US banks have closed more than 50 branches in just two weeks as the march to online banking continues to decimate local services.
Wells Fargo, Chase and Fulton were among the banks that closed branches between Aug. 19 and Sept. 7.
Bank of America and Chase have notified regulators that they will close most of their branches, with each notifying regulator that they will close 12 more branches.
Wells Fargo notified the Office of the Comptroller of the Currency (OCC) that it would close nine branches, and Fulton confirmed that it would close seven.
The remaining closures, which spanned from Arizona to New Jersey, were carried out by First National Bank of Long Island, Flagstar, Moody’s, PNC, Santander, UMB and Zions Bancorporation. Scroll down for full list with addresses.
Bank of America announced it would close another twelve branches
The closures were confirmed to the OCC, which monitors branch closings and openings and publishes them in a weekly newsletter.
Major banks are increasingly abandoning costly physical branches in favor of offering online services.
“The survey data continues to show that online banking is quickly becoming the standard for people’s banking,” GoBankingRates senior data content researcher Andrew Murray told DailyMail.com following the latest figures.
“Most Americans find it more convenient than having to go to a bank at lunchtime or early on the weekends, and as more adults who grew up with smartphones enter the market, their popularity will continue to grow,” Murray said.
TO Recent GoBankingRates Survey found that nearly 70 percent of customers between the ages of 25 and 34 preferred to do their banking online rather than in a branch.
Researchers found that even older people prefer online banking to in-person services.
Experts advise those who switch to online services to take advantage of the support services offered by banks to help them with the transition.
“While mobile banking is considered more of a self-service style, features like online chat support are often offered to assist you if you need help,” said Jessica Morgan, financial expert and founder of Canadian Budget.
Morgan said online banking can help consumers save money since many banks that operate exclusively online offer lower fees or even no fees, and can offer higher interest rates on savings since they don’t have the same overhead costs that physical branches have.
“Most new online banks have to work harder to compete for your business, and often offer low or no fees, unlimited transactions and higher interest rates. Using a bank that you access from your phone can save you up to a few hundred dollars a year in fees per account,” he explained.
In fact, the closures could mean significant savings for traditional banks, as the average independent bank branch costs about $2.6 million a year to operate.
US banks closed 539 branches in the first half of the year alone, a DailyMail.com investigation shows.
Fulton told the Office of the Comptroller of the Currency that it would close seven branches
US banks closed 539 branches in the first six months of the year
The hardest hit state was California, with 72 closures. 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.
“Doing so does not diminish the importance of our customers or the communities we serve.”
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 earlier this year.
Bank | City | State | Location |
---|---|---|---|
Bank of America | LOS ANGELES | California | 2101 WEST 6TH STREET |
Bank of America | Atlanta | Georgia | 1674 Monroe Drive, Nebraska |
Bank of America | COLUMBIA | SOUTH CAROLINA | 104 REGENCY DRIVE |
Bank of America | Kirkland Land | Washington | 14440 124TH AVENUE NE |
Bank of America | Seattle | Washington | 1201 Madison Street |
Bank of America | MUNDELEIN | Illinois | 3210 W IL ROUTE 60 |
Bank of America | LAKE IN THE HILLS | Illinois | 240 N. RANDALL RD. |
Bank of America | NEW YORK | New York | 900 THIRD AVENUE |
Bank of America | SUMMIT | New Jersey | 367 Springfield Avenue |
Bank of America | EGG HARBOR TOWNSHIP | New Jersey | 6718 BLACK HORSE PIKE |
Bank of America | KANSAS CITY | month | 3100 MAIN STREET |
Bank of America | LAWRENCEVILLE | Georgia | 3985 SUGAR PARKWAY |
First NB from Long Island | BROOKLYN | New York | 227 Smith Street |
First NB from Long Island | NEXT TO THE BAY | New York | Bell Boulevard 23-88A |
First NB from Long Island | ASTORIA | New York | 31st Street 23-25 |
First NB from Long Island | EASTERN SETAUKET | New York | 234 Main Street, Route 25A |
Flagstar Bank | FORT WAYNE | IN | 111 EAST WAYNE STREET |
Flagstar Bank | REINDEER | Snowfall | West Liberty Street 100 |
Fulton Bank | PHILADELPHIA | Pennsylvania | 1220 North Broad Street |
Fulton Bank | MULLICA HILL | New Jersey | 153 Bridgeton Pike |
Fulton Bank | Martin | New Jersey | Greentree Highway 195 |
Fulton Bank | SEWELL | New Jersey | 303 Egg Harbor Road |
Fulton Bank | PHILADELPHIA | Pennsylvania | 8000 Frankford Avenue |
Fulton Bank | PHILADELPHIA | Pennsylvania | 1701 John F. Kennedy Blvd. |
Fulton Bank | HAINESPORT | New Jersey | 1302 Route 38 |
JPMorgan Chase Bank | AURORA | CO | 16750 EAST QUINCY AVENUE |
JPMorgan Chase Bank | SACRAMENT | California | 7301 W STOCKTON BLVD |
JPMorgan Chase Bank | Land of love | CO | 160 WEST 65TH STREET |
JPMorgan Chase Bank | San Francisco | California | 2500 MISSION STREET |
JPMorgan Chase Bank | Houston | Tiles | 5240 W 34TH ST, STAY G |
JPMorgan Chase Bank | Spokane | Washington | 12120 N DIVISION ST, ESTANCIA A |
JPMorgan Chase Bank | Detroit | MY | 11606 WOODWARD AVENUE |
JPMorgan Chase Bank | WIXOM | MY | 29750 Wixom Street |
JPMorgan Chase Bank | LOW HILL | Arizona | 1761 WEST BASE ROAD |
JPMorgan Chase Bank | LOW HILL | Arizona | 431 SOUTH WEST AVENUE |
JPMorgan Chase Bank | Rocaford | Illinois | 4425 Harrison Avenue |
JPMorgan Chase Bank | Rocaford | Illinois | 6000 EAST STATE STREET |
Moody | Land of pearls | Tiles | 2940 Broadway Bend Drive |
Moody | Austin | Tiles | 400 West 15th Street |
PNC Bank | PITTSBURGH | Pennsylvania | 5000 Forbes Ave, Ground Level |
PNC Bank | Acrobatics | OH | 303 CARROLL STREET |
Santander Bank | JACKSON HEIGHTS | New York | 83-20 ROOSEVELT AVENUE |
UMB Bank | Oklahoma City | OK | 204 ROBINSON OF THE NORTH |
Wells Fargo Bank | DELRAY BEACH | Florida | 16800 RUNNING ROAD |
Wells Fargo Bank | Saint Angel | Tiles | 508 WEST BEAUREGARD AVENUE |
Wells Fargo Bank | BRICK | New Jersey | 133 VAN ZILE ROAD |
Wells Fargo Bank | Houston | Tiles | 11725 SOUTH SAM PARKWAY STREET HOUSTON |
Wells Fargo Bank | MILLIN CITY | New Jersey | 15 N. MAIN STREET |
Wells Fargo Bank | TREVOSO | Pennsylvania | 3625 HORIZON BOULEVARD |
Wells Fargo Bank | PALM BEACH GARDENS | Florida | 4440 PGA BOULEVARD ON MILITARY ROAD |
Wells Fargo Bank | Nashville | Tennessee | 4540 HARDING TRACK |
Wells Fargo Bank | COLUMBIA | SOUTH CAROLINA | 8800 FARROW ROAD |
Zions Bancorporation | SALT LAKE CITY | Utah | 1635 SOUTH REDWOOD ROAD |
Zions Bancorporation | MIDDLE VALLEY | Utah | 614 EAST CENTER STREET |
Zions Bancorporation | Hunt | Utah | 45 NORTH MAIN STREET |