National banks closed more than 30 branches in just two weeks last month.
Chase, Bank of America, PNC and other national banks collectively closed 33 locations between July 14 and July 28.
Bank of America led the way shutting 11, followed by Chase and PNC which both closed seven each.
Axiom Bank, Capitol, Citizens, Dollar Bank, Lemont, Wells Fargo and Zions Bancorporation also closed locations. Scroll down for the full list with addresses.
The worst hit state was Florida, which lost four locations while Ohio, Virginia and Texas lost three.
Bank of America has now closed more than 100 branches so far this year, the most of any national bank.
The closures account for around a fifth of all closures in 2024.
Bank of America told DailyMail.com also said the bank had just completed a three year project to modernize their on-the-ground- footprint in America.
A spokesperson for the bank told Dailymail.com that closures are usually the result of consolidating two branches into one.
‘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.
The bank pointed out it still has 3,800 branches.
The Office of the Comptroller of the Currency (OCC) monitors branch closures and openings and publishes them in a weekly bulletin.
Major banks are increasingly moving 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 seniors 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.
‘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,’ Murray said.
Indeed closures can lead to significant savings since the average freestanding bank branch costs around $2.6 million a year to run.
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.’
