- READ MORE: Experts reveal date that last bank branch in America will shut
By Alice Wright For Dailymail.Com
Published: | Updated:
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11 View commentsChase has closed seven of its local branches in just one week, forcing its customers to travel further for vital services.
The bank, the biggest in the US, was not alone in shuttering locations, as it was joined by the likes of Wells Fargo and Capitol.
Fifth Third Bank, Bank First and Citizens Bank also closed locations between September 8 and 14.
The worst affected state was Ohio, seeing four banks closed in just one week, with other closures spanning from Wisconsinto New York.Scroll down for the full list with addresses.
The closures were reported to the Office of the Comptroller of the Currency (OCC), which monitors branch closures and openings and publishes them in a weekly bulletin.
JP Morgan Chase closed seven branches in just one week in September
Major banks are increasingly moving away from expensive brick-and-mortar branches in favor of online services.
'Survey data continues to show that online banking is quickly becoming the standard for how people bank,' Lead Data Content Researcher at GoBankingRates, Andrew Murray, told DailyMail.com following the latest figures.
'Most Americans find it more convenient than having to go into a bank on a lunch hour or early in the weekends, and as more adults who grew up with smartphones enter the market, its popularity will continue to grow,' Murray explained.
A recent GoBankingRates survey found that nearly 70 percent of customer between 25 and 34 preferred to do their banking online rather than in branch.
Researchers found that even seniors prefer online banking to in-branch services.
Experts advise those switching to online services to take advantage of bank's support services offered to help with the transition.
'Even though mobile banking is considered more of a self-service style, features like online chat support are frequently offered to assist you if you need help,' Jessica Morgan, financial expert and founder of Canadian Budget said.
Morgan said that online banking can help consumers save money as many online-only banks offer lower or even no fees at all, and can offer higher interest rates on savings since they do not have the same overhead costs of running bricks-and-mortar branches.
'Most new online banks must work harder to compete for your business, frequently offering low to no fees, unlimited transactions and higher interest rates. Using a bank you access from your phone can save you up to a few hundred dollars a year in account fees,' she explained.
Indeed closures can lead to significant savings for traditional banks since the average freestanding bank branch costs around $2.6 million a year to run.
US banks closed 539 branches in the first six months of the year
Bank of America closed the most locations in the first half of the year
US banks shut 539 branches in just the first half of the year, research by DailyMail.com shows.
The worst hit state was California, which saw 72 closures. New York was second with 51 closures, followed by Pennsylvania at 40.
'Over the last several years, we have rightsized our branch network, and we may continue to combine two older existing branches into one better situated location,' Wells Fargo told DailyMail.com.
'Doing so does not take away the importance of our customers and the communities we serve.'
US bank also highlighted clients' migration towards online banking and 'desire for greater simplicity' as reasons for their mass closures.
'As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets,' the bank said in a statement earlier this year.
Bank | City | State | Location |
---|---|---|---|
Bank First | FOND DU LAC | WI | 245 North Peters Avenue |
Beverly Bank & Tr Co | CHICAGO | IL | 1908 WEST 103RD STREET |
Capitol FSB | OVERLAND PARK | KS | 11700 West 135th Street |
Citizens Bank | NORTH RIDGEVILLE | OH | 34101 CENTER RIDGE ROAD |
Fifth Third Bank | EVANSVILLE | IN | 3251 Green River Road |
Fifth Third Bank | EVANSVILLE | IN | 1250 N Green River Road |
JPMorgan Chase Bank | CORONA | NY | 8 Meridian Road |
JPMorgan Chase Bank | REYNOLDSBURG | OH | 2025 BRICE ROAD |
JPMorgan Chase Bank | DAYTON | OH | 3075 WOODMAN DRIVE |
JPMorgan Chase Bank | UNION | NJ | 1224 STUYVESANT AVENUE |
JPMorgan Chase Bank | REYNOLDSBURG | OH | 7112 EAST MAIN STREET |
JPMorgan Chase Bank | WOODSTOCK | IL | 118 CASS STREET |
JPMorgan Chase Bank | BROUSSARD | LA | 1210 ALBERTSON PARKWAY |
Wells Fargo Bank | BASKING RIDGE | NJ | 59 SOUTH FINLEY AVENUE |
ALL THE US BRANCH CLOSURES ANNOUNCED IN 2024
Click on the links below - each article has the full list of closures for that time period
Banks have closed 539 branches in the first half of 2024
US Bank closes seven branches in just one week:July 1 - July 8
Multiple banks including Wells Fargo close 30 branchesJuly 7 - 13
US banks including Wells Fargo closed 33 branches in two weeksJuly 14 - 28
National banks shutter nine locationsbetween July 29 and August 4
Major national banks close 41 locations in just two weeksAugust 4 - August 18
Major US banks closed 55 branchesbetween August 19 and September 7
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