Friday, November 5, 2010

Dime Savings Bank

Today's picture is from about 1900, and is shows the interior of the Dime Saving Bank. I find it interesting the number of old banks we looked at this week that had the word "Savings" in the name. Also, as I look at the interior of the bank, I see the "Savings Department", and the word "Savings" over another part of the counter. Our culture back then was one of being "Savers", and the banks helped us by providing a safe place to put the money, and offered us modest interest on our savings. Now, the big banks rarely focus on saving, instead they focus on "Borrowing". Just look at all the advertisements from banks encouraging us to borrow and spend. When was the last time you saw a bank commercial about saving? We have become a debtor nation, composed of debtor families. I fear this does not end well.


  1. Banks also make a disproportionate amount of money from inflated "fees," "charges," "penalties," "assessments" and other euphemisms for bleeding their customers dry.

  2. Just love these...keep 'em coming!

  3. Looks like a bank that Bonnie and Clyde would want to hold up and do a little bank bleeding themselves

  4. I applied for a job at a bank as a teller this week. The recruiter said the tellers had a goal of "selling" three "products" a day -- savings, checking, direct deposit, etc. It wasn't the job for me. When did banking become selling? And when did services become "products"?

  5. Lots of decorative iron in these last two pictures. Anyone remember the old subway kiosks (glass and iron) in New York City?

    Yesterday I heard a radio discussion about the economy. The government is trying to make it easier for businesses to borrow money. Doesn't seem like the answer we need. "Another day older and deeper in debt"


  6. I agree with you on how much the banking business has changed. Used to be bankers would come to work every day and think of ways to help its customers save money, today they come to work and think of ways to get customers to part with their money.

  7. Those folks who want to help have moved on to Federal Credit Unions. The folks who want to help themselves have remained with the banks. Although, to compete, they make similar sounds, they are quite different breeds of cat. FCUs didn't need a bail-out because their depositors are the owners, not some rich CEO who wants a new yacht for his toy collection.

  8. Today's generation is "I want it now" - I certainly don't need to wait until I can pay for it.

    At some point in the future you might consider doing old baseball stadiums. Saw a marvelous old picture of Yankee Stadium today in a restaurant.

  9. I think the worst thing to happen to banks in recent years was giving them the ability to cross state lines. As soon as they did that Indiana banks started getting bought out by Ohio banks and then those started getting bought out by other, bigger banks.

    I see that as how we got banks which are 'too big to fail.' But that's not accurate -- they are too big too succeed.

    We had one bank here a couple years ago get bought out, new signs installed and literally within a few months they were bought out AGAIN!

    Each time this happens service is cut, branches are closed, familiar faces disappear, fees get added.

    All customers used to be greeted and known on sight by the branch manager at my bank. Now 'my' bank is closed and the new bank is twice as far away.

    As they say, we are all just numbers to them anymore.

  10. "When did banking become selling? And when did services become 'products'?"
    The same day the USA started it's decline.

    I’ve been banking at the same building for 35 years, and due to takeovers/mergers it’s had 5 different names on the sign. Fortunately Citizens, a Rhode Island bank, was the latest one. They’ve reduced fees, improved service, and are open 7 days now.

  11. Bruce:

    As a lifelong Rhode Islander and customer of Citizens, I'm glad to hear that you think their service has improved.

    However, Citizens Bank is no longer a "Rhode Island" bank. It's owned by RBS, the Royal Bank of Scotland, and they almost went under with the mortgage meltdown. Last I knew, RBS was trying to sell Citizens.

    I know all of the people at my local branch, but I don't trust ANY bank these days, and I have no faith in the FDIC - they could never pay all of the claims if the banks went under.

    The repeal of the Glass-Steagall Act (under Clinton in 1999) was a big mistake.