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Major US banks closed 42 branches in just two weeks - is YOURS affected?

2 months ago 9

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.

Branch Closures (August 4 - 18) Bank City State Location
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
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