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

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.

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.

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.