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Fifth Third Bank to close 8 percent of branches

Staff writer |
Fifth Third Bank said it will close or sell about 100 of its 1,300 branches to cut costs and better serve customers who are doing banking on their computers and mobie devices.

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It is estimated that 85 percent of all banking transactions nationwide today are done outside of branches. Mobile deposits, for example, have gone up 75 percent in the last 15 months at Fifth Third.

Mobile deposits account for 14 percent of the bank's deposits. The technology allows customers to take photos of checks with their smart phones and deposit them directly, without going into a branch. Fifth Third used to charge for mobile deposits; now it's free.

Deposits at ATMs have also increased. Looking at the impact of those two options, consumer deposits handled by tellers in branches has dropped from 74 percent to 64 percent in the last 15 months.

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