US Bank, Wells Fargo, Bank of America, Citizen, Chase and PNC are shutting hundreds of branches a year – here is what to do if your bank closes
- In the last 10 years, American banks have shuttered 13,000 branches for good
- If your local branch shuts you may be able to access services without traveling
- Has your local branch shut? Tell us how it affected you at [email protected]
Banks are shutting hundreds of branches a year – this month some 41 closures were announced in a single week and among those affected were nine US Bank locations.
Bank of America, Chase, PNC, Citizen, Capital One, First National Bank of Pennsylvania and Huntington also said they were axing branches.
Such closures deal a huge blow to customers looking to visit in person to submit a document, make a withdrawal or deposit, cash in a check or simply run through their finances with a trusted bank manager.
Others, particularly the elderly, may struggle with accessing banking services online due to a lack of fluency with the internet or smartphone apps.
Customers can visit the next town or city but it can mean driving an hour or even across state lines, as one DailyMail.com reader told us. So what can you do if your bank has closed your local branch and you don’t want to travel?
In the last 10 years, American banks have closed around 13,000 branches. Pictured is a shuttered Bank of America branch in New York
Concerns around the closure of bank branches are most pronounced among the elderly, for whom getting to grips with online banking may not be so straightforward
Unfortunately, the options are limited to either switching your bank or exploring what sort of services can be accessed using a nearby ATM.
The number of bank branches in the US peaked at over 85,000 in around 2011. Over the last 10 years, it has shrunk by approximately 13,000, according to a combination of data from the FDIC and the OCC.
The Covid pandemic catalyzed the already-rapid uptake of online banking and although 2020 saw the sharpest decline in the number of branches, closures have continued.
Online banks
While traditional banks have increased the breadth of services they offer via an internet browser or smartphone app, online-only banks are optimized to provide a full range of services remotely.
Some of the most popular online banks include Ally and SoFi, which have slick mobile apps with convenient and intuitive user interfaces.
Since such banks do not have their own ATMs, many waive or refund fees incurred using ATMs run by other banks at the end of the month.
SoFi, for example, advertises that it has a large fee-free ATM network which can be viewed in its mobile app.
Online-only banks like Ally and SoFi refund fees incurred using ATMs run by other banks
Traditional banks are increasing the breadth of services they offer via an internet browser or smartphone app
Check ATM capabilities
ATMs – or ‘automated teller machines – have become increasingly capable, and often offer services in addition to simple cash withdrawals.
Simon Powley, former senior director and head of banking advisory services at Diebold Nixdorf, told the publication ATM Marketplace that banks are exploring different machines that make the ‘experience for the customer… as good as at the teller’.
Also being introduced is the ITM, which stands for ‘interactive teller machine’. It is a computer with a touch screen designed to offer customers a virtual version of the in-person experience.
Sometimes, the customer will be able to view and speak with a real teller via a video call hosted on the machine.
Powley said the primary purpose of ITMs is to expand bank hours to help more customers just outside of a branch’s lobby.
If such devices are offered in your area, you may be able to make day-to-day deposits and withdrawals and not need to go to the lengths of switching banks.
