Experts reveal date that last bank branch will shut as worrying closure trend accelerates

The last physical bank branch could close in a matter of years, new research has revealed. 

The last bricks-and-mortar bank could close as early as 2041, according to a new report from Self Financial. 

This date has been reached by studying the rate of net closures across the country, which has averaged 1,646 each year since 2018. 

Dailymail.com has reported on the alarming rate of closures, revealing the locations of weekly closures reported to the Office of the Comptroller of the Currency. Scroll down to see the full list of our 2024 coverage. 

In the first half of 2024 alone, major banks closed 539 local branches leaving more and more Americans without access to basic financial services. 

Despite the majority of Americans now opting to do the majority of their banking online, customers still prefer to use physical branches for particular services.

It is also a struggle for some older clients to operate services such as mobile banking.   

Nearly two-thirds of Americans still use a physical branch to make cash deposits, while over half use them to speak to an in-person adviser, the report found. 

39 percent of those polled told Self Financial that they had more trust in banks with physical branches than those without. 

Despite this the report found that since 2012 there have been more branch closures than openings, leaving Americans with a net loss of these vital services. 

Between 2012 and 2022, the last year for which data is available from the Federal Deposit Insurance Corporation, the number of bank branches fell from 82,461 in  to 69,590. 

Not only this but the trend has rapidly picked up pace since the pandemic as more and more services were forced to use online services.

Not only this but bank's overhead costs increased markedly, such a building rent for physical branches, electricity costs and rising staff wages. 

The effects of this can be seen as a dramatic 2,442 branches were closed between 2021 and 2022 alone. 

Closures mean that more and more people must rely on dwindling in-person services. 

In 2022, each branch across the country had to serve 4,715 people, the highest number since 1995. 

California has been the worst hit state, losing a net standing at 1,114 branches over the last ten years, and could run out of physical bank branches first, the report found.  

Dailymail.com analysis found that California has also been the worst hit so far in 2024, seeing 72 closures from national banks in the first half of the year.

The Golden State was followed closely by Florida, which lost 1,091 banks over the last decade and Illinois which lost 858.