Home US Major U.S. banks, including Bank of America and Chase, closed 55 branches in just two weeks. Is yours affected?

Major U.S. banks, including Bank of America and Chase, closed 55 branches in just two weeks. Is yours affected?

0 comments
Bank of America announced it would close another twelve branches

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

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

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.

Branch closures (August 19 to September 7)
BankCityStateLocation
Bank of AmericaLOS ANGELESCalifornia2101 WEST 6TH STREET
Bank of AmericaAtlantaGeorgia1674 Monroe Drive, Nebraska
Bank of AmericaCOLUMBIASOUTH CAROLINA104 REGENCY DRIVE
Bank of AmericaKirkland LandWashington14440 124TH AVENUE NE
Bank of AmericaSeattleWashington1201 Madison Street
Bank of AmericaMUNDELEINIllinois3210 W IL ROUTE 60
Bank of AmericaLAKE IN THE HILLSIllinois240 N. RANDALL RD.
Bank of AmericaNEW YORKNew York900 THIRD AVENUE
Bank of AmericaSUMMITNew Jersey367 Springfield Avenue
Bank of AmericaEGG HARBOR TOWNSHIPNew Jersey6718 BLACK HORSE PIKE
Bank of AmericaKANSAS CITYmonth3100 MAIN STREET
Bank of AmericaLAWRENCEVILLEGeorgia3985 SUGAR PARKWAY
First NB from Long IslandBROOKLYNNew York227 Smith Street
First NB from Long IslandNEXT TO THE BAYNew YorkBell Boulevard 23-88A
First NB from Long IslandASTORIANew York31st Street 23-25
First NB from Long IslandEASTERN SETAUKETNew York234 Main Street, Route 25A
Flagstar BankFORT WAYNEIN111 EAST WAYNE STREET
Flagstar BankREINDEERSnowfallWest Liberty Street 100
Fulton BankPHILADELPHIAPennsylvania1220 North Broad Street
Fulton BankMULLICA HILLNew Jersey153 Bridgeton Pike
Fulton BankMartinNew JerseyGreentree Highway 195
Fulton BankSEWELLNew Jersey303 Egg Harbor Road
Fulton BankPHILADELPHIAPennsylvania8000 Frankford Avenue
Fulton BankPHILADELPHIAPennsylvania1701 John F. Kennedy Blvd.
Fulton BankHAINESPORTNew Jersey1302 Route 38
JPMorgan Chase BankAURORACO16750 EAST QUINCY AVENUE
JPMorgan Chase BankSACRAMENTCalifornia7301 W STOCKTON BLVD
JPMorgan Chase BankLand of loveCO160 WEST 65TH STREET
JPMorgan Chase BankSan FranciscoCalifornia2500 MISSION STREET
JPMorgan Chase BankHoustonTiles5240 W 34TH ST, STAY G
JPMorgan Chase BankSpokaneWashington12120 N DIVISION ST, ESTANCIA A
JPMorgan Chase BankDetroitMY11606 WOODWARD AVENUE
JPMorgan Chase BankWIXOMMY29750 Wixom Street
JPMorgan Chase BankLOW HILLArizona1761 WEST BASE ROAD
JPMorgan Chase BankLOW HILLArizona431 SOUTH WEST AVENUE
JPMorgan Chase BankRocafordIllinois4425 Harrison Avenue
JPMorgan Chase BankRocafordIllinois6000 EAST STATE STREET
MoodyLand of pearlsTiles2940 Broadway Bend Drive
MoodyAustinTiles400 West 15th Street
PNC BankPITTSBURGHPennsylvania5000 Forbes Ave, Ground Level
PNC BankAcrobaticsOH303 CARROLL STREET
Santander BankJACKSON HEIGHTSNew York83-20 ​​ROOSEVELT AVENUE
UMB BankOklahoma CityOK204 ROBINSON OF THE NORTH
Wells Fargo BankDELRAY BEACHFlorida16800 RUNNING ROAD
Wells Fargo BankSaint AngelTiles508 WEST BEAUREGARD AVENUE
Wells Fargo BankBRICKNew Jersey133 VAN ZILE ROAD
Wells Fargo BankHoustonTiles11725 SOUTH SAM PARKWAY STREET HOUSTON
Wells Fargo BankMILLIN CITYNew Jersey15 N. MAIN STREET
Wells Fargo BankTREVOSOPennsylvania3625 HORIZON BOULEVARD
Wells Fargo BankPALM BEACH GARDENSFlorida4440 PGA BOULEVARD ON MILITARY ROAD
Wells Fargo BankNashvilleTennessee4540 HARDING TRACK
Wells Fargo BankCOLUMBIASOUTH CAROLINA8800 FARROW ROAD
Zions BancorporationSALT LAKE CITYUtah1635 SOUTH REDWOOD ROAD
Zions BancorporationMIDDLE VALLEYUtah614 EAST CENTER STREET
Zions BancorporationHuntUtah45 NORTH MAIN STREET

You may also like