In October, bank branch closures have continued to make headlines. Despite the month nearing its end, there has been no slowdown in the trend of banks closing physical locations. Between October 15 and 22, 35 branches were shut down, with some banks closing multiple locations.
Which Banks Are Closing the Most Branches?
US Bank has been leading the way with 11 branch closures in just one week, between October 15 and 22. Other major banks, like Wells Fargo and Bank of America, closed 6 branches each, while PNC closed five. Smaller banks, such as Chase, Fidelity Bank, and Flagstar, were also involved in the closures.
Where Are the Closures Happening?
The closures are affecting various parts of the country, but California has been hit the hardest. Nine branches were closed in California alone during this week, adding to the 86 closures earlier this year. Affected cities include Oceanside, Fort Myers, and Nashville, among others.
Why Are Banks Closing Branches?
Banks are focusing more on digital banking, as more customers are turning to online and mobile banking.
US Bank explained that the change in customer behavior, with people preferring digital services, has led to the need to adjust their physical presence.
While closing branches, US Bank has also been improving their digital services to meet the demand for easier banking experiences.
What Do Customers Think About Branch Closures?
Some customers, especially older people, have expressed concerns about the closures. Many find it difficult to use digital apps and feel more comfortable visiting branches in person.
Surveys show that nearly 39% of people trust banks with physical branches more than those without them. Additionally, many still prefer going to a branch for certain tasks, like depositing cash or talking to an advisor.
How Will This Affect You?
If you’re someone who regularly visits a branch, these closures might make things more difficult. You may need to adjust by using more digital tools or visiting other nearby branches. While many are embracing digital banking, it’s important to consider how these changes might affect older customers or those who need face-to-face services.
Key Bank Closures (October 15 – 22)
Here are some of the major closures:
- Bank of America: Locations in Oceanside, CA; Fort Myers, FL; Nashville, TN; and others.
- PNC Bank: Branches in Albuquerque, NM; Bakersfield, CA; Napoleon, OH; and more.
- Wells Fargo: Locations in Pasadena, CA; Dallas, TX; North Highlands, CA; and others.
- US Bank: Branches in Cobden, IL; Cambridge, OH; Hayward, CA; and more.
The trend of bank branch closures continues as banks adapt to the growing preference for digital and mobile banking.
While this shift may benefit many tech-savvy customers, it has raised concerns among those who rely on in-person services. Understanding these changes can help you prepare for how banking might evolve in the coming years.
1. Why are banks closing so many branches?
Banks are closing branches because more people are using mobile and online banking services, reducing the need for physical locations.
2. Which banks are closing the most branches?
US Bank has closed the most branches, with 11 closures in one week. Other banks like Wells Fargo, Bank of America, and PNC are also closing locations.
3. Is this happening everywhere?
No, not all states are affected equally. California has seen the most closures, including several branches just this week.
4. How will I be affected by these closures?
If you rely on visiting a branch, the closures may make it harder for you to access banking services in person. You might need to use mobile or online banking instead.
5. Are bank branches going to disappear completely?
While many banks are closing branches, some will remain open, and more banks are improving their digital services to meet customer needs.
