The financial market in the United States continues to closely monitor a marked trend that has been occurring in several of the major banks in the country that have closed branches.
This is a situation that is on the rise: among the affected institutions are Chase, Bank of America, and Wells Fargo, which have closed a total of 145 branches in just five weeks. The digitalization of financial services is advancing steadily, and more and more banks are opting to reduce their physical presence to focus on their online platforms.
Although the closure notice does not always imply the immediate closure of the branches, according to notifications sent to the Office of the Comptroller of the Currency (OCC), the closures took place between February 7 and March 14.
For example, Bank of America has confirmed the closure of five new branches during the first week of March. In this sense, there is a clear trend for specialists.
Projections indicate that this momentum will continue in 2025 with an estimated reduction of 4.11% in the number of bank branches by the end of the year. Digital marketing expert Darren Kingman told the Daily Mail: "US retail bank closures are not decreasing, and our research shows that the last time so many people relied on a local bank branch was in 1995."
Flagstar Bank, TD Bank, Bank of America, Chase, and Wells Fargo close branches in the U.S.
A clear example of Kingman's statement is the number of banks opting for this measure. Flagstar Bank tops the list with 44 scheduled closures, followed by TD Bank with 38. The specialized site Banking Drive quoted a TD Bank spokesperson who stated that these closures are in response to "routine operational reviews".
Bank of America, which has closed 168 branches so far in 2024, announced the closure of nine others in that period, the same number as Chase. This wave of closures follows a previous one recorded between January 12 and February 6, when banks such as US Bank, Wells Fargo, and PNC reported an additional 107 closures.
Banks like Chase, Bank of America, and Wells Fargo have notified their closures to the Office of the Comptroller of the Currency (OCC), although, as mentioned, the submission of the notice does not guarantee that all branches will close immediately. However, in most cases, these closures do materialize.
Which states were most affected in 2024 by the closure of branches
-California lost 127 branches.
-New York closed 74 locations.
-Texas lost 68 branches.
*This article has been automatically translated using artificial intelligence