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Fury as multiple banks including Wells Fargo close 30 branches in just one week - is YOURS affected?

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US banks have announced the closure 30 more branches across the US - all in just one week. 

Wells Fargo said it would be shuttering nine - more than any other bank - in the latest weekly closures report, which runs from July 7 to 13. 

Bank of America and US Bank both said that they are closing eight locations each, while Chase one. 

The others are from FSNB, Greenville Fed, Huntington and Schaumburg Bank & Trust Co.

Ohio was the worst hit state, losing four locations in the week, followed by California which lost three. Scroll down for the full list with addresses.

Wells Fargo closed nine branches in the week 7th to 13th July

Wells Fargo closed nine branches in the week 7th to 13th July

The closures were reported to the Office of the Comptroller of the Currency (OCC) who reports the figures in a weekly bulletin. 

The closures represent a trend as major banks move away from expensive brick-and-mortar branches in favor of online services. 

'The majority of Americans, from Gen Z to boomers, are in less need of a traditional bank, which may explain the rising number of physical branches that have been closing over the past year' Andrew Murray, lead data researcher at GOBankingRates told DailyMail.com.

A recent survey by GOBankingRates found that even retirees prefer online banking to in-branch services. 

Overall 78 percent of Americans prefer using mobile and online banking and almost one in four did not visit their bank in the past year. 

'Our survey of more than 1,000 adults clearly shows that demand for in-person banking is low across all generations, even boomers 65 and older,' Murray explained. 

'It's likely that overhead costs (rent, maintenance, supplies and staff salaries) are a large factor especially given that our survey shows how infrequently people visit brick and mortar banks.' 

Indeed closures can lead to significant savings 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

US banks closed 539 branches in the first six months of the year

Bank of America closed eight locations in the same week

Bank of America closed eight locations in the same week 

The worst hit state was California which saw 72 closures from national banks in the first half of the year.  

New York followed in second, seeing 51 closures, followed by Pennsylvania which had 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 in a statement. 

'Doing so does not take away the importance of our customers and the communities we serve.'

Bank of America also said they tend to consolidate two branches into one when there is a close. 

'These shifts in our branch network reflect that, more and more, our clients are using digital banking for their everyday financial needs and coming into financial centers for more significant needs or to have conversations about their finances,' the corporation explained. 

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.  

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

In January and February,  banks closed 222 branches

US Bank filed to shut 19 branches  between February 25 and 9

Wells Fargo filed to close eight branches between March 10 and 16

PNC, Citibank, Bank of America and Wells Fargo behind 20 branch closures between March 17 and 23

US banks had more openings than closures over a week (March 24 to March 30) for the first time in 2024

US Bank closes ten branches while Bank of America shuts three in the week from March 31 to April 6

TD Bank, Wells Fargo, Bank of America and Chase shut a total of 36 branches between April 7 and 13 

Bank of America, PNC, Citizens and Chase behind latest branch closures from April 14 to 20 

Wells Fargo, Chase and Bank of America among US banks to shutter 79 branches between April 20 and June 1 

Bank of America, Chase and Woodforest among banks to close 51 branches between June 2 to June 23

Wells Fargo closes eight branches in just ONE week: June 24 to June 30

 US Bank closes seven branches in just one week: July 1 - July 8

 

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