Major US banks including Chase, Bank of America and Wells Fargo closed more than 30 branches over a two-week period in July. Daily Mail Report He revealed.
Between July 14 and July 28, 33 banks closed across multiple regions of the country, with Florida having the most closures.
Bank of America closed 11 branches, while Chase and PNC closed seven each.
Axiom Bank, Capitol Bank, Citizens Bank, Dollar Bank, Lemont Bank and Zions Bank branches were also suspended in states including Ohio, Virginia, Texas and Colorado.
Bank of America closed more than 100 branches in just eight months this year, making it the national bank with the most branch closures of any bank.
In a statement Daily MailA Bank of America representative explained that the financial institution recently completed a three-year project to modernize its local operating structure.
“These changes to our branch network reflect an increasing number of customers using digital banking for their everyday financial needs and visiting financial centres for more significant needs and financial discussions,” the spokesman said, adding that many of the branch closures were the result of branch consolidation.
Bank of America still has 3,800 branches, the representative noted.
Wells Fargo also released a statement to the outlet, saying it would “consolidate two existing older branches into one better-located location.”
“Doing so does not diminish the importance of our customers or the communities we serve,” the spokesperson assured.
Andrew Murray, chief data scientist at GOBankingRates, said: Daily Mail Americans are moving away from brick-and-mortar banking.
“The majority of Americans, from Gen Z to Baby Boomers, have less need for traditional banking, which may be why the number of brick-and-mortar bank closures has increased over the past year,” he explained.
