Chase Bank has recently confirmed more branch closures across the United States and the trend does not seem to be stopping any time soon. This move continues to add to the 650 branches the bank has already closed in the last five years and according to the information provided by the bank, they plan to close at least 23 additional branches throughout the year in various states.
The closures must be reported to the Office of the Comptroller of the Currency (OCC), an independent bureau of the U.S. Department of the Treasury, which is how customers of the bank can get ahead of the closings and look if their local branch will be affected soon. Notifications need to be made at least 90 days in advance, which will help clients resolve their pressing banking needs in person should they need to.
Why is Chase Bank closing branches?
Chase is not the only bank closing to eliminate its in person locations. Currently, the closure of branches nationwide has garnered much attention and has been done by almost every financial institution. Bank of America, Wells Fargo, TD Bank are just an example of the many banks that have decided to condense or just dispense of physical locations.
The motivation behind this trend is simpler than it seems at first glance: the growing preference of customers to conduct their banking online. Although the trend started well before the pandemic with the rise of the internet, banks had not invested as many resources into their online platforms to render branches obsolete. But when lockdowns forced everyone to move to their online corner of the internet, that investment was swiftly made, reinventing banking in a way that had not happened since the creation of computers.
When the pandemic ended, it seemed like customers were not in a hurry to go back to their bank branches to solve the problems, and even more investment in online solutions was made. The consequences are evident, as more customers opt for online banking, the need to maintain numerous physical branches, such as those of Chase Bank, decreases and the need to upgrade and improve the online portal grows more urgent. Banks are taking advantage of the savings generated by closing branches to improve their financial results and reinvest in technology development in a move that they hope will set them up for years to come.
Branches that are closing this year by location
California
– 5060 Arlington Avenue, Riverside, California
– 6950 Sunrise Boulevard, Citrus Heights, California
– 7160 N. 1st Street, Fresno, California
– 1030 W Alameda Avenue, Suite D-13, Burbank, California
– 18499 Hesperian Blvd., San Lorenzo, California
– 2201 Westwood Boulevard, Los Angeles, California
Most of the closures for the year will happen in California, but other states also have had some branches being dismantled.
Chicago
– 3856 W 26th Street, Chicago, Chicago, Cook (March 15)
Colorado
– 2251 South Monaco Parkway, Suite 102, Denver, Colorado (March 7)
Florida
– 1319 State Road 7, North Lauderdale, Florida (March 7)
– 240 N. Washington Boulevard, Suite 100, Sarasota, Florida (March 22)
Michigan
– 30730 Groesbeck Hwy., Roseville, Michigan (March 7)
– 30730 Groesbeck Hwy., Roseville, Michigan (April 5)
Nevada
– 2865 E Charleston Boulevard, Las Vegas, Nevada (May 16)
New York
– 42 Broadway, New York (April 19)
Illinois
– 3101 West Cermak Road, Chicago, Illinois (March 15)
– 5200 Dempster Street, Skokie, Illinois (May 10)
– 4200 Dempster Street, Skokie, Illinois (May 10)
– 50 Skokie Boulevard, Wilmette, Illinois (May 10)
Indiana
– 7001 Madison Avenue, Indianapolis, Indiana (March 15)
– 201 Main Street, Lafayette, Indiana (May 16)
Oregon
– 10900 SE 21st Avenue, Milwaukie, Oregon (March 1)
Washington
– 26603 72nd Avenue NW, Suite A, Stanwood, Washington (March 15)
