where this "logic" goes off the rails?

As far as "perfect planning" and "free enterprise" is concerned in the Villages...well I'm not so sure about that.

Why does every town square have the same shops and restaurants (with a few exceptions) and every plaza the same?

I think the Morses have done a great job here, but THEY control everything, THEY decide what commercial entities will be here and THEY decide what THEY think is good for you and me!

That's about as far from "free enterprise" as you can get. Most of which I like which is why I live here, but some of it lacks logic, like 6 banks on one corner!

You're right. I do long for a good bakery. But when I take off my rose colored glasses, my title is correct...it still is: "the death of common sense!"


free enterprise


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NOUN
noun: free enterprise


an economic system in which private business operates in competition and largely free of state control.


Powered by OxfordDictionaries (http://www.oxforddictionaries.com/us/) · © Oxford University Press

The private business is The Villages itself, an enterprise designed and run by a developer. It isn't in competiton with itself, but with other like businesses, other senior developments, like Sun City.

And the Commercial sales part rent to the best of those businesses who present themselves and can prove they have good credit for the lease. I am sure that the Commercial folks would like to have more choices but the demographers who give information to businesses who are looking to expand,aren't keeping up with the growth here, and we have just finished a major economic downturn where most businesses were not expanding. So they build buildings and rent to the best choices that are presented.

This is a choice to live here, but that is how it's run.

[bimmertl]

I guess the fact Morse won't allow any MLS realty offices within The Villages, even if he has space available, meets his definition of "free enterprise". In addition, MLS agents can't show Villages Realty homes which certainly doesn't help the residents who are selling their homes. His sole purpose of creating Villages Realty is to maximize his profits and minimize competition.

In The Villages, Morse is the "state" and he controls how things are run and who he choses to compete with. The limited definition doesn't take into account CDD types of government.

[graciegirl]

I guess the fact Morse won't allow any MLS realty offices within The Villages, even if he has space available, meets his definition of "free enterprise". In addition, MLS agents can't show Villages Realty homes which certainly doesn't help the residents who are selling their homes. His sole purpose of creating Villages Realty is to maximize his profits and minimize competition.

In The Villages, Morse is the "state" and he controls how things are run and who he choses to compete with. The limited definition doesn't take into account CDD types of government.


You don't understand free enterprise. He makes the rules because it is his business. Anyone would be a fool to let someone else sell homes for them if they had a choice and they do. Business is for profit and far more serious than sports. You don't hand the football to the opposing team, fella. That is how it works.

Would YOU give your car to someone?

[pivo]

Bimmert-didn't say he was not happy living, he mentioned how he controls everything for himself, which I agree with, people on selling their homes, construction company's, etc.
Sometimes the truth hurts especially when it comes to the Morse'--then you have the same people saying the same thing over and over how great, smart, rich they are-true
but still control freaks.

[graciegirl]

Bimmert-didn't say he was not happy living, he mentioned how he controls everything for himself, which I agree with, people on selling their homes, construction company's, etc.
Sometimes the truth hurts especially when it comes to the Morse'--then you have the same people saying the same thing over and over how great, smart, rich they are-true
but still control freaks.

They aren't control freaks. They are running a large business smoothly and making money, which is the goal when you run a business.

It is Morse's company so he can decide how to run it. I think it is run better than any like sized town. When Morse sells his restaurants and other businesses, they never run them as well as he did.

You all knew how it worked here. AND it works quite well. No one forced you to buy here.