Major banks have shuttered more than 40 locations in just two weeks as the local branch bloodbath continues.
Chase, Wells Fargo and Santander were among the banks who closed locations between August 4 and August 18.
Bank of America led they way, notifying the regulator that they would be removing 12 of their local branches from use.
Wells Fargo followed closely by closing eight of its locations, while the rest were shut by Fulton Bank, Chase, First National Bank of Long Island, Flagstar, Moody, Santander and Zions Bancorporation. Scroll down for the full list with addresses.
The closures, which spanned from California to New Jersey, were confirmed to the Office of the Comptroller of the Currency (OCC) which monitors branch closures and openings and publishes them in a weekly bulletin.
Bank of America notified the regulator that they would be removing 12 of their local branches
Major banks are increasingly moving away from expensive brick-and-mortar branches in favor of online services.
'Survey data continues to show that online banking is quickly becoming the standard for how people bank,' Lead Data Content Researcher at GoBankingRates, Andrew Murray, told DailyMail.com following the latest figures.
'Most Americans find it more convenient than having to go into a bank on a lunch hour or early in the weekends, and as more adults who grew up with smartphones enter the market, its popularity will continue to grow,' Murray explained.
A recent GoBankingRates survey found that nearly 70 percent of customer between 25 and 34 preferred to do their banking online rather than in branch.
Researchers found that even seniors prefer online banking to in-branch services.
Experts advise those switching to online services to take advantage of bank's support services offered to help with the transition.
'Even though mobile banking is considered more of a self-service style, features like online chat support are frequently offered to assist you if you need help,' Jessica Morgan, financial expert and founder of Canadian Budget said.
Morgan said that online banking can help consumers save money as many online-only banks offer lower or even no fees at all, and can offer higher interest rates on savings since they do not have the same overhead costs of running bricks-and-mortar branches.
'Most new online banks must work harder to compete for your business, frequently offering low to no fees, unlimited transactions and higher interest rates. Using a bank you access from your phone can save you up to a few hundred dollars a year in account fees,' she explained.
Indeed closures can lead to significant savings for traditional banks since the average freestanding bank branch costs around $2.6 million a year to run.
US banks shut 539 branches in just the first half of the year, research by DailyMail.com shows.
The first half of 2024 saw US banks shut 539 branches across the country
US banks closed 539 branches in the first six months of the year
The worst hit state was California, which saw 72 closures. New York was second with 51 closures, followed by Pennsylvania at 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.
'Doing so does not take away the importance of our customers and the communities we serve.'
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 earlier this year.
Bank of America | LOS ANGELES | CA | 2101 WEST 6TH STREET |
Bank of America | ATLANTA | GA | 1674 MONROE DRIVE, N.E. |
Bank of America | COLUMBIA | SC | 104 REGENCY DRIVE |
Bank of America | KIRKLAND | WA | 14440 124TH AVENUE NE |
Bank of America | SEATTLE | WA | 1201 MADISON STREET |
Bank of America | MUNDELEIN | IL | 3210 W IL ROUTE 60 |
Bank of America | LAKE IN THE HILLS | IL | 240 N RANDALL RD. |
Bank of America | NEW YORK | NY | 900 THIRD AVENUE |
Bank of America | SUMMIT | NJ | 367 SPRINGFIELD AVENUE |
Bank of America | EGG HARBOR TOWNSHIP | NJ | 6718 BLACK HORSE PIKE |
Bank of America | KANSAS CITY | MO | 3100 MAIN STREET |
Bank of America | LAWRENCEVILLE | GA | 3985 SUGARLOAF PARKWAY |
First NB of Long Island | BROOKLYN | NY | 227 Smith Street |
First NB of Long Island | BAYSIDE | NY | 23-88A Bell Boulevard |
First NB of Long Island | ASTORIA | NY | 23-25 31st Street |
First NB of Long Island | EAST SETAUKET | NY | 234 Main Street, Route 25A |
Flagstar Bank | FORT WAYNE | IN | 111 EAST WAYNE STREET |
Flagstar Bank | RENO | NV | 100 West Liberty Street |
Fulton Bank | PHILADELPHIA | PA | 1220 North Broad Street |
Fulton Bank | MULLICA HILL | NJ | 153 Bridgeton Pike |
Fulton Bank | MARLTON | NJ | 195 Greentree Road |
Fulton Bank | SEWELL | NJ | 303 Egg Harbor Road |
Fulton Bank | PHILADELPHIA | PA | 8000 Frankford Ave. |
Fulton Bank | PHILADELPHIA | PA | 1701 John F. Kennedy Blvd |
Fulton Bank | HAINESPORT | NJ | 1302 Route 38 |
JPMorgan Chase Bank | AURORA | CO | 16750 EAST QUINCY AVENUE |
JPMorgan Chase Bank | SACRAMENTO | CA | 7301 W STOCKTON BLVD |
JPMorgan Chase Bank | LOVELAND | CO | 160 WEST 65TH STREET |
Moody | PEARLAND | TX | 2940 BROADWAY BEND DRIVE |
Santander Bank | JACKSON HEIGHTS | NY | 83-20 ROOSEVELT AVENUE |
Wells Fargo Bank | DELRAY BEACH | FL | 16800 JOG ROAD |
Wells Fargo Bank | SAN ANGELO | TX | 508 WEST BEAUREGARD AVENUE |
Wells Fargo Bank | BRICK | NJ | 133 VAN ZILE ROAD |
Wells Fargo Bank | HOUSTON | TX | 11725 SOUTH SAM HOUSTON PARKWAY |
Wells Fargo Bank | MILLTOWN | NJ | 15 N. MAIN STREET |
Wells Fargo Bank | TREVOSE | PA | 3625 HORIZON BOULEVARD |
Wells Fargo Bank | PALM BEACH GARDENS | FL | 4440 PGA BOULEVARD AT MILITARY TRAIL |
Wells Fargo Bank | NASHVILLE | TN | 4540 HARDING PIKE |
Wells Fargo Bank | COLUMBIA | SC | 8800 FARROW ROAD |
Zions Bancorporation | SALT LAKE CITY | UT | 1635 SOUTH REDWOOD ROAD |
Zions Bancorporation | MIDVALE | UT | 614 EAST CENTER STREET |
Zions Bancorporation | HUNTINGTON | UT | 45 NORTH MAIN STREET |