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?

0 comments
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)
Bank City State Location
Bank of America KEARNY New Jersey 240 KEARNY AVENUE
Bank of America WILD WOOD month 2412 TAYLOR ROAD
Bank of America Stockton California 10834 TRINITY PARKWAY
Bank of America ANTHEM Arizona 39518 NORTH GAVILAN PEAK PARKWAY
Bank of America STICK HEIGHTS ILLINOIS 12145 South Harlem Avenue
Bank of America Albany NY 1450 WEST AVENUE
Bank of America TULALIP Washington 8815 QUIL YIELD BOULEVARD
Bank of America MEMPHIS Tennessee 2731 UNION AVE EXPANDED
Federal Reserve Bank LOVE AND JOY Georgia 11465 Tara Boulevard.
Greenville Federal Reserve Bank Greenville OH Lease Road 200
Huntington INDIANAPOLIS IN 6020 EAST 82ND STREET
JPMorgan Chase Bank BELLEVUE Washington 1320 156TH AVENUE NE
Schaumburg Bank & Trust Co. SCHAUMBURG ILLINOIS 350 West Schaumburg Highway
United States Bank PIQUE OH 200 North College Street
United States Bank HIGGINSVILLE month 19 AND MAIN
United States Bank MITCHEL South Dakota 1421 NORTH MAIN
United States Bank Pine River Minnesota HIGHWAY 371-POSTAL BOX 46
United States Bank NORTH KINGSVILLE OH 6269 SOUTH MAIN
United States Bank Small waterfalls Minnesota 119 2nd Street NE
United States Bank Pedro South Dakota 604 EAST SIOUX AVENUE
United States Bank RUSSIA OH 217 W MAIN
Wells Fargo Bank COLUMBIA SOUTH CAROLINA 1441 MAIN STREET
Wells Fargo Bank The drawer California 13465 CANADA ROAD
Wells Fargo Bank Miami beach Florida 1901 ALTON ROAD
Wells Fargo Bank LAWRENCEVILLE Georgia 1062 OLD PEACHTREE ROAD NO
Wells Fargo Bank Greensboro NORTH CAROLINA 300 NORTH GREENE STREET
Wells Fargo Bank MATTHEW NORTH CAROLINA 15030 IDLEWILD ROAD
Wells Fargo Bank KING’S NAVY California 13455 MAXELLA AVENUE
Wells Fargo Bank ELENA MOUNTAIN 415 FULLER AVENUE
Wells Fargo Bank PORTLAND Roof tiles 1031 HIGHWAY 181 NORTH

You may also like