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Fury as multiple banks including Wells Fargo close 30 branches in just one week - is YOURS affected?

2 months ago 12

By Alice Wright For Dailymail.Com

Published: 19:36 BST, 19 July 2024 | Updated: 19:41 BST, 19 July 2024

US banks have announced the closure 30 more branches across the US - all in just one week. 

Wells Fargo said it would be shuttering nine - more than any other bank - in the latest weekly closures report, which runs from July 7 to 13. 

Bank of America and US Bank both said that they are closing eight locations each, while Chase one. 

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

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

Wells Fargo closed nine branches in the week 7th to 13th July

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

The closures represent a trend as major banks move away from expensive brick-and-mortar branches in favor of online services. 

'The majority of Americans, from Gen Z to boomers, are in less need of a traditional bank, which may explain the rising number of physical branches that have been closing over the past year' Andrew Murray, lead data researcher at GOBankingRates told DailyMail.com.

A recent survey by GOBankingRates found that even retirees prefer online banking to in-branch services. 

Overall 78 percent of Americans prefer using mobile and online banking and almost 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 is low across all generations, even boomers 65 and older,' Murray explained. 

'It's likely that overhead costs (rent, maintenance, supplies and staff salaries) are a large factor especially given that our survey shows how infrequently people visit brick and mortar banks.' 

Indeed closures can lead to significant savings since the average freestanding bank branch costs around $2.6 million a year to run.

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

Bank of America closed eight locations in the same week 

The worst hit state was California which saw 72 closures from national banks in the first half of the year.  

New York followed in second, seeing 51 closures, followed by Pennsylvania which had 40.   

'Over the last several years, we have rightsized our branch network, and we may continue to combine two older existing branches into one better situated location' Wells Fargo told DailyMail.com in a statement. 

'Doing so does not take away the importance of our customers and the communities we serve.'

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

'These shifts in our branch network reflect that, more and more, our clients are using digital banking for their everyday financial needs and coming into financial centers for more significant needs or to have conversations about their finances,' the corporation explained. 

US bank also highlighted clients' migration towards online banking and 'desire for greater simplicity' as reasons for their mass closures. 

'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets,' the bank said in a statement.  

Branch Closures (July 7 - July 13) Bank City State Location
Bank of America KEARNY NJ 240 KEARNY AVENUE
Bank of America WILDWOOD MO 2412 TAYLOR ROAD
Bank of America STOCKTON CA 10834 TRINITY PARKWAY
Bank of America ANTHEM AZ 39518 NORTH GAVILAN PEAK PARKWAY
Bank of America PALOS HEIGHTS IL 12145 SOUTH HARLEM AVENUE
Bank of America ALBANY NY 1450 WESTERN AVENUE
Bank of America TULALIP WA 8815 QUIL CEDA BOULEVARD
Bank of America MEMPHIS TN 2731 UNION AVE EXTENDED
FSNB LOVEJOY GA 11465 Tara Blvd.
Greenville Fed GREENVILLE OH 200 Lease Way
Huntington INDIANAPOLIS IN 6020 EAST 82ND STREET
JPMorgan Chase Bank BELLEVUE WA 1320 156TH AVENUE NE
Schaumburg Bk & Trust Co. SCHAUMBURG IL 350 West Schaumburg Road
U.S. Bank PIQUA OH 200 NORTH COLLEGE STREET
U.S. Bank HIGGINSVILLE MO 19TH & MAIN
U.S. Bank MITCHELL SD 1421 NORTH MAIN
U.S. Bank PINE RIVER MN HIGHWAY 371-P.O. BOX 46
U.S. Bank NORTH KINGSVILLE OH 6269 SOUTH MAIN
U.S. Bank LITTLE FALLS MN 119 2nd St NE
U.S. Bank PIERRE SD 604 EAST SIOUX AVENUE
U.S. Bank RUSSIA OH 217 W MAIN
Wells Fargo Bank COLUMBIA SC 1441 MAIN STREET
Wells Fargo Bank EL CAJON CA 13465 CAMINO CANADA
Wells Fargo Bank MIAMI BEACH FL 1901 ALTON ROAD
Wells Fargo Bank LAWRENCEVILLE GA 1062 OLD PEACHTREE ROAD NW
Wells Fargo Bank GREENSBORO NC 300 NORTH GREENE STREET
Wells Fargo Bank MATTHEWS NC 15030 IDLEWILD ROAD
Wells Fargo Bank MARINA DEL REY CA 13455 MAXELLA AVENUE
Wells Fargo Bank HELENA MT 415 FULLER AVENUE
Wells Fargo Bank PORTLAND TX 1031 HIGHWAY 181 NORTH
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