Chase has closed seven of its local branches in just one week, forcing its customers to travel further for vital services.
The bank, the biggest in the US, was not alone in shuttering locations, as it was joined by the likes of Wells Fargo and Capitol.
Fifth Third Bank, Bank First and Citizens Bank also closed locations between September 8 and 14.
The worst affected state was Ohio, seeing four banks closed in just one week, with other closures spanning from Wisconsin to New York. Scroll down for the full list with addresses.
The closures were reported to the Office of the Comptroller of the Currency (OCC), which 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.
‘Survey data continues to show that online banking is quickly becoming the standard for how people bank,’ Lead Data Content Researcher at GoBankingRates, Andrew Murray, told DailyMail.com following the latest figures.
‘Most Americans find it more convenient than having to go into a bank on a lunch hour or early in the weekends, and as more adults who grew up with smartphones enter the market, its popularity will continue to grow,’ Murray explained.
A recent GoBankingRates survey found that nearly 70 percent of customer between 25 and 34 preferred to do their banking online rather than in branch.
Researchers found that even seniors prefer online banking to in-branch services.
Experts advise those switching to online services to take advantage of bank’s support services offered to help with the transition.
‘Even though mobile banking is considered more of a self-service style, features like online chat support are frequently offered to assist you if you need help,’ Jessica Morgan, financial expert and founder of Canadian Budget said.
Morgan said that online banking can help consumers save money as many online-only banks offer lower or even no fees at all, and can offer higher interest rates on savings since they do not have the same overhead costs of running bricks-and-mortar branches.
‘Most new online banks must work harder to compete for your business, frequently offering low to no fees, unlimited transactions and higher interest rates. Using a bank you access from your phone can save you up to a few hundred dollars a year in account fees,’ she explained.
Indeed closures can lead to significant savings for traditional banks since the average freestanding bank branch costs around $2.6 million a year to run.
