
(DailyVantage.com) – Several major US banks closed over 30 branches in two weeks last month, including Bank of America, Chase, and Wells Fargo.
A total of 33 bank branches shut down between July 14 and July 28. While the branch closures occurred nationwide, the majority were in Florida.
Bank of America shut down a total of 11 branches from July 14-28, while Chase and PNC Bank each closed seven. Other banks shutting down branches over that same two-week period were Axiom Bank, Citizens Bank, Capitol Bank, Dollar Bank, Zions Bancorporation, and Lemont Bank.
In addition to Florida, branches were closed in Colorado, Ohio, Texas, and Virginia.
Bank of America has closed the most branches in recent years, shuttering more than 100 in 2023 with plans to close over 100 this year.
A spokesperson for Bank of America said the branch closures were part of the bank’s three-year effort to modernize its business model.
According to Bank of America, the reduction of physical branch locations reflected that most of its customers have been utilizing digital banking services for daily financial needs. It said most customers only come to physical locations to discuss “more significant needs” or meet about their finances.
Bank of America currently has roughly 3,800 branches nationwide with most of the branch closures coming from consolidation of area locations.
Wells Fargo, which closed 15 branches in Florida so far this year, also said the bank closures were due to consolidations, with the financial institution combining older existing branches into a single better-situated location.
From October 2023 to March 2024, Wells Fargo shut down more than 60 branches nationwide.
A spokesperson for Wells Fargo said the branch closures have not minimized its commitment to its customers or the communities it serves.
GOBankingRates lead data researcher Andrew Murray said digital banking was the primary factor behind most of the branch closures over the past year.
He said most Americans have abandoned the more traditional brick-and-mortar banking model, opting instead to do their banking online.
Copyright 2024, DailyVantage.com