A new report shows that over 30 national bank locations were closed in just two weeks during the month of July.
According to The Daily Mail, 33 major bank locations were closed between July 14 and July 28. Bank branch closures included Axiom Bank, Bank of America, Capitol, Chase, Citizens, Dollar Bank, Lemont, PNC, Wells Fargo, and Zions Bancorporation.
The Daily Mail reported that Bank of America closed 11 branches, while both Chase and PNC closed seven branches during the two-week period. Bank of America reportedly has closed 100 branches so far in 2024.
Research conducted by The Daily Mail shows that 539 bank branches were closed in the United States in the first half of 2024. California experienced the most bank closures, with 72, while New York had 51 bank closures and Pennsylvania had 40 bank closures.
A Bank of America spokesperson told The Daily Mail that bank closures are typically caused by the consolidation of two separate branches.
The spokesperson said, “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.”
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Andrew Murray, lead data researcher at GOBankingRates, told The Daily Mail that the significant changes in the way most Americans want to conduct banking matters may be contributing to the rise in virtual banking and the decrease in traditional bank locations.
“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,” Murray said.
The Daily Mail reported that surveys have shown most Americans prefer to engage in online banking rather than in-person banking. A recent GOBankingRates survey showed that 78 percent of Americans prefer online and mobile banking, that nearly one in four Americans did not visit their bank in the past year, and that even seniors prefer to engage in online banking.
Highlighting the continuing trend of bank closures, Murray told The Daily Mail, “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.”
