In a notable shift, U.S. banks have shut down over 50 branches in just a two-week span, underscoring a significant move towards online banking and away from traditional in-person services.
Major Banks Join the Trend
Between August 19 and September 7, several major banks, including Wells Fargo, Chase, and Fulton, have closed numerous branches.
Bank of America and Chase led the pack, each announcing plans to close twelve branches.
Meanwhile, Wells Fargo will shut down nine locations, and Fulton will close seven.
The wave of closures has affected a range of banks from First National Bank of Long Island to Flagstar, Moody, PNC, Santander, UMB, and Zions Bancorporation, stretching from Arizona to New Jersey.
The full list of closures, including addresses, is available further down.
The Shift to Digital Banking
This trend highlights a broader shift within the banking industry.
Major banks are increasingly abandoning their costly physical locations in favor of more efficient online services.
“Survey data shows that online banking is rapidly becoming the preferred method for most people,” says Andrew Murray, Lead Data Content Researcher at GoBankingRates.
He explains that many Americans find online banking more convenient than visiting a branch, and as younger, tech-savvy adults become the majority, this trend is expected to grow.
A recent GoBankingRates survey found that nearly 70% of customers aged 25 to 34 prefer online banking.
Even older generations are finding online services more appealing.
Tips for Transitioning to Online Banking
For those making the switch to online banking, experts recommend leveraging the support services banks offer to ease the transition.
“While mobile banking is often self-service, features like online chat support can be very helpful,” says Jessica Morgan, a financial expert and founder of Canadian Budget.
Morgan notes that online-only banks often offer lower fees and higher interest rates because they don’t have the overhead costs of maintaining physical branches.
“New online banks are keen to attract customers by offering low to no fees, unlimited transactions, and better interest rates,” she adds.
This can lead to significant savings—up to several hundred dollars a year in account fees.
The Financial Impact of Branch Closures
The average annual cost to run a freestanding bank branch is around $2.6 million, making closures a considerable financial saving for traditional banks.
In the first half of the year alone, U.S. banks closed 539 branches, with California, New York, and Pennsylvania seeing the most significant impacts.
Wells Fargo, for instance, has been consolidating its branch network to better serve its customers and adapt to changing banking preferences.
The bank acknowledges that while physical branches are less central to their operations, they remain committed to their clients and communities.
Recent Branch Closures (August 19 – September 7)
Bank of America:
- Los Angeles, CA: 2101 West 6th Street
- Atlanta, GA: 1674 Monroe Drive, N.E.
- Columbia, SC: 104 Regency Drive
- Kirkland, WA: 14440 124th Avenue NE
- Seattle, WA: 1201 Madison Street
- Mundelein, IL: 3210 W IL Route 60
- Lake in the Hills, IL: 240 N Randall Rd.
- New York, NY: 900 Third Avenue
- Summit, NJ: 367 Springfield Avenue
- Egg Harbor Township, NJ: 6718 Black Horse Pike
- Kansas City, MO: 3100 Main Street
- Lawrenceville, GA: 3985 Sugarloaf Parkway
First National Bank of Long Island:
- Brooklyn, NY: 227 Smith Street
- Bayside, NY: 23-88A Bell Boulevard
- Astoria, NY: 23-25 31st Street
- East Setauket, NY: 234 Main Street, Route 25A
Flagstar Bank:
- Fort Wayne, IN: 111 East Wayne Street
- Reno, NV: 100 West Liberty Street
Fulton Bank:
- Philadelphia, PA: 1220 North Broad Street
- Mullica Hill, NJ: 153 Bridgeton Pike
- Marlton, NJ: 195 Greentree Road
- Sewell, NJ: 303 Egg Harbor Road
- Philadelphia, PA: 8000 Frankford Ave.
- Philadelphia, PA: 1701 John F. Kennedy Blvd
- Hainesport, NJ: 1302 Route 38
JPMorgan Chase Bank:
- Aurora, CO: 16750 East Quincy Avenue
- Sacramento, CA: 7301 W Stockton Blvd
- Loveland, CO: 160 West 65th Street
- San Francisco, CA: 2500 Mission Street
- Houston, TX: 5240 W 34th St, Ste G
- Spokane, WA: 12120 N Division St, Ste A
- Detroit, MI: 11606 Woodward Avenue
- Wixom, MI: 29750 Wixom Road
- Mesa, AZ: 1761 West Baseline Road
- Mesa, AZ: 431 West Southern Avenue
- Rockford, IL: 4425 Harrison Avenue
- Rockford, IL: 6000 East State Street
Moody:
- Pearland, TX: 2940 Broadway Bend Drive
- Austin, TX: 400 West 15th Street
PNC Bank:
- Pittsburgh, PA: 5000 Forbes Ave, Lower Level
- Akron, OH: 303 Carroll Street
Santander Bank:
- Jackson Heights, NY: 83-20 Roosevelt Avenue
UMB Bank:
- Oklahoma City, OK: 204 North Robinson
Wells Fargo Bank:
- Delray Beach, FL: 16800 Jog Road
- San Angelo, TX: 508 West Beauregard Avenue
- Brick, NJ: 133 Van Zile Road
- Houston, TX: 11725 South Sam Houston Parkway
- Milltown, NJ: 15 N. Main Street
- Trevose, PA: 3625 Horizon Boulevard
- Palm Beach Gardens, FL: 4440 PGA Boulevard at Military Trail
- Nashville, TN: 4540 Harding Pike
- Columbia, SC: 8800 Farrow Road
Zions Bancorporation:
- Salt Lake City, UT: 1635 South Redwood Road
- Midvale, UT: 614 East Center Street
- Huntington, UT: 45 North Main Street