Vibrant credit union will close its Brady Street branch in Davenport later this month, according to a letter sent to customers.
Dated Feb. 22, the letter thanks customers, and says “It has been clear that the pace of change in both our community and in the banking industry is rapidly accelerating.”
“Today, our members and the community interact with their financial institutions in very different ways than just a decade ago,” the letter says. “With the rise of technology and new non-bank organizations, consumers have a wider choice of both financial products and ways to interact with their financial institution. No longer do we give our kids cash; we Venmo them. Rarely do we call or stop into our local branch before we buy a car; we just go straight to the dealership. We utilize Rock Mortgage or an online broker when buying a house.”
In 2023, less than 16 percent of Vibrant members utilized one of our branches.” Compare that to less than a decade ago, when over 50 percent of our members came in to do their banking. This change is representative of what consumers are looking for now. They expect better technology and pricing from their ‘bank,'” the letter says.”Overwhelmingly, members prefer to open new accounts, deposit checks, and make loan payments via their computer or smartphone.”
“”With that in mind, Vibrant has made the decision to close its Brady Street location” at the end of business on Friday, March 29, 2024, according to the letter.
Additional benefits, the letter says, include: Customers earn a lot more interest on their deposits, Vibrant technology continues to rival the best online banks, with interactive teller machines on both sides of the Quad Cities “for those times that you do want to talk to a Vibrant team member;” and expansions including additional staff to the call center, online team, and SouthPark and Vibrant HQ locations. Additionally, the Vibrant HQ lobby now will be open on Saturdays, “and we will continue to ensure our call center is fast, reliable, and, above all, local,” the letter says.
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