Chase abruptly shuts 7 branches in just one week – amid total closures of 14 from major US banks – Daily Mail

Chase closed seven local branches in just one week, forcing customers to travel farther away for essential services.

The largest US bank is not alone in closing branches, with Wells Fargo and Capitol also following suit.

Fifth Third Bank, Bank First and Citizens Bank also closed their doors from September 8th to 14th.

Ohio was hardest hit, with four banks closing in just one week, followed by closures in other states from Wisconsin to New York. Scroll down for the complete list, including addresses.

Closures are reported to the Office of the Comptroller of the Currency (OCC), which monitors branch closures and openings and publishes them in a weekly bulletin.

Big banks are increasingly moving away from costly brick-and-mortar branches and towards online services.

“The survey data continues to show that online banking is rapidly becoming the norm for people's banking transactions,” Andrew Murray, chief data content researcher at GoBankingRates, told DailyMail.com in response to the latest figures.

“Most Americans find it more convenient than going to the bank during their lunch break or early on the weekend, and its popularity will continue to grow as more adults who grew up with smartphones enter the market,” Murray explained.

A recent GoBankingRates survey found that roughly 70% of customers ages 25 to 34 prefer to bank online instead of in a branch.

Researchers found that even older adults prefer online banking to in-branch services.

Experts advise those switching to online services to take advantage of the support services their banks offer to help with the transition.

“While mobile banking is thought of as self-service, features like online chat support are frequently offered when you need help,” said Jessica Morgan, financial expert and founder of Canadian Budget.

Morgan said online banking helps consumers save money because many online-only banks charge low or no fees and can offer higher interest rates on savings because they don't have the overhead of operating brick-and-mortar branches.

“Most of the new online banks have to work harder to attract customers and often offer low or no fees, limits on the number of transactions and higher interest rates. With a bank you can access on your mobile phone, you can save hundreds of dollars a year in account fees,” she explained.

In fact, the average cost of operating a standalone bank branch is about $2.6 million per year, so branch closures could result in significant savings for traditional banks.

US banks closed 539 branches in the first half of this year

Bank of America closed the most branches in the first half of the year

According to a DailyMail.com investigation, US banks closed 539 branches in the first half of this year alone.

California was the hardest hit state with 72 stores closing, followed by New York with 51 stores and Pennsylvania with 40 stores.

“Over the past few years, we have been right-sizing our branch network and may continue to consolidate two older branches into one branch in a better location,” Wells Fargo told DailyMail.com.

“In doing so, we do not diminish the importance of our customers or the communities we serve.”

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 earlier this year.