Between July 14 and July 28, Chase, Bank of America, PNC and other well-known national banks closed in the United States. In total, 33 branches ceased to provide services throughout the country, he said. Daily Mail.
Axiom Bank, Capitol, Citizens, Dollar Bank, Lemont, Wells Fargo and Zions Bancorporation also closed branches. The hardest hit state was Florida, which lost four branches, while Ohio, Virginia and Texas lost three.
Bank of America, meanwhile, has closed more than 100 branches so far this year, the most nationwide. The closures account for about a fifth of all closures this year.
Bank of America also told its website that the bank had just completed a three-year project to modernize its U.S. presence. A spokesman said closures are typically the result of two branches being merged into one.
On the subject, Bank of America issued an official statement. “These changes in our branch network reflect that, increasingly, our customers are using digital banking for their everyday financial needs. At the same time, they are coming to financial centers for more important needs or to have conversations about their finances.” The bank noted that it still has 3,800 branches.
Bank closures
As is known, the Office of the Comptroller of the Currency (OCC) monitors branch closings and openings and publishes them in a weekly bulletin. Its experts say that major banks are increasingly moving away from expensive physical branches in favor of online services.
A recent GOBankingRates survey revealed that even seniors prefer online banking over in-branch services.
Overall, 78 percent of Americans prefer the former. Meanwhile, nearly one in four did not visit their bank in the past year.
In fact, closures can result in significant savings, as operating a stand-alone bank branch costs about $2.6 million a year.
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