- Are you affected by the closure of your local bank branch? Email us at money@dailymail.com
- Scroll down for a searchable table with addresses for all of this year’s campuses
Banks closed 539 local branches across the country in the first half of the year – leaving many Americans without access to basic financial services.
If the rate continues to the whole of 2024, it will mean that more than 1,000 branches have been canceled in shopping centres, and in towns and cities.
Bank of America has closed the most branches, a total of 90 in just six months.
US Bank has also closed heavily, closing 73 of their locations at once. Wells Fargo closed at 62, Chase at 53 and TD Bank at 52. Scroll down for a complete search list with addresses.
The closure, which banks must report to a federal regulator, is a move by large banks to move away from expensive brick-and-mortar branches in favor of online services.
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“The majority of Americans, from Gen Z to boomers, don’t need a traditional bank, which may explain the rising number of physical branches that were closed last year,” Andrew Murray, my researcher on the topic of data on GOBankingRates told DailyMail. com.
A recent survey by GOBankingRates found that even retirees prefer online banking to branch services.
Overall 78 percent of Americans prefer to use mobile and online banking and nearly one in four did not visit their bank in the past year.
“Our survey of more than 1,000 adults clearly shows that the need for personal banking is low among all generations, even boomers 65 and older,” Murray explained.
‘It is likely that higher costs (rent, maintenance, equipment and staff wages) are a big factor especially as our survey shows how often people visit bricks and mortar banks.’
Of course the closure would lead to significant savings as a typical private bank branch costs $2.6 million a year to operate.
Banks must report all proposed closings and openings to the Office of the Comptroller of the Currency (OCC), the federal bank regulator.
Each week, it publishes a summary of them. DailyMail.com has analyzed these to compile the most comprehensive data on closures so far this year.
The hardest hit state was California which saw the closure of 72 from the country’s banks in the first half of the year.
New York was second, seeing 51 closures, followed by Pennsylvania with 40.
“Over the past few years, we’ve licensed our branch network, and we can continue to consolidate two existing branches into one better location,” Wells Fargo said. told DailyMail.com in a statement.
‘Doing so does not detract from the importance of our customers and the communities we serve.’
Bank of America also said they typically combine two branches into one when closing.
“These changes in our branch network show that, our customers are using digital banking for their daily financial needs and come to financial institutions for important needs or to be and discussions about their finances,” the organization explained.
The US bank also pointed to the migration of customers to online banking and the ‘desire for greater convenience’ as reasons for its mass closures.
“As we move forward together with our customers, we are evaluating our position and, in some cases, consolidating branch locations in selected markets,” the bank said in a statement.
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