Expensive brick and mortar banks closing, moving to mobile banking

Banks-Closing-2024

Important Takeaways:

  • Major Banks have closed 41 branches in just two weeks as the shift toward online banking continues.
  • Major banks such as Bank of America, Chase and Wells Fargo were among those shuttering locations.
  • Customers of U.S Bank were worst hit, with the bank closing 13 local brick-and-mortar branches between August 4 and August 18.
  • Wells Fargo closed seven, with Chase, Citizens Bank and Bank of America each closing four. Scroll down for the full list with addresses.
  • The rest were closed by the likes of First National Bank, PNC, SouthState Bank and Huntingdon.
  • The closures, which spanned from Florida to Missouri, were confirmed to the Office of the Comptroller of the Currency (OCC) which monitors branch closures and openings and publishes them in a weekly bulletin.
  • Major banks are increasingly moving away from expensive brick-and-mortar branches in favor of online services.
  • US banks shut 539 branches in just the first half of the year, research by DailyMail.com shows.
  • The worst hit state was California, which saw 72 closures. New York was second with 51 closures, followed by Pennsylvania at 40.

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