Home US Fury as several banks, including Wells Fargo, close 30 branches in just one week. Is yours affected?

Fury as several banks, including Wells Fargo, close 30 branches in just one week. Is yours affected?

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Wells Fargo closed nine branches the week of July 7-13

American banks have announced the closure 30 more branches across the United States, all in just one week.

Wells Fargo said it will close nine branches, more than any other bank, in its latest weekly closures report, which covers July 7-13.

Bank of America and US Bank said they will close eight branches each, while Chase will close one.

The others are from FSNB, Greenville Fed, Huntington and Schaumburg Bank & Trust Co.

Ohio was the hardest hit state, losing four spots in the week, followed by California, which lost three. Scroll down for full list with addresses..

Wells Fargo closed nine branches the week of July 7-13

The closures were reported to the Office of the Comptroller of the Currency (OCC), which reports the figures in a weekly bulletin.

The closures represent a trend as major banks move away from costly physical branches in favor of online services.

“Most Americans, from Gen Z to baby boomers, have less need for a traditional bank, which may explain the increasing number of brick-and-mortar branches that have been closing over the past year,” Andrew Murray, principal data researcher at GOBankingRates, told DailyMail.com.

TO Recent GOBankingRates Survey They found that even retirees prefer online banking to in-branch services.

Overall, 78 percent of Americans prefer to use mobile and online banking and nearly one in four did not visit their bank in the past year.

“Our survey of more than 1,000 adults clearly shows that demand for in-person banking services is low across all generations, including among baby boomers age 65 and older,” Murray said.

‘Overhead costs (rent, maintenance, supplies and staff salaries) are likely to be a major factor, especially considering our survey shows how infrequently people visit physical banks.’

In fact, closures can result in significant savings, as operating a stand-alone bank branch costs on average about $2.6 million a year.

US banks closed 539 branches in the first six months of the year

US banks closed 539 branches in the first six months of the year

Bank of America closed eight branches in the same week

Bank of America closed eight branches in the same week

The most affected state was California which recorded 72 national bank closures in the first half of the year.

New York ranked second with 51 closures, followed by Pennsylvania with 40.

“Over the past few years, we have resized our branch network and may continue to combine two older existing branches into one better-located location,” Wells Fargo told DailyMail.com in a statement.

“Doing so does not diminish the importance of our customers or the communities we serve.”

Bank of America also said they tend to consolidate two branches into one when there is a closure.

“These changes to our branch network reflect the fact that our customers are increasingly using digital banking for their everyday financial needs and are turning to financial centers for more important needs or to have conversations about their finances,” the corporation explained.

The US bank also highlighted customer migration to online banking and a “desire for greater simplicity” as reasons for its mass closures.

“As we evolve alongside our customers, we are re-evaluating our physical presence and, in some cases, consolidating branches in select markets,” the bank said in a statement.

Branch closures (July 7-13)
BankCityStateLocation
Bank of AmericaKEARNYNew Jersey240 KEARNY AVENUE
Bank of AmericaWILD WOODmonth2412 TAYLOR ROAD
Bank of AmericaStocktonCalifornia10834 TRINITY PARKWAY
Bank of AmericaANTHEMArizona39518 NORTH GAVILAN PEAK PARKWAY
Bank of AmericaSTICK HEIGHTSILLINOIS12145 South Harlem Avenue
Bank of AmericaAlbanyNY1450 WEST AVENUE
Bank of AmericaTULALIPWashington8815 QUIL YIELD BOULEVARD
Bank of AmericaMEMPHISTennessee2731 UNION AVE EXPANDED
Federal Reserve BankLOVE AND JOYGeorgia11465 Tara Boulevard.
Greenville Federal Reserve BankGreenvilleOHLease Road 200
HuntingtonINDIANAPOLISIN6020 EAST 82ND STREET
JPMorgan Chase BankBELLEVUEWashington1320 156TH AVENUE NE
Schaumburg Bank & Trust Co.SCHAUMBURGILLINOIS350 West Schaumburg Highway
United States BankPIQUEOH200 North College Street
United States BankHIGGINSVILLEmonth19 AND MAIN
United States BankMITCHELSouth Dakota1421 NORTH MAIN
United States BankPine RiverMinnesotaHIGHWAY 371-POSTAL BOX 46
United States BankNORTH KINGSVILLEOH6269 SOUTH MAIN
United States BankSmall waterfallsMinnesota119 2nd Street NE
United States BankPedroSouth Dakota604 EAST SIOUX AVENUE
United States BankRUSSIAOH217 W MAIN
Wells Fargo BankCOLUMBIASOUTH CAROLINA1441 MAIN STREET
Wells Fargo BankThe drawerCalifornia13465 CANADA ROAD
Wells Fargo BankMiami beachFlorida1901 ALTON ROAD
Wells Fargo BankLAWRENCEVILLEGeorgia1062 OLD PEACHTREE ROAD NO
Wells Fargo BankGreensboroNORTH CAROLINA300 NORTH GREENE STREET
Wells Fargo BankMATTHEWNORTH CAROLINA15030 IDLEWILD ROAD
Wells Fargo BankKING’S NAVYCalifornia13455 MAXELLA AVENUE
Wells Fargo BankELENAMOUNTAIN415 FULLER AVENUE
Wells Fargo BankPORTLANDRoof tiles1031 HIGHWAY 181 NORTH

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