- Are you affected by local bank branch closures? Email us at money@dailymail.com.
- Scroll down for a table where you can find all the addresses that have been closed this year.
Banks closed 539 branches across the country in the first half of this year, leaving a growing number of Americans without access to basic financial services.
If this pace continues for the rest of 2024, more than 1,000 stores will disappear from shopping malls and town and city centres.
Bank of America closed the most branches, a total of 90, in just six months.
U.S. Bank also made significant closures, closing 73 branches during the same period. Wells Fargo closed 62 branches, Chase closed 53 branches, and TD Bank closed 52 branches. Scroll down for full searchable list including addresses.
The branch closures, which banks must report to federal regulators, are emblematic of a trend among big banks to move away from costly brick-and-mortar branches and toward online services.
Click here to resize this module
“The majority of Americans, from Gen Z to Baby Boomers, have less need for traditional banking, which may be why we’ve seen an increase in the number of brick-and-mortar bank closures over the past year,” Andrew Murray, chief data researcher at GOBankingRates, told DailyMail.com.
a A recent survey by GOBankingRates Even retirees have been found to prefer online banking over in-branch services.
Overall, 78 percent of Americans prefer to use mobile or online banking, and nearly one in four have not visited a bank in the past year.
“Our survey of more than 1,000 adults found that demand for in-person banking is low across all generations, including baby boomers over 65,” Murray explained.
“Given our research shows how infrequently people visit brick-and-mortar banks, overhead costs (rent, maintenance, equipment, staff salaries) are likely a big factor.”
In fact, the cost of operating an average freestanding bank branch is about $2.6 million per year, so closing branches could result in significant savings.
Banks must report all closure and opening plans to the federal bank regulator, the Office of the Comptroller of the Currency (OCC).
We publish these summaries every week, and DailyMail.com has analysed them to compile a detailed breakdown of the stores that have closed so far this year.
California was the hardest hit state 72 national banks were closed in the first half of this year.
In second place was New York state with 51 store closures, followed by Pennsylvania with 40 store closures.
“Over the past few years, we have been streamlining our branch network and may continue to consolidate two older existing branches into one more conveniently located branch,” Wells Fargo said in a statement to DailyMail.com.
“In doing so, we do not diminish the importance of our customers or the communities we serve.”
Bank of America also said it tends to combine two branches into one when it closes.
“These changes to our branch network reflect an increasing number of customers turning to digital banking for their everyday financial needs and visiting financial centres for more significant needs and financial discussions,” the company explained.
US banks also highlighted customers’ shift to online banking and “a desire for greater simplification” as reasons for the mass closures.
“As we evolve with our customers, we are reevaluating our physical footprint and, in some cases, consolidating branches in certain markets,” the bank said in a statement.
Click here to resize this module
