On Saturday June 15th at 11:00 A.M. I arrived at my local bank.The bank will remain nameless as I still have stock in it,which will probably be sold very soon.I do not go to the bank often as in the past due to online use and my spouse's direct deposit.I was there because of an old Certificate of Deposit we had that came up for renewal.It was a 3 month CD and when I checked online the new rate read 0.00%.That is right zero,zilch,nada for the privilege of keeping the money in the bank.I knew this day was coming but the shock of seeing it in print was a call to action.As I closed the account for good,I also noticed how empty the bank was on a Saturday.No lines,no children searching for lollipops,and no one at the Drive-Up camera waving their arms.When did banks suddenly become suburban ghost towns staffed by two people? It is always interesting to finally notice something that has gradually changed over the years.Like the Exxon - XOM - gas station that has closed down in the old neighborhood.Will bank branches disappear from town landscape? What will happen to all of those vacant Buildings and the people that work there? I think a lot of these questions should be addressed the next time Bernanke has a press conference defending his 0.06% Fed Fund Rate.If not faded bank signs will dot the future landscape of a vacant stretch of American Highways and bank lollipops will be a distant memory.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.