US Bank closes seven branches in just one week and Bank of America shutters six - is YOURS affected?

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By Alice Wright For Dailymail.Com

Published: 11:12 EDT, 9 July 2024 | Updated: 11:19 EDT, 9 July 2024

Banks past week announced they would shutter 15 branches crossed nan US, continuing nan trend of abandoning their bricks-and-mortar locations. 

US Bank led nan measurement pinch plans to adjacent 7 branches.

Bank of America will unopen six of its locations and Chase a further two. 

In nan week July 1 to July 8, banks informed nan Office of nan Comptroller of nan Currency (OCC) that a full of 15 branches will beryllium shuttered. 

The closures were announced crossed Illinois, New Jersey, California and Wisconsin among different states. Scroll down for nan afloat database pinch addresses.

Bank of America revenge to adjacent six locations crossed nan state successful nan first week of July

In nan aforesaid play unit banks opened thirteen branches, meaning location was a nett loss. 

The inclination of banks closing their in-person branches is group to proceed arsenic they perpetrate much and much to online services. 

National banks person closed much than 400 of their branches truthful acold successful 2024.

Each week, banks must show nan Office of nan Comptroller of nan Currency (OCC) of branches openings and closures.

The past twelvemonth successful which nan number of branches successful nan US accrued was 2011, erstwhile location were much than 85,000 passim nan US, according to FDIC data. Since past nan number has dropped steadily to astir 70,000.

Most nationalist banks for illustration US Bank, Bank of America and Wells Fargo person go progressively assured that online banking tin meet astir customers' needs.

Closures tin lead to important savings. The mean freestanding branch costs $2.6 cardinal a twelvemonth to run, according to Bancography, an Alabama-based consulting patient that advises banks.

Steven Reider, nan laminitis and president of Bancography, antecedently told DailyMail.com that 'banks are consenting to adjacent a branch that isn't really overlapping immoderate different branch connected nan bet that customers are consenting to thrust a small spot further.'

'I deliberation Bank of America has leaned into that much than nan different ample banks have,' he added.

Reider besides noted that Bank of America's merger history has meant it ended up pinch branches successful agrarian locations - yet nan manufacture is undergoing 'a agrarian to municipality conversion'.

'Every census since 1910 has shown a greater proportionality of Americans surviving successful in municipality areas than nan preceding census, truthful arsenic we go an progressively urbanized state nan request successful these bequest agrarian markets conscionable fades away,' he said.

Ultimately, banks are looking to consolidate nan markets they are already in, and that involves placing much attraction connected dominating successful a fistful of cities.

Chase revenge to adjacent 2 branches successful nan first week of July

For example, Chase is moving into Kansas City pinch force, Fifth Third is making akin moves into Charlotte and PNC is targeting Austin.

Though nan number of slope branch closures started to ramp up done nan 2010s, it was exacerbated by nan pandemic, which kept group astatine home.

In 2023, much than 1,500 slope branches were unopen for good, pinch California and nan Midwest worst-hit.

See nan boxes beneath for nan latest closures and links to each play announcements this year.

Branch Closures (July 1 - July 8) Bank City State Location
JPMorgan Chase MITCHELLVILLE MD 10200 LAKE ARBOR WAY
JPMorgan Chase SAN YSIDRO CA 4319 CAMINO DE LA PLAZA
Bank of America ANNA OH 312 W Main Street
Bank of America CHICAGO IL 3033 NORTH PULASKI ROAD
Bank of America CARLYLE IL 12TH & MULLIKIN STS
Bank of America EDISON NJ 159 WOOD AVENUE
Bank of America HARTFORD SD 103 SOUTH MAIN STREET
Bank of America GALENA IL 953 GEAR ST
U.S. Bank KANSAS CITY MO 8750 BLUE RIDGE BOULEVARD EXTENSION
U.S. Bank MARSHFIELD MO 759 WEST JACKSON
U.S. Bank WASHINGTON DC 700 13th Street, N.W.
U.S. Bank CHICAGO IL 2639 NORTH MILWAUKEE AVENUE
U.S. Bank WAUTOMA WI 450 E Main Street
U.S. Bank LAS VEGAS NV 901 SOUTH RANCHO LANE, SUITE 1
U.S. Bank TIPTON IA 102 E 5TH ST
Branch Openings (July 1 - July 8) Bank City State Location
JPMorgan Chase Bank North Little Rock AR NWC of John F. Kennedy Boulevard (Hwy 107) and School Drive
JPMorgan Chase Bank Charlotte NC SWC of Fairview Road and Sharon Road (aka State Route 3600)
JPMorgan Chase Bank Mountain Brook AL NEC of Cahaba Road and Culver Road
JPMorgan Chase Bank Lincoln NE SEC of South 66th Street and E O Street (US 34)
First NB of Pennsylvania Durham NC 1050 Yunus Road
First NB of Pennsylvania Summerville SC 1307 N Main St
First NB Texas Gallup NM 1650 W. Maloney Ave
JPMorgan Chase Bank Annandale VA NWC of John Marr Drive and Tom Davis Drive
JPMorgan Chase Bank Falls Church VA NWC of Leesburg Pike (aka West Broad Street) & Haycock Road
JPMorgan Chase Bank Salt Lake City UT SWC of 2100 South and 900 East
Pacific Miami FL 13101 SW 89th Place, Suite 107
Fifth Third Bank Parrish FL 11605 Moccasin Wallow Rd
Bank of America Oak Park Heights MN 5990 Nova Scotia Avenue North
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